Mumbai is one of the busiest cities worldwide, and a large chunk of the country’s financial and business operations take place here. So, naturally, people from all over the country migrate to this economic capital for employment, education, and business opportunities. For these reasons, there is always a massive disparity between demand and supply when it comes to properties in Mumbai. Knowing the tricks of the trade is essential while purchasing flats in Mumbai.
1. Explore up-and-coming locations
Most people seek affordability when they look to purchase flats in Mumbai. So, price takes priority over things like amenities and layout of the structure. The location of a given flat plays a big role in its price. In prime suburban or city zones, the property prices are quite high. This is why it makes sense to check out flats in areas that are considered “up-and-coming.” In these locations, the only downside while checking out flats is the relative lack of schools, hospitals, shopping malls, and other utility spaces.
2. Start out small
While purchasing flats in Mumbai, a particularly money-saving tip is to check out properties with a low square foot area. Studio apartments or one-bedroom flats are much cheaper than larger units. Generally, the overall property tax is also lower for small flats, and owners of such housing units are likely to get more favorable government policies, such as lower stamp duties and registration costs. While home-hunting, one can check out the lowest-priced homes across flat listings online or explore properties suggested by reputed and credible real estate agents.
3. Check the title deed
Once the flat to be purchased is finalized by potential home buyers, the actual paperwork needs to be checked. A title deed is a document that legally confirms a person as the de facto owner of a house they have purchased. Generally, real estate agents advise people buying houses to check whether the seller has the right over the property being sold. If that is not the case, one should avoid buying such a property. Only if the seller has the deed can they transfer it to the buyer when the purchase process is completed. One needs to check if the name of the seller is on the title deed and whether the exclusive right to sell a flat lies with them and nobody else.
4. Ensure builder verification
Checking out the credibility of a given builder is also necessary before buying a flat, as it helps avoid any hassles in the long run. Builder verification is necessary to prevent any legal issues. For example, in many cases, a given piece of land or an apartment is under litigation for specific malpractices committed by their builder in the past. Potential flat owners should avoid such flats or plots that are in the middle of a dispute. One shouldn’t invite trouble by attaching themselves or actively associating with a piece of property involved in legal issues.
5. Look for necessary approvals from local authorities
To ensure a smoother purchase of flats in Mumbai and to avoid potential legal issues, it is important to obtain necessary approvals from local municipalities and similar authorities.
