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Developing Iconic and Exclusive Communities for Holistic Living

2023-11-15
Home Buying Guide

5 Attributes To Factor In Before Investing In A Home In Mumbai

The Mumbai real estate market has shown robust growth in the past year and continues to be the biggest in the country. The high reality prices, increase in stamp duty and registration costs, and high rates on housing loans have not deterred the interest of home buyers and investors. A crucial factor for this demand is the rapid city-wide infrastructure development and construction to offer seamless connectivity to every corner of the MMR (Mumbai Metropolitan Region). The big real estate tycoons in Mumbai offer various types of properties, from luxury homes to more affordable ones. The prices of properties can vary depending on their location. South Mumbai has the most expensive properties, and prices decrease as you move north into the suburbs.

The five factors to consider before investing in Mumbai are discussed below.

Budget Planning

Before you start looking for a home, figure out your budget. This will help you narrow down your options based on location, size, and amenities. Consider additional costs like registration and documentation fees. If youre thinking of getting a loan, make sure you and your spouse are eligible for loans with lucrative interest rates and other perks. Proper planning of the finances with details of income vs expenditure on paper will streamline the buying process and make sure you dont face problems with repayment.

Market Research

Home buyers can make informed decisions as all the information is now available online. Online portals provide all the relevant information like pricing, MahaRERA number, date of completion developer profile, flat configurations, project amenities, and floor plans. These details can be used to select properties that fall within the required budget and criterion. Doing market research is essential to know the options and information that are required to make the decision.

Location Matters

The location of your home affects your daily life, including your commute, access to facilities like schools and hospitals, and overall convenience. Although Mumbai is the safest city in India, the locality of the project you choose matters. To experience safety and well-being, the choice of location makes a significant difference. If you want to buy a home at projects in Dahisar East you can be assured of your safety and convenience.

Price and Negotiation

Pricing is a major factor in the buying process and the procedure can be a complicated one. It is imperative to understand the pricing thoroughly and get the tiniest of doubts cleared to avoid any surprises later. Make sure that there are no hidden charges that will crop up at a later stage and disrupt your calculations. Many developers offer lucrative schemes during festive seasons, launch phases, and promotions. Male most of these opportunities to save as much as possible on the final amount. Try your best to negotiate the price as most developers are ready to cut a few corners.

Physical and Legal Inspection

Before making any payments, thoroughly inspect the property. Check for construction quality, and any issues with the structure or interiors, and make sure everything meets your expectations. Also, carefully review legal documents like title deeds, certificates, and approvals to avoid future problems. Other documents like allotment letters, cost sheets, sale agreements, possession letters, and society membership should be studied thoroughly so none of the minute details are missed. Evaluate the available amenities within the project. Both budget and luxury flats in areas like Dahisar offer various facilities such as parking, gardens, recreational zones, and clubhouses. Make sure the project delivers on the promised amenities, considering the needs of you and your family.

Buying a home is a delicate process. It may not be easy to find a home that perfectly fits your budget and desires but keep looking for the option that aligns with most of your checklist for your dream home.



Home Buying Guide

Importance of Understanding Property Taxes

Property taxes are taxes laid down by the government to fund essential public services like schools, sanitation, roads, emergency services, etc. The rate of property tax varies for every state and city. It is a vital source of income for the municipality collected by the local government. Understanding property taxes is essential for property owners to manage their properties efficiently and safeguard their investments. This blog helps us understand the importance of property taxes. Financial impact Property tax is paid out monthly and is included in the maintenance bills. It becomes a part of the monthly expenses. While purchasing a property like 3 BHK flats in Dahisar, home buyers and investors should factor in the property tax as an expense. It is important to know the amount paid so that they can plan their financials effectively. By setting aside the amount for property tax they can assess the returns. Impact on affordability The quantum of property tax will affect the affordability of the property. A higher property tax will make owning and maintenance of the property expensive. Investors need to check the property taxes, for the location, like projects in Dahisar East, before purchasing the property. The payout will impact the returns of investments. Impact on the real estate market Markets with higher property tax may discourage investors and buyers from purchasing real estate while lower property tax will be favoured. The property tax becomes an important factor for purchase. Usually, locations with premium properties, like the luxury flats in Dahisar East, have higher property tax compared to those with budget and affordable properties. Compliance and penalties Property owners must understand the laws related to property tax. Late payment and non-payment attract heavy penalties. If the taxes are not paid for a considerable time then high interest is levied resulting in the accumulation of dues. Missing deadlines may force authorities to lien and foreclose the property to retrieve the dues. Investors who rent out their properties must not have any dues. The authorities do not sympathize with those who rent their property but do not pay the taxes on time. Understanding property taxes is an important part of property ownership. It helps you make informed decisions while choosing the property, planning your financial outcomes, and investment strategy. Since property taxes are a major source of income to the local government, it becomes an important contribution to the community we live in. ...
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Home Buying Guide

The Benefits of Homeownership: Financial and Emotional Rewards

Home is like an anchor in your life. it is a place where you belong where your family lives where you can feel yourself where you feel safe and at ease. Owning a home provides numerous benefits be it financial or non-financial. In a surging economy and thriving real estate industry, owning a home can be extremely beneficial. One can choose from options like luxury flats in Dahisar with world-class amenities. Although owning a home is not easy, the benefits it offers outweigh the challenges. Let us look at the financial and emotional rewards. Financial and emotional security Living in a rented home poses many risks financially as well as emotionally. Rising rentals and the risk of being asked to vacate at short notice can be stressful. By owning a home in new projects in Dahisar, one can rest assured that they and their family are firmly rooted and can live a stress-free life. The home can be your little world which you create and recreate as and when you wish. Investment and legacy building It is well known that real estate investment is one of the best means of multiplying wealth today. As one invests in a home the property appreciation promises to give high returns over time. Building a home also leaves a legacy behind for your loved ones serving as a means of pride and ownership. Flats in Dahisar East offer the ideal location and social infrastructure for generations to experience a comfortable lifestyle. Safety and security A home is where one feels safe and secure from the outside world. One thinks of their home as a place to recuperate and energize to face the world every day. It is also a safety net for your hard-earned wealth that cannot be lost. Since buying and selling property is a long process one cannot liquidate their home easily and at short notice. Wealth invested in property is more secure than liquidity. It is easy to get a loan against property on the home that is owned. Property is most preferred by financial institutions as security against loans making the disbursal easier. Smart Investment Property is a tangible asset whose value appreciates over time acting as a hedge against inflation. It is an asset class for long-term investment and helps diversify your financial portfolio from stocks, bonds, and traditional investments like fixed deposits. The importance of owning a home has become more significant after the pandemic as people realize the importance of having financial stability. Owning a property may have many financial benefits but the emotional benefits are greater. It is no surprise that owning a home is everybodys dream. ...
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