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Planning To Buy Property In Mumbai?

by admin on August 29, 2021
Planning To Buy Property In Mumbai?

Things that you need to consider before buying a house

A lot of people in India are considering buying a property because of the belief that prices amid the pandemic crisis have come down as builders are rushing to offer discounts and payment schemes. Low home loan rates is another factor that is driving buyers.

Here are five things that you need to consider before rushing to buy a house:

1. Future plans: Before you make the decision to buy the house, it is very important for you to work out how long you think you will be able to live in that property because there is no point buying a property which looks like a great deal now because of the attractive discount but does not offer enough to fulfill your future requirements. If your job or your financial circumstances are in any way unstable, it might not be a good time to tie yourself to a location. If you buy the wrong place now not only would it make it difficult for you to afford moving to another place, it will also force you to sell at a loss if property prices fall.

2. Price correction: Some people have this misconception that since sales have been muted due to the pandemic, real estate prices have dropped. However, as per experts, property prices have not really dropped in the primary sales segment. While there are some developers who are going through exceptional financial distress and are offering significant discounts, it does not mean that prices have dropped across the board in the country.  Considering the various discounts and incentives, the overall cost for buying a house may have can come down by 10-12% in some areas but the average housing prices dropped only by about 4-5% in the July-September quarter across major metro cities like Delhi-NCR, Chennai, Pune, Kolkata, and Ahmedabad. However, data shows that in some cities like Bengaluru, Hyderabad and Mumbai housing prices have increased by 3-4% during the same period. So, consider this carefully before you seal the deal.

3. Affordability: The pandemic has hit a lot of people financially. Some have lost jobs while some witnessed pay cuts. Several people across the country are still unsure of their employment. At a time like this, assessing your affordability is one of the most important things. Going even a little over our budget can become an issue if you lose your job or suffer pay cut in the near future due to the pandemic. If you buy a house which you can not afford relying on incentive, festive bonus or promotion, it might not be a wise choice as many are not receiving their performance bonus, festive bonus or even promotions. Consider this carefully as going even slightly over budget can put you in a tight financial situation.

4. Location: While you might be getting some amazing deals and discounts on a property, if the location is not appropriate, buying the property might be a very costly mistake. While buying a house, it is crucial to consider if the location suits you. While buying a house or flat, one has to consider some key things such as distance from the economic activity centre, distance from school, hospital or bank, accessibility to social infrastructure and the overall growth of the location as an economic centre. Buying a home with a futuristic approach is not wise, since the growth potential of underdeveloped locations may not be understood correctly and you may end up buying a house in a location which is not suitable for your at all.

5. Other financial goals: Aside from buying a house, if you have other financial goals like building a retirement corpus, saving for children’s education or marriage, then you need to very carefully assess if the financial commitment of buying a house can affect your other financial goals. For those facing pay cuts, it is extremely to re-evaluate their priorities and to see how much of an impact such a large commitment will have on other financial goals. Whether it is the pandemic which has boosted your desire to own a home as a form of tangible security or you simply feel tempted by the discounts offered by the builders, you need to avoid rushing into such a huge financial commitment and do your due diligence first to ensure that you remain financially fit.

Are you Planning To Buy Property In Mumbai?

It is nothing less than a dream come true if you have been able to manage enough money to buy a property in Mumbai, India’s financial capital that has the distinction of being one of the most expensive property markets in the world. Data is a witness that despite the several efforts that have been made in the recent past to bring down prices, rates of property in Mumbai have been consistently rising, even if marginally. According to the National Housing Board, between the third quarter and the fourth quarter of the financial year 2016-17, property rates in Mumbai increased 3.6 per cent.

If you are looking to buy a home in Mumbai, location such as Andheri (East), could be the best bets. seems to be outperforming the other property zones in the country. Good infrastructure with modern amenities are being doled out by developers. The recent cut in stamp duty has also made housing projects more affordable.

In addition to massive upgraded housing development, Andheri East also enjoy’s robust infrastructural growth and proximity to commercial centers. Mumbai’s residential real estate market

Kaatyayani Heights by Starwing Developers with great ambience would be a good investment to stay in a well connected location with everything within a walking distance like the railway station, metro station, hospital, airport, famous restaurant etc.Also a very good opportunity for NRIs to invest in this residential project of Starwing Developers. Built with impeccable design, brilliant architecture with lush greenery and mind blowing smart amenities, Kaatyayani Heights has everything that a dream home is made of. 

Prices starts at 1.20 Cr* for 1BHK and 2.10cr* for 2BHK Flat. This starwing project seeks to deliver a lifestyle 1,2 & 3 BHK apartment located at Andheri East. With 12+ Amenities like Garden, Gymnasium, Jogging Track, clubhouse etc.

Sample Flat Ready. Possesion nearing soon.


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