Buying a home is one of the big decisions of a person’s life, and the person has to make an intelligent choice of saving themselves from extra expenditure and at the same time procure their dream home. If the buyer is a buyinga Property in Navi Mumbai, it should not be a hasty decision albeit a well-researched decision.
Below is the list of five smart things homebuyers should note:
Draw up a financial plan:
Before stepping into the real estate market, the buyer should draw up a financial budget to plan the expenses of purchasing their dream home. Any smart buyer would first calculate the rough estimate of their home purchasing budget which includes:
How much amount is needed if they a procuring Property in Taloja or any other part of Navi Mumbai?
What will be the down payment?
The amount of home loan
What will be the Equated Monthly Instalments for that loan?
How will it affect their regular monthly budget?
Answering these questions will help the buyer to know their financial status when planning to buy a home with builders in Navi Mumbai.
Make a list:
Smart buyers know precisely what they want and how they want. They are well-informed buyers who have intimate knowledge about their needs and boundaries. By making a list, the buyer can decide the type of property to purchase:
The location of the property
In which area is the property located?
What is the carpet space?
What are the amenities available on the property?
Is the area well-connected?
Is the price affordable and does it come under the budget?
This list will help the buyer to zero in on the property they want to purchase.
Eligibility and pre-approval of home loan:
Before looking at a property provided by a real estate developer in Navi Mumbai, a smart buyer can check their loan eligibility and also obtain a pre-approval for their home loan. Getting pre-approval for the home loan will also increase the appeal of the home buyer in the eyes of the builder. A pre-approval will also reduce the documentation needs and legal work relating to the registration of the property.
Learn about the market:
Before jumping into a home purchase, a smart buyer has to increase their knowledge of the market, learn about the current market trends and research the price of available properties in the area. The buyer can also compare whether they will be able to procure a larger apartment for the same cost from any other Builder in Navi Mumbai or any other area of Navi Mumbai.
Get professional advice:
One of the smartest things that a home buyer can do is enlist the help of an experienced real estate agent who can guide about the process of the home buying and can help in narrowing down the list of prospective properties that will fit the buyer’s requirements. Smart buyers should not choose agents who are interested in only selling their properties. Getting references from people who have recently purchased a home will help in selecting an excellent realtor.
Nonresident Indians (NRI) have started to invest in diverse areas of the Indian market including the real estate. Real Estate Developers in Navi Mumbai are providing NRI’s with varied options of both commercial and residential properties with a potential to earn considerable returns now and in the future.
Usually NRIs prefer to invest in high-end residential properties and sublet them for passive income. However, the slowdown during the last couple of years has prompted NRI’s to switch their investment to commercial properties.
Currently, the NRI’s are at an advantage in both residential and commercial properties. The residential properties offered by the Builders in Navi Mumbai come with many incentives like discount and freebies like wardrobes, kitchen and other things. Commercial properties come with a host of amenities that are suitable for subletting for office spaces or as shopping complexes.
With the enforcement of Real Estate Regulation Act, the real estate market of the country has become safer for buyers. The builders have also strictly comply with the RERA regulations and even the minor changes in the property plans have to be apprised to the buyer. Person selling the Property in Navi Mumbai also have to provide a clear view of the terms and conditions of the sale agreement to their buyer.
Experts on the real estate market of Navi Mumbai are of the opinion that this is the right time to invest with Real Estate Developers in Navi Mumbai. Owning a commercial unit in Navi Mumbai is very profitable given the drive of the industrial segment growth like the upcoming Navi Mumbai International Airport, the Special Economic Zone and the upcoming IT parks.
Advantage of any developing area is that it has the potential for generating business and employment leading to need of office space and housing needs. In terms of income, commercial spaces are on the high side thereby becoming a favored investment among the NRI’s.
During the past six years, the demand for commercial spaces has almost doubled due to increasing growth of corporate footprint in the country. The demand has spread also to the Tier1 and Tier 2 cities. The leases for corporate spaces are at a all-time high indicating the fact that there is a rise in the demand and tenants’ interest in commercial spaces.
The commercial spaces also give high returns of 18 to 22% when compared to the residential property of income of 8 to 10 %. The offices and shopping complexes are demand leading to higher capital appreciation. It also has the security and guarantee of constant returns as the corporates agree to renting the place for 9 to 15 months with a three year period lock-in when comparing residential properties that stay locked for months due to the unavailability of proper tenants.
Over the last year , there has been more than One lakh of office space has been sold and the number is still increasing with more buyers originating outside the country. The reason why NRI investors are leaning towards commercial spaces are that residential units were on the lowdown due to late launch of projects and have pushed wealthy NRI investors towards commercial properties.
