Probably every Indian has a dream of visiting the beautiful city of Mumbai at least once in their lifetime. Mumbai is better known as the financial capital of India and the city boasting of housing the biggest movie industry, Bollywood. Millions of people visit or move into Mumbai due to job changes or for moving from smaller cities to the dream city of India. Many expats who wish to move back to India, also choose Mumbai as the preferred destination. Mumbai has seen an exponential growth in property demand and prices because of its strategic location, business opportunities, industrial development and infrastructural excellence.
Issues to combat especially for expats
Buying a property in the best areas of Mumbai has become extremely expensive and can be reserved for the elites of the society only. So even if one plans to return for a limited number of years or settle down permanently, rented property should be on the top of their minds. There are a number of property consultants operating in Mumbai who can actually help one find the optimum combination of a good locality, affordable price range and a great neighbourhood.
As Mumbai has its innumerable advantages attached to the city, there are a few disadvantages as well. The slum population and the world famous traffic of the city. Also the rental rates are extremely high out there compared to the facilities that are provided by the flats in Mumbai. Most think that the rental rates are simply not worth it. Expats have to deal with one more major problem. They probably enjoyed a much better lifestyle in the other developed nations of the west, for the same rental rates.
Significant factors to consider:
- Travel time to and from workplace, schools and markets. Take into consideration travel time at peak hours also.
- Lifestyle facilities and social hangout areas nearby. For example, clubs, shopping malls and medical facilities.
- Check for the age of the property and whether it requires any additional structural renovation. Check for faults and cracks, because you would not like to spend a huge amount again on structural renovations of the flat. Cosmetic renovations of the property should also be considered. Get those details noted down in the payment agreement.
- Promoter credentials or the credentials of the flat owner.
- Water supply or shortage conditions. Usage limits of the apartment and timings. Speak to some local people or the neighbourhood to get a clear idea.
- Advance deposit required and its return policy should be well considered.
If one is looking at investing options in Mumbai, Navi Mumbai is one area with a lot of demand for residential space. Places like Ulwe, Kharghar, Taloje, Airoliand Kalamboli have also shown a lot of potential when it comes to good yield from property investments. These are some of the best planned nodes in the city and promise huge industrial growth. If quietness is a criteria, you could also look into the suburbs.
Thus, expats should find it less daunting to find flats in Mumbai.