Owning a real estate in Mumbai can be regarded as prestigious, with its property prices regularly being amongst the highest in the nation. And in case you are on buyer's horse, it can be alluring to dive in, with a care for making it out of market unblemished. Although, navigating buyer's side of realty transaction in Mumbai's property climate can be a bit tricky.
Here are some tips to keep in mind before you are going to buy one for you or your family.
Here's an easy manner to do this - keep in mind that you are investing. Investments are for the long-term benefits, while incentives can give only short-term advantages.
Property agents in Mumbai have made news for various incentives they have been giving home hunters. You will meet the sellers who will even proffer to spend on the stamp duty or power bill. Some of them have even offered vacation packages to the purchasers.
But it is vital to stick to the needs - and your mindset. Remind yourself that you are investing & you must think like an investor.
This will seem obvious to you, but most of the people decide to wing it on research. Once you figure out average per-square-foot rate across various regions, you can easily set budget. Ideally, your budget must be sensitive to the sort of region you want to purchase property in.
Mumbai has held a record in India for the highest amount on property sales, with amount having gone more than Rs. 1,00,000, per-square-foot, on some transactions. Sea-facing real estate tends to be priced more in Mumbai, with lower amount prevalent in suburban regions such as Kurla & Kandivali.
Market favors either the buyers or sellers. Meaning that, at any point it is better to sell than purchase or vice-versa.
When you are purchasing, you are required to be able to sufficiently make supplemental income from real estate via rent or lease - & then sell it at a big profit, after some years.
On the flip side, market is in 'sell-mode' when streams of income are very poor, or even if market seems set to crash quite soon.
View the rental yield as positive or negative, which is based on whether or not it gets you higher rate of return than the standard revenue streams such as government bonds or savings account. This can be powerful criteria in deciding whether to buy real estate or not.
In case you are unsure of how much you will earn from the rent, you can have a look at going rental rate for real estate nearby.
The rental yield for property in Mumbai will be lower, in terms of return, than in the benchmark cities such as New York, Sydney and London.
Whether or not you are going to live in real estate that you have bought, you should look for locational benefit. It is okay in case your budget forces you to make compromises on size of property, but investing in real estate closer to key regions of Mumbai will be more advantageous in the long run than investing in suburbs.
Mumbai experienced period where several bigger apartments were built in the suburbs, but sudden rise in amount put these out of reach of common man, & lower the demand. Make it sure that you future-proof investment by selecting fool-proof alternative.
Some of the main places of Mumbai which is the very first preference of buyers are as follows:
The Dadar region, mainly Shivaji Park, is effortlessly one of the best regions to purchase a real estate in Mumbai. It is known for old world feel and modern outlook in area, mainly with several corporate jobs being created much closer towards the heart of the city.
There are 03 cinemas placed in Dadar: Sharda Cinema, Plaza Cinema & Chitra Cinema. Shivaji Mandir is another main location, which can be regarded as an entertainment hub of the city. And in case, you enjoy being close to the sea, you can visit Dadar Chowpatty, which is a very beautiful beach.
Any person who has visited Mumbai must have seen this place. Andheri is prime region in Mumbai & the biggest suburb in the city, with a population of more than 1 million.
Andheri West is meant for residential purposes, on the other hand Andheri East has healthy blend of residential and commercial regions.
Mumbai's international airport, Chhatrapati Shivaji International Airport, is located in Andheri East.
This locality is home to Gilbert hill, basalt block that is 60 meters tall.
Parel is one of the prime localities in Mumbai. The region was once home to cotton mills & subsequently, many employees of cotton mills reside in it. At the present, it is a main portion of Mumbai and a home to a large number of people.
The Grand Central, 5 star hotel is in Parel & so is Palladium, the luxury mall in the Mumbai city.
Besides commercial & residential projects, Parel too has a touch of history - Barra Deo Temple, ancient monument.
In case, you are sea lover, Worli is the best place in Mumbai. It is known for Haji Ali Durgah, a place which attracts large crowds.
The Worli Seaface is popular residential area that has graced screens in several Bollywood movies. Furthermore, Narayan Pujari Nagar & Adarsh Nagar are other main residential regions.
Worli has a great blend of commercial properties, and it is a home to Four Seasons Hotel.
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