Mumbai is the land of dreams. Thousands of people from all over the country come here in search of better career prospects. Due to the increasing migration, it is quite evident that the demand for real estate properties would also go up.
The economic capital of India, Mumbai contributes about 6% of the total GDP of the country. In other words Mumbai can be stated as the financial hub of the country. And as people from different culture come here in search of better prospectus, it is quite natural that they would have specific demand pattern for the home they would want to live in. And in order to be sure about the investment in the real estate market, the home buyers should have access to clear policies formulated by the government and followed by the builders, so that they can rely on the buy.
The policy formulation
It was seen in the past few years that real estate buyers faced a lot of issues while buying the properties, be it the time of possession or the quality of built. In order to make the whole process of investment in real estate more transparent and reliable to the buyers, the government has introduced some real estate regulations under RERA. This has brought in higher investments and a mega infrastructural push for the city of Mumbai, as the buyers have got the transparency that they have always wished for.
The current status
Even though people are now more interested about investing in real estate at different parts of Mumbai, the fact that the supply of land is stagnant should be kept in mind. This has made the prices go really high and it is expected that it would not go low in the near future. So if you are planning to buy a new flat for yourself, then this is the right time. With each passing days, the demands are going up and in order to get a flat in your preferable location with all amenities, your budget would also have to increase. To get some discounts and buy your home at a preferable location, you can always choose the under construction projects, which usually costs lesser compared to finished flats but the only downside is, you would have to wait for some time to get the possession till it gets completed.
The best destinations for investment
The prices of real estate properties vary mainly with the locations so if you search for 1 bhk flat in Mumbai for sale, you should know the benefits of living in the location which would not only help you in your daily life but would also give you a good return to investment in future. We know, you are excited for your new home shopping but before going on the hunt, read this article to understand what you should really look for in order to find the perfect location for yourself:
●Check if your neighborhood has all the amenities that you would need. This should include the medical shops, shopping centers, markets etc. Being able to access all these places easily is very important and it would also add to enhancing the future value of your flat in the real estate market.
●Be sure about the commute time from your home to your office and your kid’s school. A great property which is located far away from these places could never be a wise choice for you. Also be sure that there are ample ways of transportation available from your location to reach to different parts of the city. Easy commute is one thing that you must always consider while buying properties.
●Before you make your final purchase, be sure about the neighborhood. If your neighborhood is not safe and secure, then it would get really difficult for you to stay there with your family. Also a friendly neighborhood would keep you engaged and you can rely on them for the safety of your home whenever you are out on a holiday or when nobody is there at your place. You should also check if the crime number is low there or not.
Places to consider
Based on the above factors, we have listed down some of the most favorite neighborhood that always sells like a hot cake in the world of real estate. However, let us state that there is no right or wrong choice of locations; it all depends on your preferences and needs. Listed below are some of the favorite places which are preferred by most of the home investors:
●Pali Hill, Bandra
●Seven Bunglows, Versova
●Worli Sea Face
All of the above locations have upscale neighborhood and you cannot deny the fact that you would love to live in these places. If you want to know about Flat vs Plot - which is better investment then visit here