A Simple Checklist for Buying an Apartment in Mumbai

House hunting in Mumbai can be quite tasking, especially if you are unfamiliar with the structural dynamics of the city. Basically, every city in Mumbai Metropolitan Region (MMR) offers a unique essence to living.

To evaluate which vibe suits you the best, we have compiled a checklist to select your humble abode-

Befitting location

As MMR is an extensive network, you first have to narrow it down to a location that is conducive to your lifestyle. Evaluate the commute, connectivity to other locales, feasibility, and availability of essential services in the vicinity. These are the primary deciding factors on whether the location is worth the long-term investment.

Also, since MMR is undergoing massive infrastructural development, choosing a locale that is at the epicentre of this development will yield you higher returns on your investment.

For reference, the Eastern Freeway and Santacruz-Chembur Link Road were the major contributors to the appreciation of the Chembur real estate. According to the recent report by Liases Foras report, a whopping 227% increase was recorded in housing sales for YoY (2021-2022) in Chembur. If you want to explore more about Chembur, then Poddar Spraha Diamond is a promising project.

 In general, categorise your list into Western suburbs, South Mumbai, Eastern Suburbs, Northern Suburbs, Navi Mumbai, and Thane district– this way it is easier to judge how conducive the location is.

Allocating Budget

Depending on the sectors mentioned above, each has significantly variable property prices. When you calculate your budget, you can easily veto the locations that don’t fit the bill.

Budget allocation should depend on the collective monthly income, other debt obligations, loan sanctions, investments, EMIs, and Interest rates.

This way you can categorically allot a budget without stressing over the installments and also give an estimate of ROI on the Apartments in Mumbai.

Surveying the Market

For a preliminary assessment of the vicinity, you can survey the nearby convenient stores, average bills for electricity and essential supplies to the Flats in Mumbai, the transport facilities, and average miscellaneous expenses. This will give you an estimate of whether the locale is suitable for your means.

This may not seem a high priority, but trust me, a tiny effort now will save you a burned hole in your pocket.

Thane district is predominantly an economical zone with Kalyan and Badlapur being the prime residential zones owing to affordability.

Analysing the Real Estate Market

If you are looking from an investment point of view, a project in Mumbai is valuated based on the standard property value of the locale. This value depends on the factors mentioned above. Assessing the general property prices of the locale of your choice will also give you an insight into whether a particular project is overvalued.

Moreover, real estate trends also suggest whether the locale has reached saturation at prices. On the other hand, it will also tell you which suburb is performing better and set to yield high returns in the future.

For reference– with recent development and upcoming projects, the valuation of Kalyan, Dombivali, Ulhasnagar, and Badlapur is set for appreciation in the coming years. Moreover, the areas that are in the initial phase of development offer affordable housing with quality apartments in Mumbai.