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Factors Worth Consider When Buying Property in Mumbai

Author: Jason Cohen
by Jason Cohen
Posted: Jul 05, 2020

Buying a property in Mumbai is indeed a dream come true. If you can ever save enough money to buy some flats for sale in Thane or anywhere else in the MMR, you’re one of the few lucky ones. Affording a house in the country’s financial capital is easier said than done. It’s one of most expensive property markets in the world and data shows that despite government efforts the property rates are still rising.

Therefore, you have to be cautious before making any investment in Mumbai’s real-estate as it may cost you your life’s savings. Here are some of the factors that you must pay attention to whenever you plan to buy property in Mumbai.

Location:

The setting and location of the property that you plan on buying is very important. It is the fundamental part that determines the price of the property you are going to buy. The location of the property should be such that educational, health facilities, and market must be nearby. On these grounds, whenever you buy a property consider buying it in a good location with direct accessibility.

Connectivity:

Connectivity is one of the most crucial aspects when you’re looking for a property in Mumbai. In a huge city like Mumbai, time is money and no one has time to waste on daily long commutations. Therefore, look for a home that is well-connected and easily reachable. You should give special attention to the connectivity of your property. How far is the nearest bus stop, metro station or cab stand? These are some of the things you must check before buying any property in Mumbai.

Approach to Adjacent Areas:

Approachability is another key factor that determines the value of a property. Try to buy a house that you can conveniently approach from anywhere in the city. Moreover, before buying any property check how far are the neighbouring areas. Likewise, also check the distance of the nearest school, hospital & market because these are places you are going to visit frequently. Lastly, try to buy a property that makes your life easy because of its easy approach. If you buy a home and still need to travel to reach the nearest market, it’s not worth it.

Size:

Before you buy any property in Mumbai let it be a flat, apartment or a house, check its size. Most of the times the size that the builder mentioned in the brochure is not specified. The carpet area of the property may have different dimensions then shown in the layout. Because of this reason, you should inspect the property physically before you seal any deal.

Check the Amenities:

Before buying any property, inquire about the facilities they will give you. Do they have any inhouse gyms or pools? Also inquire about the parking spaces you will get along with your property.

Is it Safe & Secure?

Safety and security should be your top most priority when buying a property. Living in a shared building can create different security concerns, so it's always wise to check them beforehand. Before buying any property, it is important to check the condition of the security system there. Check whether they have an alarm system, smoke detector or surveillance cameras in the residential complex or not.

Resale Value:

A home is probably the biggest investment that you will make in your life hence buy it wisely. Buy your house in a locality that can give you good returns. Areas like Mulund, Byculla or Thane have rising real estate markets. Therefore, if you want to make a profitable investment, consider to buy property in Thane.

RERA Registration:

In order to prevent fraudulent measures in the real estate sector, the government introduced RERA Reforms. As a result, all the properties on sale these days have a regularity number from RERA that ensures that this property is genuine. Thence, before buying any property in Mumbai check its RERA Registration to prevent any scam.

Legal Documents:

Last but not the least, check all the documents of the property you intend on buying. We recommend that to prevent any foreseen circumstances you should think of engaging a lawyer to check the legality of the documents. A lawyer can get your documents verified from the concerning departments easily and you won’t have to face the hassle of going from one department to another.

About the Author

I am precisely described as a tech junkie working in content development and marketing. Literature lover by default.

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Author: Jason Cohen

Jason Cohen

Member since: Jul 02, 2020
Published articles: 2

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