Buying property is one of the most important decisions of your life. It involves pooling in a lump sum of your hard earned money and is certainly strongly connected to your emotions. Property investment in Mumbai can be an overwhelming experience. Right from hunting for the right property to finalizing it to funding it and eventually registering it, can take an emotional and physical toll on the buyers’ energy levels.
As a first-time property buyer in Mumbai, the road ahead may not seem smooth. But with a considerable amount of homework and with proper verification, you can make the situation turn around. To ease the process of investing in new property in Mumbai, you should keep a check of the following facts to ensure that you make a wise decision.
- Approval and licenses: Before you zero down on buying any luxury flats in Mumbai, it’s important to check and verify the builder’s paperwork to make sure that you are not being cheated. Some of the important documents that you should check include title deed, environmental clearance, commencement certificate for work, verification of land use, and approval by the local body, receipts of property tax, etc.
- Project financers: Keep a track of the bank that is ready to fund the project and check whether they are lending money at a lower rate of interest. This will assure you that the project you have invested in will be completed on time, without any delays due to financial hiccups.
- Know your builder: Even though there are quite a few top real-estate companies in Mumbai, it’s always best to verify your builder and his work before finalizing on your investment.
- Verify the past and current projects of the builder and his reviews on online real estate forums.
- Surrounding infrastructure: Check whether the property you intend to buy has any major surrounding infrastructural development in the pipeline. This can significantly boost your return on investment, giving you a fulfilling investment experience.
- Site inspection: Often it’s difficult to bridge the gap between an investor’s expectations and the builder’s reality. To ensure that you do not fall into this trap, always consider inspecting the site before you hand over any token to book the property.
These are just a few basic guidelines to help you buy luxury properties in Mumbai without any hassles. You are free to do your own bit of research in any dimension to ensure that you are on the best side of the deal.