5 Points To Remember Before Investing In Upcoming Projects In Mumbai

  • Added:
    Mar 09, 2014
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5 Points To Remember Before Investing In Upcoming Projects In Mumbai Photo by Umov  Mehta

In a vast city like Mumbai, house hunting can be a tedious task. Most people are usually lured by the unbelievable offers and attractive properties displayed on the Internet, or those promoted by their real estate agents. Moreover, the bright and colourful advertisements displayed by builders on prime locations are equally powerful marketing tools to attract customers in large numbers.Tempted by these huge billboards and ads, consumers eagerly make their decisions and book expensive apartments in new residential projects in Mumbai, without any research or first-hand advice from experts. This is a clear promotional trick used intelligently by builders to speed up their return on investment in minimal time. One must always remember that blind acceptance of the builder's promises can lead to dire consequences. In such situations, research shouldn't be a priority; instead, it should form the basis of your investment.

Here are a few factors that must be considered, before finalizing the deal:

Stay Alert For Hidden Prices -

One must always stay alert of property contracts, which contain text with words such as 'Conditions Apply', or those that come with a high number of estimated values and ‘TBAs’. Always ensure that whenever you're investing in expensive properties such as buying 3BHK apartments in upcoming projects in Mumbai, ask for fixed rates of final prices. Make every effort to ensure that no stone is left unturned, and you posses all the required information before sanctioning the purchase.

Duly Visit Ready/ Display Flats -

Even though most display or ready-to-view flats are built in extravagant ways and decorated to perfection, one must avoid being lured into the grandeur and style, and instead focus on dimensions and numbers. Most builders have the urge to showcase unbelievable features and areas in the house. However, they do not provide the same to every buyer. Hence, you must cross-question the builder and ask if those features will be provided with the actual flat, after purchase.

Conduct Thorough Background Checks - The Internet is a vast medium and provides invaluable insight into essential property statistics. One must consult complaint portals or consumer forums, to search for like-minded people and obtain their views, before approving the purchase for good. One must also conduct thorough background checks into the history of the builder, to see if they have lived up to their said reputation. Log on to the builder's website, if any, to find such information.

Consult Previous Customers For Further Advice - One of the most important and essential sources of information when it comes to buying properties in India are past customers. Most experts suggest that one must consult builders to retrieve their list of cusomers and previous buyers, with all the essential information about them, duly mentioned in the list. Moreover, you can also get in contact with consumer communties to learn from their experiences and obtain invaluable advice.

Comparison Is A Must -

The latest trend emerging amongst new residential projects in Mumbai is to construct similar buildings next to each other, to encourage competition amongst wealthy builders. Hence, one must always compare the property rates with nearby buildings and apartments to find the best bargains at best prices. Always compare rates to get the best deals possible.

Author's Profile

Umove Mehta is an expert author and editor at the best property website in India. His work is appreciated by top property professionals in the industry.

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