Confused About Mumbai’s Real Estate Market? Here’s all you need to know!

If you are feeling overwhelmed by Mumbai’s real estate market, be assured that you are not alone! Especially with a variety of options and several factors to consider, navigating your way into this complex niche can be a daunting task. However, you can make a confident and well-informed decision for your next property investment by getting familiar with some key market points and also by connecting with reputable real estate companies in Mumbai. Here are some points that will help you get a clear picture:

1. Location and prices
   The prices of properties in Mumbai vary from one location to another. The prices of properties in South Bombay, for example, are much higher in comparison to the western and eastern suburbs. The average prices are usually based on factors such as how old the building is, what amenities it offers, etc. The real estate developers in Mumbai generally charge these prices based on per-square-foot area.

2. Prices may vary floor-wise
   Real estate builders in Mumbai like Rustomjee and other reputed builders alike are not only designing and crafting marvellous skyscrapers but also offering world-class amenities. They also charge different prices based on the floor you choose to buy a flat on. As you go up the floors, the prices will begin to increase.
3. Decks and balconies are now counted under FSI (floor space index)
   As per the new rules of fungible FSI stated in the DCR (Development Control Regulations), balconies, decks, and niches are made inclusive in the FSI calculation to negate any malpractices of encroachment done by developers or consumers. This implies that you will have to pay the same amount for your room space as you will for the balcony space.
4. Look for accessibility and parking spots
   Check the ease of accessibility of the location and look for the nearest transport facility. Regardless of whether you own a car, you must look for a parking spot. You will need it in the future if you wish to own a vehicle or if you want to sell the property. This is because even the parking space can add value to the property rate. The costs for parking in Mumbai apartments vary from anything between Rs. 3 lakhs and Rs. 15 lakhs.
5. Additional costs
   Stamp duty and registration are compulsory added costs levied by the Indian government. You must clarify these costs with the builder or homeowner you are purchasing the flat from. Builders today offer best-in-class amenities like a gym, swimming pool, play area, etc., and with more amenities come increased maintenance costs. Check for these additional costs before making the purchase.

These key points will give you a better understanding of the real estate market. Mumbai’s real estate market may be a tough nut to crack, but not with the right knowledge and connections with reputed real estate companies in Mumbai.

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