Skip to main content

Steps to follow before buying the best apartments in Mumbai

Steps to follow for buying best apartments in Mumbai.

If you are looking to invest in upcoming properties in Mumbai, you should be well versed with the benefits that you can receive & gain proper knowledge as to which property is the right property for you.

APPROVAL AND DOCUMENTS:-
Title Deed: - You must ensure that the builder doesn’t have any outstanding or hidden rights to the property. You can take the help of a well-reputed lawyer or a legal advisor to examine the deed.

Verify land use: Verify the land-use zone as per the city master plan for the plot. You can get the plan from the local body office in your respective city.

Approvals by Local Body: Make sure that the entire layout has been approved by the development corporation and the local body of the city.

VERIFY THE BUILDER
The piece of land in question may be under litigation. Hence, it is recommended that you do an extensive verification of the builder. You could verify its past or current projects or even post queries on the various online real estate forums.

The perfect payment option for you: There are various payment options available in the market such as down-payment plan, flexi-payment plan, construction-linked plan and possession-linked plan. Experts say one must choose carefully, as generally there is a cost for every convenience. For example, in subvention schemes, the price is at least 10 percent higher than what is charged under regular schemes. Customer must also understand that any late payment or default on the part of the builder in such schemes will impact their credit history. Then, there are guaranteed rental schemes under which the developer either pays you to rent for a fixed period during construction or for a certain period after possession. In the first scheme, the buyer gets regular payments from the developer during the construction of the house, which helps him offset a part of EMI or rent costs. In the latter scheme, generally for properties which are outside city limits, the developer offers rental income after possession.

SIZE OF THE APARTMENT
Builders generally mention the super built-up area in the brochures. This includes common areas such as a staircase, lobby, etc. The carpet area of the flat could actually be 30 percent less than the super built-up area. For example, a two-BHK with 1,000 square feet area could actually be just 700-750 square feet. It is advisable to always go by the carpet area, the area enclosed within walls. If you are looking to buy a plot for living in the future, it is advisable to first understand your requirement. Ensure that you check how much land (built-up area) you will need to build your dream home.

INFRASTRUCTURE PLANS
Metro connectivity or any other big infrastructure development in future linked to the location of the property you intend to purchase can boost the return on investment tremendously. Also, ensure that the property is not close to any polluting industries.

VISIT THE SITE
The layout in the brochure could be different from the reality. So, visit the site and do a thorough research before booking the property. Interact with people in the neighbourhood as they may know about any illegal occupation or other legal disputes related to the property.
There are many online portals that help in find an ideal flat for you. One such reputed portal is Magic Abode with more than 13,911 unclaimed properties and more than 4281 new properties in Mumbai that are available for you to claim it. Magic abode helps you to find the best property in the specified budget.

They have features like the map option where you can find valuable information regarding the location of the property you seek to buy. They also have other features like an EMI calculator that will help you to plan your loan payments as per your requirements. Request the callback feature and the customer executives help in making the experience of buying flats easier. Magic abode believes in no brokerage policy which has helped many find budget flats in Mumbai.

Comments

Popular posts from this blog

How RERA will benefit you as a buyer buying flats in Mumbai?

Best Flats|Flats In Mumbai If you are searching for your desired flat in Mumbai, it is indeed a good time to buy a 1 BHK or 2 BHKproperty in Mumbai. The real estate property market in the past favored the builders heavily. But, the recently passed RERA act has brought a huge relief to the buyers making the process of buying flats in Mumbaisafe, secured and easier. While you are planning to buy a property in Mumbai, it would really benefit you to go through this blog.

Real estate market in Mumbai The real estate market is one of the biggest sectors contributing to the economy and employment in Mumbai. It also influences many other sectors. Large-scale urbanization has led to the increase in demand for flats and apartments. Buyers are very interested in owning a property in Mumbai or renting a 1 BHK or 2 BHK property in Mumbai due to the ever-growing demand.


The issues that plagued the real estate  For long, the real estate was plagued because of the lack of regulatory authority to control …

Want to find the best homes in Mumbai? Follow these 15 tips.

Everyone desires their own nest in the city of dreams, Mumbai! But how do you know where to find? And how to find? We’re sharing some pearls of wisdom to ensure you find the best, read on. 1. Have a house hunting plan: People usually just hit the ground running in search of a new home, especially first time home buyers. However, you need a method to this madness which is why having a plan of action ensures you can still search a house and be productive in other walks of your life simultaneously. Rotate your house hunting around your regular schedule, not the other way round. 2. List your requirements: You can filter property much faster if you know exactly what is it that you’re looking for. Remember, no one can help if you don’t know what you want. Tip: Only look to buy verified property.
3. Get a loan pre-approval: Having your loan pre-approval not only gives better clarity about how much you can afford, but also gives you the upper hand in negotiations & easily gets you a ‘Yes’. …