Mumbai is India’s most populous metropolitan city and a major financial centre. Home to the entertainment industry, the Maximum City also serves as a base for leading corporates, including Fortune 500 companies. Many companies across sectors, including banking, finance, manufacturing, real estate, and IT have their headquarters in Maharashtra’s capital city. In the past years, Mumbai witnessed a high economic growth rate, which resulted in the city becoming the largest in terms of GDP. The large-scale commercial, industrial, and residential developments, including ready-to-move flats, have led to Mumbai becoming one of the most sought-after real estate destinations.
Since Mumbai is amongst India’s most expensive real estate markets, buying a home here is difficult. Sound knowledge of the market will help you make an informed decision and invest your money in the right project.
What Should You Know About Buying Real Estate in Mumbai?
Mentioned below are the various steps that will guide you toward buying the property that suits you best.
- Decide the budget
Budget is the first thing that you need to consider. Taking your financial condition into account, you need to decide how much you can spend on a ready-to-move property, your family’s size, and other factors. Check the various localities, the suitability of the properties, and their price range. This will help you choose the best property.
- Select a micro-market
You should select a micro-market. Different micro markets in Mumbai have different prices and properties of different qualities. If your budget is limited, it would be advisable to look for a property in low-budget areas. You should look at the different types of micro markets and choose the one that matches your budget.
- Choose a developer or project
Once you have selected a micro market, you should search for a suitable property. You must be sure of what you need. If you want to move into your new home immediately, you should opt for a ready-to-move apartment. However, if you have time, you can choose an under-construction property. These are cheaper than ready-to-move homes. But when searching for a property or developer, you must be selective. Always buy property from reputed developers. Check their track record, analyse their past properties and talk to people who have purchased the property from them. This will give you a better understanding of the developer. You can check various developers and properties on Blox, a leading real estate buying platform.
- Prepare a checklist
Preparing a checklist should be a priority. Make a list of all the amenities that you need in a property. Check whether the property has been approved by the authorities. The project’s legal status, documents, and safety standards are a few other things you should be aware of.
Buying property in Mumbai is a dream for most people. However, finding the perfect home will not be a challenge if you are aware of the formalities and the home-buying process. For best results, use a leading real estate platform like Blox. The company will guide you through the process, help you with the paperwork, and arrange visits and virtual tours. Hopefully, this detailed guide will help you make the right decision.