10 Facts to Know Before You Buy Real Estate in Mumbai
Decided to buy a home in Mumbai? Here are some answers to fundamental questions
Mumbai’s real-estate sector has always been a tough nut to crack: there are multiple layers of complexities in the process of buying a home in Mumbai, such as FSI (floor space ratio), the ever-changing cost and so on, which may leave a buyer confused because of the unpredictability. However, here are some basic tips that might help you get a clearer picture to move forward.
2. Balconies and decks are now counted in the FSI (Floor Space Index)
According to the new rules of fungible FSI stated in the DCR (Development Control Regulations), as also reported by Money Control, the Bombay Municipal Commission has made balconies, decks and niches inclusive in the calculation of FSI. This has been done to negate any malpractices of encroachment done by consumers or developers. This means that you will be paying the same amount of money for your room space as for your balcony space, as opposed to a 50 per cent lower price that you may have paid earlier.
According to the new rules of fungible FSI stated in the DCR (Development Control Regulations), as also reported by Money Control, the Bombay Municipal Commission has made balconies, decks and niches inclusive in the calculation of FSI. This has been done to negate any malpractices of encroachment done by consumers or developers. This means that you will be paying the same amount of money for your room space as for your balcony space, as opposed to a 50 per cent lower price that you may have paid earlier.
3. Floorwise rise prices may vary
As you may go higher in skyscrapers, floor rise prices may be levied. If you are okay with having a lower floor, you can compare the upper and lower floor prices and opt for what suits you better to save money.
As you may go higher in skyscrapers, floor rise prices may be levied. If you are okay with having a lower floor, you can compare the upper and lower floor prices and opt for what suits you better to save money.
4. Check accessibility and parking
Do check how accessible the area or the location is from the nearest public transport and where the nearest rickshaw or taxi stand is. Whether you own a car or not, it is always a good idea to buy a parking space in the building, podium or basement, if available, for future purposes when you may own a vehicle or might wish to sell the property, since parking space can add value to the property price. Most apartments in Mumbai come with an added cost for parking space;the costs vary from Rs 3 lakh to 4 lakh to Rs 10 lakh to 15 lakh per parking slot, based on the area and whether it is a residential or commercial property.
Do check how accessible the area or the location is from the nearest public transport and where the nearest rickshaw or taxi stand is. Whether you own a car or not, it is always a good idea to buy a parking space in the building, podium or basement, if available, for future purposes when you may own a vehicle or might wish to sell the property, since parking space can add value to the property price. Most apartments in Mumbai come with an added cost for parking space;the costs vary from Rs 3 lakh to 4 lakh to Rs 10 lakh to 15 lakh per parking slot, based on the area and whether it is a residential or commercial property.
5. Never hesitate to have full-sized french windows
Space is a crunch in the city of Mumbai and if you have a view of a garden, a beautiful street, a city skyline or the sea, make sure you use it to full advantage. Go for french windows that open up vistas. For this, you may have to notify the developer in advance to create a structure for it, so as to avoid any structural alterations later. You must check with the developer if this complies with the regulations and if it would levy any extra costs.
Here is an apartment buyer’s guide to getting a good deal
Space is a crunch in the city of Mumbai and if you have a view of a garden, a beautiful street, a city skyline or the sea, make sure you use it to full advantage. Go for french windows that open up vistas. For this, you may have to notify the developer in advance to create a structure for it, so as to avoid any structural alterations later. You must check with the developer if this complies with the regulations and if it would levy any extra costs.
Here is an apartment buyer’s guide to getting a good deal
6. Be careful to check before making structural amendments
Before breaking down the structural elements of the interiors, make sure you consult the building’s architect or developer to ensure it does not compromise the structure of the building. Also, if you have an open terrace in your house, do consult with the local authorities to understand the legalities if you wish to convert it into a closed space. Building codes differ from area to area, hence do investigate to find out what codes apply to your area in Mumbai.
Before breaking down the structural elements of the interiors, make sure you consult the building’s architect or developer to ensure it does not compromise the structure of the building. Also, if you have an open terrace in your house, do consult with the local authorities to understand the legalities if you wish to convert it into a closed space. Building codes differ from area to area, hence do investigate to find out what codes apply to your area in Mumbai.
7. Check what plans the society or the developer has for the terraces
Roof gardens and terraces are increasingly being used for recreational purposes, such as jogging tracks, yoga sessions, and workout and play areas. As activities are moving from the ground towards the sky, if your building does provide this facility, it will be an added benefit for you and your family.
