Today, India is seen as a land of opportunity for business and Real Estate investment across the globe. In this article, we look at how 2015 went for the real estate sector and gaze into the tyear 2016, hoping that it will bring a breath of fresh air for both home buyers and developers. As the residential market in Mumbai recovers, home buyers and investors must leverage on the opportunity to invest wisely this New Year.
Be selective of what you buy
Look for quality before quantity, especially if this is your first purchase. A deplorable property in a less popular area could turn out to be a cheaper deal, but carries higher risk, heavy maintenance and a lot of expenses. Instead of simply looking at the initial purchase price, make sure you consider the locality and neighborhood of the property.
Buy ready residential properties
Opt for ready residential properties for sale in Mumbai if you have the budgets for it, as you could run into a discount of up to 10-20 percent from the current market value.
Finding a favourable deal on a property can take time. Especially, if you do not have a previous experience in buying a property. Check for information online, walk through the neighborhoods of the locality you’re interested in. If in doubts, ask questions to the locals to understand more about the potentially profitable real estate spaces in the locality.
If investing in real estate is new to you, start small. Primary residences, for instance a studio apartment or 1BHK apartment with basic amenities and facilities are all great real estate investments for a beginner. There are a lot of developers selling studio apartments and 1BHK apartments in Mumbai in locations like Mulund, Vikhroli, Ghatkopar and Andheri East. Don’t get stuck in too much of analysis, where you keep searching forever without even considering a single offer on the table.
Do negotiate during an offer, even if the skill doesn’t come naturally to you. Don’t be afraid to negotiate aggressively with sellers in order to get the best deal possible. Don’t be apprehensive about walking away if the negotiations are not going according to your expectations; there will always be another property.
If you are buying a property for investment, it is important for you to ensure that it is backed by a reputed real estate builder with better infrastructure and modern amenities.
To conclude, 2015 did not turn out to be very fruitful in terms of residential real estate. However, the good news is that 2016 has a silver lining, and the property market is slowly picking up in a few cities like Mumbai, Hyderabad and Bangalore. If you adopt a scientific approach while buying residential property in Mumbai considering the future prospects, infrastructure, and job opportunities, you would not go wrong.