Apartments Prices in Mumbai

Mumbai Flats & Their Prices: May You Crack The Best Deal!

Buying apartments or flats is an option that every buyer in the property market looks at.

Especially in a fast-paced metro city like Mumbai, many possibilities open up for real estate investors once they buy an apartment there. They can choose to rent the apartment out or occupy it themselves. Either way, putting your money in any Mumbai flats - priced high or low - can be a very lucrative investment decision.

Mumbai offers a wide variety of residential units. It ranges from studio apartments to luxury and spacious 1,2,3,4,5 BHK flats as well as duplex apartments.

The flat rates in Mumbai differ in terms of versatility of sizing and room configuration in apartments, making them popular amongst property buyers with any range of budgets.

When buying a flat in Mumbai, one needs to make sure they are doing their research to find a home that suits their needs the best. It would help if you considered a few factors while buying a high or low-budget flat in Mumbai.

1. Size of a flat/apartment
   
   The first factor you need to consider while deciding on the right home is the required number of rooms. Depending on the size of your family, you might require multiple rooms. You could also opt for a studio apartment if you're a single working professional.
   
   However, for a family of two living in Mumbai, a 1 BHK flat priced reasonably is required to the least.


2. Under-construction or ready-to-move-in apartment
   
   Mumbai's flat prices and their types are determined by how urgently you need to move into the flat you buy. For people looking at a flat as just an investment, choosing an under-construction property can offer you budgeted property prices in Mumbai. They're available at a discounted price compared to others in the same locality.
   
   However, if you're living in a rental, choosing an under-construction property would mean adding a mortgage over the rent you're already paying, making it a financial black hole for your income.
   
   
3. Best locality to buy a flat in
   
   Location is an essential factor to consider when buying an apartment in Mumbai.
   
   Imagine your budget matches one of Mumbai's apartment prices, and you finally buy a flat in a specific locality, and your job is on the other side of the city. The commute would make your experience of living in Mumbai worse. Similarly, checking out the living situation, such as neighbors, disturbances, and crime in the area where you're looking at an apartment you like, is paramount.


4. Transfer of ownership of an apartment
   
   Before getting a house title transferred to your name, you must also ensure from its owner or the property's builder in Mumbai that the house is clear of any encumbrances. These can be in ownership disputes or pending loans and taxes on the residential unit.
   
   In case you get the transfer of the flat's ownership before sorting out these encumbrances, the liability for the same would be transferred to you.