Roof gardens and terraces are increasingly being used for recreational purposes, such as jogging tracks, yoga sessions, and workout and play areas. As activities are moving from the ground towards the sky, if your building does provide this facility, it will be an added benefit for you and your family.
8. Amenities
Ask your potential developer about the various amenities they will provide, such as flooring, air conditioners, granite skirting, door frames and quality of doors and windows, lifts, and the like. Also, do inquire what kind of recreational facilities they may be providing, such as a gymnasium, recreational space, game room, play area, and so on, and whether they suit your needs.
With more amenities come more maintenance costs. This is a cost you will be paying the society on a regular basis for the maintenance of the society building. These rates vary from area to area, building to building, and are much higher in Mumbai as compared to other cities. Do check what would be the maintenance cost of the building to get a clear picture of how much you might have to shell out for the regular upkeep of the building.
Ask your potential developer about the various amenities they will provide, such as flooring, air conditioners, granite skirting, door frames and quality of doors and windows, lifts, and the like. Also, do inquire what kind of recreational facilities they may be providing, such as a gymnasium, recreational space, game room, play area, and so on, and whether they suit your needs.
With more amenities come more maintenance costs. This is a cost you will be paying the society on a regular basis for the maintenance of the society building. These rates vary from area to area, building to building, and are much higher in Mumbai as compared to other cities. Do check what would be the maintenance cost of the building to get a clear picture of how much you might have to shell out for the regular upkeep of the building.
9. Stamp duty and registration costs
Make sure to consider these added costs and clarify these with the owner or developer from whom you may be buying the apartment. These are compulsory charges and taxes to register the property in your name, levied by the Government of India.
10. Raw or not
Most developers in Mumbai offer options of how you want your apartment delivered. ‘Raw flat’ means completely devoid of any flooring, tiling and other features that he may be offering. In this case,the amount of those costs is deducted. You can opt for the furnished option and check with the developer to see what amenities he is offering in the flat, such as flooring, doors, windows, bathroom fittings, air conditioners, etc. and whether you would want these or would prefer to choose everything for your house from scratch.
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Tell Us:
What are the challenges you have faced or are facing while looking for a home? Please share them and maybe we can help you out.
Make sure to consider these added costs and clarify these with the owner or developer from whom you may be buying the apartment. These are compulsory charges and taxes to register the property in your name, levied by the Government of India.
10. Raw or not
Most developers in Mumbai offer options of how you want your apartment delivered. ‘Raw flat’ means completely devoid of any flooring, tiling and other features that he may be offering. In this case,the amount of those costs is deducted. You can opt for the furnished option and check with the developer to see what amenities he is offering in the flat, such as flooring, doors, windows, bathroom fittings, air conditioners, etc. and whether you would want these or would prefer to choose everything for your house from scratch.
Read More:
Mumbai Houzz: This Compact 2-BHK Flat Is a Lesson in Mix & Match
My Houzz: Mumbai Architect Couple Convert a Clubhouse Into a Cosy Flat
Tell Us:
What are the challenges you have faced or are facing while looking for a home? Please share them and maybe we can help you out.
Prices are higher on the southern side of the city due to its proximity to the sea and also the heritage value of the Fort area. Especially areas such as Marine Drive and Peddar Road have soaring rates, due to high land value.
The average prices are based on various factors such as how old the building is, its amenities, and so on. The prices may have an approximate range between Rs 1 lakh and 1.5 lakh per square foot in this area.
Did you know: In 2013, as reported by the Times of India, the price for a sea-facing Worli apartment went up to as much as Rs 1.23 lakh per square foot. This was one of the highest reported at the time.
The western suburbs such as Bandra and Andheri can also have high prices, as much as Rs 50,000 to 60,000 per square foot due to its cultural and social value and, of course, its proximity to the sea.
Did you know: Another story, reported in 2018 by First Post, mentions a sea-facing duplex that sold for 57 crores – roughly Rs 1.35 lakh per square foot.
The eastern suburbs have higher prices in Dadar and Matunga, where the prices may usually range from Rs 40,000 to Rs 50,000 per square foot. As one goes further north, one may find a reduction in prices.
Prices within the suburbs also vary based on various factors, such as the kind of building structure, whether it is old or new, the kind of amenities, the floor-to-floor height of the apartment and its proximity to the local transport (prices are always higher for apartments closest to the train and metro stations).