Living in Mumbai is the dream of many homebuyers, and if you are someone who is planning to invest in real estate in Mumbai, then this article is worth reading. India's financial capital- Mumbai- is one of India's most lucrative real estate destinations that consistently draws business and residential investors. In addition, different city areas like Panvel, Bandra Bandstand, etc., are constantly drawing residential space investors.
Mumbai is an ideal location for real estate investment, given the potential value of capital. First, land and housing were always famous investment choices, but later, the corporate development market attracted many investors due to the long tenor rental space generation capabilities.
If you are ready to have a neighbourhood that has got all luxurious amenities covered, multiple options for commuting, and more, then make sure to note the critical factors below. From location to property size, all the below-mentioned factors play a crucial role while investing in real estate in Mumbai.
Factor 1: Location
No matter which city you are buying a property in, location is one of the most important factors to note. While investing in real estate in Mumbai, the location is the crucial thing you must have in your mind, as you will surely want to optimise your time as much as possible in a congested city like Mumbai. Therefore, the property you are planning to buy must be near basic amenities like schools, hospitals, healthcare facilities, etc. Not only this, but the property should be proximal to the business centres of Mumbai so that there is flawless travel between your daily activities and errands and your home.
Factor 2: Privacy and Security
Privacy and security are other essential things to note before investing in real estate in Mumbai. Make sure to inquire about the security and privacy features of the property and check if there is 24*7 surveillance. In addition to this, check if modern security measures and facilities are installed at the property or not. Some of the top residential societies in Mumbai, like Kanakia Rainforest, Indiabulls BLU, Omkar Passcode Highway, etc. are premium gated communities with up-to-date technological facilities to ensure high-end security all around. Always be ready to communicate your expectations related to security and privacy, and be doubly sure to check at-home security features provided by the builder.
Factor 3: Scrutinise the property before purchase
Before investing in the property of your choice in Mumbai, make sure to scrutinise the property in and out. While scrutinising the property, make sure it upholds certain quality and legal standards. Apart from this, the property must comply with the due diligence framework of the concerned state government. Also, it's highly recommended to estimate the hidden costs and unforeseen expenses that you may need to incur. Verify all the property-related documents and also find out if there is any dispute related to the property in court. Remember, you must be mindful and alert all the way through investing in real estate in Mumbai because you are investing not just money but your dreams and expectations.
Factor 4: Size of the property
Some of the real estate projects in Mumbai do not often disclose the actual or accurate size of the apartments to their customers. And therefore, it is always a wise decision to go with the carpet area. While choosing the ideal space for investment, understand your requirements first by asking yourself, "Do I need a 2,3 or a 4 BHK flat in Mumbai" or "Do I just have a requirement of 1"? Make sure to communicate your expectations and choices to your real estate agent or manager so that if needed, you can get the structure changed to suit your requirements.
Factor 5: More and more research
When you as an investor want to buy a property in Mumbai, due consideration must be given to the future development of the region in which the real estate project is located. The professional real estate investment in Mumbai must be researched thoroughly before buying land, as any of the future government proposals to construct new airports, highways, stations, etc. might affect the value of the property. Other things like infrastructure work, festivals, and monsoons also need to be taken into consideration because Mumbai is renowned for its noise, chaos, festivals, and much more.
Factor 6: Find top-quality builders
Last but not least, you must find top-quality builders before investing in real estate in Mumbai. Mumbai is regarded as one of the better-planned cities across the globe, and therefore there is no shortage of builder options. Moreover, Mumbai boasts a wide number of commercial locations consisting of malls and IT parks established by some of the biggest names in the Indian real estate market. So, the hard work should be on knowing well the track record and reputation of the builder along with the work perfection. Besides this, make sure to check the trustworthiness of the chosen builder. You can do this by checking whether the builder has received any kind of financial assistance from the banks. If the builder is good enough to clear a rigorous bank assessment, they are surely worth trusting.
Jumping into a real estate investment in Mumbai calls for money, time, and effort to achieve success. Property investors, therefore, must take into account all the factors above associated with investing in Mumbai real estate. It is also crucial to know that when investing in the real estate market, the property value relates to the flow of income and returns on investment. So, don't wait much and start investing in Mumbai real estate by keeping in mind the above-stated factors. Also, we at Clicbrics can help you find the right property in Mumbai within your budget. For more details, call us at +91- 8010820000.
Also read: How to pay property tax in Mumbai?