You may face some challenges while investing in Mumbai Property

Q: Buying a property in a city like Mumbai is quite uninteresting and complex process.

Manilal Patel, Mumbai

16th October 2015

Investment Advice in Mumbai

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Apart from that, while buying property, one must be confident of decisions such as where to buy, what to buy and how to buy. It is unnecessary to mention that these questions take time to be answered and require expert guidance as well. In Mumbai, such expert and relevant guidance is not very easy to find and thus more than 20% of the citizens of Mumbai shy away from buying a property because of this reason.

Samrat,

17th October 2015

Comment

Yes, the above mentioned are the most common challenges faced by the residents of Mumbai. Fortunately, the govt. of Maharashtra is now planning to set up a real estate regulatory authority which will help reduce the number of illegal constructions in Mumbai. Several property portals too are making their way that can help people find the right property of their choice.

Anuskha Chandan, Mumbai

16th October 2015

Comment

I also feel that life in Mumbai is quite fast paced and many people find it difficult to find time to research and determine on a suitable property for purchase. In fact, approximately 25% of Mumbaikars say that they do not have time to research and buy a property in Mumbai.

Nishant Bhat, Mumbai

16th October 2015

But remember when it comes to property buying, it is important that potential buyers should check if the property has all legalities and approvals in place. Nevertheless, in Mumbai, it is a very difficult task as the builders and developers do not provide this information upfront to the buyers.

Vivek Kulkarni,

16th October 2015

Vivek Kulkarni,

16th October 2015

I totally agree with you Vickky. Although, there are some reputable developers who do so upfront, but such developers are very rare to find in Mumbai. In this way, lack of information is the 2nd crucial challenge faced by potential property buyers in Mumbai.

Nishant Bhat, Mumbai

16th October 2015

Right Mani,
And i can give you many reason why property buying in Mumbai is considered as challenging, some of the most significant ones are increasing property values, lack of trustworthy information, job insecurity, lack of time to indulge in research and lack of relevant guidance.

Nishant Bhat, Mumbai

16th October 2015

Comment

Hi Nishant,
As we all know that the property prices in Mumbai are already high and are again set to rise by this year end. Unnecessary to mention that sky high rates act as a discouragement and this is one of the most difficult challenges faced by potential property buyers in Mumbai. Statistics give out that more than 30% of potential buyers in Mumbai consider property buying in Mumbai a difficult task because of the flying prices.

Varun,

16th October 2015