Mumbai is one of the most popular cities in India. Apart from being the financial capital, it is also one of the worlds’ most expensive places to buy a house in. In fact, the cost of buying a residential property in Mumbai is one of the costliest ones in the world. As per reports, a couple of years ago, Mumbai was the second most expensive residential city after Tokyo. So by the looks of it, we can say that properties here are expensive as well as a lavish affair.
When we talk about buying a residential property in Mumbai, the price range differs. For instance, if you decide to buy a home in the heart of South Mumbai, in Cuffe Parade, expect to splurge cash in the range of INR 3.5-5 crore for a 1BHK flat. However, if you move towards areas such as Mahim, Matunga, or Lower Parel, you can expect to get properties between the ranges of INR 1-2.5 crores. However, that is South Mumbai that we are talking about. You can even opt to buy properties closer to Thane region in Dahisar, Mira Road, & Bhayandar. You can expect to get much more affordable homes in Mumbai in this region. If you opt for a 1BHK flat in these areas, it would cost you in the region of INR 35-60 lakhs based on the amenities.
So, this was the financial overview regarding the property in Mumbai. Regardless of the price and your budget, it is essential that you have a proper financial planning before you buy property in Mumbai.
Steps to Follow while Investing in Real Estate
Here are following steps that will help you become a smart investor and put your money in the right place:
Prior Knowledge: Don’t just jump in because it seems lucrative. Owning a property in Mumbai is everybody’s dream, but it isn’t a cakewalk either. It is essential that you gather prior knowledge about investing in real estate before you actually do so. Make sure you conduct a deep research and understand how the real estate in Mumbai works. The more knowledge you have, the smarter and sharper you will be when it comes to investment.
Evaluate the Risk: When you decide to invest in real estate in Mumbai, you are generally putting your life on the line in monetary regards. It is essential to evaluate the risk involved. When we talk about investing in a real estate property in Mumbai, there are two types of investment which you can make – Private Investment and Public Investment. Private investment refers to purchasing and exercising sole ownership in which you can also opt for renting the flat whereas Public investment refers to investing in the shares of the real estate company.
Know Your Finance: As said before, Mumbai is not a cheap option when we talk about buying a property. Thus, prior knowledge of finance is necessary before you dive in the real estate in Mumbai. Evaluate your budget and work accordingly. There are lots of people who are investing and earning huge profits. However, there are many who have lost everything trying to do the same. This is because of their lack of knowledge regarding financial preparedness.
Enumerate a Detailed Plan: Planning is an essential stage when it comes to real estate investment. Almost any person with a sufficient budget can buy a flat. However, a smart person would always know what to buy and at what time to buy. You will require a plan for this, which will help you get a better deal. With the help of which, you can save a lot of money.
Exercise the Real Estate Option: Regardless of the perception that people have about agents, one cannot disagree that they are crucial here in Mumbai. In your quest to find the right property in Mumbai, these real estate agents help you out from scratch. When you decide to hire a real estate agent make sure that you opt for someone who has long years of experience. You can also visit Bajaj Finserv Homes and Loans portal, which is a one stop solution for all your home buying needs. You can search for all the properties in Mumbai, get onsite assistance, and also apply for a home loan, all at one places.
These are few of the steps that you must keep in mind before you decide to buy a 2 BHK in Mumbai or any other type of property. Also, do not forget to check the property, survey the same and the neighbourhood before you move in.
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