Real estate is arguably the better of all investments. Not only it is a long-term asset but it is, in general, an appreciating asset. And buying a flat in Mumbai is considered a dream come true by many. If you are thinking about buying one, then it is also essential to be aware of the checkboxes to be ticked before you choose to actually purchase the property. While the list of things can be huge, following is a summary of the 7 key elements you should definitely scan carefully before buying a flat in Mumbai.
It is probably the first thing to look at. Mumbai is not merciful on people who live far away from their place of work. So, it is essential to choose a locality which can connect you to your work place and other places of interest quite well. Of course, while considering the same, you will also need to keep in mind the corresponding potential cost vs affordability factor. Balance the aspects to shortlist the best matches before you start your search.
Key Tip: Find a residence close to your workplace (or at least easy to travel to your workplace)
- Credential of the builder
Once you know the area where you would be interested in buying a flat, identify the builders who are offering the options in those areas. However, that is only the preliminary part of this step. Once you have the list of builders, it is essential to check their credential and reputation. The metro city is full of all kinds of people. Ensure that you go through the track record of the builder and check their credentials before you zero in one on one or more builders for the next step. Apart from the recognition by word of mouth, list of completed projects and pool of awards, the association of any bank or non-banking financial corporation also suggests that the builder under consideration has sufficient credential..
Key Tip: Find a residence close to your workplace (or at least easy to travel to your workplace)
- FEffective measurement of the flat
While the project advertisements and claims may refer to the area of the flat, the effective area might be different. Apart from the fact that super built-up area differs from carpet area, the design element of a flat matters too. Check the plans of the flat under consideration carefully to understand how the design and effective carpet area work in your favour. If you have a requirement which is not being met, communicate it to the builder to see what can be done.
Key Tip: Study the design and carpet area of the flat in detail
This is a critical part of the entire process. Right from the phase of licenses to build the flat under consideration, clearance of the plot till the end of the process where there is the question of registration of the flat, there is an entire list of documents to be checked thoroughly. Ensure that the property is completely compliant with the legal framework as per the Government of Maharashtra. While a long list could be shared here, it is advisable to hire a legal professional who specializes in this field of work for the same. It is better to be safe than sorry!
Key Tip: Check all documents carefully; if need be, take professional help
As much as you would like to buy the dream place, finances matter. Look into your own budget and look for the options of borrowings from financial institutions, if need be. The best way is to opt for a project which already has an association with banks and non-banking financial institutions to offer financial borrowings.
It is also important to know which payment plan works better for you. There is a plethora of payment plans available, such as flexi-payment plan, construction linked payment plan, possession linked payment plan etc. take a closer look at all the available options to understand which is your best match and opt for the same.
Key Tip: Choose a convenient financial plan that suits your financial state
While the flat is your fixed asset that will keep appreciating in the longer course of time, it is useful to know the projected resale worth of the place. In case of any financial requirement, this could also be your much-needed boost in future. One of the factors to look into would be the trend of property appreciation rate over the past few years. Additionally, it is important to know the proposed infrastructural development plans of the locality as that keeps translating to added appreciation. Finally, the reputation of the builder adds the icing on the cake when it comes to resale.
Key Tip: Watch out for projected resale value of the flat
While looking at the budget and affordability as well as financial options, it is very easy to overlook the added component of the exact registration charges and stamp duty to be paid. Given the higher end of property value in Mumbai, this is not necessarily a small amount. Ready Reckoner Rate is something that must be taken into account as it is what decides the aforementioned charges. Knowing it would give you a clear picture of the actuals and you can plan seamlessly to complete
Key Tip: Check the Ready Reckoner Rate without fail
Now that you have a hands-on ‘To Do’ list, ensure that you plan accordingly to do your research before
