Make your choice!!
Small home in main Mumbai or a big one close to the rim?
Buying a home is one of the largest investment decisions a person makes in their lifetime. For the first time buyers, in expensive metropolitan regions such as Mumbai are recommended to do a thorough study of the market prior to beginning the purchase process. The study of the market would include aspects like the available properties, understanding the financing options available and the growth potential of different areas etc.
When reviewing newer areas and developments, assessing the buyer’s individual needs and requirements is essential. It is also important to understand the potential for an increase in the property valuation over time.
For first-home buyers, properties located near the periphery offer additional space and improved amenities (by virtue of newer developments/construction) for the same price as compared to their counterparts located in South Bombay. However, moving towards the peripheral rim involves a number of key factors that should be considered prior to making the purchase decision:
- The individual buyer’s family size/requirement
- The area’s connectivity via road/rail
- Ensure basic amenities (running water, 24/7 electricity) are in place
- Ensure that there is close proximity to important commercial areas
- Ensure that the area has an adequate number of reputed educational institutes and hospitals
- Easy accessibility to key recreational centers and entertainment hubs (grocery stores, malls, cinemas)
- It is recommended to make property purchases from known builders with a good track record of project completion and a good market reputation
- Buyers should check to make sure that the builder has taken all the necessary approvals from the municipal bodies, authorities and that the building has been constructed in line with the stipulated FSI requirements. Buyers should also ensure that the occupancy certificate has been received from the builder/developer/seller.
While it is natural to get taken in by fringe attractions such as swimming pools, golf courses, gyms, a clubhouse, among others, it is important to first ensure that the basics are in place. Fringe benefits also tend to inflate the price of properties and increase the monthly outgoing charges of properties.
The Real Estate Management Institute- REMI is a leading institute that provides certification programs, executive courses and customized training workshops specially designed for the Real Estate Industry. REMI offers an international curriculum that trains students and professionals in global best practices through its collaboration with IREM®, USA.
For more details visit www.remi.edu.in