Buying a flat in Mumbai

Mumbai houses Bollywood- that churns out thousands of flicks every year. Indian’s craze for cinema thereby makes Bollywood a magnet for those aspiring to make it big at the silver screen. To add to it is the mammoth Indian television industry that too resides in the city. What makes Mumbai, the financial capital, is the spectrum of businesses and factories that flock the city’s landscapes. Moreover, Mumbai enjoy’s more or less, a pleasant weather all year round.

What can one expect with so much on the platter? Tens of thousands swarm in perennially with a wish to taste ‘life’ in the city of dreams. And what happens next? In the so called “largest” metro, residential and commercial spaces are diminishing proportionally to the inflow of population from other parts of the country and abroad as well.

A principal in economics states that when the demand exceeds the supply, problems set in. Competition, frauds and soaring prices are just a few of the side effects the come underlying all that this city has on offer! Consequently, real estate has mushroomed arguably as one of the most lucrative businesses in Mumbai. Buying a flat in Mumbai, is easier said than done. But once bought it is bound to be the best investment you can make for your future. With the rapid growth of urbanization a house is worth thousand times than its weight in gold!

With so much to take care of, a few do’s and Don’ts, if kept in mind, can prove to be highly rewarding in the long run!

•Budget constraints and soaring prices often bar people from buying flats in Mumbai. However, properties in Dahisar are emerging to be quite promising. Properties in Dahisar while enjoying vicinity to downtown Mumbai and rapid pace of development has lower real estate prices on offer.

• Real Estate Agents- Boon or curse?

  Generally, these people are known more for their fraudulent practices than the benefits their service actually carries. If one manages to get his hands on a genuine broker, there's nothing like it. Hunting for a right space in this gamut is what accounts for a major chunk of the ordeal. A real estate agent can be of great help when it comes to this. One suddenly finds a respectable variety of locations within the budget constraints, at his disposal. However, if the broker has different interests than just getting his brokerage, you might be in for trouble. At times, brokers are even found to be selling non-existing flats to parties. Fake papers too are resorted to by such conmen to extract a booty from their client. And these just a few of the malpractices one can fall prey to.

Remedy: Verification of the broker’s recent history of closing deals successfully proves to be of great help. If the broker is a person you know well, or via someone whom you can trust, you’ve reduced half the friction of the procedures. Real Estate Lawyers prove to be of great help in minimizing risk associated with fake papers, locations, etc. As also for navigating one out of disputes that might be springing due to the same.

A few precautions, a few right steps... and you have your dream home in the city of dreams!