For the past years, NRI investment in the country’s real estate has been on the rise due to capital appreciation, higher rental yield and host of other reasons. This trend is slowly becoming applicable to the residential units with the commercial units maintaining their lead.
Navi Mumbai is now becoming one of the preferred locations for real estate investments for the MumbaiKars. The area of Navi Mumbai is also well-known for its Infrastructural advantages along with industrial and technological developments around the corner.
Given the impact of demonetization in 2016 and the fluctuation of the home interest rates slowed the performance of the real estate market in the country. Next, came the implementation of Goods and Service Tax (GST) which replaced the other commonly levied taxes around the country. The aim of GST was to bring about uniformity in the commodities and its prices. However, confusion prevailed in all sectors as there were many adjustments to be made.
Nevertheless, the real estate market especially the Projects in Navi Mumbai started witnessing a rapid investment streak. This activity could be related to the implementation of the Real Estate (Regulation and Development) Act which aims to secure the interests of buyers and regulate the real estate market.
Why Navi Mumbai?
Real estate in Navi Mumbai recovered earlier than its counterparts across the country due to its strategic and locational advantages.RERA is also one of the factors that have pushed buyers to seek out builders developing projects in Kharghar and other areas of Navi Mumbai.
Navi Mumbai provides access to the bustling cities of Mumbai, Pune and is well connected to the national highways.
Navi Mumbai also has the dual advantage of being recognized as commercial and residential space by the City Industrial and Development Corporation of Maharashtra (CIDCO). CIDCO has also further allotted 800 acres of land for the development of Navi Mumbai.
If a buyer is interested in purchasing a Flat in Kharghar or any other areas of Navi Mumbai, they will have the advantage of having access to reputable hospitals, schools, play areas and other means of entertainment. Navi Mumbai also boasts of well-planned and maintained water and sewage system.
In terms of price, Navi Mumbai is a better option when compared to the places of Mumbai and Pune. The skyrocketing costs make it difficult for a salaried person to buy a flat in Mumbai. However, there are builders in Navi Mumbai who offers Projects in Khargharor flats in Ulwe for half the price of Mumbai.
From the commercial viewpoint, Navi Mumbai is a good investment as there are many IT parks and the upcoming Special Economic Zone (SEZ) that will not only give rise to employment opportunities but also return in the form of rental income.
Navi Mumbai has also been recently ranked at the top in the survey for ease of living index. The location of Navi Mumbai enables the buyer to have best of both worlds as beautiful landscapes surround Kharghar and Navi Mumbai also has many options for entertainment like malls, shopping complexes, restaurants, coffee shops and many more.
It is safe to say that the real estate market of Navi Mumbai has recovered and is well on its way to becoming one of the most preferred locations for buyers to invest. The impact of RERA and GST has guaranteed the buyers a safe and worry free process of procuring their dream home.
The year 2018 has been and still is an eventful year for the real estate market across the country. The impact of demonetization has slowly worn off, and the real estate was getting back on its feet when the government introduced the Goods and Service Tax(GST) in 2017 which unified many complex taxes into one single format. The year 2017 also witnessed the introduction of the Real Estate (Regulation and Development) Act which aims to protect the buyer’s interest and regulate the real estate market in the country.
The real estate market of Navi Mumbai started looking up after these eventful changes and here are some of the trends that are dominating Navi Mumbai:
2. The final quadrant of 2017-18 witnessed a surge in the home purchases as there were signs of improving economy. There were even indications of a marginal increase in the first quarter of 2018-19.
3.The Mumbai Trans Harbour Link and the construction of Navi Mumbai International airport also lead to an increase in the sale of projects in Ulwe and the other surrounding areas of Navi Mumbai.
4.Builders in Navi Mumbai are building world-class apartments full of amenities with pre-approval from RERA that guarantees and protects buyer’s interest.
5.The commercial buildings are also on the rise in the areas of Navi Mumbai. Many Information Technology parks and a proposed Special Economic Zone has seen an increase in the sales of flats in Kharghar and other surrounding areas of Navi Mumbai.
6.As Tier 1 cities like Mumbai is getting expensive by the day, many companies are looking for office spaces in Tier 2 cities like Navi Mumbai that not only offers buildings at a lesser cost but with the same amenities as the Tier 1 cities.
7.The government has also been pushing the all-around development of all the cities in India. The companies should consider expanding in the cities where the state governments are offering financial and non-financial incentives to companies basing their operations and boosting the local employment.
