The real estate sector in Mumbai attracts a large number of investors and home buyers. Are you one of those investors planning to buy a plot in Mumbai soon? If yes, then, fortunately, this guide is for you! Here, we will talk about the most important things that one must check before buying a plot in Mumbai because real estate investment is one of the most critical investments of life, and therefore it must be done carefully.
Well, if we talk about the real estate market in Mumbai, the market is seeing a boom even though the prices of properties have been regulated to an extent by the acts like RERA. Whether it is a commercial plot in Mumbai or a residential plot, there are interested investors for both. Most real estate developers in Mumbai are coming up with projects of a top-notch level that are hard to ignore. These projects have the premium infrastructure, amenities, jaw-dropping interior and furnishings from prominent designers, and more. And this is what is luring many real estate investors to buy a plot in Mumbai or invest in Mumbai real estate.
With a commercial hub, connectivity and accessibility, excellent infrastructure, affordable housing, and a blend of different cultures, buying a plot in Mumbai is a good decision to consider. Owning a piece of land in a city like Mumbai is an achievement in itself. Given the real estate demand in the worldwide real estate market, too, investing in Mumbai can indeed turn out to be an excellent step for you. So, let’s look at the things you must check before buying a plot in Mumbai.
1. Location of the plot
Whether you are buying an apartment, an already built house, or a piece of land, it is always advisable to check the location of the property. This is because location can be a severe issue once it involves obtaining a great return on your investment. Therefore, it is crucial to confirm the location of the plot by taking into account its proximity to the basic amenities and vital areas inside the town. While buying a plot in Mumbai, keep in mind that you don’t get lured by the less-priced plots in faraway areas with the smallest amount of development because such areas are not worth living in. Also, make sure that the location must have flawless access to all the areas of the city.
2. Necessary approvals by the local body
Another thing you must check while buying a plot in Mumbai is the approval of the plot by the City Developement Corporation and the local body. As a real estate investor in Mumbai, it is vital for you to check and make sure that the native authorities have given all-clear titles of any deeds for buying land of commercial property. Furthermore, it’s important to check the crucial approval documents for the plots and make sure that a lawyer verifies all the documents. Besides this, whether the builder has any plans to develop the plot, ensure that the planning permission and building approval have already been obtained from the local authorities. In short, buying a plot with proper papers is essential for your peace of mind.
3. Value of the plot
While buying a plot in Mumbai or any other city, it is highly recommended to check the value of the plot. As a real estate investor or a plot buyer, you should not rush and buy a plot at excessive speed or urgency of the moment, even if the real estate deal seems lucrative. Instead, it is advisable to spend more and more time deeply researching the value of the plot and other benefits before purchasing it. Rather than doing it alone, you can also contact a real estate company or an agent to help you estimate the value of the plot so that you can easily make an informed decision.
4. Size or area of the plot
If you are buying a plot for residential purposes or decide to live there, the area or size of the plot plays a significant role in making a decision about your dream house. Therefore, while buying a piece of land, it is important to check on the built-up area of the plot and also the soil and topography. After all, it is always better to be secure and safe than sorry.
5. Title Deed verification
Title Deed verification is another important thing that one must check before buying a plot in Mumbai. It is always suggested that a real estate investor check if the seller has the right over the property. The initial step is to see the Title Deed of the land you are planning to buy. Here, make sure you confirm if the name of the seller is written on the Title Deed and that the exclusive right to sell the plot lies with him/her and no one else.
6. Builder verification
Lastly, while buying a plot, you must check the builder verification in order to avoid any sort of hassle in the future. Sometimes, you might have heard that a plot or piece of land is under litigation or is embroiled in certain disputes. This is the reason why it is recommended to cross-verify the seller. You must also verify the past projects and current projects of the builder or even post your queries or doubts on the online forums. This will give you a complete idea of the builder’s credibility and reliability.
These were just a few but the top things you need to check while buying a plot in Mumbai! A handful of real estate investment options are available in Mumbai that will surely make you feel delighted, but not all of them are good. Therefore, you need to take into consideration the things mentioned above as they will definitely help you choose the best plot to invest in!
So, what are you waiting for? Just get in touch with us at +91-8010820000, and we will be happy to help you find your dream home or plot in Mumbai.