Real estate is one of the best investment options available on the market. Whether you are thinking of investing in this sector for diversity in your investment portfolio, creating assets, or simply forming a way to earn second income through rent, big cities like Mumbai are where the best opportunities lie. But there are things that you need to keep in mind before jumping the gun and putting money down on the first property you like. First of all, you need to know whether you want a commercial property or residential real estate to your name.
While the commercial property may have better appreciation prospects if the location and target market for space is right, residential properties are a better bet of leasing and earning a side income. Another reason people invest in homes rather than commercial spaces, especially in places like Mumbai and Pune is that these cities are known for their educational institutes as well as commercial hubs and market, and investors feel that in the future if their children want to move here for education or work they must have a place of their own to enjoy.
When you decide to buy a home, the one question that hits you is whether you should start looking at upcoming projects in Mumbai or settle for older houses that have been lived in. While this is a no-brainer for many investors who believe that if they are going to spend the significant amount they have in mind it is better to invest in an upcoming project that ensures a bang for their buck, there are investors that feel that it is better to invest in a fairly new but lived in building so that there is no doubt in terms of quality of construction, neighbors, the ambiance of the building, the infrastructure, etc. There have been cases where the builder has promised a range of amenities and facilities which are later not provided; buying a home in a building that is slightly old takes care of this facet as well. Older construction maybe a little cheaper as compared to ongoing projects or newer buildings.
There are quite a few upcoming projects in Mumbai, no matter what locality you are considering. The fast-paced city is changing its skyline quickly to be on par with some of the best looking and most developed cities in the world. The leading developers in the city are hell-bent on providing some of the latest luxury amenities and facilities in their projects. These include luxury flats with their own function Tablet computer that can control everything from opening and closing of the curtains to switching on of the lights. In many projects, the luxury penthouses on top of buildings are two-storied and have a separate elevator to enter and leave the complex. If you have the money to invest in such luxury homes, you must buy one. The pride of ownership you have will be tremendous. After all, a home in Mumbai is a sure-fire sign that ‘you have arrived’. For more information visit this link to get more information about it.
The property market in Mumbai has been booming for a long time now. The city is growing towards its outskirts and the constant inflow of population ensures that the demand for rental residential spaces is always high. No matter what your budget, you can bet your bottom dollar to find a decent home within the city or on the outskirts. Plus, you can instantly put the property on the rental market to earn some side income and take care of the monthly loan payments. This is what many investors are doing today.