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Flats for Sale in Mumbai – The Vital Basics

by kulpune

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Property rates in Mumbai are constantly scaling skyward. So, if you think that the rates are high today, they will be much higher tomorrow. As an investor, this means only one thing for you—higher returns on investment. Irrespective of whether you are purchasing flats for sale in Mumbai as an additional investment or as your first home, the important guidelines to follow all remain the same.

Finding a broker

Most people these days prefer to do the real estate agents and brokers do the groundwork on their behalf. It is convenient considering that you, as a busy professional, might not have the time to personally check every new project and obtain details about the same.

However, always remember that when you choose a broker, you must never deposit any kind of ‘advance payment’ with the broker. Pay up booking amounts or any other fees only after you have finalized a deal. And, always remember that you need to pay only the broker’s fees to the broker. Any other payment towards your new flats in Mumbai such as the booking amount should be paid directly to the real estate developer.

Getting documents checked and verified

Once you have found the best flats for sale in Mumbai, always check for a number of documents. You must have a copy of documents such as the Buyer Builder Agreement and the Letter of Allotment before you pay up the booking amount to your builder. It is not uncommon to see people paying the booking amount and then realizing that the BBA isn’t exactly in the buyer’s favor. And, as you know, the booking amount once paid cannot be refunded. Of course, such issues might not arise with reputable builders, but it is your prerogative as a customer to ask for these documents.

Checking the financing aspect

Most people these days need to depend on funding from financial institutions to purchase their home. If you are one of them, you would need to take extra care to check aspects such as the booking amount, periodic installments, interest rates, any penalties on delayed payments, pre-payment or loan pre-closure benefits, and so on. It is very important to choose a builder that already has tie-ups with leading and trusted financial institutions. This will make your financing process smooth and hassle free.

Other important things to remember

It is natural that under some circumstances, possession of your home could get delayed. There are some builders that might try to give you temporary possession of your home. This means that you would be asked to move into your home, but the electrical or sanitary fitment work would continue simultaneously. Do not accept such situations as it could cause a number of hassles. Always move into fully-completed, ready new apartments in Mumbai that have been checked by the builder before handing over to you.

While these are just a few pointers to help you in looking forflats for sale in Mumbai, there are several other important aspects. To discuss these and to get the best opinion, you could enlist the services of an attorney that specializes in real estate-related dealings.

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