How to buy Flats in Mumbai

Posted by Paul on 29. May 2013

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Mumbai, formerly known as Bombay is among the best known cities in the world. Since the economic liberalization of India, Mumbai became one of the fastest growing cities. It is place where people go in search of financial success. Since the number of affluent people in Mumbai has increased, it is quite natural that there will be boom in the field of real estate. People now have more money to spend and they look for good residential properties. Since a house is ultra expensive in this city, most people go for flat/apartment.

Types of flat

There mainly three categories of flats, denoted by BHK (bedroom, dining/living and kitchen).

3 BHK- these are the most expensive flats. There are 3 bedrooms with spacious living/dining rooms and kitchen. Some of these flats have two entrances, one being for the maid or domestic help. The area ranges between 900-1300sq.

2 BHK- The flats in this category have one master bedroom and another smaller one. Generally there are separate toilet and bathroom. The area range starts from 800 sq. ft. the price is also lower than 3 BHK flats.

1 BHK- These are flats with one bedroom. The size of living room/ dining room, kitchen is also on the smaller side. Normally the area ranges from 400 to 700 sq. ft.

Factors to consider-

Apart from knowing the specifications of the property, a potential buyer needs to consider some other important factors as well. This will help him to make a good purchase and get value for money.

Proper research:

Thorough research before buying a property is essential. It helps to ensure that the buyer gets what he wants and not something else. To first step of purchasing a flat in the city of Mumbai is deciding the areas in which you may leave. This will narrow down the search and it will be easy to carry out. After earmarking the areas, they should decide on the kind of flat they want, what features are they looking for and the cost involved. He should go to places where he will useful information that will help him in his quest.

Price:

Stick within your budget. Decide the price range of the flat and then start your search.

Condition o the flat:

The age and condition of a flat is very important. The older a flat is the more repair, renovations it will require. You should not buy a flat that requires a lot of repairing, even if the cost is low.

Available Amenities:

You would not want to live a flat that has no facilities/ amenities nearby as it will make your life difficult. The amenities people generally look for are hospitals, schools/colleges, market, transportation etc. before you buy a flat in an area, make sure these facilities are nearby.

Security conditions:

We want our homes to be secure. Therefore never forget to check the Security factor. How is this the area in which the flat is situated. What are the security measure of the building in which the flat is located.