There are several factors that one needs to consider before making an investment as huge as buying a home in Mumbai. The factors listed below serve a good benchmark to consider before taking the plunge!
Location
Needless to say, the simplest factor is also one of the most important ones. Mumbai as a city continues to grow by leaps and bounds. This makes a lot of new spaces available to the potential homebuyer. As such, this is one factor where a bit of foresight goes a long way. Where do plan to work in the coming years? Is the place that you are considering near to your sphere of business and commerce? Does it provide effortless access through multiple transport avenues? These questions primarily cover the convenience factor when it comes to work-related travel. But you also need to consider factors like easy availability of reputed schools and colleges nearby, especially if you are planning to start or settle your family. Easy access to medical infrastructure is also a plus if you plan to stay with elderly members of the family. And let’s not forget access to entertainment and lifestyle destinations!

Budget
Once the location has been sorted out, comes the slightly difficult part – deciding the right budget. If you are a first time buyer, chances are that you may get overwhelmed by the choices and end up splurging a little more than planned. On the other hand, if you are investing is a second home, you may end up trying to save more than necessary. Though the aforementioned scenarios are not a rule of thumb, they showcase our tendency to make an emotional or an overprotective decision. The balanced approach lies in finding out the kind of requirements you or your future family may have, and deciding if these match your choice of location as well. This is also the part where checking your loan eligibility plays a huge role. Budget can also have an immense impact on your choice of location as well, so a little flexibility can go a long way!

Resale Value
While there are a host of additional factors such as stamp duty & registration fee as well as extra costs and property insurance, there’s one factor which definitely needs to paid special attention from a long-term gain perspective. Whether this is your first home or an investment, chances are that you may want to upgrade some time in the future. The reasons can be many and an upgrade is also a positive development that denotes you moving ahead in life. Which is where excellent resale value comes into the picture as it provides a great foundation for your upgrade. Even in the unfortunate scenario where you need to sell your property due to unforeseen financial problems, resale value comes in handy and provides much needed respite. Resale value depends a lot on the location and the quality of construction, so choose these facets wisely!

If you are looking for a trusted developer with reliable, high quality construction and projects in the prime locations of Mumbai & Thane, look no further than Harmony Lifestyles Group. With over 4 decades of real estate excellence, they provide the trust and transparency that ease your decision making process. Check out their ongoing projects here.

Encouragement to redevelopment
Just like every other sector, Mumbai’s real estate arena came to a standstill during the pandemic, but it did not crumble unlike certain sectors did. It slowed down in terms of activity but kept on going, powered by sporadic bursts of interest here and there. One of the visible trends that garnered everyone’s attention was the spike in redevelopment activity. Redevelopment of dilapidated and outdated structures shot up through the roof with certain micro-markets seeing more activity in 2021 than in the whole of the preceding decade. The redevelopment scenario has also influenced Mumbai’s rental market in a number of ways. It is important to note that the number of prospective tenants in the market has risen meaningfully due to Redevelopment. That’s because apartment owners have now become tenants temporarily as their buildings go for demolition and redevelopment.

Regulatory pressures provide the right impetus
Long gone are the days when the real estate sector in India was ruled by uncertainty and chaos. Regulatory reforms have not only streamlined the industry, but also ensured that only the serious players are now moving dynamically to the market. These players are now ensuring total compliance and providing customers with the benefit of transparency. New and existing firms with strong balance sheets and zero debt are poised to grow faster. Many new residential and commercial properties are in the pipeline to be launched this year, and this can be gauged by the fact that over 10,000 residential properties were registered in Mumbai in February 2022 alone. Thanks to the rising supply, real estate prices are anticipated to be more affordable, thus overtly benefitting home buyers.
Thus, if you are looking forward to investing in real estate as a promising new year steadily approaches, the future looks bright and full of value. For those interested in investing with a legacy developer with a strong presence in Mumbai & Thane, Harmony Lifestyles Group is a great choice. Empowered by strong balance sheets and having maintained zero debt status during one of real estate sector’s most difficult periods, the company is an ideal choice for those interested in trust and transparency. Check out their ongoing projects here.