Guidelines You Must Follow While Purchasing a Flat in Mumbai

Investing in a housing real estate property is a big decision in the lives of many Indians. Especially, if you want to buy property in a large and populous city like Mumbai, you need to consider a lot of things. Here are some factors that you must look into while choosing a 3 bhk flat for sale in Mumbai.

Important Points Regarding Buying Flats:

Prepare a Budget Beforehand

Before you start searching for a suitable 3 bhk flat for sale in Mumbai, prepare your budget first. Apart from paying for the flat or apartment, you also need to spend extra money on registering, furnishing, etc. You need to consider all these extra costs in your budget as well.

Look for Bank Financing

Most people might not have the entire amount saved to buy a 3 bhk flat for sale in Mumbai or any other major city. If you have a similar problem, you can go to various banks to ask for loans to finance the purchase. Many builders in Mumbai also have tie-ups with different banks to provide smoother processing to the buyer. By going to a bank for financing, you can even check if the property has any red flags or not. The bank will do in-depth research and will provide you with a loan only when it finds that the real estate property has been legally built.

Explore the Neighborhood

While the interior decor of the flat can be changed anytime, its location will always remain permanent. Thus, if you plan to invest in flats, apartments, or other new residential projects in Mumbai that are provided by the leading builders in Mumbai, you should choose a good location. Check the neighborhood for all the essential services that you require, like transport routes, markets, entertainment venues, etc. These amenities will make it easier for you to live in that location.

Check the Paperwork

Since buying a flat is a major decision, therefore you must ensure that the property is legal and up to standards. Here are some documents that you should verify from a property attorney or a law firm specializing in real estate.

• The land record: Before purchasing any new residential projects in Mumbai, check the land record or title deed of the location first. This will make it clear whether the flat is made on approved land or not. It also shows whether any taxes or debts remain on the plot of land.

• Approvals from governmental departments: Land must be approved by different governmental departments before a builder can start construction on it. Check the approval details. If you are asking the bank to finance this real estate in Mumbai, they will do this process for you.

• The flat possession: Nowadays, developers give late flat possession to the buyers. You should clarify the final date beforehand with the developer before purchasing the flat.

These are some of the guidelines that a buyer must follow before buying any housing flat or other real estate property in Mumbai.