Guide for Buying House in Mumbai [Real Estate]

A home is not just a brick and mortar structure. It is our identity, our living pad, a commitment that we have made for us, for our family. A home is not just a monetary investment but has many strings attached to our heart, life, joys, and career. So when you are investing in something that touches so many chords of your life, you need to be careful, diligent and acquaint of what you are getting into. 

Investing in a house in Mumbai

Living in a rental apartment in Mumbai has its own limitations and the ever inflating rentals costs are not helpful either. I have not seen any decline in residential property rates in last 10 years and believe they will continue to upsurge. Are you planning to buy a residential property in Mumbai but not sure of how to go about it? I have something informative for your perusal. Hope they will help you as much they have helped me.

Here are the three things that I think are imperative to consider while buying a house in Mumbai- 

1. Know Your Parameters: I evaluate every property on these five parameters

a.       Budget

b.      Location

c.       Size

d.      Amenities

e.      Possession

Every property that I see, I make note of details under these broadheads.

2    Know Your Priority: From the above 5 parameters, I list the priority in Descending order and evaluate each property against them which give me fair idea v/s the comparison and clarity

3. Know Your Sourcing: There are a plethora of mediums like Property Mela, Ads, Real Estate Agents from where you can learn about a probable property for sale. While Word of mouth plays a great role, you always look for a little more credibility as the investment and stakes are quite high. More than the builder’s net worth or credibility, it is also about financial outlook and support. You then start looking for names associated with the projects. For an example, I went to see a couple of upcoming properties in Andheri East on my Birthday via an estate agent that my friend from the industry suggested. The properties that we saw were good but one project was a totally new discovery for us. However, when we learned that project is backed by HDFC, we were assured of its quality and merit.

This is where the credibility comes in and this is where HDFC Red comes in.

What is HDFC Red and How Is it Helpful?

HDFC is my preferred banking partner over the years. When I heard about their new initiative called HDFC Red, I could not pass it as just another app but took notice. You can accord that to my new found interest in real estate while looking for suitable properties to buy with my husband or this business strategist keeda in me that wants to go beyond merely what is visible to eyes. 

Unlike a lot of women, I had no time nor patience to go around, check properties that real estate agents want to “showcase” to me, collect brochures [read waste paper printing], spend time with real estate marketers, compile all brochure, compare et cetera. Remembering www.hdfcred.com was easier for me and I was delighted when I opened the website. The landing page has my thoughts talking to me in terms of parameters I were looking at.

In less than 6 clicks which actually filtering down my requirements from no of bedrooms to gauging my spend allocation spectrum to desirable amenities, the portal showed me a list of properties that qualified my “requirement” in no time. 

Here's how-

Open Sesame with HDFC Red

Here’s the final result with options to “shortlist” the ones that I liked and “contact Builder” directly. The list is quite exhaustive. It also shows an under-construction redevelopment project that is next to my building with all the details.

The listings had details like-

1. Cost per square foot
2. Developer’s name
3. Floor plan
4. Total saleable area/ super built
5. Location details on Google map
6. Loan calculator 
7. Fitment ratio or Relevance score to my requirement with a preview of the missing element from the requirement. For eg- I selected Lotus Springs by Lotus Group in Yari road [see picture below] the property doesn’t have Sauna as sought by me in amenities that was highlighted at the right-hand corner at the bottom. 

I liked the portal and do you know it has 24000+ different types of properties, 7000+ new Builders project across 23 cities. The website also has an app for both iOS and Android enabling the convenience of browsing at your fingertips. Click the OS type to download the app,

So, what are you waiting for? Go ahead, explore and make HDFC Red your alibi while Buying a house in Mumbai or any other city of your choice.

Live Haute, Live Beautifully

Ekta

[Picture Courtesy: 1, Rest from HDFC Red website]

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