Apartment Hunting in Mumbai: Factors to Consider

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piramal real estate

 

Moving to the metropolitan, financial and economic capital of India? You should know a few things before you move into the first option you find. Sure, a lot of property finding portals can help you locate amazing looking images of unknown properties. And everything they show of every legitimate real estate company Mumbai has is either too expensive or unavailable. In fact, you might not even know what you’re looking for or how to look for it. If you don’t, read on to find out about it and if you do, read on nonetheless for reassurance. Let’s take a look at some of the decisive factors that determine property value and what you need to research.

It All Depends on the Budget!

Your budget defines how everything is going to play out. The kind of property you decide to rent or buy relies heavily on your ability to afford it. Consider your monthly income and work out a formula that will help you manage your finances. Here you can simplify it all by categorizing all the expenditures you’re going to be facing excluding the moving. Three main categories, namely:

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  1.       Rents and Utility Bills (including transportation)
  2.       Daily Expenditure (eating out, watching a movie, etc.)
  3.       Savings (the amount you reserve for your savings.)

Your home will need to be comfortable and not just in terms of physical relaxation. It will need to go well with your overall daily life and future. Having a flat in BKC sounds like a great idea but if you can’t afford it, you’ll be anything but comfortable.

Location and Locality:

Various factors can confuse a person between selecting the ideal location and the ideal locality. In simple terms, the neighborhood matters more than the proximity of the property to your points of interest like workplaces. It’s not going to be healthy if you come home to a nearby noisy neighborhood and have to struggle to rest. Consider amenities and the locality to be more appealing to your family and yourself. You need to be at a safe distance from hospitals, transits, essential retail centers, fitness centers, gyms, parks, etc. Think of all the things you need in your daily life and look for them in the next scouting visit.

As for the location, you should go to someplace that offers a healthy environment for you and your family. Moving around the area of Sanjay Gandhi National Park can be a good choice in this regard. Even if you can’t afford to be in Andheri, looking around the pristine neighborhood can be efficient. If your budget allows it, try going for or around Piramal Real Estate which will prove beneficial in the long run. South Mumbai is much better in terms of residential communities although the North has a few significant options as well.

What You Seek is What You Get:

When it comes to apartment hunting, it’s imperative for you to know that this is a significant and irreversible decision. You can’t risk getting in somewhere that you regret a little later since you can’t spend more time on moving. Similarly, you can’t risk investing in someplace that doesn’t prove to be what you thought it would.

You need to research thoroughly and ask all the right questions from the right places and people. That means you need to ask everything you can from the real estate agents involved, the property managers, neighbors, etc. Even nearby retail shopkeepers are a great source of information about the property in question. Think of the demographic situation of the area and any future developments that can benefit or compromise your living situation. Don’t be afraid to revisit properties again and again to get a better look at areas you didn’t observe before.

Don’t Rush It!

The worst thing you can do when moving to a new city is to rush the decision and choices you make. This has been truly disastrous for all those who have made the mistake of being in a hurry. In a city like Mumbai where there is an enormous population that demands real estate, you can’t second-guess later. Have a real estate agent work with you and consult other agents and even consultants to draft up title deeds and tenancy contracts. You don’t want the deal to go against you in the future. Focus on all the clauses in the terms and make sure that you move into the property properly. 

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