What a first-time investor must ensure before buying a property in Mumbai?
Buying a home in Mumbai is wish that almost every Mumbaikars have! Mumbai is a city where people from all across the country have come and settled. The fast pace of the city, the dream land is its specialty. It is one of the most populated cities in the world. Purchasing a home here is on everyone’s wish list. Thanks to the affordable financial schemes, relaxed government policies even youngsters with a steady income and work class folks can afford a dwelling in the city. There is also a group of people who buy properties purely for investments purposes, seeking high returns on investments.
Either way, it is important to research and learn a few aspects about the city and the area before purchasing a property in the city. Be it for personal usage or for investment purposes, research is essential before buying real estate in Mumbai. There is a huge capital involved along with all the legal aspects as well. So, if you are purchasing a property in Mumbai for the first time, here are a few things you can take in to consideration to invest smartly.
Authentication of the real estate developer/ seller: Whether you are purchasing a property for the first time or are a regular player in the market, this step is of utmost importance. There are numerous cases of fraud by the real estate sellers being registered every month. It is significant that you ensure that the builder or the seller is a reputed one. Only trust reputed and branded companies who have been serving in the industry since long and have a good track record. It is about your hard-earned money, so you have to make sure that the seller is an authentic one.
Documentation: The documentation process should be appropriately carried out. Keep all your required documents ready and along with that, you must also check all the property papers carefully. Check whether the property you are buying is not previously sold, yes this happens! If it is a new construction, then ensure that the seller or the builder has followed all the legal formalities and is ethically selling the property. The real estate developer and seller must present all the property papers and documents to the buyers before the deal.
Location: While in the research phase, you must check growth potential of that area. While purchasing a property in Mumbai, location rightly matters. There are high in demand areas like Malad, Goregaon, Bandra among others while the suburbs of the city which are growing rapidly like Thane, Navi Mumbai and so on. If the infrastructure f the locale is supremely developed the rate will be high and vice versa.
Loans and Finances: If you are purchasing a property in Mumbai for the first time, you may understand all the formalities about the loans as well. Along with the down payment capital that you must have saved or acquired, you will also have to apply for loans from a reputed bank or a financial institution. Your credit score, your spending and earing history will be taken in to consideration hence your documentation should be perfect. Other legal formalities are also involved. If you are investing in real estate for the first time it is best to take advice from a good lawyer about the legal formalities and then take the further required steps in order to be on the ethical side.