Where to find 2bhk flats in Mumbai?

If you are looking for affordable flats in Mumbai, it is not quite impossible when you look at the right locations. There are locations in Mumbai where one can find both luxurious as well as affordable options. Rising realty prices of Mumbai has been forcing individuals to look for 2bhk flats rather than luxurious apartments and penthouses. Developers too are paying heed to the rising demand of small size residential property in Mumbai and launching more residential flats in the city.

Locations that are in high demand for 2bhk flats in Mumbai are Kamothe and Panvel among others. Attractive real estate options along with basic amenities and organized infrastructure has made these areas much sought after property investments locations in Navi Mumbai. In the last few years, both Kamothe and Panvel have seen a surge in demand for small size residential units. The area has attracted many middle-income homebuyers who look for flats in their stringent budget.  A 2bhk flat in these areas would cost somewhere around INR 80-85 lacs for a 750-1000sq.ft. area depending upon the amenities included.

Property builders are also coming up with affordable residential properties in areas of Vashi that is close to Mumbai-Pune expressway. Another area of noticeable upcoming projects is Kalamboli in Navi Mumbai. The area, developed by the CIDCO is known for its ironand steel market. Its fast developing infrastructure and basic amenities such as schools, hospitals markets and banks have proved to be attractive to property buyers. The area is apt for affordable yet modern 2bhk flats. Prominent builders are catering to the high demand for 2bhk flats in the area with residential flats that could cost around INR 55-75lacs for an area of 1100square feet.

According to expert industry reports, the sale of affordable small size units is a win-win situation for both buyers and developers. The developers do not have to lose out their profits and the buyers can own flats in Mumbai within their budget. Not only buying, renting out flats in Mumbai has too become a profitable investment option. Working professionals and families having less income can look for flats for rent inMumbai. A decent 2bhk flat in these areas could cost around INR 25,000-INR 45,000 depending upon the amenities, the society or the stand-alone infrastructure. NRIs and other individuals owning flats that remain ideal find renting out flats the best options for gaining monetary benefit with the increasing demand for affordable housing in this expensive real estate market.

Best locations to find flats in Navi Mumbai

CIDCO, the de facto owners for all property inNavi Mumbai has developed an elaborate plan of action to restore back life in the much sluggish Navi Mumbai real estate market. The new plan of action is ready to boost up the property market by auctioning almost hundred plots in the year 2015. The plan comes at a time when the sky rocketing property prices have hindered the sale of properties across all areas of Mumbai.  Since its inception in 1972, CIDCO or City and Industrial Development Corporation of Maharashtra has developed real estate in Navi Mumbai into what it is today. Lately developers accused CIDCO for favouring rationing through tenders, which has led to increased prices.

By implementing this plan, CIDCO will be in a better position to clear its stand. The first auction by the corporation took place in June 2015 where six plots where auctioned. This led to a net income of INR 294 crore for the company. Some of the locations preferred for future commercial as well a residential projects are around Nerul and CBD Belapur. CIDCO auctions these plots to developers only after proper checks and completion of the processes so that the lands are free of any encumbrances. The corporation is emphasizing on providing residential property in Navi Mumbai on mass based housing schemes.

CIDCO targets to fetch INR 3000crore through auctions this year. The corporation has set up a marketing department that would target auctioning at least one scheme every month, which would include selling 8-9 plots each. After the plan is implemented in full swing, much land shall be made available to the developers. The cheaper the prices of these lands, the lesser will be the project cost and the lesser would be the property prices of these constructions. Those looking for affordable flats in Navi Mumbai would find it easier to get residential property in these appropriate projects.

Due to its smooth connectivity with the eastern suburbs and development of IT and financial services, Navi Mumbai has become a hotbed for investment by developers and buyers alike. Several proposed infrastructure projects would further boost the real estate market of the city. Already, locations of Nerul, Ulwe, Thane, Panvel, Taloja, Kalamboli and Karanjade are boasting of new projects that are offering affordable residential properties. A decent 1BHKflat with an area of 500-700sq.ft. would range between INR 25-40lacs depending upon the amenities and location of the property.

It is well indicated by real estate gurus to take advantage of the diminishing prices of properties and invest the real estate market of Navi Mumbai.

