Bollywood Celebrities Choosing Mumbai to Buy a Property

Mumbai is the financial capital of the country. It recently received a bit of a blow when it was toppled by its satellite township, Navi Mumbai to make it to the list of the top 100 smart cities in India. However, this has resulted in Mumbai stepping up its efforts to become the number one destination when it comes to luxury real estate in the country, with a large number of big ticket projects coming up all across the island city and its suburbs, especially in areas like Parel, Worli, Juhu, Wadala and Sewri. This demand for luxury real estate has been fuelled by the trend of Bollywood celebrities buying flats in Mumbai. There are several luxury apartments and flats are available in Mumbai.

A very short while ago, the scenario was completely different say experts at property.sulekha.com. The real estate market in India was a sellers paradise and no matter how disreputable the builder was (due to delays, bad construction material etc), there was always a queue of buyers eagerly waiting to lap up all the residential infrastructure and commercial complexes that were being developed. However, this trend has reversed and now it is a completely buyer’s market with the customers dictating what they want and the developers developing plots according to the needs and demands of the consumers. Earlier, the builders chose the size of the projects, the scale of the flats etc. However, now that is no longer the case with projects in Mumbai and its suburban locations.

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Developers are using customer data to decide the sizes, they are reducing prices, they are indulging in re-designing, and even delivering apartments on or even before scheduled time. They are also offering discounts of about 8- 10%, and along with that, developers have taken to giving a lot of free incentives like gold coins, lottery win cars, customized furniture and even lucky draw free foreign tours to attract several home buyers. They have also redesigned payment plans to suit the needs of consumers who are looking to buy a good place at an affordable rate. In several new cases, the usually exorbitant booking amounts have been reduced to as low as Rs 1.

This has resulted in the industry being perceived as much more customer friendly than ever before. Developers are giving an unprecedented level of attention to home buyers across the country. This trend is being observed widely in Mumbai as well.

Requirements to buy a flat in Mumbai

Many new house buyers in Mumbai lose their sleep while chasing the authorities to sign their applications and provide them with respective documents. If you are looking to buy a flat in Mumbai, here is a checklist of documents you must have in your hands at the time of purchase.

  1. Sale Deed

Also called Title Deed, Conveyance Deed or Mother Deed, the Sale Deed is the most important document that establishes the buyer’s ownership of property from the seller. In Mumbai, it is mandatory to register the Sale Deed within 90 days from the date of execution of the agreement; otherwise, it is rendered invalid or attracts penalty in the form of late fee.

  1. Allotment Letter

If you are investing in a property in an under-constructed project, you must ask for the allotment letter. It is detailed letter that carries vital information regarding the flat, the payment schedule and the additional costs/ overheads in addition to the base price of the property.

If you are seeking finance on your investment, the allotment letter is processed by the bank accordingly. If you don’t get what has been promised on the allotment letter, you can sue the builder in the court of law and seek adequate compensation.

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  1. Occupancy Certificate (OC)

When the project is complete, the builder has to necessarily produce the Occupancy/Khata certificate. The OC from the planning authority ensures that the building has been finished as per approved plans and safety standards. You can occupy the flat in Mumbai only if the OC is issued by the government as per law. Though OC is not required at the time of registration of the flat during purchase, you require it in the future, in case you intend to resale it.

As per the latest regulations, no owner can take possession of a flat in Mumbai with the OC.

Many reports say that there are more demands for apartments in suburbs of Mumbai than the availability. So, no doubt, apartments for rent are in great demand, with rent varying between 30,000 to 1 lakh depending on square feet area, amenities and location. Considering that rent is very high in Mumbai, investing in property is always a good idea to save, say property experts at property.sulekha.com.

Choose your affordable flat in Gurgaon

There are abundant numbers of options if you are looking for flats for sale in Gurgaon. As part of the Delhi NCR region, Gurgaon is at the forefront of driving real estate growth. From high end villas and penthouses to affordable home, stand alone independent houses and residential high rise apartments the real estate options in Gurgaon are endless. Gurgaon offers a dwelling for just about everyone with various budgets and lifestyles.

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The large numbers of projects in the region today are associated with affordable housing. The rising demand of real estate options in the area along with growing prices of real estate has meant that buyers are looking at affordable homes much more closely than ever before. The inflows of working professionals with nuclear families find such affordable homes spacious enough to accommodate their small families thus making such home an ideal choice for their needs.

Choosing affordable homes in Gurgaon comes with many challenges and one must be smart in picking the right project.

Check the background of the project and the builder: There are many builders that have focused their attention on affordable housing but being a specialized sub segment, opt for projects by builders who have the experience in making such affordable homes without compromising on quality.

See delivery timelines: Keep a track on the delivery timelines as any unwanted delays are likely to increase the project cost which can hamper your budget estimate. Check the details of the project and the delayed clause in the builder terms and conditions.  Delays increase project costs and what is affordable today may become quite expensive at the time of possession.

Compare deals: With so many affordable flat options, do your homework and compare deals before you finalize the one deal for your affordable flat in Gurgaon.

Real estate investment in today’s world is one of the smartest investments with a hope for higher returns in the future. But at the same time, searching for your dream home or a property worth investing can be quite a task. But at the same time, searching for your dream home or a property worth investing can be quite a task. There are multitudinous pointers that you need to keep in mind while looking for an apartment say property experts at Sulekha Properties.

 

 

 

What will be the drawbacks in low budget houses in Bangalore?

Living in a low-budget house in Bangalore is good way to start your investments in the city. However, if you are looking for a long-term return from the low-budget homes, or planning to live in it yourself in the future, they lose their charm.

Here are 5 drawbacks witnessed in the low-budget houses in Bangalore.

  1. Low cost, but high maintenance

Low-cost houses are invariably the ones that will be made using low-cost materials—concrete, bricks, paints, steel and wood. Once complete, they do look alluring to prospective buyers, but do suffer from troubles. The expense that goes in their maintenance is hefty.

  1. Require 5-yearly assessment

The local developmental authorities have strict guidelines on low-cost housing societies. They have to be assessed for quality of construction, stability and service every 5 years. In case the project fails to deliver as promised, it might be scrapped or laid out on a redevelopment plan after 5 years.

  1. Home warranties may not be applicable

Taking a step ahead from the 5 year assessment, low-cost house for sale may not be covered in the Home Warrant schemes. It could be an additional overhead on the buyer if there is a maintenance issue related to wall cracks, plumbing and flawed flooring.

  1. Limited large house options

Single independent houses for sale in Bangalore for 30 Lakhs might seem an alluring offer, but it wouldn’t be as big as you want a villa, bungalow or row house to be. In fact, independent houses in this range feature at most 2 BHK with small storage and a terrace. Maximum size of the house will be between 650 and 1100 square feet.

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  1. Far-flung localities

In Bangalore, top low-cost houses are available in localities like Hongasandra, Kambipura, Amruthahalli Bommanahalli, Narayanapura-Hennur Road, Bagalur Road and Varthur; which don’t exactly fall under the city centre limits.

The real estate market in Bangalore has come a long way and the lands on the outskirts of this city like are showing rapid development now, say property experts at Property.Sulekha.com.

There is a gradual increase in the property price in the city of Bangalore for the past few years, due to the mushrooming of IT companies here and the resulted real estate boom.