7 Factors to Consider When Buying a Residential Property in Mumbai: Size, Layout, and Amenities

There are several factors you need to consider before investing in a residential property in Mumbai. Real Estate Investments are the most secure investments when compared to other growing fields of investments. Unlike shares and stocks, there is no high risk of running a loss and there’s the satisfaction of owning a physical property.

And well, it’s not just about the investment aspect. Buying a residential property for most means buying a new place to live in. A good home affects every aspect of your life. After all, a home is the best investment you can make for yourself and your family.

Mumbai in itself is a great place to invest in as it not only is a great revenue hub but also a quickly developing city. The entirety of Mumbai and the suburbs are great areas to invest in a home. So, if you are house hunting in Mumbai, here are the most important things you need to consider before buying a residential property in Mumbai.

7 Factors to Consider Before Buying a Residential Property in Mumbai

→ Location & Connectivity

Location is a very important factor if you are planning to buy a residential property in Mumbai. Is the location of the project well connected? How far is the nearest railway station? How far is the local market? The number of educational and healthcare facilities in the vicinity. All these factors matter a lot when it comes to buying a residential property.
Apart from this, properties at certain locations are lucrative and might appreciate at a greater pace in the future. Places like Malad and Borivali are still developing and hence, properties here are less expensive than in southern Mumbai. But these are expected to rise at an exponential rate with the introduction of metro lines and many such connections.

→ Size & Area

Next up is the size and layout of the residential property. When it comes to the size, you need to understand three terms- Carpet Area, Built-up Area, and Super Built-up Area. Carpet Area refers to the net usable area of the flat. Or simply put, the area which could be covered by a carpet. Common areas like lifts and lobbies are not counted and balconies are not included in the carpet area as well.
Built-up Area, simply put is the carpet area, balcony area, and the area of the walls all added up. And finally, Super Built-up Area included the Built-up Area as well as the area of the common areas like lifts and lobbies.

→ Amenities

Then come the amenities. Amenities refer to the useful features that a residential project offers for the convenience of the residents. Popular amenities include Lifts, Gardens, Play Area for Kids, Swimming Pools, Gyms, etc. Amenities not only enhance the lifestyle of the residents but also helps in adding to the value of homes. A Residential Property with ample amenities has a higher value than a property with no amenities.
It does not end there though. Providing basic amenities like Lifts, Spacious Lobbies, and proper Security Services also help in increasing buyer satisfaction. It creates a sense of safety and convenience which many buyers look for in a home. In short, amenities make the lives of the buyers convenient which makes them feel more at home.

→ Budget & Price

Now the biggest factor of all – Budget. Let’s say you did land up on a project that you really like. It has many amenities for convenience and is well-connected to all the major locations like railway station, local markets, and educational and healthcare facilities. Sounds like a perfect home, doesn’t it? Now, the price of the house is the only obstacle that stands in the way. And, it is the only factor that can create a make-or-break situation.
Check your finances, check your loan eligibility and limits. Go through the extra charges like the GST, Registration charges, Stamp Duty, etc. All these charges are to be paid alongside the price of the house itself. If the cost is in your budget, then well and good but you might need to reconsider the property if it goes over your budget.
Now, different localities offer homes at various different prices. The prices range very heavily in Mumbai, you can get a flat of about the same size at 30 Lakh rupees and also well above 1 crore rupees. It all depends upon the locality and the amenities offered! A Flat in Vile Parle might be more expensive than a flat in Borivali or Malad even though it is the same size.

→ ROI

Next is the ROI or Return On Investment. Of course, the better area you choose the better Returns on investment you get. But there are certain things that you need to keep in mind alongside the location. The better amenities the project has, the better ROI it will provide. Not to mention, longevity matters as well. The reputation of the builders and developers plays a very important role in determining the ROI as well.

→ The Credibility of the Builder

And finally, the credibility of the builders. If the project is by a trusted and reputed developer, it instantly is recognized more and has a positive image in people’s minds. Research well before you invest in a home. There are several developers in Mumbai but only a handful stand out from the crowd. The credibility can be determined by getting reviews about past projects or the resident experience, etc.
And that’s about it! These are the 7 factors you must consider before buying a home in Mumbai. If you are looking to invest in residential property in Mumbai and want ample amenities and a well-connected location at an affordable price, look no further than RCC! We have been in the real estate sector for more than three decades and have been among the best builders and developers in Mumbai.