5 Ways How to Sell Your Property Fast

Each year hundreds of thousands of people come to Mumbai with dreams of getting a quality education, finding employment, and building a life for their families. The city is regarded as the financial capital of the country and offers unlimited opportunities for young professionals and entrepreneurs. Housing is the first need that must be met for anyone moving to the city. With skyrocketing rentals, it makes financial sense to invest in a residential apartment or a flat in a location with great connectivity. This is what prompts Mumbaikars to invest in 1BHK or studio apartments.

Growing family needs

With time, the family's growing needs and financial interests make it imperative to buy a larger residential property with more space for children and dependent elders. Most young professionals at the start of their careers are looking for 1BHK or studio apartments in places like Andheri, Bandra-Kurla Complex, Parel, Dadar, Scion, Chembur and the central suburbs. These are typically commercial hubs, and commutation to work is the greatest consideration. However, it becomes important to consider other factors when it comes to the needs of growing families. Space and affordability are indeed the most important of these, prompting them to sell their apartments and invest in properties in the suburbs like Goregaon, Malad, Mulund, and Vikhroli. These also offer better social infrastructure and community benefits for young families. The proximity of schools, medical facilities, and dining and entertainment options are all points to consider.

Should I sell my existing property to buy another?

Before learning how to sell a property fast, you must consider if you need to sell your existing property to buy another. While the financial conditions largely determine the property owner’s decision, it is generally a good idea to sell your existing flat before investing in a larger property. This decision also brings a number of advantages.

• Real estate investments in cities like Mumbai are a major financial decision that will impact your cash flow for years to come. Funding the new property investment with the sales proceeds of the old flat can provide you with the downpayment and also greatly reduce the loan (and consequently the EMI) amount.
• The sale of an existing flat brings with it a capital gains burden. In India, long-term capital gains on the sale of a property are taxed at 20%. Under Section 54F of the Income Tax Act, 1961, tax exemption can be availed on the long-term capital gains from selling your property if you invest it in another house or apartment. This allows you to level up on your real estate property without worrying about the tax implications.
• You may have invested in an upcoming residential neighbourhood about a decade ago. It is important to understand that the price appreciation that you may have achieved since buying the property may not continue. Once price saturation is achieved, it is always a good idea to sell the property and invest in other suburbs or localities that are likely to offer scope for quicker growth in property prices.

How to sell property fast?

1. Selling an existing property is a family decision. Once you decide to invest in a larger property, you may first want to decide on the new locality after due consideration. Connect with verified developers on Blox, a revolutionary online platform that brings you RERA-registered listings from trusted builders.
2. Compare different projects and connect with the relationship manager to understand the real estate trends of the area you are interested in.
3. Take a virtual tour of the shortlisted projects before you select the few you want to visit.
4. Use the smart tech tools available on Blox to go from searching to buying in seven clicks.
5. Sell your old property at market value and reinvest the proceeds of your sales into your new home.

According to experts, the 2022 real estate sales in Mumbai were the highest since 2014. The resurgence of this demand for housing after the COVID-19 pandemic came as a huge fillip for the builders and developers in the city. Sector watchers suggest that this is the right time to sell your old flat or apartment and invest in a bigger, greener home in one of the city’s growing suburbs.