Property buying is one of the biggest and most important decisions that one takes in their life. Not only property prices are exorbitant but finding the right home in the right location with proper amenities is always a daunting task for many.
Generally, people look for a place which is well connected and have enough space for all their family members. In India, metropolitan cities are one of the ideal choices when we think of settling down somewhere. Moving to a metropolitan city has become a requisite for those who are always chasing for better career and life. A big city like Mumbai often becomes a preferred choice, as it has everything which is required for a perfect living.
According to a recent official survey, Mumbai is one of the metropolitan city in India that has seen a major transformation in real estate segment since the real estate market has started picking pace. Every day, numerous people from all parts of India move to Mumbai seeking to change their fortune. On the other hand, many expats have chosen Mumbai as their retirement city over the last few decades. This is clear indicator why real estate prices in the Mumbai are always soaring. People from all over India with a growing income are seen moving to Mumbai owing to the city's top-notch hospitals, distinctive educational institutions, IT hub, massive exhibition centers, unrestricted power, water supply & so on. While the other cities are bursting with creaking infrastructure, traffic chaos, high pollution levels & very limited open space, Mumbai comes as a breath of fresh air. It has modern infrastructure, recreation areas & is blooming with new jobs, education and research opportunities for everyone. Above all, with modes of transport i.e rail network, well-paved roads with dozens of flyovers, distance in Mumbai can be covered in minutes, not in hours, unlike the other Indian metros.
A good news for property seekers in Mumbai is that government is making efforts to improve transportation facilities and the region’s infrastructure to meet the needs of the fast-growing migrant population. Besides this, the state government is implicating beneficial rules for developers under new laws so that the real estate developer and buyer relation can be made better.
Here are few key factors why people are presently feeling encouraged to invest in a home in Mumbai
Home Loan Rates
The marginal costs of fund based lending rates (MCLR) have allowed banks to offer cheaper rates of interest for home loans. The descend in MCLRs will present borrowers from the base rate systems to the new MCLR mechanism. This will bring the EMI down with MCLR in play. Thus people are finding buying a first home and even investing in a one feasible.
With MahaRERA strictly being implemented in the state and the projects and agents already registered under it, the people are finally finding hope to buying their first home. People are really welcoming the change and expecting things will change for the real estate market. Builders will become more transparent; will provide a credible market for home buyers, no more property delays and the Benami Property Act will enable correction of property prices.
The under-construction properties are taxed under GST at 12 percent. This has greatly reduced the incidences for double taxation. Also, ready-to-move-in properties do not fall under the ambit of GST. Thus many customers right now prefer to buy such home because it does not include any waiting period.
These aren't the end of the list because if you're in Mumbai or been to Mumbai, you know you will never run out or reasons why you should live in Mumbai. A surprising fact is that apart from Indians a huge number of NRIs have started buying properties in Mumbai. Many foreign property development companies are entering the realty market in Mumbai. They are collaborating with Indian property developers to lure home buyers with super-luxury flats and penthouses. A wonderful blend of culture and fun is attracting everyone to this bustling city. The shift is inevitable and is already happening. It's highly likely that in the coming next few years, Mumbai will reach its potential attracting property buyers from all over the world.
Six Important Things You Must Know Before You Buy Flats in Mumbai
A first time home buyer is inexperienced; so there are several things that a first home buyer needs to know. If this is your first time to buy a residential property in Mumbai, it would be helpful if you spend some time knowing and understanding these things:
1. RERA Act
Even though the main real estate act is centralized it is essential to know the rules that your state has put up. At present not all the states have notified their rules to the center. As per the law now any new or on-going project needs to be registered with RERA, the only exceptions being the completed projects. Thus the first question to be asked is if the project is RERA compliant.
It is imperative that you decide on a budget. It is often seen that people end up spending more than decided amount on the house and then face unnecessary financial pressures. It is also important that you buy an area that is close to your work place. If you plan to start a family in that case you should also consider a child-friendly neighborhood and a project. Thus keep in mind your short and long term goals.
3. Builder / Developer’s Credentials
The rule is to opt for a renowned and an experienced developer that has a good delivery track record. Buyers should look at the quality of construction materials used. They should also check the commitment to execute the project as per the plan and timely possession is another aspect that should be given a serious thought. It is always wise to choose a developer with a credible goodwill.
4. Project Plans
It is not only crucial to find all the amenities, connectivity and convenience in a home; it is also paramount to check if all these things are mentioned in the project layout. It is natural that any buyer would love a project that offers several amenities. Check how these are placed in the plan and make sure there is something to do for each age-group type.
Carefully scrutinize each aspect of the deed before signing it so you do not face any unpleasant surprises later on. Transparent dealing will take you a long way. Homebuyers should ask if the project is approved by leading home loan companies. This would assist you in attaining a loan quickly and without any trouble. Also, talk about receiving the Occupation Certificate or Completion Certificate from the developer. Always check your name, address and PAN on the deed. Parking is another important aspect, so understand the clauses around it.
6. Real Estate Disputes
The RERA Act now empowers home-buyers to take their complaints to special real estate courts that will be set up in each state. At present this is aiding consumers who have already invested in a home but are facing delayed possession.