Major points to consider when investing in Mumbai!

Mumbai, the commercial capital of India is home to a lot of rich businessmen, politicians, Bollywood industry and obviously the Mumbaikars. If you have been planning to invest in Mumbai properties, congratulate yourself as you are making an investment, which each one in Mumbai dreams of but surely cannot afford so easily. And so comes the bless-yourself-with-knowledge phase because it’s Mumbai and your money is hard earned.

Mumbai City

Mumbai is a very fast-paced city with very little space for the people to extend their house in. The small property buyers always end up settling with something good and compromising on other thing. You might not get the properties, which are equipped with every facility. There can be a big swimming pool in the colony but the lift in your building might be missing. You might get a good flat that is overseeing the sea but might end up parking the car on the road (which is common). Finding the perfect property to invest in Mumbai can be tricky both area wise and amenity wise.

What are the factors to be kept in mind while investing in Mumbai?

The factor for consideration for investing in Mumbai is a lot different than what one would consider while deciding for Delhi or any other metro city. The price and location are obviously one of the major factors but Mumbai has more complications to it than what can be seen.

  • Car Park: Car park is almost like a luxury in Mumbai. Almost 90% of people park car on the road in Mumbai and same can be the case with your property.
  • Lifts: Mumbai is home to a large number of buildings that were built in almost 10 to 20 years back and are functioning well. Lifts in those days were not so common and so there might not be lifts in a lot of buildings and if there is then expect them to carry people, luggage, garbage etc all in one single lift. However, if the property is new you might find a good lift.
  • Security: Security is one thing that Mumbai promises on. No matter who you are if you don’t have permission or a pass to enter into the building well you cannot! Security guarantee comes with each building as well-equipped people are hired to take care of the same.
  • Housekeeping: In dirty areas, you will find frequent rule breakers and issue of cleaning being raised every now and then. But with a modern society, the housekeeping is well adhered to and so the cost of these buildings are always on a rise.

Trends

It is important to study the trend of the price escalations, the future properties and constructions but with the low living space in Mumbai already people bank in on the first good property they come up with. The low space, the maintenance and the expenses involved are so high that people compromise on a few factors and buy a property for resale or invest in the best-suited property pretty soon than others.

To know more about the Home loans in Mumbai click here.. 

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