{"id":957,"date":"2021-07-24T12:24:40","date_gmt":"2021-07-24T12:24:40","guid":{"rendered":"https:\/\/www.homebazaar.com\/knowledge\/?p=957"},"modified":"2025-01-13T06:09:24","modified_gmt":"2025-01-13T06:09:24","slug":"buying-a-home-in-mumbai-here-is-a-step-by-step-guide","status":"publish","type":"post","link":"https:\/\/www.homebazaar.com\/knowledge\/buying-a-home-in-mumbai-here-is-a-step-by-step-guide\/","title":{"rendered":"Buying A Home In Mumbai? Here Is A Step By Step Guide To Follow in 2025"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Buying a home in Mumbai can be effortless if you follow a systematic approach.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because there are multiple options to choose from and therefore, more chances for errors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By following a systematic approach from start to end, you will narrow down the options by considering every single important factor involved in buying a home in Mumbai.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You simplify the process by eliminating the specifications that don\u2019t work for you.\u00a0 And proceed only with what\u2019s best.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This constructive process for finding the perfect home in Mumbai allows you-<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Easy to shortlist the properties on the basis of your budget and preferred requirements.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">You get precise home-buying options in the end.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The process of buying a home becomes more efficient and cost-effective.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">No chance of making mistakes.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Complete command over the buying process.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">So, here is the Step By Step Guide for <a href=\"https:\/\/www.homebazaar.com\/ready-possession-projects-in-mumbai\" target=\"\u201c_blank\u201d\" rel=\"noopener\">Buying a home in Mumbai<\/a> in 2025.<\/span><\/p>\n<p><b>Note:<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.homebazaar.com\/\">Homebazaar<\/a> serves homebuyers searching for flats in Mumbai with end-to-end services like site visits, and lower-interest home loans to property registration guidance. We provide the best price options &amp; offers for 1 to 4 BHK RERA-registered flats, villas &amp; penthouse <a href=\"https:\/\/www.homebazaar.com\/properties-in-mumbai\">properties in Mumbai<\/a>. To begin a smooth homebuying journey with us, fill out the form mentioned below or on the right side.<\/span><\/i><\/p>\n<h2 id=\"1\"><b>Decide On The Locality:<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While buying a home in Mumbai location viability is the center of consideration. This is because, in Mumbai, there are significant shifts in prices, social and economic framework from one locality to the other.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Starting with the locality, helps you to have a brief outlook on the budget. Moreover, location becomes a pivotal reference point to make the other decisions involved in buying a home in Mumbai.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While deciding the location while buying a home in Mumbai, consider two major outlooks-<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Fundamental Outlook\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Real Estate Outlook<\/span><\/li>\n<\/ol>\n<h2 id=\"2\"><b>The Fundamental Outlook:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The fundamental outlook is simply a consideration of the factors that determine the quality of life in the locality. This includes factors such as-<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Infrastructure Development<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transportation &amp; Mobility<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Employment Opportunities<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Safety &amp; Security<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Water and Electricity Supply<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Healthcare facility and Education<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Good Governance &amp; Socio-political Stability<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Getting the right information on these fundamental outlooks of the locality is essential. The best sources of information could be the internet, detailed research reports published by the govt bodies, or directly reaching out to the local people.\u00a0<\/span><\/p>\n<h2 id=\"3\"><b>Real Estate Outlook:\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Real Estate Outlook considers the factors that are closely associated with the real estate ecosystem. This includes factors such as-<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The price trends of the properties\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The best projects available in the locality<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Future scope for growth<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Favorable Policies, Tax Concessions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Future development of the region.\u00a0<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Now, you can shortlist the locality first with the fundamental outlook and followed the real estate outlook.\u00a0<\/span><\/p>\n<h3 id=\"12\"><strong>Locality Price Trends In Mumbai:<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The price trends mainly depend on supply and demand. Higher the demand more are the prices in a particular locality.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And what triggers the higher demand in the locality?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ease of living, quality of life, employment opportunities, connectivity, and so on.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, a better locality always costs you more. But if you have a limited budget you can invest in the emerging localities which will evolve on the socio-economic landscape within a short period of time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, Let\u2019s understand the prices of the different categories of the locality in Mumbai for the first quarter of 2022.