Tips before Buying Property in Mumbai

Property investment is not only an expensive but also a crucial decision.  Before delving into the real estate market, it is essential to consider all aspects and explore all the tips of the realty business. Property Investment in Mumbai is as decisive as in any other place. Being a highly populated city, Mumbai real estate market is not only brimming with projects but also with its realty prices. If you want to buy property in Mumbai, be it apartment, penthouse, villa, plots or commercial places, you need to consider a lot many points before jumping on the wagon. The following tips might help you go through the process with less hassle.

·         Consider the possible risks:  Before getting into any kind of deal, you need to realize there are two kinds of property deals. One is private investment and the other is public investment. In case of private investment, a buyer becomes the sole owner of the property and can use it in any way he wants. In addition, the complete risk and responsibility of the property lies with the owner. Considering public investment, the buyers invests only in a share of the property and enjoys its profits. In this case, the buyer does not become responsible for any property.

·         Conceive a complete plan: Before investing in residential property in Mumbai, jot down a complete plan. Your financial manager can help you chalk out an appropriate deal before finalising one. Speak to professionals who have the best plans and tips for investment in property. When a complete plan is in place, investing in property becomes hassle free.

·         Analyse the on-going real estate trend: Before committing any investment, analyse the on-going realty trends .Follow property related news, visit social networking sites to see what is trending, read articles that convey the current prices etc. Get knowledgeable about the best locations, best discounts and deals. Making a detailed analysis can help you figure out the best commercial property in Mumbai.

·         Realize the budget: Though you might be dreaming big about buying a property, but Mumbai offers spaces at a very huge price. It is important to realize your budget, which would include the total property price including the registration and other official paper work that involves money. Always discuss your budget with your consultant and accordingly explore options. Currently, numerous realtors in Mumbai are coming up with both luxurious as well as affordable property projects.

·         Cross check the property: Before finalising any property deal, be sure to check all the rooms, interiors, exteriors as well as amenities offered in the deal. Check out the materials used, speak to the builder about architectural aspects and fix the deal only once you are satisfied with the findings.

These little yet critical tips may help you decide the best property deal in Mumbai.

Property buying guide for NRIs

When it comes to making property investment, NRIs have always set their eyes on the Indian property market. The booming development of the country and the ancestral trail has lured many NRIs to invest in India in the hope to returning to their motherland. While many make investments in areas known to them, for those who wish to earn profits from their property investments, places such as Mumbai, Delhi, Bangalore and Chennai are the most preferable locations. Clearly, in these cities the ROI is more than any other cities in the country. Among all the other cities, NRIs largely prefer to buy property in Navi Mumbai, simply because it is the financial capital of the country.

Mumbai is a city where the demand for homes has been exceeding the supply. In addition, the skyrocketing real estate prices make buying flat in Navi Mumbai similar to getting a heaven’s share. This leads to only the affluent class to be able to buy property in the city. The prices of real estate properties in Mumbai have increased tremendously in the last few years. Though there are many new projects coming up, the price tag attached to them often scares people. Even when they can afford it, there are some guidelines that NRIs can follow to make a safe investment decision.

While looking for flats in Navi Mumbai for sale, NRIs need to be extra cautious. The simple fact that they are not present in the country, makes duping them an easy way for making more money by some developers. There have been instances where many NRIs have been tricked into buying illegal or disputed properties and later to land in soup.

Another reason why NRIs should be cautious while investing in property is the authenticity of the company or the dealers. Many a times, NRIs are so keep on earning more profit through property that they forget to check if the company d the dealer they are dealing with is authorised or not.  While they may get all the necessary documents from the dealers, it is imperative to check whether the construction is legal or the properties sold to them is not under any dispute or owned by more than one person.

Mumbai surely offers higher return on investment when property is concerned, but not all may be good what seems good from the outside. One needs to double check the documents, the certificates of the developers and the authenticity of the construction before making an investment. It is always advisable to hire a real estate expert’s assistance to verify the developer’s credentials.

