Mumbai: Maharashtra is one of the few states to have successfully implemented RERA. Here we give you a lowdown, if you are planning to go house-hunting in Mumbai.
Price: Vivek Rathi, VP–research, Knight Frank India says, "The price of residential properties in Mumbai varies - it can be anywhere in the range of Rs 3,000 to 100,000 per sqft. Such a huge price variation arises on account of multiple factors – location profile, commute time to office, access to healthcare and entertainment avenues, etc.
Social infrastructure: Educational institutes, markets, entertainment zones, hospitals, parks, etc help raise the property value of an area. If you are investing in an unconventional area, you should ideally evaluate the potential infrastructural developments. This will help you gauge its appreciation potential.
Commute: With approximately 3000+ daily train services, bus transport, monorail and metro services, a number of auto rickshaws and taxi services, the modes of transport are aplenty, yet the commute is tiresome. Thus, before investing, you need to analyse the daily commute structure.
Plan the future: Future proof your home, says Rajkumar Singh, head - west India, ANAROCK Property Consultants, adding, "If a young couple is buying for the long-term, the home must be large enough to accommodate a growing family - apart from children, this could also include ageing parents who may require a lift even though the couple buying the home is comfortable taking the stairs."
Infrastructure: Mumbai is one of the few cities, which has the airport right in the middle of it. This may seem as an advantage but it is necessary to keep in mind that there are development restrictions around the airport. You cannot have skyscrapers or a building beyond a certain height, thus limiting the development potential of the area.
No development zones: Arvind Nandan, Executive Director – Research, Knight Frank India, says, "Mumbai has a number of restricted and forest areas as well as no-development zones. Over the years, illegal constructions took over these areas. Buying a home in an older construction is generally more affordable than investing in a newer construction; thus, a number of people buy homes in these buildings without knowing that they are illegal."
Flood prone: Keep in mind the flood prone areas. These areas can also lead to a number of other unforeseeable expenses during a flood situation, like hindering your regular commute; damaging your vehicle, and increasing the chances of waterborne diseases.
Property in Thane Contact Ace Constructions sales office