8.The City Industrial and Development Corporation of Maharastra are building crucial infrastructure projects such as the proposed Alibaug-Vihar highway, the Mumbai Trans Harbour link and the Navi Mumbai International airport that can handle up to 40 million passengers a year.
9.If the buyer is investing in flats in Ulwe or any other area of Navi Mumbai, there are chances that the rental income can rise steadily over the years. Due to its locational and infrastructural advantages, many buyers are interested in owning residential property in Navi Mumbai.
10.The significant steps taken by the Government like the Pradhan Mantri Awas Yojana that provides a subsidy for the first home buyers and the stable interest rates have prompted all types of salaried class people to purchase their dream home.
These are some of the trends that have been spearheading the real estate in Navi Mumbai. As far as the base values of the properties stay stable, investors can benefit from their real estate investments in the area of Navi Mumbai.
Mumbai’s real estate investment is always a hot topic, and every development in Mumbai and its suburbs are under constant scrutiny of the developers. One such area that recently witnessed a growth surge and infrastructure developments is the satellite city Navi Mumbai. There is a significant rise in Real estate developers in Navi Mumbai offering their properties for sale.
Now let us look at some reasons to invest in Navi Mumbai real estate projects:
Property in Navi Mumbai comes with high-quality specifications along with excellent location and amenities. They build community projects that come with the comforts of parks, shopping malls, clubs, conference rooms, guest rooms, round the clock security and many more.
Builders in Navi Mumbai are offering properties that are strategically located and has the advantage of assessing the bustling city of Mumbai, Pune and the areas of Ulwe, Kharghar. Navi Mumbai is also going to be home to the Mumbai Trans Harbour line making it longest seaway route in the country.
3.Price of the residential property:
Residential properties in Navi Mumbai cost very less than procuring an apartment in Mumbai. Every Mumbaikar knows that Navi Mumbai is the place to purchase their dream home. The per square foot rates are very less than any other surrounding metros. When it costs an average of Rs 3 to 5 Crore to purchase a 1000 sq.Ft apartment in Mumbai, you can get the same apartment for Rs80 lakhs to 1 Crore in Navi Mumbai.
4.Return on investment:
Navi Mumbai is now becoming a preferred location for IT parks, Special Economic Zones and the upcoming Navi Mumbai international airport that will take on the heavy load of the Mumbai international airport. These advantages are available for those buyers who will buy a property from the builders in Navi Mumbai. In the coming times, a property acquired in Navi Mumbai will have its value raised, and there is also the potential of earning higher rental incomes in the coming years.
Real estate developers in Navi Mumbai are offering properties along with add-ons such as woodwork, interior decorations, and many more fittings. The buildings are available in a location that has the potential to get appreciated over time. The City Industrial Development Corporation of Mumbai (CIDCO) has also allotted more than 800 acres of land to be developed as residential and commercial units thereby making Navi Mumbai as the preferred location for first time home buyers and budding industrialists.
6.Impact of RERA:
The implementation of the Real Estate Regulatory Authority has guaranteed the buyers peace of mind by making the disclosures and the buying process more transparent. The confidence instilled by RERA has made Navi Mumbai as the trending place. The builders in Navi Mumbai need to seek and obtain the necessary permissions from the local authorities and RERA before commencing on the project, and they have apprised the customers even the minuscule changes in the plan or the property. So, the buyer can procure properties from the Builders in Navi Mumbai, without a shadow of a doubt.
These reasons attest to the fact that buyer can purchase a property from the real estate developers in Navi Mumbai without any second thoughts and benefits from the major development that are happening in this satellite city Navi Mumbai.
The real estate market is getting back to its pace after the run-ins with demonetization, GST, and RERA. Most of the metros and cities are maintaining the same prices or have experienced a little fluctuation. The satellite city of Navi Mumbai is one of those places that witnessed an upward rise in the sales of Projects in Navi Mumbai and its surroundings.
The Navi Mumbai real estate is going through booming phase due to its locational advantages. The real estate. The Real Estate (Regulation and Development) Act is one of the major factors that boosted the property of Navi Mumbai.
The Real Estate (Regulation and Development) Act was implemented to protect the interest of the home buyers and raise investments in the real estate. After, the implementation of the RERA, the Real estate developers in Navi Mumbai have seen a consequential rise in the sale of properties.
It has become mandatory for all real estate developers to adhere to the rules of the RERA. Even the slightest alteration in the building has to be apprised to the buyer by the builder. RERA has given an opportunity for a lot of authentic Builders in Navi Mumbai to offer world-class projects to home buyers.
The imposing of GST also launched the market into a state, of confusion and the increasing clarity has also prompted buyers to invest in projects around the country.
