If you plan to buy a house in Mumbai, you will be spoilt for choice. From spacious homes in Goregaon and premium luxury apartments in Malabar Hill, to a flat near a business district or one facing the sea, Mumbai offers a myriad of choices to homebuyers and investors alike. But before you start your search for the ideal home, you need to be aware that Mumbai’s real estate market is among the most expensive in India. That is why it is necessary to do thorough due diligence before investing in property in Mumbai. Here are a few things you need to know before you put your money in a home in Mumbai.
Table of Contents
Location
Mumbai is a big city comprising numerous neighbourhoods and suburbs. Though each locality or suburb offers a unique living experience, some are upscale and offer premium homes at exorbitant costs, while others are relatively affordable. Whether you want to live in the city or the suburbs, ensure that the project is located close to basic amenities and social infrastructure. Shopping malls, hospitals, schools, restaurants and an entertainment hub should be within a short distance from your residential apartment. A 1 BHK flat in Mumbai or any other property near your workplace will save you time and money and prevent stress due to a long commute. Also, ensure that the locality is well connected to other parts of the city through a superior network of roads, highways, and public transport.
Security
No city is free of crime. Nevertheless, compared to many other cities, Mumbai is relatively safe. Still, you need to pay particular attention to the security aspect. The most important thing is to select a home in a peaceful locality. You can evaluate this by checking the crime statistics of the area. Talk to your developer about the safety measures that have been put in place. A home with superior security features like CCTV, smoke detectors, alarms, 24/7 security for the entire complex, fire extinguishers, exit points, etc., will offer protection from burglaries, thefts, break-ins, and fires.
Maintenance charges
If you buy an apartment in a society, you will have to bear additional charges. Most homebuyers own a car and need space to park it. If you are looking for a home with a car park, remember that car parking is not included in the flat but is sold separately. The cost of the parking spot can depend on various factors like the reputation of the locality, whether it is an uncovered or a covered car park, etc. Though a car park can be a bit pricey, it is essential.
You will have access to various amenities if you are living in a society or community. Swimming pools, clubhouses, gyms, health centres, sports facilities, and gardens are just a few features that offer convenience to residents. However, these facilities need to be maintained, and you will be required to pay a maintenance charge for their upkeep. Therefore, before you purchase the property, check the various amenities offered and the maintenance charges that need to be paid.
Legal aspects
The homebuyer should pay attention to the legal aspects of the property. The documentation part is more prominent than the other aspects. Ensure that the state government has approved the property, the documents are in order, and the NOCs have been done. Check the property’s title documents, whether it is leasehold or freehold, and various other factors.
Conclusion
A home will cost you a significant part of your income, so it should never be purchased in a hurry. Take your time to verify all factors before you make the purchase. Take into account the 1 BHK flat price in Mumbai and that of standalone and other residences. Setting a realistic budget, knowing your family’s needs, analysing whether the amenities suit your requirements, and information about the stamp duty and registration charges will help you find the home of your dreams.
Buying an apartment from a reputed developer will ensure that you get a premium property at reasonable rates. You can find a list of developers and properties on Blox.xyz, India’s first customer-centric real estate buying platform. The platform sells exclusive properties constructed by leading developers. The platform will also organise virtual tours and visits to give you a first-hand account of the property. Remember that when buying property, it is necessary to be aware and do a thorough background check of the developer and properties.
