Live in the Heart of Mumbai - Flats in Dadar

We have all seen and felt Mumbai extending over the years. And with this extension came the shift of residence as well as commercial properties. Reasons being apt are many, from monetary to commute. Property developers in Mumbai see this as the core reason for people to choose their house.

Rightly so, commuting in a large city like Mumbai is a hustle that we all endure daily. Keep in mind there is one place in Mumbai that has still held its charm- Dadar. The point of location that sees 3 out 5 Mumbaikars or should we say nearly millions crossing over. Dadar does boast of the unique selling point of best commuting alternative ways available than any other parts of Mumbai. It is at the core of Mumbai’s excellent network of roadways and railways. It is a centre point of the crossover between the Western and the Central line. Flats in Dadar are always in demand and an offer always finds takers as soon as launched.

Dadar is an example of Mumbai’s harmonious co-existence amongst the diversity. Easily accessible to famous Siddhivinayak Temple or Portuguese Church, an evening spent playing at Shivaji Park or the beach is an exciting thought. With schools and even colleges at close proximity makes this an ideal setup for a family to transform a house into a home.

Large number of the old residences are been taken over as a part of redevelopment plan by many reputed builders, which has given a huge makeover to the complete area. In spite of the transformation Dadar has still held to its authentic self. Surrounded by the age old restaurants and shops that have left their mark for more than 50 years suggests how the modernity has still treasured the ethnicity of live and culture there.

Tips to Invest in a New Upcoming Project in Mumbai

It can be tempting to buy a house at a price 20-30% lower than the market rate. This is one of the main reasons why homebuyers book housing units in projects that are sold even before all clearances of the project are in place. There are many builders who receive and accept bookings before securing all the approvals because getting all the clearances takes time.

It can be a difficult task to invest in a property. If you wish to save some money, you can invest in a new upcoming project in Mumbai because properties at the launch stage are available at a low rate.

Pre-launch bookings are done by builders to raise cheaper funds. Most projects are developed in phases and even before all approvals are in place, developers start marketing the project to buyers and brokers at a discount, also known as soft launch. Since a 10-15% discount is offered to investors by real estate developers in Mumbai in order to get them into buying units, you can get hold of a property at a low rate during soft launch.

If you wish to invest in an upcoming project, here are a few tips to consider:

• Make sure you have validated all clearances. Approximately 40-45 clearances are there and therefore, each should be studied carefully before a project is considered.
  
• You should beware of too-good-to-be-true projects. Instead of falling for a lucrative offer just because it is available at a low rate, it is advisable to do your homework and find out more about the developer. You can either ask around or use the internet for finding more information.
  
• When choosing a developer, don’t just look for information on the current project that you wish to invest in. Learn more about completed projects by the developer.

Property Developers in Mumbai Focusing on Smaller Apartments

Smaller homes are being considered by many property buyers in Mumbai. This is because 3 and 4BHK properties in Mumbai have become unaffordable for many. Even a 2BHK apartment in some posh areas of Mumbai is out of the reach of middle-income buyers.

Considering the growing demand for affordable units, many property developers in Mumbai are focusing on construction of smaller apartments. They are reducing the average size of apartments for reducing per unit cost.

According to the industry experts, developers are coming up with new offerings in order to attract fresh customers to their projects. They are taking advantage of the demand in the affordable segment, offering 1BHK units to cater to middle-income buyers or investors. As per a report published by JLL India, in the last five years, the average size of an apartment in Mumbai has seen a decrease of 26.4%.

The demand for 1BHK homes have shot up also because maintaining a 3 or 4BHK apartment gets as expensive as buying it. As per a PropTiger report, smaller, 1BHK units accounted for approximately 22% of the total residential property sales in FY16. It was in cities like Mumbai, Pune and Bengaluru where demand for such units was mostly concentrated.

Another important factor due to which developers are focusing on building smaller units are- new incentives. The government has announced new incentives to developers as well as home buyers. There are service tax exemptions on affordable homes of up to 60 square meters constructed by state or central government, including private public partnership.

A significant number of new residential property in Mumbai belongs to the smaller, more affordable segment. If you have been planning to buy a home in Mumbai or to make an investment on a budget, you can look for a small, affordable option.

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.

