Make wise decisions to book flats in Mumbai

Owning a flat in Mumbai is a cherished dream for many home buyers. In recent years, the demand for Mumbai properties has reached dizzying heights.

A prospective property buyer chooses his desired flat from the numerous flats for sale in Mumbai, gets his home loan approved and is soon ready to book his flat. But booking a flat in Mumbai is not such a smooth sail. The buyer has to keep various things in mind so that he can make a wise decision.

Price: Flats are usually quoted on basic price but there are various other costs associated with the purchase of a flat and these extra costs increase the total cost of ownership. The buyer has to bear the cost of floor rise, car parking, maintenance, taxes and other amenities offered. Hence the buyer should not get misled by the offer price of the flat and understand the total cost of ownership with taxes, stamp duty and registration.

Real estate developer’s reputation:  The buyer must do a background check on the real estate developer’s reputation of completing projects on time and quality of work. The real estate developer must have completed some projects on time to gain the confidence of the buyer.

Carpet area: Carpet area is the floor space made available to the buyer, it is the area of a flat not inclusive of the area of the walls. The buyer should purchase the flat based on carpet area.

Location: The flat must be built in a good location. A good location will mean educational institutions, hospitals and commercial establishments in the vicinity of the location. A good location will also mean availability of infrastructure like groceries, markets and availability of household help.

Safety: This is an important parameter which the buyer has to look into before booking a flat. The buyer must take stock of the safety features in the flat like resistance to earthquakes, resistance to fire, noise and pollution and safety features for senior citizens and children.

Infrastructure: Flats in prime locations of Mumbai are expensive and not affordable by all. Home seekers belonging to the mid-income group look for flats in the peripheral areas. Infrastructure developments like metro rail connectivity, flyover, educational institutions, hospitals, shopping malls, markets, groceries and commercial establishments near the location of the flat means that the area has potential and a flat in such an area will prove to be a wise decision in the future.

Legal papers: The most important factor that is part of a deal while buying a flat in Mumbai is having proper papers. The prospective buyer must ensure that the land on which the flat is being built is not under any legal dispute. The buyer must also ensure that all papers and documents related to the flat that he has set his eyes upon are clean.

Real estate developers in Mumbai are making flats available to home buyers. Prospective buyers just have to have an idea on how to get the best flats for themselves.