Home ownership has become synonymous with a higher status in society. The desire to have an opulent lifestyle has led to an increase in the demand for luxurious properties in the past few years. In addition, high disposable income, lower interest rates and improved home loan facilities continue to encourage more home seekers to invest in a luxury property.
If you wish to purchase flats for sale in Mumbai, you may want to consider supreme residential housing projects such as the Arihant Anshula. Arihant Anshula offers elegantly designed 1 BHK, 2 BHK and 3 BHK apartments to cater to the residential needs of homebuyers of every segment.
This article lists down factors to consider before choosing and buying property in Mumbai.
Location is important
As a homebuyer, one of your main concerns should be the locality of the luxury property. Many a time, builders and developers offer luxury projects in unpopular residential markets or peripheral areas. So, even though these projects may have all the world-class amenities and infrastructure, they still fail to grab the attention of the prospective homebuyers because of a poor location.
Internal space of the property
Internal space of luxury property is the second most important factor that needs your attention. According to the real estate experts, a property which is defined as ‘luxury’ should have an area of 3500 square feet.
Also, there should be a lot of open space and the number of residential units constructed should be less as per the floor area ratio norms in the region. If the project you are considering compromises on these details, it is best to look for other options.
It is imperative to find out the advanced amenities your developer is ready to offer you in lieu of the price you invest in the luxury apartment. With the advancement in technology, today’s homebuyers expect the best when it comes to amenities, and rightly so.
From landscaped garden and swimming pool to a gymnasium, kids play area, jogging track and outdoor games court, most luxury projects offer best-in-class facilities to its residents for a holistic living style.
Know the background of the builder
Before you sign on the dotted line, it is recommended that know your developer. Do a thorough background check of his real estate profile, his past projects and the quality of construction. You may even talk to the residents who bought units in the developer’s previous projects to know their experience. If the developer is trustworthy and has developed goodwill and credibility in the market, it is safe to seal the deal.
Take professional help of a real estate advisor
Luxury real estate definitely costs more than affordable housing projects. Since these projects are at a premium, it makes sense to involve a real estate advisor who can help you in taking the right decision. A bad choice at this stage can prove to be detrimental financially. Since the real estate advisor knows the ins and outs very well, you can rely on his knowledge to make your final choice.
Evaluate legal paperwork
It is imperative to check critical documents like release certificate, title deed and encumbrance certificate before finalising the property. You may also check whether all the due approvals have been received from local body and other legal authorities as required.