Checklist for Buying Flats in Malad West

Are you looking forward to buy flat in Mumbai? Or have you already found your dream flat? Well, if you said yes to both these questions; then it's a good thing. But before jumping and buying a new flat, you must keep in mind that investing in a flat is a big financial investment. 

 

So, before investing any lump sum amount on a 2 BHK flat in Malad West, it’s important to keep in mind a few pointers. Well, these pointers would decide if the investment you are making is worth it or not.

 

Checklist for Buying a Flat in Malad

 

It doesn’t matter whether you are buying a flat in Borivali or Malad from leading developers’ ongoing projects or upcoming projects in Mumbai; still, you need to check a few things before making the move. Let’s take a look at it.

 

Budget: Before you go ahead to check out new flats from any completed residential projects in Mumbai, make it a point to fix a budget for investment. Once you assign a budget for your new flat, it would become easier to shortlist properties within your budget range. Also, assigning a budget would help to avoid confusion.

 

Legal Status: You are going to invest a lot of money in a new flat. Hence, you will need to check its legal status. For instance, the property must have all necessary approvals and NOCs from the local government, Municipal Corporation, Area Development Authorities, and even from the Electricity & Water Supply, Sewerage board.

 

It’s equally important to check the Title Deed of the residential projects in Mumbai. The deed will specify whether the builder has legal rights over the property or not. After all, you won’t want to invest in a property that is under dispute.

 

At the same time, homebuyers should ask for the encumbrance certificate. The certificate will help to confirm the fact that the property in which you own a flat is not facing any legal dues. 

 

Banking Financing: It’s a known fact that buy flat in Mumbai involves a lot of investment. Hence, it’s not easy to shell out such a large amount of money in one go. So, it’s important to check out if any banks are financing the project. Usually, some of the leading banks are in partnership with the reputed real estate developers present in the market. It’s better to go with banks that offer loans with lower interest rates.

 

Trusted Realtor: If you are planning to buy a flat in the Mumbai suburbs, it’s always important to do thorough research about the developer. It’s better to go through their past completed projects, apart from their ongoing and upcoming projects in Mumbai, and get a proper idea about their work. Even going through real estate forums might help to learn if the developer can be trusted or not.

 

Follow these pointers and you won’t face any issues in buying a 2 BHK flat in Malad West. However, one should also look into the builder-buyer agreement and infrastructure plans before investing.