Is This the Perfect Time to Buy a House in Mumbai? Answered!

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In India, we call Mumbai the city of dreams. It is so overwhelming that once you live there, you can’t get over it. There are many perks that Mumbai gives you despite being overcrowded and polluted. Transport and communication is easy, you get warm hearted people around you, you have the sea near you for relaxation, activities of art and entertainment are available all the time and it’s a shoppers paradise. Being the most job-oriented city you will always have an opportunity there( although that involves struggle) and here life is really fast.

Whether for job transfers or relocation purposes, you might have considered even once to move to Mumbai. Rather than moving in rent houses in Mumbai, it’s better to buy a house if you have got the funds. Did you know that buying a house in Mumbai has become really easy these days due to some schemes like Pradhan Mantri Awas Yojana (PMAY), the availability of affordable properties, affordable home developers having 100% exemption on the profits, RERA ( Real Estate Regulation and Development Act), some subsidy schemes for first time buyers etc. ?

There are various reasons why residential properties have become more available in a mega city like Mumbai. Some of them are:

  • Prices of the properties have gone down significantly in the past two years that to stay in the market, sellers have to agree on lower prices for the properties. Also, home loan is easily available for ready-to-move properties in Mumbai. Although you have to pay a large sum of down payment, you get relieved of tax burdens and extra costs.

  • Increase in the demand of properties for ownership instead of renting. Who wants the hassle of rent when you can own a house at affordable prices? Also, the rent rates being high, people are buying new houses to increase their income.

  • The GST rates have reduced to almost half for ready-to-move properties in Mumbai so owning a property costs even lesser.

  • Ownership of a property always gives us a feeling of financial security. Real-estate is a solid and reliable asset.

  • Increase in the number of metro lines and highways have made Mumbai a better place regarding transport and communication. 

Development in the city of Mumbai:

Mumbai is one of those cities that are always ahead in the field of development. Mumbai’s recent developments head towards better and enhanced infrastructure of the city. In the field of real-estate, a research says that over 2000 projects are under construction and 1200 or more projects are lined up in pre-launch and soft-launch stages. This will provide more quality living spaces on a lower budget.

Permits for ownership of property:

People avoid to buy any property because of all the paperwork, permits and taxes required for getting ownership of the house. According to a recent survey, the number of permits have been reduced to almost half for the smooth processing of registration. For ready-to-move properties, you also don’t have to pay any service tax. The paperwork required for the ownership of a house has also reduced to a comfortable level. Nowadays with the help of real estate agents and portals, it has become quite a practice to get a sound deal with the properties.

Market conditions of Mumbai:

Mumbai has quite a reputation of having luxurious and overwhelming residential projects. Nowadays however, builders are aiming and making efforts towards more affordable and accessible properties that will be available to a wider base of clients. If you are having thoughts about investing in real estate in Mumbai, you can take advantage of the builders’ shift of attention towards building projects for a broader range of budgets. You can learn more about the right period of purchase of residence here.

Job Opportunities:

The job market in Mumbai is at its peak as ever and because of the recent growth in the infrastructure, there is hope for more and more job opportunities popping up in Mumbai. This growth is supposed to be constant. People migrating to Mumbai for job purposes will need houses to live in, thus resulting in repeat of growth in the real estate sector. You can easily settle in the city of dreams by purchasing a property here.

Entertainment and People:

Mumbai is a city of entertainment. With the ever evolving film industry and theatres, there is no dearth of entertainment options in the city of dreams. Even the smallest stage shows get a lot of appreciation. Mumbai celebrates every big and small thing, like the monsoon and festivities. The first rains are very welcome to the citizens. The people here are warm hearted and happy despite being in a very fast and struggling life. The Juhu beach gives you an occasional break from the daily hussle with its serene waves. You can spend some you-time at the Gateway of India. Mumbai is yet the best city to live, listen from the people.

Things to Remember:

  • Do not engage with fraudulent brokers and services, keep your eyes open for those.

  • Buying a home is a lot of work. Before buying, check the legal status of any property and also go for a physical evaluation of the same.

  • Consult different real estate agents and portals and only settle for the most suitable of them.

  • Keep lookout of the house’s zoning guidelines

  • Look for safety and security measures of the house like smoke detectors, cctv cameras, security guards, etc

  • Get information about the neighborhood’s crime rates and community services. 

  • Check your CIBIL before you go for getting finances for your home, it may be a big problem in case of home loans.

  • Do not hesitate to negotiate. Builders will always want to make more profit.

Still wondering if this is the right time to buy a property? Read more here to convince yourself.

Taking the ownership of a property can be confusing and a lot of work. But once you own it, it will be worth it. If you are prepared with the finances, get your own house soon. The downfall in the costs of property won’t be there all the time! 

Published by Kane D.