If you tell people that you are looking for the best apartment in Mumbai, they may laugh at you. The reason is that people assume that since Mumbai is one of the most crowded cities, it is very difficult to find a place to live there.
However, contrary to popular opinion, Mumbai has no shortage of housing. Most people looking for housing actually struggle with finding a property at a suitable location and one they don’t mind paying home loan interest rates for. Now, this may seem tricky at first, but you can find an apartment you like by doing a bit of legwork.
Looking for tips to make house-hunting in Mumbai easier for you? Here’s all the help you need to find a property of your choice in the city.
Additional Read: Home Loan in Mumbai
#1. Decide a budget
If you’re getting into apartment hunting by searching ‘best flats in Mumbai’, expect your search results to be flooded with properties far out of your budget. You may get the best luxurious properties, and there are chances that those properties may entice you. But remember that those flats or apartments will come with a higher price tag.
So, decide on a budget and search for an apartment that matches it. Of course, this will save you time and effort, but it will also help you narrow down affordable places you can buy.
#2. Do your research and select a locality
Apartment prices in Mumbai vary with the locality. For instance, the property prices in a posh locality like Bandra are much higher than a similar-sized flat in the suburbs. But the price is not the only reason to check locations before you select a property.
When you know property locations, you can check if the area has all the necessary amenities like hospitals, schools, transport, etc. This will help you narrow down your property choices too. It is also a good idea to check the average property prices for flats in your chosen locality at this stage to ensure you are getting a good offer.
Additional Read: Skyscrapers in Mumbai: The Changing Face of Luxury Housing
#3. Find a broker
A broker can give you valuable insight into the best residential projects in Mumbai and help you zone in on properties that match your requirements. So make sure you rope in a trustworthy broker early on while finding the best apartments in Mumbai.
If you find that a property you like exceeds your budget, get a home loan to cover the purchasing costs. This way, you can purchase the apartment of your dreams without having to worry about the financial burden. Just be sure to carefully consider the terms of the loan and ensure that it fits within your budget.
#4. Look for builder credentials
After getting a broker, choose a property developed by a reputed builder. Doing this ensures the property you buy will be in good condition for your stay. A good way of checking a builder’s reputation is checking their track record of projects. So, look for reviews regarding infrastructure, check their legal standing, etc., before selecting a property.
Don’t give up on a property if it matches your dream house and is in a prime locality only because of its price tag. Get a home loan in Mumbai to cover the cost. These days most lenders offer affordable home loan interest rates to make loan repayments even easier.
#5. Easy commute
When searching for the best flat in Mumbai, prioritize proximity to your workplace. The flat should have good connectivity to the city's main access points. Consider the distance from your home to your office, school, railway station, bus stop, and rickshaw stand. Additionally, consider the likelihood of local traffic congestion and the travel times to different parts of the city.
#6. Check for RERA certification
If the builder has a good track record, check if the property is RERA verified. Typically RERA attested properties provide transparency when it comes to property information, making the buying process a stress-free experience.
Therefore, if you want to buy the best flat in Mumbai, you must first determine whether the property you want is from a RERA-registered property site in Mumbai.
#7. Review all the documents
Once you have identified the ideal flat for you, it is important to review all property-related documents thoroughly. Make sure to read each and every clause in detail and understand any penalty provisions.
If you do not receive possession of your apartment during the grace period, the builder is compelled to pay you a monthly penalty. Also, consider factors such as GST, stamp duty, registration fees, and other additional costs when making a decision to buy the best apartment in Mumbai.
Additional Read: How to Check RERA Registered Projects in Mumbai
Get a loan to finance your dream house!
If you follow the above-mentioned points, then finding the best flat that checks all your boxes will be a smooth process.
[The next step is choosing your dream house. And if finances are the only thing stopping you, get a housing loan to help you out. At Tata Capital, we provide affordable housing loans and flexible repayment terms. Need help choosing the right repayment plan? Use our home loan EMI calculator.
29 April 2022
5 mins read
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