Homebuyers today have a wide range of options, from properties ready to move into projects that are still under construction. It’s worth noting that an ongoing residential project can have advantages over a ready-to-move-in home. However, not all new residential projects in Mumbai offer the same benefits and features. A savvy buyer must choose the option that best meets their needs.
Factors To Consider For Selecting a Residential Development Project
Before selecting a residential development for Mumbai flats, consider the following:
- Consider the Advantages of Location: When searching for a new residential project in Mumbai, location is paramount. Opt for a location that offers residents convenience in commuting, easy access to shopping and entertainment, a green environment, a secure neighborhood, and proximity to essential amenities. Such features inspire comfortable, joyful, and stress-free living. Additionally, the area should boast a well-developed infrastructure, fostering a sense of social security among its residents.
- Verify the Developer’s Reputation: In cases where prior projects are incomplete, there are other ways to assess the credibility of a real estate developer. Examine their project schedules to gauge how closely they adhere to requirements. Furthermore, scrutinize their quarterly and annual financial reports to ensure they have the resources available to complete their committed projects.
- Verify RERA Compliance: Verifying RERA compliance is crucial, especially for buyers concerned about missed deadlines. The RERA guidelines on the website can guide you in checking the developer’s compliance. RERA also makes it easier to hold developers accountable within five years of a buyer’s closing, should any issues arise with a property still under construction.
- Know Your Legal Rights: The RERA mandate requires a builder to update the plan layout, specifications, and approved plans on the official MahaRERA website. Once the authority (RERA) gives its approval, these details will be displayed on the project’s site. For any construction or common area changes by a builder to the property’s approved plan, the written approval of two-thirds of all allottees or home buyers is required.
- Make Sure to Visit the Site: Visiting a property that is still under construction is essential. Even though construction is ongoing, the basic structure and layout of the flat in Mumbai are discernible. Check the distance to the airport, access to the metro, train or bus stations, and access to other parts of the city. Verify the availability of reputed hospitals, schools, and entertainment zones in the area.
- Look Over the Project’s Design Plans: Numerous ongoing and new residential projects in Mumbai offer various configurations with different floor plans. Choose the solution that best suits your family’s housing requirements. Spacious, well-appointed kitchens and bathrooms equipped with modern fixtures and furnishings can significantly enhance daily life.
Summing Up
One of the most important steps is to search for a reputable real estate developer, such as AsmitA India Realty, if you’re looking to buy a new residential property in Mumbai that is still under construction. They can assist you in finding the perfect place to live, ensuring a smooth and satisfactory experience for potential buyers at the new residential project in Mumbai.
