Malad is a suburb located in the northern part of Mumbai. It is a green and serene locality near the Malad creek, surrounded by mangroves. Malad is divided into two areas: Malad (East) and Malad (West).
Malad West is well known for its shopping malls, like Infiniti Mall and Inorbit Mall, and its beaches, including Marve Beach and Aksa Beach. It also houses several commercial centers such as Mindspace and Infinity IT Park. Due to its proximity to key business areas like Andheri and Goregaon, professionals living in Malad West can easily commute to these locations for work or business.
Buying a house in Mumbai is an expensive affair for many. The prices of real estate apartments in Mumbai have skyrocketed in recent years. However, there are a few areas where flats are relatively more affordable. One such area is Malad.
For small families, 2 BHK flats are ideal, and for larger families, 3 BHK flats are a better choice. If you’re planning to buy a flat on a budget, here are some tips to help you make the most of your purchase.
Research the Local Real Estate Market
Price Trends: The price of real estate in Malad West is relatively lower than in other parts of Mumbai, although there may be fluctuations. It’s advisable to keep track of the ongoing price trends to get the flat at the best possible price. The price of a 2 BHK flats in Malad West can range from Rs 90 lakh to Rs 1.2 crore, while a 3 BHK flat may cost around Rs 1.5 crore to Rs 2 crore in a prime location. A more luxurious flat could cost upwards of Rs 2.25 crore.
Upcoming Infrastructure Developments: Opt for areas with planned infrastructure, such as new metro stations, highways, or commercial parks. Once these developments are completed, they will increase the value of properties in the future.
Choose the Right Location
Proximity to Transportation: It’s important to choose a location that is well-connected by transportation services such as buses, local trains, and metro stations. Easy access to public transport can save you money on daily commuting.
Amenities Nearby: Ensure that the location you choose has essential amenities nearby, such as schools, hospitals, colleges, malls, and grocery stores. This will not only make your flat convenient to live in but also increase its resale value in the future. Traveling long distances to access basic necessities can be a hassle.
Check for Amenities and Future Developments
When considering a budget flat, it’s crucial to look beyond the price and assess the available amenities within the building and nearby. Amenities like 24/7 security, parking, a clubhouse, and a gym will enhance your living experience. Also, evaluate the potential for future developments in the area, such as highways, shopping malls, or commercial centers, as they will likely increase the resale value of your property.
Set a Realistic Budget
It’s important to set a budget before starting your search for a flat. A fixed budget will help you filter out properties and make it easier to decide how much you’re willing to pay for a particular flat. Don’t forget to account for additional expenses such as GST, stamp duty, and registration charges. You should also keep a buffer for maintenance costs, repairs, and renovations. Additionally, you’ll need to budget for furniture, which can add to your expenses.
Inspect the Property Thoroughly
Whether you’re buying a new flat or a resale property, conduct a thorough inspection to check for any structural issues. You can hire a professional to inspect plumbing, electrical systems, flooring, and dampness on walls, ensuring the property meets quality standards. Some companies offering home inspection services include Magicbricks and Nobrokers.
Verify the Documents
It’s essential not only to check the physical attributes of the house but also to thoroughly verify the documents associated with the property. Documents like the Encumbrance Certificate, Occupancy Certificate, Completion Certificate, Title Deed, and Sale Deed are crucial when purchasing property. Failing to do so may result in losing ownership or legal complications.
Documents such as the Occupancy Certificate and Completion Certificate are vital, as they ensure that the flat has been built according to local authority regulations and the approved layout.
Explore Home Loan Options
When planning to purchase a flat with a loan, start by comparing the interest rates offered by various banks. Lower interest rates will reduce your monthly EMI, easing the financial burden. Several government initiatives, such as the Pradhan Mantri Awas Yojna (PMAY), offer subsidies for first-time homebuyers.
Choosing Between 2 BHK or 3 BHK
Deciding between a 2 BHK or 3 BHK flat depends on your family’s needs. If a 2 BHK flat is sufficient, there’s no need to invest in a 3 BHK. However, if your family is large, a 3 BHK may be the better option, even if it costs more than a 2 BHK.
FAQs
How to identify affordable housing options in Malad West?
Research local real estate trends, consult with real estate agents, and explore upcoming projects in Malad West. Look for areas with developing infrastructure, such as commercial centers and easy access to transportation, to ensure both affordability and future capital appreciation.
What is better: Ready-to-move-in property or an under-construction property?
Under-construction properties are generally more affordable but come with long waiting periods. You may have to wait several years to get possession of your flat. On the other hand, ready-to-move-in properties offer immediate possession, and you avoid paying GST, but they tend to cost more.
What amenities should I prioritize before buying a flat in Malad West?
Prioritize basic amenities like 24/7 water supply, power backup, a robust security system, and parking. Additional amenities like a clubhouse, gym, and swimming pool are nice to have but will increase your costs.
What benefits does Pradhan Mantri Awas Yojna (PMAY) offer to first-time homebuyers?
PMAY is a credit-linked subsidy scheme by the Government of India that helps low and moderate-income groups access affordable housing. The government offers interest subsidies ranging from 3% to 6.5% for eligible income groups, which can significantly reduce your home loan burden.
What legal clearances should I check before buying a flat in Malad West?
Ensure that the property has all the required legal clearances, such as the Occupancy Certificate, RERA registration certificate, and Completion Certificate. Failing to verify these documents could result in legal issues, fines, or even eviction.