Are You Thinking Of Buying Residential Flats In Mumbai?

Home is where the heart is, but for most of us, it’s just about having a place to call our own. Whether it is a rented accommodation or a flat of your own, you need a family to make it a home.

Property scenario in Mumbai:

Mumbai is the city of dreams. Apart from the people who are from the city, there is a huge floating/migratory population of individuals who come to the city for a career and for realising their dreams. This fact has taken its toll on the availability of residential flats in Mumbai. The land is limited while the demand for it is sky high. This has resulted in the skyrocketing of costs of property. The city is expanding into the outskirts and towards the suburbs. There is development as well as redevelopment happening in the city. All these properties are available for rent or sale with many real estate agencies.

The World Wide Web as a guide:

The boom on the internet is good news for all those who are looking for a residential flat in Mumbai. For now, instead of calling up individual real estate agents or walking from door-to-door looking for a property dealer with the perfect house, you can just browse the web. There are websites dedicated to the properties on sale and rent, and even builders constructing new houses have a website. You can have all the details on the property you are interested in at the click of a button. Also, you can compare the different properties available for rent. This might suit your requirements and in return, you can get a good bargain on that property.

Points to keep in mind:

If this is the first time, you are buying a house; you need to keep some points in mind. They are:

1. List down your requirements and prioritise them. You need to be sure about the number of rooms you want, the area where you wish to live, etc. While deciding the area, you need to keep in mind some factors like the distance from workplace, from school, location of amenities, etc. It is quite possible that while prioritising these, you can rate the various locations in the city from the most to the least preferred.

2. Have a clear idea of the budget. This includes the amount of loan that you will be able to take as well as the amount you will be able to spend from your savings. This will help you shortlist from among the list of available residential flats in Mumbai.

3. Do some groundwork. Before you decide on approaching a property dealer or a builder, go through the different websites offering real estate services as well as through individual builders’ websites. This can help in getting a basic idea about the rates in an area and you will be in a better position to bargain.

4. Be flexible. After you see these properties, you might have to rethink your requirements and you might even have to compromise on some issues. You might have to reorganise your needs and decide on buying property which might even be further away from your workplace.

5. Beware. Approach only reputed brokers and real estate companies for buying residential flats in Mumbai, especially if you are an inexperienced person, you could get stuck with a fraudulent agency.

6. Decide on rent or purchase. If you have planned on buying a house, then the best time to do so is when the project is announced. This way, you have the choice of location, floor and most importantly, competitive rates.

Authors Note:

Bernard is a real estate agent with a 20 year old firm. He is a consultant with some of the major corporate firms. He helps in renting and buying houses and residential flats in Mumbai for the employees. He also acts as a mediator and takes care of the paperwork.