Mumbai Projects Luring Potential Buyers

Gone are the days when people used to look for homes for residing. The current trend is to invest in real estate to have a side income and Mumbai projects are the most sorted after in this regard. Mumbai is a favorite location for businessmen, entrepreneurs, students and youngsters to explore their dreams because it gives you opportunities which rarely another city provides.

The location of this metropolitan city, that is to say the proximity with the Arabian Sea makes it another lucrative place in India to own a home. Hence, it is not without any reason that Mumbai is reported to be the fastest growing real estate market in India.

Online Surveys: Numbers Speak Volumes

Searching for your dream home now is much easier than one could ever think. Potential buyers are taking resort to searching for projects on the Internet and survey them from the comforts of their homes. It wouldn’t be wrong to state that most of the builders have their websites with details of their projects along with the pictures of their elevation.

According to some real estate statistics, the percentage of potential buyers looking for a property in Mumbai has gone up substantially in the last five years. Mumbai builders offer discounts between just five to ten percent, as opposed to other cities in the country where the percentage can be anywhere between 10 - 15% as per an article published by Business Standard.

Reputation of Builders is Important

However impressive the real estate statistics may look, one should always weigh their priorities and delve well into the nitty-gritty of the project (area wise, certification wise, legally) as well as the reputation of the builders. Financial experts warn prospective buyers against falling for the marketing gimmicks like buy back offers.

It may sound like the ‘builders’ have become a different clan of businessmen given the kind of caution real estate experts practice when advising buyers. But on a serious note, it has got a lot to do with security. The legalities involved in erecting an apartment (commercial or residential) are crucial when it is transferred to the name of clients or customers. For example, if the land on which the project is planned is in dispute and the builder doesn’t have the ownership of the same, it is a big problem.

Diligence is Called for while Investing

According to The Economic Times, many property developers have difficulty in acquiring the required amount of loan from banks or other financial organizations and such builders claim of unusually high appreciation of the property prices in a short duration. Then they insist potential buyers on buying the property in a hurry, promising that the resale value will turn out to be very profitable to them. But, their hidden motive is to actually escape from fulfilling the promises or at times even the proper completion of the project.

So, it becomes very important to place your trust on reputed real estate builders in Mumbai or at least ascertain that all the legalities are met and completion of their liabilities is time bound. Just like any other investment, buying a property too is a risky affair if you don’t read between the lines of the agreement.