How To Decide If The Home Is Right For You

Buying a home can be an exciting as well as a terrifying experience. Questions like how do you choose a location? And on what parameters to you need to fix the purchase? Start arising. Though there are many real estate builders in Mumbai, you need to select the one who has a name in their field, in order to avoid fraudulent purchase (especially in a developing property).

The best way to decide the right home is by taking your calculator in hand. If your dream home costs more than what you have actually saved for, it can become a nightmare. So it is important to know your budget, as it is the ideal aspect of home buying. When you plan the cost for your new home, you will also have to look after other costs which will then be included with the purchase. Registration of the property, repair and restoration of the new flat if it requires. Another less tangible way of deciding if the selecting home is right for you is that you walk in the space and listen to your instinct. If you feel that you should buy that house, go with the instinct and purchase the property, if not don’t purchase that property. There are many real estate agents in Mumbai who can show you flats with the best features.

House hunting is not an easy task, be it in Mumbai or any other place. But according to the location, the reasons you would want to purchase a property will differ. You can decide on buying a house – depending on your lifestyle and flexibilities. If you travel every day, a home close to the railway station, express highway would be the right choice. The rates will also increase and decreases upon the location, hence, buy a flat keeping in mind the location of the property.

Tips on Buying Property In Mumbai

Mumbai, the capital of Maharashtra state in India is the hub with world-class amenities. So buying a residential or commercial property in Mumbai is a wonderful choice itself. You can invest in some self contained premises in the suburban areas of the city. Some of the best real estate companies in Mumbai have developed expansive homes and apartments in their tall skyscrapers.

Reputed real estate developers are now building world class towers and complexes in the suburbs of Mumbai. And to be specific, Goregaon will see maximum engagement in the coming years. Reasons include the connectivity and facilities this place has to offer. And apart from this, the residential, commercial apartments and office spaces are not over priced compared to South Mumbai. Also, as Goregaon is in the suburb it helps in adding more value to the property. Places like Siddharth Nagar in Goregaon West and other such localities have seen many renowned builders and developers investing in that area. These towers and buildings are equipped with world class amenities and excellent outdoor facilities; promising you a luxurious living. And not only Goregaon, other places like Malad, Vile Parle and Virar are also experiencing some growth in terms of real estate. Well known builders are also investing in these places to create residential and commercial property. And when it comes to places like Virar, people with a little tight budget opt for such locations.

Buying a residential or commercial apartment in Mumbai is not as easy as it seems. People opt for home loans, commercial loans and mortgage loans to buy property for them. As the Indian economy is fluctuating every day, the rates of real estate are also fluctuating with it. To make this experience better, do a little research on the location and property you are planning to buy before taking a big decision.

Reasons To Buy Real Estate In Goregaon

Are you planning to invest in real estate in Mumbai? If yes, then Goregaon would be the best option. Located in the center of western Mumbai, Goregaon is a locality where anyone would love to own a home or commercial property. And if we are talking about investments, this place makes the best option in entire Mumbai. Some of the reasons why Goregaon is the best locality to buy real estate are as follows;

Connectivity – Goregaon has the best connectivity when it comes to railway and roadways. Through the western express highway, travelling by road has become much more convenient and you can easily reach to your destination in a shorter span. While there are local trains within 5 minute frequency for Borivali and Churchgate. Being among the western suburbs, Goregaon can be reached very quickly from other western line localities.

Amenities – At present, there are many reputed builders who have constructed several residential projects in Goregaon West and East. These towers are equipped with world-class modern amenities like edge swimming pools, gymnasium, parks and gardens within their complex – making a luxurious abode for the dwellers. This has attracted many people who want to stay in one of the Mumbai suburbs without creating a hole in the pocket.

Facilities – Today, everyone wishes to live in a locality where there are schools, colleges, hospitals and malls located nearby their homes. Goregaon is one such place that offers you all of this. Education and healthcare facilities being on a priority list of anyone finding a new home, Goregaon dominates from other localities with its SSC, CBSE, ICSE and IB schools, colleges and hospitals within a distance of 10 minutes.

These are the basic resources offered by Goregaon, which makes it a really amazing place to not only invest but reside too. But if you are still planning to only invest in a property, Goregaon features facilities that will add to the value of your purchase. Also, the prices of flats and commercial properties ion Goregaon are lesser than other places in Mumbai – making it a little pocket friendly too!