Buying a 2 BHK flat in Mumbai is a big decision for those who are investing their life long saving in it. So other than the possession date, price and the location; you need to consider the following things before investing in the property.
# Carpet area and super built-up area
Carpet area is the area of the apartment minus the thickness of the inner walls. Built-up area is the carpet area plus the thickness of the walls. Super built-up area is the built-up area plus the common area such as the lobby lift, stairs, and corridor.
You have to consider all these so you can calculate how much of the area you get to use. You also need to know about the super built-up area as each owner has to bear its 10% cost.
# Legal check of the property
Make sure that the property has necessary approvals like NOCs and certificates from authorities like area development, water supply, electricity board, sewage, and municipal corporation. Popular properties such as the Sunteck West World will have all the required approvals and certificates.
# Agreement between builder and buyer
You will get an allotment letter if you pay the booking advance. And if you are taking a home loan, there will be a three-party agreement between you, the lender and the builder. Read the agreement word by word before signing it and get in touch with the authority if you have any queries.
# Land records
Inquire about the land’s topography, property registration, property’s pending dues and title deed. This will tell you about the land records and relation to ownership.
Choose a property that offers several features (such as Sunteck West World) and whose rates justify the facilities provided. You can also opt for a home loan which offers a high loan amount and long loan tenure. This will ensure that your EMIs don’t disturb your monthly expenses.
Additional Read - Investing in One of the Best Real Estate Projects in Mumbai
Additional Read - Investing in One of the Best Real Estate Projects in Mumbai