Not only the reforms of RERA and GST but the location and infrastructure developments have made the area of Navi Mumbai more enticing. The City and Industrial Development Corporation’s (CIDCO) has been in the projects of establishing SEZs at Dronagiri, Ulwe, and Kalamboli in Navi Mumbai which is to be well-connected by road, rail, sea and air transport. The traffic from these employments can guarantee a rental income for buyers investing in projects in Navi Mumbai leading to an increase in property purchase.
The Navi Mumbai international airport has also boosted the real estate scenario of Navi Mumbai. The massive and rapid development of CIDCO which has allotted more than 800 acres of land for further residential and commercial development has accelerated the investment.
These properties come with a lesser rate than compared to the skyrocketing real estate prices in Mumbai. The flats in Ulwe or Taloja are available at a starting rate of Rs.4500 to Rs.9000 per square feet. Projects in Navi Mumbai are also in close proximity of operational and upcoming IT parks and Navi Mumbai Special Economic Zones. The locational advantage of Taloja, a bustling property in Navi Mumbai is perfect for people and gives them easy access to the highways and the areas of NH-4, Kharghar, Kalamboli, and Sheelphata, etc.
The Mumbai Trans Harbour link is an under-construction 21.8 km, which is a freeway grade road bridge connecting the bustling Mumbai with Navi Mumbai. Once completed, this bridge would be the longest sea bridge in the country thereby appreciating the land value of the city.
The real estate of Navi Mumbai is well on its way to recovery due to the project and infrastructural development by the CIDCO. The implementation of RERA and GST also has paved the way for the buyers to be directly benefited by purchasing properties only from genuine Builders in Navi Mumbai who can clear the conditions and the norms set by the authority. All in all, an investment in Navi Mumbai is good investment decision.
Buying a property is a big step in an individual’s life, and the location of Navi Mumbai is the perfect choice for your purchase. The real estate market of Taloja is bustling with properties from builders in Navi Mumbai and has great amenities along with locational advantages.
Here some tips to buy your next apartment property in Taloja:
If you are looking for investing in Taloja projects, the best idea is to shop around, look at some properties, compare the properties, its facilities, and the price. Comparing properties around town will give you a better idea of the market and clarity on what type of property you would like to invest.
2.Research the market:
Before embarking on the purchase on a property in Taloja, you should research the market and know the about the current market value and the guideline value of the property. Know about the extra costs that are associated with the property and the prices offered by the builders in Navi Mumbai for the apartment with the same specification.
3.Check your financials:
When planning a big purchase, it is prudent to have a look over your financials and know how much you need to keep aside for the down payment and how much loan amount should you avail. Apart from the down payment, you should also keep aside funds for decorating the house or for buying the appliances and other expenses.
4.Inspect the property:
After deciding on a property in Navi Mumbai, you should inspect the apartment for any repairs or modifications as per your wishes. Once you checked the property and found any discrepancies, then you should immediately inform the builder and get the appropriate work done.
When purchasing a property in Taloja, you should check whether the builders have all the necessary approvals like building permits, all the clearances required for the building including clear land documents, sale agreements and title deeds. Having a clear property without encumbrance is the best property to invest.
6.Closing the deal:
When closing the real estate deal, there will be a lot of pressure on both sides, more on the buyer as it is an essential part of their life. When closing the purchase, a lot of small things will come up at the last minute like registration charges and balance payments from the buyer’s side or any obligations from the seller that is yet to be completed.
It is prudent that the decision of purchasing an apartment should not be taken in haste. All the necessary checks and financial planning should be undertaken before going for a property purchase. Planning will save you from making any wrong decisions and from a financial crisis. Nowadays the real estate sector in Navi Mumbai is booming, and this is the correct time to invest in Taloja and enjoy its advantages. Buying an apartment is no mean feat, and these tips will help you purchase your dream home in Taloja.
Buying a property is the dream of many, and Navi Mumbai is one of the fast-developing areas that have a multitude of real estate developers offering projects with world-class amenities. If you are first time home buyer or a new buyer investing in Navi Mumbai, here are some tips.
Decide the investment limit: When investing in a property in Navi Mumbai, the buyer should first set a budget for the property and also save for the deposit that is needed for the down payment apart from the home loan. Before zeroing in on the sale, the buyer should also evaluate their prior financial obligations like personal loan, student loan and the amount they can pay as Equated Monthly Instalments (EMI) apart from their monthly budget of expenses.
The buyer should assess their future needs and goals of their investment. They should decide whether investing in projects in Navi Mumbai is justified for personal needs or is it for capital appreciation.
