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What all tips should be kept in mind before buying a residential property in Mumbai?

An expenditure that demands a lot of research and reviews is buying a new residence. Finding a house within an appropriate budget without compromising on any of your personal preferences is quite complicate. The same applies to buying a residential property in Mumbai. We believe that, more often than not, people overlook some factors while buying a property, a flat, or even an apartment in the future. Therefore,

We have prepared some tips you can use to help you better understand what factors need to be considered before buying a property in Mumbai, they are mentioned below:

 

  • Check for the area where you want to buy the property

Property location is the most crucial aspect of purchasing a home. Your location must be strategically place to support access to educational institutions, healthcare centers, workplaces, and any other social and educational institutions. There have been tremendous amounts of migration into Mumbai over the years, which has resulted in a significant increase in the demand for residential properties. But beyond the commonly available options, there are areas like Andheri, Kurla, BKC, and Chembur that are promising buyers rewarding returns.

  • Look for the best builder:

There is no shortage of commercial developments in Mumbai, as it has one of the most well-planned cities on the globe. IT parks and malls have been set up by some of the biggest names in Indian Real Estate.Thus, you should do background checks of the builder’s reputation, track record, and quality of work so that you can measure trustworthiness. There is also an alternative to measure the builder’s reputation. A builder worth trusting can be find if they have receive financial assistance from the banks. If they are good enough to pass a bank’s rigorous assessment, they should be trust

  • Be clear with the size of property you are looking for:

As an example, the builder may be unable to deliver what was mention in the brochures. In addition, shortfalls may occur in the carpet area when compared to the build-up area as mentioned before the project commenced. Hence, the best option is to always extend the carpet area. Communication is key to understanding your requirements well and extending the structure at the right time.

  • Make sure the property is safe & secure:

It is essential to be proactive when it comes to safety measures when living in an apartment or flat. With the rise in burglaries and asset thefts, it is essential to implement fail-safe measures to make sure that assets are secure. You might want to consider the usage of an advanced alarm system, motion sensors, smoke detectors, and surveillance cameras. You may also want to avoid fully hidden windows in favor of grill-based ones.

  • Ready Reckoner rate:

Ready Reckoner (RR) rates are commonly use by the government to calculate registration and stamp duty charges on flats and apartments.  Furthermore, its amount varies considerably based on the location and size of the property within the Mumbai metropolitan area. Value-added tax and service tax still outnumber stamp duty and registration charges as the government’s primary sources of revenue.

Make sure to keep all these tips in mind before you decide to buy residential property land in Mumbai& get the house of your dreams. 

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