Mumbai is host to many great things. One of those things is the amazing array of properties. The properties in Mumbai cater to people of all backgrounds, age groups, and socio-economic backgrounds.
The city is filled with projects ranging across commercial, residential and mixed-use real estate.
Commercial properties are used for the purposes of income generation by the industry. On the contrary, residential properties are those that have been zoned for the specific purpose of dwelling. Income like rental income can be generated from the residential property as well. However, the property cannot be rented out to industry and must be occupied by a tenant for the purpose of living.
Mumbai has an array of residential property that is used for both rental purposes as well as occupancy by the owner itself.
The real estate in Mumbai is governed by the local municipal corporation. Anyone who owns a property in Mumbai needs to get their property registered with the local municipal corporation. The municipal corporation will then levy stamp duty and a registration fee on the property and charge property tax from the owner. This is an important step to legally prove your ownership of a property in Mumbai.
Any failure to have your property stamped or registered in Mumbai can result in a penalty fee on the same.
Another common cost associated with owning residential property in Mumbai is the maintenance fees. The maintenance fee is a fee charged by the developer to keep up with the regular upkeep of the common areas of a property.
There are mainly 3 types of real estate sellers in Mumbai
A property could be for sale by owner, like a house on an independent plot of land or selling a residential unit in a developer project. A developer, however, would normally list their whole project up for sale and then sell out individual units from the project.
Mumbai mainly consists of properties like independent houses, villas, apartments, and builder floors. These can be found in townships, multi-unit apartment buildings, or standalone plots.
These developers have various projects in the affordable, luxury, and ultra-luxury segments. This was done to cater to the socio-economically diverse population of the city.