Investing in property is considered a safe and sensible investment. Additionally, with tax evasions options for salaried people and attractive interest rates more and more people are getting drawn into investing in real estate. Real Estate Mumbai, in particular, more and more areas earlier unknown are gaining popularity because of the existing space crunch in the earlier Mumbai.
1) Identify the need: While making an investment it is important to figure out what that piece of investment will yield to you. For instance, if you are buying a property to live in, then the priorities will be very different from investing for future yield.
2) ISO certification: You should buy property from ISO certified company. It would reduce your risk of investment as the company is government certified.
3) Learn about loan options: Apart from knowing how the real estate is performing, you must also ensure that you get the best deals. There are a whole range of banks that offer loan options on fixed and variable rates of interest on the loan.
4) Choose the locality: Choose your locality based on your need. Depending on your requirements and needs, there are many places in Mumbai and suburbs that might foot your bill. As an investment, real estate in remote suburbs like Kalyan, Ambernath and Badlapur are catching up as there is plenty of opportunity to cash in.
5) Get help from agents: More often than not some of the properties that real estate agencies have access to may not necessarily be the most advertised, however, they may end up to be a steal for you.
6) Verify the documentation: It's always important to get the documents of the property completely studied by a reliable lawyer when planning for real estate in Mumbai. Ensure that the land documents are all clean. Some of the documents that need to be reviewed are - title deed, property tax receipt and bills, Encumbrance Certificate.
7) Visit the site: You should try to visit the project site. More than once if possible. This will give you a firsthand experience of the place. Additionally, it will give me more details on the area around the house, and the time it would take you to commute back and forth to the place.
8) Proximity: If you plan to live in the house the objective of purchases will be have access in terms of connectivity and also school or educational institutes nearby. However, if you are looking only in terms of investment, you might want to look at developing areas around Mumbai - this would ensure that your land is cheap, while has prospects to grow.
9) Consultation: Real estate investment is usually a big opportunity. So, talk to real estate experts and bullish investors. Colleagues, friends, anyone that know the market. Important to emphasise here that reliable sources are what you must look at.
10) Make your pick and make it quick: As much as research is an important aspect while searching for a property, many a great deals can be lost if you are too much of a slacker. So, make your pick of a property, after evaluating all the options, and close the deal as soon as possible.
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