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5 Budgeting Factors to Keep in Mind While Buying Flat in Mumbai

Blox Social
Posted on
Aug 22, 2023

Buying a flat in Mumbai is a dream for many people, but it also requires careful planning and budgeting. Mumbai is one of the most expensive cities in India, and the real estate market is highly competitive and dynamic. 

The average residential real estate price in the city is currently around Rs. 30,000 per sq. ft. Thus, to buy flats in Mumbai, one must play close attention to all the factors that can affect the cost and quality of a flat in Mumbai, such as location, size, amenities, builder reputation, legal issues, etc.

In this blog, we will discuss five such budgeting factors that you should keep in mind while buying a flat in Mumbai.

  • Location 

The location of your flat is one of the most important factors that determines its price and value. Mumbai is divided into various zones, such as South Mumbai, Central Mumbai, Western Suburbs, Eastern Suburbs, Navi Mumbai, etc. Each zone has its own advantages and disadvantages, such as connectivity, infrastructure, lifestyle, security, etc. You should choose a location that suits your needs and preferences, as well as your budget. Generally, flats in South Mumbai and Central Mumbai are more expensive than those in the suburbs or Navi Mumbai. For example, a 2 BHK flat in Colaba (South Mumbai) can cost around Rs. 4 crore, while a similar flat in Thane (Eastern Suburb) can cost around Rs. 1 crore.

  • Size

The size of your flat is another factor that affects your budget. Flats in Mumbai come in various sizes, such as 1 BHK, 2 BHK, 3 BHK, etc. The size of your flat depends on your family size, lifestyle, and future plans. You should also consider the carpet area, built-up area, and super built-up area of your flat, as they determine the actual usable space and the maintenance charges. Generally, the larger the flat, the higher the price and the maintenance charges. For example, a 3 BHK flat with a carpet area of 1000 sq. ft., a built-up area of 1200 sq. ft., and a super built-up area of 1500 sq. ft., can cost around Rs. 2 crore and have a maintenance charge of Rs. 10,000 per month.

  • Amenities 

When you are looking to buy flats in Mumbai, the kind of amenities you seek will hugely determine their price and your budget. Amenities include facilities such as parking, lift, security, power backup, water supply, gym, swimming pool, clubhouse, garden, etc. These amenities enhance the comfort and convenience of living in a flat, but they also increase the cost and the maintenance charges. You should choose a flat that offers the amenities that you need and value, and avoid paying for unnecessary or unwanted amenities. For example, if you are a fitness enthusiast, you may want a flat that has a gym and a swimming pool, but if you are not fond of gardening, you may not care for a flat that has a garden.

  • Builder reputation 

The reputation of the builder who has constructed or is constructing your flat is another factor that impacts your budget. The reputation of the builder reflects the quality of construction, design, materials, fittings, etc. of your flat. It also indicates the reliability and credibility of the builder in terms of timely delivery, legal compliance, customer service, etc. Of course, the more premium the builder, the bigger should be your budget. Ultimately, you should choose a flat from a reputed and trusted builder who has a good track record and positive reviews from previous customers, especially in the locality of your choosing. For example, if you are buying a flat from Lodha Group (a well-known builder), you can expect high-quality construction and timely delivery of your flat.

  • Legal compliance 

The legal compliance related to your flat is another factor that affects your budget. It includes aspects such as title deed, occupancy certificate, completion certificate, property tax receipt, stamp duty registration, etc. – all of which entail some charges. These documents prove the ownership and legality of your flat and protect you from any disputes or frauds in the future. You should ensure that your flat has all the necessary legal documents and clearances before buying it, and also that you have factored these additional costs into your home purchase budget. Best, you should also hire a lawyer to verify and validate the documents and to handle the legal formalities. But that will incur another additional cost.


These are some of the budgeting factors that you should keep in mind when you are planning to buy flats in Mumbai. Depending upon your requirement for each factor, you will be able to better determine if you require a home loan and of how much. Ultimately, by considering these factors, you can make an informed and wise decision that suits your needs and budget.

Real Estate