Owning big houses in Mumbai is a dream that millions of people in India harbour. After all, who would not want to live like a superstar in the City of Dreams, akin to the city's biggest Bollywood actors, entrepreneurs, and other celebrities?
However, buying a big house in Mumbai is not as easy as it sounds. For starters, Mumbai is one of India's most expensive residential real estate markets. That means one needs to plan their finances incredibly well to purchase a big house in Mumbai – whether outright or through a home loan. But there are many other factors that you need to consider as well before making such a huge investment. Here are five of the most important ones:
Mumbai is a sprawling city with different areas having different characteristics, amenities, and prices. You must decide which area suits your lifestyle, budget, and preferences. For example, if you want to live near the sea, you can look for houses in Bandra, Juhu, or Worli. If you want to live in a posh and central area, you can opt for houses in Malabar Hill, Peddar Road, or Altamount Road. If you want to live in a suburban and affordable area, you can choose houses in Andheri, Goregaon, or Thane.
Buying a big house in Mumbai is not cheap. According to the latest report by Knight Frank India, Mumbai is the 18th most expensive city in the world and is currently ranked 37th globally when it comes to price rises in the luxury real estate segment. Another Knight Frank India report pegged Mumbai’s average luxury housing price in 2022 at INR 65,771 per sq. ft. Thus, you need to have a clear idea of how much you can afford to spend on your dream house and plan your finances accordingly. You must also factor in other costs, such as stamp duty, registration fees, brokerage fees, maintenance charges, and taxes.
Big houses in Mumbai come in different sizes and layouts. You must decide how much space you need for your family and belongings. You also need to consider your family's future needs, such as having children or elderly parents living with you. You should look for houses with enough bedrooms, bathrooms, balconies, and storage space. You should also check the carpet, built-up, and super built-up areas of the house and compare them with the price.
Big houses in Mumbai often have various amenities that enhance your comfort and convenience. Common amenities include a swimming pool, gymnasium, clubhouse, garden, security system, parking space, power backup, and water supply. You need to decide which amenities are essential for you and which are optional. You should also check the quality and maintenance of the amenities and the charges involved.
Buying a big house in Mumbai involves a lot of legal formalities and paperwork. You need to verify the title deed, ownership history, encumbrance certificate, occupancy certificate, completion certificate, and other house documents. You also need to ensure that the house complies with the building norms and regulations of the municipal corporation and the state government. You should hire a reputed lawyer and a property consultant to help you with the legal aspects of buying a big house in Mumbai.
With these five pointers in mind, you can seamlessly plan your big house purchase in Mumbai. Of course, due diligence and adequate research will be required to shortlist the right house, location, and price, which could vary depending on your requirement and the ever-changing Mumbai real estate market.