\u00a0<\/span><\/p>\n<h4><b>Established Localities:\u00a0<\/b><\/h4>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-987 size-full\" src=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Established-Localities.jpg\" alt=\"Buying a home in Mumbai - Locality Price Trends In Mumbai\" width=\"704\" height=\"340\" srcset=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Established-Localities.jpg 704w, https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Established-Localities-300x145.jpg 300w\" sizes=\"(max-width: 704px) 100vw, 704px\" \/><\/p>\n<h4><b>Expanding Localities:<\/b><\/h4>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-989 size-full\" src=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Expanding-Localities.jpg\" alt=\"Buying a home in Mumbai - Locality Price Trends In Mumbai\" width=\"704\" height=\"340\" srcset=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Expanding-Localities.jpg 704w, https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Expanding-Localities-300x145.jpg 300w\" sizes=\"(max-width: 704px) 100vw, 704px\" \/><\/p>\n<h4><b>Emerging Localities:<\/b><\/h4>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-990 size-full\" src=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Emerging-Localities-1.jpg\" alt=\"Buying a home in Mumbai - Locality Price Trends In Mumbai\" width=\"704\" height=\"340\" srcset=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Emerging-Localities-1.jpg 704w, https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Emerging-Localities-1-300x145.jpg 300w\" sizes=\"(max-width: 704px) 100vw, 704px\" \/><\/p>\n<h4><b>Knowing The Upcoming Infrastructure Projects:<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Only price trends are not sufficient to evaluate the locality. So, along with the price trends, consider upcoming infrastructure projects for the right evaluation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The right approach will be to check whether the locality comes within the key infrastructure projects. For example, the upcoming <a href=\"https:\/\/en.wikipedia.org\/wiki\/Mumbai_Metro\" target=\"_blank\" rel=\"nofollow noopener\">Mumbai Metro<\/a> Lines will boost the real estate in some key locations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The best sources to find the upcoming infrastructure projects are the internet, press releases by government bodies, and real estate news.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To put it simply, you can choose the locality by considering the series of following questions:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What\u2019s the proximity to the workplace, schools, colleges, and nearby hospitals.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What\u2019s Livability, quality of life, security, and stability.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What are the price trends in the locality? What\u2019s affordable for you?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What\u2019s the future of the locality.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Upcoming infrastructure projects, employment opportunities, and overall economic growth in the regions.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Sometimes, your budget becomes the key factor in deciding the locality. You need to find the middle ground between the best location ad the budget.\u00a0<\/span><\/p>\n<h2 id=\"4\"><b>Defining The Right Budget:<\/b><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1062 size-full\" src=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Defining-The-Right-Budget-1.jpg\" alt=\"Buying a home in Mumbai - Defining The Right Budget\" width=\"704\" height=\"340\" srcset=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Defining-The-Right-Budget-1.jpg 704w, https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Defining-The-Right-Budget-1-300x145.jpg 300w\" sizes=\"(max-width: 704px) 100vw, 704px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Having selected the location in the first stage gives you a rough estimate of the total budget.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By this, you can calculate-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The total amount you need to borrow from the bank.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Applicable EMIs on the home loan amount.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The time frame or loan tenure to repay the loan.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ideally, the best budget allows you to meet all the expectations of buying a home in Mumbai, without an unbearable financial burden.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For this, it is necessary to be ready for every cost component you face while buying a home in Mumbai. Therefore, the following factors chiefly shape your final budget.<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Your Home Loan Eligibility<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Costs Involved in Buying Process<\/span><\/li>\n<\/ol>\n<h3 id=\"5\"><b>Your Home Loan Eligibility:\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Banks sanction the home loan on the basis of your net monthly income. Generally, the total home loan amount is around 40-50 times your net monthly income.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But how much you should borrow from the bank? Is there any thumb-tule that decides the perfect EMI for you?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Through it depends from person to person for their varied income sources. Generally, the EMIs should not be more than 40% of your monthly net income. This ensures that you are not overburdened and can easily manage the daily expenses of your family.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The General Process For Loan Home Application In Mumbai is:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Submitting Home Loan Application<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Discussion With The Manager<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Payment of The Process Fees\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Document Verification<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Process of Approval<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Property Documents Check\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">On-site Estimations<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Calculating the applicable Home Loan Amount<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Agreement<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Loan disbursement\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Every bank has its own eligibility criteria and different terms and conditions. The bank asks you to provide the necessary proof such as monthly incomes, identity, property-related documents. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read all the points mentioned in the loan agreement carefully and check out the home loan interests.\u00a0<\/span><\/p>\n<p>Moreover, You can calculate the applicable EMIs on the respective home loan amount beforehand.