subject: Tips To Buy Residential Property In Mumbai Real Estate Market [print this page] Mumbai, the commercial and financial epicenter of India, surely invites many Indians coming from all the regions and walks of life to come and make their living here in the city. No matter where you are coming from, Mumbai has the heart and the strength to instantaneously make you feel at home. Mumbais civic amenities may not be one of the best in the country however in spite of the number of people who keep pouring in the city each day; it continues to support the livelihood of increasingly expanding population.
Mumbai reality offers a wide variety of residential and commercial properties to choose from. There are premium properties from the coastal outskirts to spectacular mansions providing breathtaking sea view and well furnished multi-story family residential apartments. There is a home to every need. Even though there are plenty of newly constructed homes in the city, the irony is majority of people cannot afford to buy them due to extremely high prices. At the same times, the demand of housing and commercial properties is so huge due to population in this bustling city. You can check for the following guidelines to help you find the best residential Mumbai properties. Be sure to keep these rules in mind when making a real estate deal:
1.Price and Place As they say that price and place go hand in hand in case of real estate industry, property prices vary significantly depending on their location. So, conduct a detailed research on the prevailing property prices in the area you desire to buy property at.
You would strike gold in case you find a distress sale as such properties are sold at way lower prices. Though such properties are really hard to find you need to act quickly once you have sighted a clean distress deal.
2.Know the Requisite Legal Formalities There are many real estate formalities involved such as sanction of building plan, completion certificate, undivided share, taxes etc. that come into play while buying a property. You must carefully scrutinize these details before making a final deal. Any buyer who is looking forward to buying a property in Mumbai must understand the legal aspects of Registry, Survey, Rights, Securities, Policy, Reclamation, Land Act etc.
3.Explore the Surrounding Areas and the Distances Mumbai is a closely knitted city. Schools, colleges, entertainment and recreational centres exist in almost every nook and corner of the city. However for your own convenience, you must know the exact distance between the places you and your family shall visit on day-to-day basis. Being Indias most populous city, the traffic jams are quite common here. Thence to ensure an easy commuting and safety of your family, you should consider a residence which is closest in the proximity.
4.Check for Durability and Longevity of the Property - Clearly a newly constructed building/home shall last longer than the one which was constructed years ago however there is risk of shoddy construction. You can take assistance from a specialist on this aspect.
