What is Pushing the Demand for 1BHK Apartments in Mumbai

Many home buyers in Mumbai are choosing to invest in smaller units because property rates are skyrocketing. As per an India Realty report, more than 50% residential project launches in Mumbai were in the affordable (Rs. 50 Lacs) segment in 2016. This segment also commanded 52% in sales in the financial year 2016.

Not just buyers but real estate companies are also focusing on developing smaller apartments in Mumbai. By reducing the apartment size, they are making the ticket size affordable for a larger segment of buyers. Several large players in Mumbai’s realty sector have launched affordable projects in the city, offering 1BHK apartments within 45-70 Lacs INR. Besides 1BHK apartments, they are also offering studio apartments to buyers at an affordable cost.

Smaller units are becoming popular with not just end-users but also investors. Also from a rental point of view, smaller units in cities like Mumbai and Delhi offer high mobility for the working population. This is also one of the main reasons why investors are choosing to spend money on small apartments. The rising trend can also be attributed to the young buyers who are in search for properties that fit their budget and are easy to maintain. Even families are going nuclear and there is a large population that has double income and no kids. For such people, the need for a large space is not as important as a small space in a good locality.

Compared to luxury properties in Mumbai, small units are selling faster. This is because such apartments don’t bite into the wallets of middle-income buyers. As per a report by JLL, a growing number of builders across the country are developing smaller apartments without compromising on the product quality or lowering price per square feet.

Why are 1 BHK Apartments in Mumbai Becoming Popular

As the Inventory is piling up in the real estate sector and hitting record levels, developers seem to be favouring smaller units for catering to the demands of property buyers. Reduction of residential property size in Mumbai has helped in making real estate a bit affordable for the larger section of buyers. This is because Mumbai’s property rates are too high for a middle-income buyer to afford a decent 2-3BHK home in the city.

1 BHK apartments in Mumbai and other cities like Delhi and Bangalore are getting more investment. Another reason behind the preference of 1 BHK flats is increase and decrease of rates in the real estate sector.

Many metro cities like Mumbai have started to follow the trend of compact houses. According to the real estate experts, the rising trend of small houses can also be attributed to young buyers who prefer small units because such units fit their budget and also because of convenience.

More families are opting to be nuclear. Also, there is a large percentage of working population with double income and no kids. These people don’t need big spaces but small apartments with all the necessary amenities at a centrally located place. A small and cosy apartment gives them the comfort and peace in life. Another benefit of small houses is that it can sell faster. Small houses can be easily put on rent as students or office goers prefer such units on rent. Also, small flats are easy to maintain.

According to many reputed property developers, they have got positive reviews from investors and buyers alike for smaller units. There has been a good increase in the number of small-sized residential property in Mumbai which can be considered good news for middle-income buyers.

Why Invest in a Residential Property in Nagpur

Nagpur has been rated as one of the best cities to live in India. There are various factors that have made Nagpur one of the most sought-after cities in the country. From quality of life and greenery to infrastructure and health care services, it has all factors that one would look for when buying a property.

If you are also planning to buy a residential property in Nagpur, here are few things that you need to know:

1. Housing in Nagpur is available in various price ranges. So you can find a property of your choice as per your budget.

2. It is political hub because this is the place where the winter session of the Maharashtra State Assembly is held annually.

3. Connectivity of this city with rest of the metropolitan cities is very good via airways, roadways and railways.

4. There is an international airport in Nagpur which has made connectivity to countries like UK, USA, UAE and Singapore very easy.

5. There is a lot of industrial activity that goes on in and around Nagpur and the city is also known for its mining industry.

6. There are some of the top educational institutes located in Nagpur too.

7. The city attracts a lot of tourists every year. From the Maharajbhai Zoo and Deekshbhoomi to Sitabuldi Fort and Seminary Hills, there are several tourist attractions in the city.

8. Except summers, the climate of Nagpur is pleasant throughout the year. It is also the third greenest city in the country with a high standard of living and infrastructural development.

If you wish to buy a property in the city, make sure you are choosing a project by a reliable real estate property developer to be able to get value for money.

Where To Invest In Mumbai In The Coming Future

Maybe buying a flat for investment is your first choice. It could also be a way of investment when you don’t want to indulge in a business.  Buying property has always been a task when you are planning to invest and a property. It is as similar as buying a property in which you would want to live. Either it is upcoming properties in Mumbai or the already developed spaces in the city, while buying an apartment you need to be sure of many things. The main thing being the location, it is important to settle in one choice and going ahead with a decision. To identify which places in Mumbai would be the right choice for you, keep reading below;

1) Kharghar & Navi Mumbai – If you are planning to buy a decent home which you can also give for rental purposes, go and see 2 BHK flats in Airoli, Navi Mumbai. Airoli makes a nice place to buy a residential apartment and give it on rent later on. Here, you can either buy a flat in an under construction building or ready for possession building.

