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Mumbai is the dream place to own an apartment or house. People tend to move to Mumbai to fulfil their dreams and aspirations or for their job purpose. And after a while, they decided they merely wanted to buy an apartment in Mumbai. There are many reasons why prospective home buyers choose to buy an apartment in Mumbai as their city of choice.
Various residential projects are being developed in the city by real estate developers that aim to provide quality housing with exclusive amenities. Buying apartment in Mumbai can be both exciting and daunting. Here is a guide to help you get started if you’re unsure how to buy an apartment in Mumbai.
Why should you buy an apartment in Mumbai?
Here are five major reasons why you should buy an apartment in Mumbai.
- Commercial Hub: Mumbai is rightfully known as India’s financial hub. Residential developments in Mumbai are increasing in places such as Lower Parel, BKC, Powai, Vikhroli, and others, as more and more house buyers seek to acquire apartments in Mumbai near their office.
- Connectivity: Mumbai has excellent public transportation that can quickly get you from point A to point B. Mumbai Local trains may transport you from CST, in one part of Mumbai, to Panvel, in the other. You can also go from Churchgate to Virar. Beside this house for sale in Mumbai Bandra also has good connectivity. Mumbai is well interconnected to other sections of the city thanks to the availability of train lines, metro, bus, AC buses, cabs, and so on.
- Infrastructure: In terms of infrastructure, Mumbai has not received fantastic reviews in the past for its cheap flats in Mumbai for sale infrastructure. However, things are changing. Buildings are no longer built in confined quarters, and roadways have been enlarged and well-maintained.
- Affordability: Mumbai’s real estate industry is seeing an inexpensive housing trend. Residential developments for new flats for sale in Mumbai are being phased out in favour of rehabilitation projects, in which numerous real estate developers are redeveloping structures.
- People: Everyone can find a spot in Mumbai. Families here live in peace and enjoy many holidays together. This is one of the reasons why numerous individuals opt to live in Mumbai. There is no other area in the country that can provide such a diverse cultural mix.
Best Localities to Buy an Apartment in Mumbai
The location of the property in Mumbai plays a crucial role when you are purchasing a house. In case your current location does not suit you, you can move to another one, but if you purchase a property, you will be committed for a long time. Since buying house in Mumbai procedure is a complex process.
If you are a home buyer, make sure you do enough research to develop a comprehensive list of locations that meet your ideal requirements. You might want to buy house in Mumbai under 50 lakhs or an expensive house in Mumbai. Below you’ll find a list of new home options you can explore.
- Bandra
- Andheri
- Juhu
- Ambernath West
- Neral
- Nalasopara West
- Dombivli East
- Naigaon East
- Virar West
- Vasai East
- Umroli
- Mumbra
- Virar East
- Nalasopara East
Explore the prime locations before you buy an apartment in Mumbai, shortlisting the ones that are safe, well-connected, have the essential amenities, and have a vibrant community unless your current profession ties you to one particular location.
Also read about: Buy an apartment in Bangalore
Which type of property in Mumbai should you invest in?
A 1 bhk apartment sale in Mumbai may be suitable for homebuyers without a lot of space or who have a limited budget. However, a 2/3 bhk flat for sale in Mumbai would be ideal for buyers without budget constraints and with a large family to accommodate.
In this case, your budget will play an essential role as the price point will differ based on the type of property you want to invest in, whether it’s cheap houses for sale in Mumbai or expensive ones. Take a look at the amenities that are available as well. Maintaining a property would also vary depending on its type, so keep that in mind. Take a good view of the flats for sale in Mumbai, whether it’s under construction or not.
How to Buy an Apartment in Mumbai?
Government officials have been urging affordable housing to be made available to everyone. The market segment is becoming increasingly competitive as popular developers seek to provide buyers with value homes. Real estate developers are proposing investment in multiple residential projects and suggesting people to buy an apartment in Mumbai. However, choose the premier developers who are experienced, highly regarded, and have successfully completed projects at different locations throughout Mumbai.
Check out the builder’s website for info for buy an apartment in Mumbai such as the RERA certification, EMI schemes, and whether the floorplan and other details are provided for each unit of the project. In addition to providing the ideal home amenities, top builders are able to plan and design the property to meet the specific needs of their clients. Buying an apartment property from a reputed builder will be a wise choice.
What is the budget constraint to buying an apartment in Mumbai?
You should understand the current property prices in different parts of Mumbai before you begin apartment hunting. You will be able to tell what to expect from both luxurious apartments and comfortable ones when you research the current prices.
T1 bedroom, two bedroom, and three bedroom flats for sale in Mumbai will vary in price according to factors such as their location and whether they have facilities like swimming pools, gymnasiums, and play areas.
Similarly, when you buy a flat, you must also factor in the registration fee and stamp duty. Make sure you determine the total cost in advance regardless of whether you pay a down payment, take out a home loan, or utilize an EMI scheme.
What is the price to buy an apartment in Mumbai?
When searching to buy an apartment in Mumbai and their prices, you may want to think about the following three property categories. They fit inside these financial slabs:
- From 15 to 25 lakh rupees
- From 25 to 35 lakh rupees
- 35 to 50 lakh rupees or more
Most of these homes will fall into the 1 RK, 1 BHK, or occasionally the 2 BHK category depending on location and developer brand.
Also read about: Buy an apartment in Gurgaon
Final Verdict
You should never take your apartment selection too lightly since it is an asset that should be treated as such. The article has discussed a few important on how to buy an apartment in Mumbai that need to be taken into consideration before you select the right apartment in Mumbai. Make sure you checklist every pointer before heading to buy an apartment in Mumbai. Mumbai is surely a big city and you must follow a safe procedure to buy your dream apartment in this city.
