Things to Keep in Mind When Buying a Property in Mumbai
Are you planning to buy a property and have chosen Mumbai as the location? Then you are on your way to making the most of a booming real estate market in one of the leading metropolises of India.
With affluent homebuyers and investors finally finding their footing in the aftermath of the pandemic-induced slowdown, the property prospects in Mumbai look promising. Consider that the Mumbai Metropolitan Region saw housing purchases worth Rs. 74,835 crores in the first half of FY23 – the highest in India. That means that FY23 and beyond is looking lucrative to invest in a property in India’s top 7 cities, especially Mumbai.
With leading developers such as DB Realty under the leadership of Vinod Goenka is ready to complete many prestigious projects in the pipeline, the modern-day property buyer can look forward to getting a great return on their property investment. But where does one begin?
Here are five things to keep in mind when buying a property in Mumbai in 2023 and beyond:
A well-connected location
In today’s fast-paced world, living in a neighbourhood that is well-connected to the entire city is critical. Any property you plan to buy in Mumbai, therefore, must be in a prime locale or hub of the city for smooth travel to and from critical business areas, entertainment centres, schools, hospitals, airports, metro stations, and healthcare centres. Some of the most sought-after locations for a property in Mumbai include BKC, Mahalaxmi, Marine Lines, Prabha Devi, Kurla, Andheri, Dahisar, and Chembur. These locations are known for their accessibility and are continuously becoming the city’s lifelines.
Selecting a property only from reputed developers
Choosing a property from a well-known and renowned real estate developer such as DB Realty led by Mr. Vinod Goenka, is a good move for your future. These names have been in the Mumbai real estate market for over a decade, having laid the foundation for properties that harbour millions of families and thousands of businesses that throng Mumbai today. Remember, genuine and prominent developers in Mumbai can truly grasp the needs and desires of prospective purchasers or investors and ensure a hassle-free property-buying experience.
Availability of modern, up-to-date amenities
One of the distinguishing features of desirable Mumbai properties is the combination of magnificent architecture and interior design with high-tech, cutting-edge facilities. The properties you visit should have first-rate features and amenities. Conveniences and facilities include quiet vistas, a clubhouse, manicured park, beautiful green grass or garden, a state-of-the-art gym, a multi-functional sports club, a premium spa, a jogging and cycling track, an opulent swimming pool, gaming and yoga rooms, library, and so on.
Prioritising carpet area
While having a basic idea of what size of property you want in terms of rooms or build-up area is fine, it is the carpet area you should fully grasp. In a city like Mumbai where space is at a premium, every inch counts. RERA carpet areas must be mandatorily disclosed by developers so that the customers know how much useable space they are getting with their property. Hence, make an informed property purchase in Mumbai based only on the carpet area.
Checking the ready reckoner rate
The Ready Reckoner (RR) rate is commonly used by the government to calculate the market price of homes and apartments for registration costs and stamp duty. It also varies greatly depending on the locality and size of the property under Mumbai’s jurisdiction. So, research it carefully before buying a property in Mumbai.
Ultimately, buying a property in Mumbai is a time-consuming procedure that should not be underestimated. But with proper planning and research, you can find and purchase the property of your dreams – especially if you keep the above-mentioned points in mind.
