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Buying a property is a very big decision in itself, it requires a lot of planning and commercial stability. And if you are planning to buy a property in Mumbai, then you must give it a good thought. Real estate industry in Mumbai has gone skyrocketing over the years because of its ever-growing importance. Amid this pandemic, where everyone thought that the real estate market would go down in debts, it sustained after the initial blow. The government has played a crucial role in helping the industry float by implementing some rules.
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INTRODUCTION • Buying a property is a very big decision in itself, it requires a lot of planning and commercial stability. And if you are planning to buy a property in Mumbai, then you must give it a good thought. Real estate industry in Mumbai has gone skyrocketing over the years because of its ever-growing importance. Amid this pandemic, where everyone thought that the real estate market would go down in debts, it sustained after the initial blow. The government has played a crucial role in helping the industry float by implementing some rules thus, bringing a smile on the faces of the real estate developers in Mumbai. For example, the Maharashtra government gave stamp duty cut and low home loan rates i.e. below 6% under the Housing for all schemes 2020. • Let’s discuss some of these important checkpoints in detail.
ACCESSIBILITY • One among the many checkpoints before buying a property is checking the locality and the nearby areas. To buy a house in Mumbai it is very necessary that one should have a locality check in advance. Whether the area is safe, whether the conveyance is easy or not. It is good to be aware of the past prices of the property to understand the growth of locality. Other points that need your attention is the connectivity from the workplace/ school/ colleges, nearby roads-railways, medical facilities etc., the physical infrastructure of the area and convenience.
FUTURE PLANS • Before making a decision of buying a home in Mumbai, it is important to analyze your future prospects and plans. Because there is no meaning in buying a property which is low priced but not livable for a longer period of time. Does the property fulfil your requirements? Does your job allow you to buy such property? If your job is unstable, will you be able to maintain such property for long? And many such factors should be taken into account. Considering your future plans you can assess your needs and chalk out a plan to buy a property of your choice.
AFFORDABILITY • The pandemic has brought booming businesses to a dooming downfall in a few months and has affected a lot of people financially. Many lost their jobs while many suffered pay cuts. And as it is still going on, no one’s sure of when the situation will get back to normal. In times like these, it is really very important that you should assess your affordability. The budget curve going slightly over the limits could cause serious issues in your routines. It won’t be wiser to settle down for a property just because you are getting a great discount on it. Thinking and assessing your budgets and giving a check on your affordability can save you from tomorrow’s stress.
However, there are many renowned builders and developers in Mumbai who are reliable and trustworthy. Group Satellite is one of those that boasts of a rich experience of five decades. Satellite developers have properties all over Mumbai ranging from commercial complexes to luxurious apartments. Group Satellite, with their innovative designs and efficient plans, has carved a niche for themselves in the real estate market of Mumbai. Considering the day they have also planned to enter into the construction of affordable houses to ease the lives of people in Mumbai. They have many under-construction projects as well as many upcoming projects in Mumbai that are on the verge of becoming the heartthrob of Mumbaikars.