Improve your CIBIL score before applying for a home loan with bankers. A better CIBIL score can even guarantee a higher loan amount than the one you originally applied.
When looking for loans, the buyer should shop around and check the offers of different bankers, their interest rates, and other add-ons. Compare the offers and pick the best one. Some real estate developers in Navi Mumbai also tie-up with leading bankers to get better rates and loans for their customers.
The buyer should research the locations before investing in the project. They should check whether the all the basic amenities and facilities are available and if the area is also well secured.
The buyer should also research the credibility of the buyer. There are many builders in Navi Mumbai who have a good credibility record in handing over the completed projects with the promised features and amenities.
After zeroing in on the purchase of the project, the buyer should negotiate the rates with the builder to get better rates for the property in Navi Mumbai. As the real estate is in rapid development in Navi Mumbai, many builders can offer promotional offers to sell their residential units.
The buyer should verify all the legal documents pertaining to the purchase of the residential unit. The share certificate, sale agreement, society documents, sanction plans, encumbrance certificate alshould be in proper format and updated with accurate details.
The buyer should also check the security arrangements of the apartments. Repeated checks will help the buyer to know the lax in the security arrangements and point out to the builder to tighten them.
Last but not least, the buyer should always purchase the property that is within their financial limits. Purchasing a higher value property will push the buyer into a pool of debt. Checking the current financial needs and then evaluating for the purchase is a better option.
These are some of the tips that a home buyer should keep in mind before taking in the big leap. Buying a home is a big part of individual life, and the buyer should take prudent decisions when investing.
Ulwe is one of the future investment areas of Navi Mumbai. The strategic location of Ulwe is very advantageous as it is in proximity to the plans of Reliance SEZ , close to Navi Mumbai International Project, Mumbai Trans Harbor line, a railway connecting Nerul – Ulwe. Many builders in Ulwe are in the process of completing of prestigious projects in Ulwe that offer world-class amenities and facilities within their premises.
Here are the some of the reasons for investing in projects in Ulwe:
The average rate of per square feet in Ulwe is Rs.5,773- Rs.8,238 and this price are showing a promising uptrend in the years to come. Flats in Ulwe offer the same quality and amenities on par with projects in Mumbai thereby making up for a great lifestyle.
Ulwe has the proximity advantage by road, air, and sea, thereby elevating it to be one of most sought after localities in Navi Mumbai. Some of the projects that are taking place in Ulwe are:
Upcoming Navi Mumbai International Airport(NMIA) Navi Mumbai Metro Rail Mumbai Trans Harbour Link(Nhava-SewriSealink) Navi Mumbai Special Economic Zone (NMSEZ) Easy access to developed nodes like Belapur, Seawoods & Vashi Ulwe has its fire station which will be one of the biggest fire stations in Navi Mumbai
These projects will popularize Ulwe regarding price and preferability over Mumbai.
Ulwe is less costly when compared to Mumbai as it also offers a quick commute from Navi Mumbai to Mumbai. The cost of the flat is quite less when compared to a property in the heart of Mumbai. Many builders in Ulwe offer affordable housing with the same amenities that are also available in the city of Mumbai.
4.Special Economic Zone:
The City and Industrial Development Corporation’s (CIDCO) has been in the projects of establishing SEZs at Ulwe which is to be well-connected by road, rail, sea and air transport. The priority of this SEZ is to increase employment opportunities in the sectors of IT and financial services. The people employed in Ulwe SEZ will benefit by investing in projects in Ulwe that also give them the locational advantage.
If you are a potential home buyer looking for flats in Ulwe, then this is the right time as there are many prestigious and reputable builders offering projects at half the price of other areas in Navi Mumbai. For example, a flat of 1000 sq.ft is priced Rs 1-1.5 crore in Nerul, but the buyer can purchase the same area for Rs.60-80 lakhs in Ulwe.
Navi Mumbai has been ranked 12th among 73 cities surveyed for cleanliness and hygiene by the Union Ministry of Urban Development and the Quality Council of India. The Sub-divisions of Navi Mumbai like Ulwe, Kharghar. Taloja and others have undertaken significant actions to ensure a clean environment in harmony with ongoing commercialization, unlike the metropolitan city of Mumbai where pollution is a major problem. The city has been designed and developed diligently, with well-planned drainage systems and sewage treatment plants.
These are just some of the reasons for the buyer to invest in Ulwe. The scope of capital appreciation and ergonomic development is enticing buyers to invest in projects in Ulwe. Buy your dream home in Ulwe today and enjoy the benefits for years to come.