Blox Logo
compare-icon
Compare
CLEAR
property-icon-primary
You haven’t selected any properties.
Please select minimum 2 properties to compare
+ ADD
COMPARE
hamburger-primary
Discover. Experience. Buy.
Get Personalized experience
by logging in
Login
Sign Up
  • building-primaryProperty Listings
  • developer-primaryDevelopers
  • users-primaryAbout us
  • blogs-primaryBlogs
  • pressmentions-primaryPress Mentions
  • phone-primaryContact Us

5 Things You Need to Consider Before Buying Big Houses in Mumbai

Author
Blox Social
Posted on
May 15, 2023
image

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:

  • Location

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.

  • Budget

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.

  • Space

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.

  • Amenities

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.

  • Legalities

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.

Real Estate
Recent Blogs
bloxsquare
article-image
Real Estate
Crucial Components of a Sales Agreement: What Every Homebuyer Should Know

So, you’ve found your dream home, arranged for the finances to purchase it, and are now ready to live your desired life carefree. But amidst all that, as a new or prospective home buyer, you must not let one critical part of the property purchase process go unnoticed: the sales agreement

Blox Social
Sep 22, 2023
article-image
Real Estate
Sanpada Real Estate: Exploring the Vibrant and Thriving Neighbourhood of Navi Mumbai

Picture yourself in the vibrant heart of Navi Mumbrai, where luxury meets opportunity and a sense of community thrives. Welcome to Sanpada, a locality that has swiftly risen to prominence in the world of real estate. With a coveted pin code of 400705, Sanpada offers a dynamic landscape of living options. Boasting over 350 properties for purchase and more than 100 for rent, it's no wonder residents rate this neighbourhood an impressive 4.5/5 for connectivity and a solid 4.3/5 for safety.

Blox Social
Sep 22, 2023
article-image
Real Estate
Know the Difference: Lockable vs. Virtual Office Space

In today's rapidly changing world of commerce, where the ability to adjust and be versatile is pivotal for prosperity, the selection of suitable office premises can wield considerable influence. Amongst the numerous alternatives at hand, two particular terms frequently gain prominence: secured office areas and virtual office settings. Although each possesses its own strengths, they are distinctly purposed. To effectively comprehend the distinctions and arrive at a well-informed choice, it becomes imperative to delve into the dissimilarities between these two alternatives.

Blox Social
Sep 22, 2023