As we know, Mumbai is one of the important metro cities in India where property prices are at an all-time high. There is no doubt that are some good places to buy flats in Mumbai. But as the prices of the real estate market in Mumbai are so volatile, it becomes imperative to research before investing.
Besides, first time home buyers are inexperienced; so there are several things that a first home buyer needs to know. If this is your first time to buy a residential property in Mumbai, it would be helpful if you spend some time knowing and understanding these things:
1. RERA Act
Even though the main real estate act is centralized it is essential to know the rules that your state has put up. At present not all the states have notified their rules to the centre. As per the law now any new or on-going project needs to be registered with RERA, the only exceptions being the completed projects. Thus the first question to be asked is if the project is RERA compliant.
It is imperative that you decide on a budget. It is often seen that people end up spending more than decided amount on the house and then face unnecessary financial pressures. It is also important that you buy an area that is close to your work place. If you plan to start a family in that case you should also consider a child-friendly neighbourhood and a project. Thus keep in mind your short and long term goals.
3. Builder / Developer’s Credentials
The rule is to opt for a renowned and an experienced developer that has a good delivery track record. Buyers should look at the quality of construction materials used. They should also check the commitment to execute the project as per the plan and timely possession is another aspect that should be given a serious thought. It is always wise to choose a developer with a credible goodwill.
4. Project Plans
It is not only crucial to find all the amenities, connectivity and convenience in a home; it is also paramount to check if all these things are mentioned in the project layout. It is natural that any buyer would love a project that offers several amenities. Check how these are placed in the plan and make sure there is something to do for each age-group type.
Carefully scrutinize each aspect of the deed before signing it so you do not face any unpleasant surprises later on. Transparent dealing will take you a long way. Homebuyers should ask if the project is approved by leading home loan companies. This would assist you in attaining a loan quickly and without any trouble. Also, talk about receiving the Occupation Certificate or Completion Certificate from the developer. Always check your name, address and PAN on the deed. Parking is another important aspect, so understand the clauses around it.
6. Real Estate Disputes
The RERA Act now empowers home-buyers to take their complaints to special real estate courts that will be set up in each state. At present this is aiding consumers who have already invested in a home but are facing delayed possession.