FindItMore | Mumbai is one of the best and famous by name of dream city. It comes under highest GDP in the South India and also in West Central Asia. When we analyze real estate graphically then Mumbai Real Estate comes as the safe real estate and always increase, which always benefies to the old investors as well as new investors who are planning to invest in Mumbai real estate projects like Godrej property, Lodha property, Aaradhya High Park and many more.
If we talk another city of India, then we must say whole Indian Real estate is booming and ready to give the huge returns in future including Mumbai real estate. All the types of properties like housing and commercial in Mumbai are in high demand and ready to give high return.
Mumbai real estate market has strong in Global presence. When we talk about the top companies of Mumbai like Godrej Properties, Lodha Group, Tata Housing, Aaradhya High Park, Kolte Patil etc are helping Mumbai real estate to grow by continuing the building residential and the commercial space according to current requirements.
Of late, the cost of real estate has skyrocketed across the county. This is especially the case in Mumbai, the most populous city in India. Hence, people these days prefer compact homes. If you are on a tight budget, you, too, can opt for a small apartment. It is important to remember that the valuation of a property depends on two things—location and size.
For example, if you buy a 1BHK flat in Mumbai in a prime location, its valuation will be much higher than an apartment on the outskirts. Aaradhya High Park is such a housing project in a convenient location and offers all modern amenities. But before you make up your mind and finalize the selection, here are a few things you should know.
Affordability
The cost-friendly nature of these apartments makes them a popular choice. First-time homebuyers look for affordable homes. Thus, opting for a 1BHK flat or a studio apartment is reasonable. Remember that the smaller the property size is, the less capital it will require.
After all, the down payment on a home loan is a big deal. Besides, opting for a small apartment will reduce the monthly EMI. Interestingly, 1BHK units come under the affordable housing segment where lower-income group people can claim subsidy on the home loan interest rate.
Today, almost all banks and non-banking financial companies (NBFCs) offer the subsidy facility when you apply for a home loan. NBFCs such as Bajaj Finserv offer attractive home loan interest rates with maximum loan amount as high as Rs.3 crore. So, make sure you opt for this facility if you are meeting the eligibility criteria.
Lower utility cost
A smaller apartment means lower utility bills such as electricity and water. For example, the electricity bill of a 2BHK apartment will be higher than that of a 1BHK apartment. Also, you will need to pay a small maintenance fee. Thus, homebuyers can save on the cost of utility and maintenance charges.
Additionally, if you buy a 1BHK flat in Mumbai sized under 500 sq. ft, you do not have to pay property tax. Thanks to the Maharashtra state government for waiving this tax. You also get 60 per cent discount on property tax if your house is between 500 and 700 sq. ft.
Good investment option
A real estate investment is considered safer than any other form of investment. So, those who are investing in real estate may rest assured of a rental income. Besides, if you plan to buy a bigger house later, selling this flat makes a way for the down payment on the new house. The demand for smaller apartments in major cities like Mumbai makes reselling them easy.
Investing in a residential property located near a corporate or medical hub will attract a lot of tenants and buyers. Cities like Hyderabad, Mumbai, and Noida have many migrants. Unmarried people and young couple prefer to live near their place of work. Hence, you can make a healthy profit by either selling your property or renting it out.
Summing up
When thinking of buying a new home, keep these points in mind and make the right decision. Buying a 1 BHK flat in Mumbai in a prime location is easy with Aaradhya High Park’s wide range of housing options. Bajaj Finserv brings you pre-approved offers for home loans, personal loans, and EMI finance on different products and other financial services.
