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Advice for Buying an Apartment in Mumbai

by anonymous

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An apartment in Mumbai is more than just a roof over your head. It is an investment for a lifetime. Hence, as an investor, it is important to take every care while purchasing commercial or residential property in Mumbai. This article will help you understand the various elements involved in purchasing property in a megacity such as Mumbai.

Understanding a convenient location

Mumbai and its suburbs have hundreds of ongoing property projects that might suit your budget. However, it is location that is of prime importance in a large city like Mumbai. So, you would need to consider aspects such as your work location, your kids’ school or college location, religious or recreational facilities that you often visit, and so on. By narrowing down your location, you can make a better choice of properties.

Selecting a reputable real estate developer

As mentioned before, there are thousands of apartments for sale in Mumbai. However, not all of them are designed in keeping with the best safety standards and architectural abilities. These aspects are a given when you buy property from a developer that already has a long-standing industry reputation. You could search the internet for the leading property developers in Mumbai. A builder that already has at least 20-30 completed projects would be a safer choice.

Getting your fundamentals right

The terms carpet area, built-up area, and super-built up area are used very often when it comes to property dealings. You should know that each of these are distinct terms. For instance, the carpet area is actual live-able area of your home. The carpet area excludes the area occupied by your walls. Built up area is your carpet area plus the area occupied by the walls. The third aspect is the super-built up area that includes your built-up area plus the area occupied by common spaces such as the lobby, lift, and staircase.

Understanding the vital documents in a property purchase

A property is an asset that requires a huge amount of document-work. While some of this documentation can be done at an individual level, you would probably need legal assistance for some other types of documents. You would also need to seek legal assistance in verifying the authenticity of the documents, and checking for hidden clauses. Some of the most important documents to check during a property purchase would be: title documents, copies of previous sale deeds if any, permission to develop the land/property, agreement to sell, environmental clearances, and so on.

The financial aspect

If you are purchasing apartments for sale in Mumbai that is under construction, you could go for a home loan from a financial institution. Almost all leading banks have their own list of ‘approved developers’.  This means that the bank has already checked the financial standing and credibility of the developer, and has found it to be satisfactory. If you are purchasing a home from such a developer, you can expect a hassle-free loan disbursal process for your apartment in Mumbai. Knowing these facts makes your home search easier.

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