2) Chembur – Chembur, with its developing infrastructure aims to give the best facilities to their people. The infrastructure boasts with its increasing versatility and aesthetics. With corporate office towers, hotels and residential apartments built in expanded beauty, this place is a good option for investments.

3) Dahisar – With its growing infrastructure, Dahisar is developing day by day. This has helped to attract more investors and buyers to Dahisar in the past few years. Its location makes it another good option, as the travel is convenient. You can take a bus, rickshaw or train to reach places around in Mumbai. This is one of the reasons; Dahisar is a place where investment today would be a good option. As the rising prices may make it difficult for you to buy a flat later on.

A Guide For Buying Residential Property In Mumbai

A plan created specifically to keep all your home buying necessaries together is the right thing that will help in not missing out on anything. Though there are many real estate companies in Mumbai with upcoming projects, it becomes a tiring task to select among the pre-owned homes or a new flat. To make the whole home-shopping thing less stressful make note of these points;

1) Requirements – Relocating permanently can be an exciting yet tiring procedure. This is also one of the very important decisions of your life and hence, you need to be confident with your decision. Take a note on all your family requirements, the number of family members, number of bedrooms, toilets and bathrooms required and then the budget. As buying a home is not a small thing which can be replaced.

2) Appointing an agent or broker – You need to know appoint an agent who can find a home for you in the selected locality. Assisting him with your requirements will make it much easier for the broker to find the right place for you. According to your choice, you can direct the agent to either find homes for you in the ongoing residential projects in Mumbai or the ready possessions one.

3) Selection and inspection – From the list, the agent provides you with his research, you can select a list of homes and go there for inspection. From these inspected homes you can shortlist the one is perfect for you. This should include the interior as well as the exterior factors of the apartment selection.

4) Offer – You can either select two to three properties and give them initial offers and start negotiating or select the best property and negotiate on the given offer. In either way you can get the ball in your court if you negotiate right.

5) Legal formalities – After appointing a lawyer or taking your documents to the court you can conveniently get all the formalities done. Be it an NOC, registration documentation, stamp duty  or society transfer, each of these legalities can be easily done through an advocate or by visiting a court.

Tips to Choose a Reliable Real Estate Property Developer

The concept of buying a real estate property has gone through several changes. Instead of buying independent homes, people are preferring apartments that are located within gated communities.
Home buyers often get confused while selecting a suitable and reliable property developer. Since buying a house is a lifetime investment, a buyer cannot take any chances.

The best way to assess the reputation of a real estate property developer is to check their official website and do some research. An online search will give you access to various forums from where you can get feedback from multiple respondents.

The websites will tell you about the developers, their partners and their associates. It will also help you for how long the company has been into existence, what are their completed and ongoing projects and so on.

Check the authenticity of the builders – It is compulsory that all builders belong to a respected builders association. The aim of such organization is to make sure that a healthy relationship is kept up between the builders and client, which the projects are finished without bringing on any invade of expense or time. These organizations lay out ethical code of conduct the real estate players should abide by.

It helps to have a personal meeting with the real estate company to ask questions to get answers to your queries. In this meeting, details of their project, track record, process of construction, method of payment should be questioned. Make sure you raise all the concerns until the doubts are fully cleared.

Some of the finest new projects are being constructed in the outskirts of Mumbai. For instance, you can find 2 and 3 BHK residential apartments in Airoli with stylish interiors and modern amenities. These apartments have vitrified tiled flooring, laminated doors and high quality fittings.

Documents Needed To Buy A Residential Property In Mumbai

Buying a residential property in Mumbai requires you to plan and then execute. You need to be focused on what are things you will need to buy a home. Also, if you are taking a home loan for your dream house, then you will need to submit some documents to the developer as well as the bank or the institute which is granting a loan.

The basic documents required while buying a home or applying a home loan for your residential property purchase are as follows:

1) Sale deed, Title deed and Mother deed

2) General Power of attorney

3) Documents related to the building plan sanctioned by the officials

4) NOC (No Objection Certificate) from the Electricity Department

5) Allotment Letter from the developer or builder of the co-operative housing society

6) Sales and construction agreement between the builder and 1st owner

7) A copy of possession letter from the developer

8) All the payment receipts paid towards the builder

9) If the property was on loan, ask the seller to submit the loan documents

10) The deed should mention that the dues will be cleared the seller

11) Copy of possession and payment receipts should be taken from the seller

12) The authentic sales agreement by the seller

13) Latest Paid Tax receipts of municipal tax, property tax and other tax

14) NOC from the society or building association

15) A No Due Certificate from the building committee

16) Completion (if the building is underdeveloped) and occupancy certificate

17) Deed of declaration

18) Latest electricity bill

Mentioned above is the list of documents that you should present or acquire while purchasing a residential property in Mumbai. For ex. If you are planning to buy 3 BHK flat in Andheri East, you need to follow above tips regarding documentation. Besides, you also need to do study on other factors like property rates, location, facilities, etc.