Mumbai is considered to be the commercial capital of India. Owning a flat or property in Mumbai is like a dream come true. People who have inherited property Mumbai consider themselves to be very lucky because of the rates these days not everyone can afford to buy a house here. If you have saved a huge sum of money, you may want to invest in Mumbai, but if you are salaried, you may struggle with the finances. Housing loans and lucrative deals can help you get the dream home in Mumbai, but repaying these loans can take a lifetime in most cases.
To buy affordable property in Mumbai, people generally look towards MHADA or Maharashtra Housing and Area Development Authority. This body is responsible for the construction of affordable homes or flats in Mumbai. There are quite some places in Mumbai where you will find MHADA housing for the needy. In fact, there is a lottery system where the affordable homes are allocated to the people of Mumbai.
If you have a decent budget of 60 to 70 lakhs, you can look at areas such as Goregaon, Borivali (in the western suburbs), Sewri (central Mumbai) and Chembur. The areas such as Dadar, Byculla, Parel, Mahim, Worli, etc. are considered to be prime locations. If you have a very high budget of two to three crores, you can opt for the prime locations. There are several patches in Parel and Dadar where new constructions have come up. If you book early, you will get a good discount on the rates.
For a detailed comparison of the properties in Mumbai, you can look at some very good property comparison websites. Once you have decided on the location, you will have to check out the rates. Make sure that you have a little more cash in hand when you are planning for prime areas. If you don’t have a very high budget, you can look at resale flats or properties in Mumbai. A building that is more than 20 years will need repairs and other maintenance work. So, you will have to factor this in the cost of the flat or property as well.
Transportation and communication problems are very rare in Mumbai-the city that never sleeps. However, there are some patches that may not have proper connectivity. For example, Dosti Acres in Wadala East is considered to be far from the station and far from the main roads. To negate this, the developers have started private bus services from Dosti Acres to the nearest railway stations such as Wadala Road and Dadar.
It is a myth that all properties in Mumbai are expensive. There are quite some properties that are sold at rates lower than the neighboring cities. You may also want to consider Navi Mumbai as an option since it is the closest satellite city. Navi Mumbai is a planned city and there are very few problems out here. You need to take a prudent decision when you are deciding the area in Mumbai for property investment.