Factors To Weigh In Before Investing In Luxury Flat In Andheri, Mumbai

With property prices rapidly experiencing an upward trend, buying affordable property is becoming a challenge for first time home buyers. Independent Houses or villas in a financial hub like Mumbai can cost a small fortune for property buyers or investors. Flats are the next best things when it comes to real estate property that is affordable and readily available spaces in a city like Andheri, Mumbai; however, these also do not come cheap. If budget is not a constraint then you can also opt for luxury flats that are centrally located and are close to all the amenities and facilities to lead a modern-day and comfortable lifestyle in the city.

Buying flats for sale in Andheri, Mumbai should begin by considering the neighbourhood or locality of the flat along with the budget, number of rooms, etc that you want to invest in. Apart from that you must also come prepared with real estate lingo to understand the true market value of the flat that you are interested in. Listed below are a few factors to weigh in on before investing in a Luxury flat in Andheri, Mumbai.

Actual Useable Space
If you are a newbie to real estate term logy then understanding the difference between super built-up space and carpet space is a must to make a sound investment decision. It will help you determine the true market value of the property and actual useable space. Super-built up space include the common area within the building like lobby, elevator, etc while the carpet area is about 80% of the super built-up space.

Ask For A Tour Of Actual Flat
Many realtors take buyers to see the sample flats when it comes to buying luxury flats that are under construction. These buyers are shown sample Flats that are tastefully done and decorated to lure in potential buyers and might not necessarily transit into the actual flat that the buyers might eventually get. You must take a tour of the actual flat to notice any flaws before buying the luxury flat and make appropriate changes to ensure value-added investment.

Property Document And Permits
As investing in luxury flats in Mumbai can burn a hole in your pocket, you must ensure that all the property documents and permits are as per the law. If you are investing in high rise flats then you must look carefully at the legal document and property permits as these require special permission. You must also hire a professional to ensure that all the legal documents are in place and the property is worth investing in. Another great sign that the luxury flat is worth investing in is that the other buyers have also brought the property to the premises.

Possession Of Luxury Flat
Several Under-construction Flats for Sale in Andheri, Mumbai offer great deals and discount to lure homebuyers. However, completion of these properties can be delayed depending on various factors like weather conditions, unavailability of skilled labour, low inventory, etc. The builders of such property might ask for a grace period which is mentioned in the contract.

You must go through the property document to carefully analyze whether you agree to the terms and conditions before buying the luxury flat to save you from lots of hassle and stress later on. The builders may also have to pay a penalty if the completion of the luxury flat is delayed.

The above-stated factors can help you find the perfect luxury flat within your budget and term. Luxury flats are rapidly growing in demand as these come with modern and smart amenities that provide a comfortable and luxurious lifestyle as desired by modern age families. Investing in luxury flats can also lead to lucrative deals in places like Mumbai where property prices are skyrocketing.