If you are looking to invest in upcoming properties in Mumbai, you should be well versed with the
benefits that you can receive & gain proper knowledge as to which property
is the right property for you.
APPROVAL AND DOCUMENTS:-
Title Deed: - You must ensure that the builder doesn’t have
any outstanding or hidden rights to the property. You can take the help of a
well-reputed lawyer or a legal advisor to examine the deed.
Verify land use: Verify the land-use zone as per the city
master plan for the plot. You can get the plan from the local body office in
your respective city.
Approvals by Local Body: Make sure that the entire layout
has been approved by the development corporation and the local body of the
city.
VERIFY THE BUILDER
The piece of land in question may be under litigation.
Hence, it is recommended that you do an extensive verification of the builder.
You could verify its past or current projects or even post queries on the
various online real estate forums.
The perfect payment option for you: There are various
payment options available in the market such as down-payment plan, flexi-payment
plan, construction-linked plan and possession-linked plan. Experts say one must
choose carefully, as generally there is a cost for every convenience. For
example, in subvention schemes, the price is at least 10 percent higher than
what is charged under regular schemes. Customer must also understand that any
late payment or default on the part of the builder in such schemes will impact
their credit history. Then, there are guaranteed rental schemes under which the
developer either pays you to rent for a fixed period during construction or for
a certain period after possession. In the first scheme, the buyer gets regular
payments from the developer during the construction of the house, which helps
him offset a part of EMI or rent costs. In the latter scheme, generally for
properties which are outside city limits, the developer offers rental income
after possession.
SIZE OF THE APARTMENT
Builders generally mention the super built-up area in the
brochures. This includes common areas such as a staircase, lobby, etc. The
carpet area of the flat could actually be 30 percent less than the super
built-up area. For example, a two-BHK with 1,000 square feet area could
actually be just 700-750 square feet. It is advisable to always go by the
carpet area, the area enclosed within walls. If you are looking to buy a plot
for living in the future, it is advisable to first understand your requirement.
Ensure that you check how much land (built-up area) you will need to build your
dream home.
Metro connectivity or
any other big infrastructure development in future linked to the location of
the property you intend to purchase can boost the return on investment
tremendously. Also, ensure that the property is not close to any polluting
industries.
VISIT THE SITE
The layout in the brochure could be different from the
reality. So, visit the site and do a thorough research before booking the
property. Interact with people in the neighbourhood
as they may know about any illegal occupation or other legal disputes related
to the property.
There are many online portals that help in find an ideal flat
for you. One such reputed portal is Magic Abode with more than 13,911 unclaimed
properties and more than 4281 new properties in Mumbai that are available for
you to claim it. Magic abode helps you to find the best property in the
specified budget.
They have features like the map option where you can find
valuable information regarding the location of the property you seek to buy.
They also have other features like an EMI calculator that will help you to plan
your loan payments as per your requirements. Request the callback feature and
the customer executives help in making the experience of buying flats easier. Magic
abode believes in no brokerage policy which has helped many find budget flats in Mumbai.
Visit www.magicabode.com.
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