How To Find The Best Property Deals In Mumbai

Finding your type of home is not an easy task. Either you will take up something out of your budget or can also be cheated into buying something else. But, this can only happen with people who are not very attentive to what the property seller has mentioned in the ad or whatever he is saying. There are times when something written does not match with the actual property. Hence, you should always be vigilant and alert while buying a property. Below are the tactics you can use to find the best properties in Mumbai;

Consider The Budget – Know what your budget is and then start planning on what exactly you want. If you are planning to buy a 4 bhk flat in Mumbai, consider places that fit in your budget for such a property. If you can, stretch your budget and see the overall amount you want to invest in a property.

Hire A Real Estate Agent – When buying a property in Mumbai, hire a smart real estate agent to ease your work of visiting each property. Tell the real estate agent all your requirements and then tell him to see all the available flats which match these requirements. He can then shortlist a few of them and you can see those flats yourself in the weekend or whenever you are free.

Keep Updating Your Data – Whatever data your real estate agent provides you, keep it with you and analyze each property according to the standards you have placed for it. The area of a flat, locality, rates and other such factors.

Be Vigilant – Even if you hire the best real estate agent, you should still check the property yourself. This will give you a personal experience with the property.

Think Before You Buy – Don’t take a decision very quickly. Think and analyze your deal before confirming.

Demonetization and Affordability of Properties in Mumbai

In 2016, the Indian government announced demonetization of Rs 500 and Rs 1000 notes due to which several sectors, including real estate faced challenges as it mainly thrives on cash transactions. Reportedly, property transactions in Mumbai almost came to a halt due to this announcement.

According to real estate companies in Mumbai, property enquiries reduced drastically since the government announced demonetization. Rating of 1500 to 1700 enquiries a day reduced to 400 enquiries on many property portals. If experts are to be believed, there will be a 50-70% slow down or no transaction period in Mumbai’s real estate sectors for few months because everyone seems to be straightening their businesses out at the moment.

As per predictions, rates for properties in Mumbai will reduce in several areas. If you are planning to buy a house in Juhu, Khar, Santacruz or Bandra, you can get a good deal. Even properties in South Mumbai will be available within the not-so-expensive price range. Impact of demonetization will not be very evident in areas that are close to commercial hubs, such as BKC (Bandra Kurla Complex) and Bandra East.

Some real estate companies are dismissing these predictions, claiming that the impact of demonetization will stay only for a short-term, whether you are planning to buy a flat in Chembur or Bandra East. According to them, this move will not be having much of an impact on first sales transactions or cheques only transactions that make up the primary market. However, the secondary market will face a huge impact with the move.

It is also being said that this move will make the Mumbai’s property market more reliable and engaging for foreign investors. Sales will pick up because banks will be flushed with funds and the interest rates will reduce.