Are you planning to invest in real estate in Mumbai? Mumbai is a commercial hub and a preferred destination for corporate India. Recent reports highlight the overwhelming and unreasonable prices in the the financial capital . Property is almost beyond the reach of common man.
Mumbai has always been the hot favorite for most of the corporate sector to have their headquarters in the city. The property prices in Mumbai owe much of its credit to the large scale investments in the commercial sector. And with increasing investments by MNCs in the IT, ITES and the BPO sector, there has been a growing demand for office space; Experts say that the infrastructural development like sealinks, flyovers, highways and also malls coming up in India has been the major reason for prices to go up.which have consequently created an imbalance in demand and supply for residential properties. The rental values in Mumbai have also in high corresponding to that in other metros.
However, here are some tips for the initiated one.
Tips on buying property in Mumbai
Budget and limitations: In this expensive day and age you must try and analyze what is the best budget you can afford. In that budget you can inquire about the properties available. Decided on 1 bhk, 2 bhk, 3 bhk, or a villa, and further see which areas have properties in the budget and category suitable to you.
Research: The advantage of internet is the information it provides you on your fingertips. Once decided on location visit property sites and find the property prices in locations shortlisted. These property prices may be a bit inflated, or deflated. However will provide you a range in which you might be able to you’re your kind of property
Try owner properties: Owners who have listed their properties on a property site will have their property on immediate availability. Besides, saving on the commission can save you a lot of money which you may invest in furnishing letter. It is easy to refine property search on these sites and locate a good deal.
Hire a real estate agent: Property dealers reach out the nook and corner of areas. They may spot properties which could have never fallen on property site. Hire a real estate agent if you’re buying your first home in Mumbai. Since it is your first home then don’t get your hands dirty with all the dealings and information to be verified before buying a property. Professional help while investing in real estate in Mumbai will ensure that you steer clear of fraudulent deals and make an informed choice.
Close look on properties: Now is the time to look into the properties that you may have shortlisted. See at least 5-10, and in various areas, before you decide on a home that suits your needs the best. You may be particular about windows facings, Vaastu etc. It may be useful to jot down the specifics you require from a home and make sure that your choice fulfills your criteria in every aspect. Imagine how the home would look when it’s furnished. What coolours you would want your rooms in etc... and then go ahead and select. But Behold until you read the next point
Consider the following criteria before you finally decide on the property. Calculate your daily expenses: Sometimes you must be ready to compromise while investing in property in this and of distances. The house could be perfect with the number of rooms you desire. But would you still buy it if it took you hours to get to the city?
• Schools around the area. It is a must for your kid’s school to be in close proximity to your residence. Keeping this in mind basically solves two problems : Since he/ she is going to be in the same school for about 12-15 years, it may not make sense if your kid has to spend time the problem of travel everyday for your kid as well as ensuring safety.
• Opt for higher floors since that helps to keep away from dust. You also get to enjoy all climatic conditions in India, be it winter, rainy or spring.
• Some basic necessities are Hospitals, grocery stores, markets, bus depots and railway stations. These amenities ensure hassle free daily life.
• The next thing is about the safety of that area. Make enough enquiries in the neighbour-hood and preferably buy a home in enclosed and guarded residential areas
• You should be ready to travel for work. However, don’t compromise on the above-mentioned areas. A job is dynamic factor and you may shift every year. However if traveling is a hassle for you than it may be more judicious to keep investment in a property and renting it out and staying in rented accommodations.
• You should also preferably look for amenities like swimming pool, sports club, gym etc. either within the residential complex or near by. All these facilities will help your family for recreation and refreshment.
Research on price: The “asking price” may be a lot more than what the actual price may be. Therefore, finding out the sale prices from the recent property sales in the area you’re interested in will be of great help. There may be marginal differences basis various factors including the Vaastu economics of the place, floor of the apartment, Water, furnishings etc.
Also understand future valuations, if you are planning to buy a home to live in, and you have a budget big enough to buy it in the city's central location, understand that you may not get high appreciation. If you are looking at home, along with getting the benefit of real estate boom, buy a home in suburbs.
So with these tips in mind go ahead and jump in to the property world!
Aakriti Bhargav writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the <a href="http://www.99acres.com">real estate</a> industry. It is a forum where buyers, sellers and brokers can exchange information, quickly, effectively and inexpensively. At 99 acres, you can advertise a property, search for a property, browse through <a href="http://www.99acres.com/Mumbai-Real-Estate.htm">Mumbai Real Estate and Properties</a>.
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