Guidelines regarding buying flats in Mumbai

Apart from being the glitz and glamour city, Mumbai is also famous for being the most populated city of India. With multi-cultural population residing and working in the city, the real estate of Mumbai has been forced to push out to the surrounding too. The city that never sleeps has seen the most talked about hike in its real estate prices in the last ten years. Finding flats in Mumbai is not only expensive but also hard to get if one is one a stringent budget.

Though the city is almost saturated with numerous high rises as well as slums distributed widely, the suburbs are still seeing budget friendly real estate developments. Thane, Kalyan and Mira Road are some of the noteworthy areas where many projects and townships are either already under way or planned for the near future. Navi Mumbai is the go to location for residential and commercial properties alike. The realty rates in some areas of Navi Mumbai have seen price hike of around 20-25% in the last few years. However, this has not deterred multinational companies and investors to invest or open their branches in the city. Finding affordableflats in Mumbai is difficult though not impossible. A decent 1bhk flat in a decent surrounding can vary from INR 50 lacs to a crore depending upon the area sq.ft. For individuals looking for affordable housing, one can search the suburbs where many upcoming projects are offering working class friendly apartments.

If buying an ownership flat new or resale seems a distant dream, individuals can look for flats that are out on rent. A decent 1bhk flat rent can vary between INR 20, 000 to INR40, 000 depending upon the location, the amenities offered, the surroundings and the area of the flat. Mumbai is a great place for leasing out flats and commercial places. Keeping this in mind, if the individuals manages to buy flats in Mumbai, even a loft in shady localities, the same can be leased out to earn some extra bucks.  Many satellite towns around Navi Mumbai and around the Mumbai-Pune Expressway are convenient places to but flats as they offer twin benefits-affordable housing and easy transport facilities.

According to the latest realty reports, there are approximately 2000+ unsold flats in Mumbai, Thane and Navi Mumbai combined. Most of these flats are under INR 65lacs. This surely shows that the Mumbai real estate, though a tad costly, has not spiralled out of control. 

Things to consider for flat on rent in Mumbai

While owning a flat-no matter how small or big, is almost every individual’s dream, making it a reality is becoming challenging now. The ever-rising property prices in metropolitan cities such as Mumbai have given rise to individuals and families alike setting out to look for flats on rent in Mumbai. In a city like Mumbai, where thousands of people are running ahead of time to earn as much moolah as possible and almost nobody seems to have time to stop, nothing is more precious than a good flat.  With one of the highest population in the country, Mumbai’s core the one of the most claustrophobic centre on the planet. After a pollutant-laden tiring day, an individual needs to rest and relax. However, decent apartments come with exorbitant prices. Some things to consider while looking for an affordable flat on rent in Mumbai are:

·         Expect a laborious ride: Finding a decent and at the same time affordable flat is not easy in Mumbai. One might not find proper sanitation and decent public transit in many areas where flats have lower prices. Property owners see this opportunity to sell their flats in lease in exorbitant prices. There will be ample brokers who would assure you umpteen amenities the property owners would install or provide for you. Rather than believing in just words, see to it the negotiations include everything in pen and paper with proper documentation. It may take few weeks to even a few months to find you a flat on rent in Mumbai.

·         Choose brokers intelligently: Brokers control Mumbai housing market. You will find numerous real estate agencies and brokers lined up-often empty. Brokers are not hard to find in the city but one has to be patient and clever indeed to look for experienced brokers who have good records of accomplishment. Maybe you ought to try more than one broker to get the right one. Agents who have good ties with neighbourhoods are advantageous, as they would give out all the details for the localities. With the advent of online real estate portals, the job has somewhat become easier. One can even look out for properties in rent in Mumbai online. One needs to just type in the requirements-the budget, the area, the preferred location and voila! You will have a list of properties along with some pictures and the amenities if you are lucky, just at a click of a button.

·         Go light on furniture: If you do not own much furniture, it might prove good to you. Most of the flats set out on rent are generally fully or semi furnished. Even if they are not, you would not require much furniture-thanks to the small flat areas in Mumbai. Only basic furniture would suffice you in a place like this. Moreover, with so many online furniture portals offering great deals, one can always add on something new to the collection!

These are only some of the things to consider while looking for a residential property in Mumbai on rent. Be diligent with the search and you could soon end up with your own small rented space in the city.