<\/p>\n<p>To calculate the EMI <a href=\"https:\/\/www.homebazaar.com\/home-loan-emi-calculator\">click Here<\/a><\/p>\n<h4><b>Understanding Budget Wise Supply and Demand In Mumbai:<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Once you have an overview of the budget, it is also essential to understand how much demand is there for houses of a similar budget range.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If there is sufficient demand, means there may be enough residential projects in Mumbai available for you. There will be more options available. But high demand may also mean a high process.\u00a0\u00a0<\/span><\/p>\n<h4>\u00a0Budget Wise Supply and Demand In Mumbai Q1 2022.<\/h4>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-991 size-full\" src=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Budget-Wise-Supply-and-Demand-In-Mumbai.jpg\" alt=\"Buying a home in Mumbai - Supply and Demand In Mumbai\" width=\"704\" height=\"340\" srcset=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Budget-Wise-Supply-and-Demand-In-Mumbai.jpg 704w, https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Budget-Wise-Supply-and-Demand-In-Mumbai-300x145.jpg 300w\" sizes=\"(max-width: 704px) 100vw, 704px\" \/><\/p>\n<h3 id=\"6\"><b>Costs Involved in Buying Process:<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The selling price of the flat is not the final cost. There is always a number of different cost components involved in the buying process. Some of these contribute significantly to the final cost.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Knowing costs beforehand ensures the right budget framing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, Here is the chart that briefly explains different cost components in buying a home in Mumbai.\u00a0<\/span><\/p>\n\n<table id=\"tablepress-28\" class=\"tablepress tablepress-id-28\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Cost Components<\/th><th class=\"column-2\">Key Points<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Stamp Duty &amp; Registration Charges<\/td><td class=\"column-2\">Stamp Duty Charges are levied by the state government and are mandatory to pay while buying a property.\u00a0<br \/>\n<br \/>\nStamp Duty In Mumbai: 5%\u00a0 of the Market Value of the property.<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Maintenance Charges\u00a0<\/td><td class=\"column-2\">It is either charged at the time of purchase (for the first 5-10 years)<br \/>\nor on monthly basis.\u00a0<br \/>\nThere is tax applicable if monthly maintenance is more than Rs 7500<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Preferential Location Charges<\/td><td class=\"column-2\">For a better location of the unit within the building \/or tower, you need to pay an extra amount called PLC.<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Amenities Charges<\/td><td class=\"column-2\">Builder developers sometimes charge separately for the Gyms, Children Play Area, Club House etc<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Brokerage<\/td><td class=\"column-2\">\tIf you choose an agent to help you out with property finding he charges 1-2% of the total deal.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-28 from cache -->\n<h2 id=\"7\"><b>Decide: Under Construction Vs Ready To Move<\/b><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1051 size-full\" src=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Under-Construction-Vs-Ready-To-Move1.jpg\" alt=\"Buying a home in Mumbai - Under Construction Vs Ready To Move\" width=\"704\" height=\"340\" srcset=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Under-Construction-Vs-Ready-To-Move1.jpg 704w, https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Under-Construction-Vs-Ready-To-Move1-300x145.jpg 300w\" sizes=\"(max-width: 704px) 100vw, 704px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">In Mumbai, some buyers prefer under construction while others choose ready-to-move property. Because both of the options are suitable for their unique benefits.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s understand why people prefer either under construction or ready to move in properties in Mumbai.\u00a0<\/span><\/p>\n<h3 id=\"8\"><b>Why People Prefer Under Construction Properties In Mumbai:\u00a0<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Mumbai is one of the expensive real estate markets. Therefore, it is not always possible for the buyer to handle the financial burden of buying a new home in Mumbai. However, under-construction properties, allow buyers to effectively manage the finances as the payments are coupled with the construction process. This payment flexibility is the main reason for preferring under-construction properties in Mumbai.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Besides, since there is significant time between the buying and the actual possession, you get a high property appreciation during the waiting period.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In Mumbai, <a href=\"https:\/\/www.homebazaar.com\/knowledge\/top-10-new-under-construction-projects-in-mumbai\/\">under-construction properties<\/a> come with hefty discounts and offers that attract most buyers.\u00a0<\/span><\/li>\n<\/ul>\n<h3 id=\"9\"><b>Why People Prefer Ready-To-Move in Properties In Mumbai:\u00a0<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In Mumbai, the rents are high. So, waiting for the under-construction properties involves the rent expenses along with the EMIs. Ready to move in properties in such cases provide instant possession saving the rent costs.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Moreover, the buying process is more transparent as there are no delays and construction discrepancies.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, the buyers have to be prepared for the instant financial demands.<\/span><\/li>\n<\/ul>\n<h2 id=\"10\"><b>Home Size, Area, and Configuration:\u00a0<\/b><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1052 size-full\" src=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Home-Size-Area-and-Configuration.jpg\" alt=\"Buying a home in Mumbai - Home Size, Area, and Configuration\" width=\"704\" height=\"340\" srcset=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Home-Size-Area-and-Configuration.jpg 704w, https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Home-Size-Area-and-Configuration-300x145.jpg 300w\" sizes=\"(max-width: 704px) 100vw, 704px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Deciding on the area and the unit configuration such as 1, 2, or 3BHk is solely dependent on the budget. The area you get for different configurations could be different depending on the projects or the developers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are sure with one particular configuration, then check out the availability of the new launches for those configurations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Generally, in Mumbai, there is almost consistent and equal popularity for 1,2, and 3 BHK configurations. This means for <a href=\"https:\/\/www.homebazaar.com\/ready-possession-projects-in-mumbai\" target=\"\u201c_blank\u201d\" rel=\"noopener\">buying a home in Mumbai<\/a> you will have a variety of projects with your suitable configuration.