Settling into a new city is never easy, especially in Mumbai, due to its variety of lifestyles and extremities of locations and costs. Although it is dubbed the city of dreams, finding, renting and purchasing a piece of real estate in this island city can be extremely daunting. If you are looking for flats in Mumbai and planning to move to this city soon, here’s a guide to help you make the wisest decision.
Recognising Your Financial Limitations
It is probably the most crucial step when planning to move to this cosmopolitan abode. Mumbai is home to some of the most affordable real estate development. At the same time, it also offers some of the most unfathomable land parcels that can cost you a fortune.
Most of the localities of Mumbai, like South Bombay, Bandra, Dadar, and the others, either offer you pea-sized apartments for your budget or demand exorbitant prices for lavish living. Purchasing a 1 BHK flat in Mumbai, especially in the above localities, can cost you well over 1.5 crore rupees. Therefore, knowing your financial limitations can help you make an ideal decision.
Find a Trustworthy Agent
While finding new real estate properties online is not cumbersome, the options can usually seem overwhelming and confusing. It is increasingly difficult if you are a bachelor who loves their non-vegetarian meals and the occasional drink or two or belongs to a minority community. In such situations, the best way forward is to find a reliable broker who can help you find the ideal deal.
Renting is Always an Option
Renting can allow you to fulfil your goals and stay in this business centre of the country at a fraction of what it costs to purchase the same property, as monthly payments. Since Mumbai can sometimes seem to be a lot, especially in terms of monetary requirements, renting can also help you with your relocation. While it is not the ideal solution, it can help reduce the added burden you carry while making monetary arrangements for purchasing a piece of real estate in this city of dreams.
Financial Help from Banks
The best option to consider when thinking of purchasing a real estate property in Mumbai is taking financial help. If the legalities and documentation of your property are correct, all leading banks can help you avail a quick home loan that you have control over. While it can increase the final cost of the parcel by a few per cent, it provides you with the ability to devise a better financial roadmap for purchasing the apartment.
Searching in the Suburbs
If you have had no luck in finding an ideal piece of property that fits all your financial criteria in South or Central Mumbai, you can always look for options in the Suburbs of the city. You can get more affordable flats in the city’s northern parts, the only caveat being transportation. While you will have to travel more if you live in the suburbs, you can find your ideal dwelling at projects like Serein, Amantra and New Haven Boisar, developed by Tata Housing that are located in the Suburbs and neighbouring cities of Mumbai.
These are some of the most critical things you must remember when looking for flats in Mumbai. Whether you plan to rent or purchase a piece of property in this city, always keep these factors mentioned above handy. They will help you make the most suitable real estate decision regarding moving to this island district.
