What all things to be considered before buying a Flat in Mumbai.

By Abhay Harish Shah , Realty Quarter

Study says buying a property is advisable then staying on rent. But, most of the middle-class people can’t afford to buy a property, especially in Mumbai. Due to the high demand for property in Mumbai, its price has reached a level where a lower class or middle-class family can’t imagine to buy a house for themselves.

The reason for the high demand and rise of property price in Mumbai is NRI’s investment, a large number of NRI’s are investing in Mumbai property. Often, as much as half of the inventory is sold to such NRI investors even before local brokers get wind of the launch.

Buying a property in Mumbai is a dream for each individual. If you are planning to buy a property in Mumbai then, you must consider some points before jumping for a particular house. There are chances that you might miss out some great options while buying a flat in a hurry.

Things to know before buying a Property in Mumbai:

1) Location: Sticking to a budget is fine, but if your job is for long-term then consider to buy a house nearby to your office. Looking at the traffic and the hectic local transportation it is always helpful to stay close to your workplace. Many people buy a house far from its workplace and travel for 4hours which makes a person feel drained. So, go as per the convince of travelling because a person buys a house once in a lifetime.

2) Carpet Area: So you have decided the area and the budget. Now, comes the second most important thing to look while choosing a flat in Mumbai which is Carpet Area. You don’t want to invest your hard-earned money in an apartment which is small and congested. You should always ask the actual carpet area, as an unfurnished flat looks more spacious but, seeing the carpet area one can determine the actual space he will get after placing all his furniture.

3) Resale Value: After looking for a well-convenient flat, you should think about its resale value. Appreciation of an apartment can make your investment double in just a few years. Check for the upcoming project which is going to be developed by the government. For instance, you can think about a society which is located nearby to the upcoming metro lane. As the construction of Metro Train is going to complete in a couple of years the price of a nearby property will boom in no time.

4) Documentation: Prior to your property purchase, it is necessary to uphold the title deeds of it. The property must comply with the due-diligence framed by the government of Maharashtra. In case if you’re wondering what the list of priorities are and how to perform an ordered check, then we have got you covered.

Here is a list of it:

i) Examine the property card and city survey card.

ii) Scrutinize the documents. Also, the indexes of the documents registered concerning the property at the sub-registrar office.

iii) If the property belongs to cooperative housing society, then communicate and clarify terms with the society.

iv) Verify all related records of the court and check if any disputes persist.

Generally, Documentation is a tedious and intense process for which it is recommended hiring the service of a seasoned lawyer.

5) Check for Ready reckoner rates: The Ready Reckoner (RR) rate, as it is referred to in Mumbai, is also known as the Circle Rate in Delhi. Ready Reckoner (RR) is the estimated rate given by the government as a minimum property value in various locations. The rate differs in every state, city and in different localities in those cities. Authorities determine the price of real estate in a particular locality, based on several factors. Based on these factors, a benchmark is set, below which no property transaction can take place in that particular locality. This is the minimum price on which the government will charge the stamp duty and registration fees.