Much of the value of your home is determined by its location. This is especially true in an urban setting where various up market localities command a premium. In a city like Mumbai, this is all the more true because you need to select the best locality that suits your budget as well as lifestyle requirements. When you decide to buy flat in Mumbai, your chosen location and real estate developer are the two most important aspects.
If you have been a resident of Mumbai for several years, you likely have a clear idea about where you would want look for new flats in Mumbai. However, you could find yourself in a situation where you need to first brainstorm with your family on which locality to live in before you even start looking for a home.
There are several vital parameters that can help you make the right decision. If the area offers great conveniences and provides easy connectivity to your office or your kids’ school, it could turn out to be the best decision you’ve made.
Here are some ways through which you can choose the most suitable residential locality to buy flat in Mumbai.
- Most real estate supplements that come with newspapers or real estate web portals publish the prevailing rates of different areas in your city. This guide could be your first step to finding a locality that is in sync with your budget. You could choose four or five different areas that suit your budget. Once you have done this, you can read up further about each area and narrow down your choices based on other parameters.
- The next logical step would be to get in touch with a realtor (real estate agent). These professionals are well-versed with the new flats in Mumbai and will be able to guide you according to your budget. However, do remember to make your choices clear as some real estate agents tend to show you projects that will fetch them a high commission. It is up to you as a customer to ensure that they work in the best of your interests.
- Talk to your friends or relatives living in that area. Ask them about the important basics such as the cost of living, the overall safety and security, water supply, quality of roads, proximity to important work and education locations, and other such factors that matter to you.
- It is also a good idea to take some time off on a day and spend at least half a day in the locality. You could shop and dine at various places in the area, visit schools and colleges in the vicinity, and drive around to get an overall feel of what the locality has to offer before you buy flat in Mumbai in the said locality.