Key factors to consider when purchasing property in Mumbai

by Ankita Sehgal Freelance Blogger, Lives in New Delhi

When it comes to buying a new home in the metro city area, there are many factors that come into consideration. There are location advantages that certain zones offer over others, and then there are connectivity benefits that might be more attractive to buyers. Real estate thought leaders, including Vinod Goenka of DB Realty, recommend finding the right property that fits in within your requirements.

Added to that, Mumbai is a growing market with a wide range in residential and commercial properties. Buyers have a diverse set of properties to peruse through, without compromising on quality or budget range. Even at the outskirts of the city, lie wide spaces and upcoming properties that offer community living and green surroundings.

There are universal benefits to opting for the perfect property in the right location, which is why these key factors are critical to review.

Property type & price range

Buyers should start by understanding their preferred property style and type, as well as their comfort level with price ranges. This is a great first step to finding the right property in the city. Mumbai is one of the few metros in the world that has a multitude of property types to offer a few kilometres apart. This makes the scouting process much easier for first time buyers.

There are also unique advantages offered by opting for different types of homes as well. 2BHK, 4BHK, and high risers come with their own set of benefits that buyers can take advantage of. A high-rise project may offer that perfect skyline view, but a 2BHK may invite that cosy comforting energy. It’s all about how a space makes you feel, when it comes to selecting between home types.

Location of the property

Location is key when it comes to buying property in Mumbai. There are various suburbs within the city that offer unique advantages to home buyers. A location such as Bandra, may offer a beach-life balance and Thane may present you with the quintessential spacious living. In fact, prominent developers in Thane, including Vinod Goenka, offer properties that are well connected to the main city as well.

There are also price advantages gained when opting for the east side of the city. Ville Parle and Andheri East are upcoming areas with large projects underway. These areas offer great residential properties that are developed within a mid-high range of pricing.

Upcoming and existing developments

A natural distinction between existing and upcoming projects brings a plethora of new opportunities for buyers. They can opt for different schemes offered by major developers and find the right property depending on their goals. While upcoming developments bring innovation and new light, existing properties are reliable with constituent residents.

New development builders collaborate with potential buyers about prospective additions to the property, making it more customizable. Buyers can negotiate on extending spacing, breaking down walls or adding separation. Depending on the preferences of the buyer, the developer may allow certain modifications to be executed.

 

Community, connectivity, & growth

The community aspect that a property brings is invaluable. If buyers are choosing their next home to live in, it’s important to live with like-minded families. Additionally, if the property is well connected to schools, hospitals and main highways, then that plays an important role in the decision process as well.

There are also considerations to be made when it comes to the growth of the local market. If a certain area has grown in market rate over the last few years, then the perfect time to buy would be now. The resale value of the property is a key metric to consider. 

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Created on Jun 24th 2019 05:38. Viewed 377 times.

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