\u00a0<\/span><\/p>\n<p><strong>BHK Wise Demand and Supply In Mumbai:<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-992 size-full\" src=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Budget-Wise-Supply-and-Demand-In-Mumbai-1.jpg\" alt=\"Buying a home in Mumbai - home buying guide\" width=\"704\" height=\"340\" srcset=\"https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Budget-Wise-Supply-and-Demand-In-Mumbai-1.jpg 704w, https:\/\/www.homebazaar.com\/knowledge\/wp-content\/uploads\/2021\/07\/Budget-Wise-Supply-and-Demand-In-Mumbai-1-300x145.jpg 300w\" sizes=\"(max-width: 704px) 100vw, 704px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Remember the following key points while buying a home in Mumbai:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Compare different properties on the basis of the carpet area.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Know the clear distinction between carpet area, built-up area, and super built-up area for better transparency in the deal.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Know your requirements and keep the margins on the budget in cases if you want to increase the budget for more space.\u00a0<\/span><\/li>\n<\/ol>\n<h2 id=\"11\"><b>Selecting the best Real Estate Project and Developer:<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are two types of residential projects in Mumbai. The first is a standalone project which provides quality residential housings with sufficient features. On the other hand, there are lifestyle-oriented projects which have complete end-to-end facilities and amenities.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus, Knowing your requirement is the first stage while selecting the best project. To find the best project of either standalone or lifestyle-oriented you can check out the list of top developers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some points that might help you to choose the right builder while buying a home in Mumbai.\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check the Track Record of the Builder<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check the Reviews and Ratings<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Financial Standing of the Builder<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Past Delivery Timelines<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Number of Ongoing Projects<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Approvals and Licenses<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Quality Of the Projects Delivered<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Services After the Delivery<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">The basic research on the builder may help you to shortlist the best ones. But the only research on the builder or developer is not sufficient. You need to check out the projects of the different developers before finalizing anything. Because there are always possibilities of good projects from the emerging developers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So a basic comparison between different developers is a must before buying a home in Mumbai.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some of the parameters to compare different residential projects in Mumbai:<\/span><\/p>\n\n<table id=\"tablepress-29\" class=\"tablepress tablepress-id-29\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Parameter<\/th><th class=\"column-2\">Explanation<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Location<\/td><td class=\"column-2\">The project which has proximity to the workplaces and other essential facilities should be preferred<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Super Built-up Area<\/td><td class=\"column-2\">Super built-up area involves lift lobbies, corridors, common storage spaces, common entrances, park area, etc.\u00a0<br \/>\n<br \/>\nProjects with higher built-up areas provide more space and features.\u00a0<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Amenities<\/td><td class=\"column-2\">Choose the project which has quality amenities such as Children Play Area, Gymnasium, Jogging Track, Club House, etc<br \/>\n<br \/>\nAlso, compare the prices charged by the different developers for the amenities.<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Facilities<\/td><td class=\"column-2\">Safety, Security, and Parking are the three main required facilities.\u00a0<br \/>\n<br \/>\nCompare the quality of the faculties provided in the projects.\u00a0<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Prices<\/td><td class=\"column-2\">\tCompare the prices of the different projects only by considering the Carpet Area, Builup area, amenities, and facilities as well as the location collectively.\u00a0<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Builder<\/td><td class=\"column-2\">Check the track records of the builder, and the approvals from the regulatory bodies.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-29 from cache -->\n","protected":false},"excerpt":{"rendered":"<p>Buying a home in Mumbai can be effortless if you follow a systematic approach.\u00a0 Because there are multiple options to choose from and therefore, more chances for errors. By following a systematic approach from start to end, you will narrow down the options by considering every single important factor involved in buying a home in [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":17859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,19],"tags":[79,80,82,81],"class_list":["post-957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mumbai","category-buying","tag-buying-a-home-in-mumbai","tag-buying-a-property-in-mumbai","tag-finding-perfect-home-in-mumbai","tag-finding-property-in-mumbai"],"_links":{"self":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts\/957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/comments?post=957"}],"version-history":[{"count":45,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts\/957\/revisions"}],"predecessor-version":[{"id":18689,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts\/957\/revisions\/18689"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/media\/17859"}],"wp:attachment":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/media?parent=957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/categories?post=957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/tags?post=957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}