It’s the dream of everyone to have a place that they can call their own. There’s nothing as good as knowing that at the end of the month no one is going to come knocking at your door asking for rent or rather ruining your budget to pay for Purchasing a property is one of the very crucial decisions you’ll make in your lifetime, and therefore when selecting a real estate in Mumbai you should ensure that no stone is left unturned. Mumbai is India’s financial capital and the real estate market is not always stable. The process of buying properties in Mumbai has many aspects and thus deciding to overlook one may lead you to end up with a wrong property. Below are some tips to help you when buying a property in Mumbai.

(1). Making a future plan and considering the price

This involves assessing your needs. You should ask yourself some questions such as

> Is purchasing that property going to affect your financial goals?

> How is it going to affect your lifestyle?

> Is living in Mumbai going to hinder you from fulfilling your family obligations?

Assessing a property means looking into your current lifestyle, financial goals, and long term family needs. Consider the amount of home loan you will require, but keep in mind that you have the option of avoiding to pay rent as well as EMI by going for ready to move flats. If otherwise, chart out a financial plan to help you in balancing both without having to restrain your resources.

(2). Approval and licenses

You should check the paperwork of the builder starting from approval building plans, commencement certificate for work, and environmental clearance. Don’t forget to check the status of the land title as well if the builder has just the development rights or has bought the land. Some of the crucial documents you should crosscheck include,

- The title deed

- Release certificate

- Encumbrance certificate

- Verification of land use

- Approvals by local bodies

- Property t. receipts

- Verify the builder

(3). Consider calculating the total cost by yourself

Don’t just go by what your broker is telling you. This is because they tend to only tell the basic cost leaving some other factors such as

- Preferential location charges

- Parking/statutory/club charges

- External or internal development fees

- service t.

All these elements escalate the total cost and therefore, ask for the final cost of that property.

(4). Check the site of the property and the size of the apartments.

Sometimes the layout that’s in a brochure is completely different from the reality. Make a step of going to visit the site before you even book for the property and try to interact with the neighbors to get some information on any illegal occupations or legal disputes that may be related to that property. Additionally, for real estate in Mumbai, always go with the carpet area and the area enclosed within the walls.

(5). Payment plans

Consider wise the right payment option that you are to use There ‘re several options that exist in the market such as the Flexi-payment plan, down-payment plan, possession- linked plan, and construction-linked plan.