Buying an under-construction property in Mumbai is quite common because of multiple reasons, with its affordability being its biggest highlight. But, with so many options in Mumbai, it becomes challenging and time-consuming for the buyers to shortlist any property. Also, one cannot deny the fact that investing in an under-construction property is a risky affair. You might encounter a lengthy legal battle or delay in possession. So, you must consider a few points before making a decision.
Points to keep in mind while purchasing an under-construction property in Mumbai
With the launch of new real estate projects, Mumbai has become a central hub for home buyers and investors. Therefore, considering a few things before investing is crucial to find the best under-construction property in Mumbai.
- Always Check the RERA Registration
Home buyers must be aware of their rights and familiar with every relevant detail of the property. Therefore, to ensure credibility, you must check whether the property is registered and approved by the RERA. It will offer a middle-ground for the developers and buyers, which further helps in maintaining a transparent relationship. Also, you must purchase a RERA-sanctioned property to avoid delayed timelines and unwanted legal consequences in the future.
- Legal Compliance with the Property
The buyers must not hesitate to ask for legal approvals of the running project to eliminate any potential losses and make a safe investment. So, before you decide, ensure the developer has all relevant and required legal documents and permissions. However, it would be best to talk to a legal expert and verify the property before investing a single penny.
Furthermore, going through the developer-buyer agreement is crucial to avoid any mishap. You must check whether the construction details, layout, delivery time, and delivery terms are correctly mentioned in the agreement instead of ambiguous and vague terms.
- The Potential Scope of Change in the Building Plan
As per the Act and guidelines of RERA, any changes in the building plan can be made only after taking buyers’ consent. Therefore, before investing in an under-construction property in Mumbai, check the print details. You must remember that even if the builder wants to change the construction plan, they must show you a valid reason for doing so. If the conditions are valid, the developer can proceed with the revised plan for betterment.
- Bank Loan Compatibility of the Land
Going for the projects that the banks will approve is an additional advantage. Remember, a bank will evaluate the site and overall project first to provide the developers with the required loan. So, it ensures both buyers and builders that they won’t have to encounter future hassles. Also, banks can file a case against the realtor if the project is not completed within the stipulated time.
- The Resale Value of the Property
Accounting for the resale value of the property is imperative for future safety. Before investing in a property, you must consider the future gains to reap its maximum advantage. Furthermore, the ROI depends on several factors, including easy accessibility to different places like hospitals, schools, shopping malls, freeways, etc. It will fetch the buyers a good resale value in the future and benefit them in the long run.
Home is one of the most valuable assets in our life. So, before investing your hard-earned money in an under-construction property in Mumbai, you must consider all the pointers and make a sound decision. Consider exploring different properties and comparing prices to find the best property to meet your requirements.