Mumbai Properties for Resale
The market for buying resale properties in Mumbai is highly unregulated and therefore highly lucrative as well. With limited rules and regulations, do not be surprised if the person who manages your dry cleaning or serves you a sandwich at the roadside will also try to sell you a property.
The game is one of networking and hustle in Mumbai currently. Those with the hunger and knack for the selling Mumbai properties can do amazing business in any major real estate market in the world.
The process is simple and it always starts with the property. Once a property is known to be for sale, the usual suspects come out of the woodwork to make sure they can get a piece of the action.
Real estate agents exist in Mumbai but not in the traditional sense. There is no regulatory body that governs who can be a real estate agent. There is no licence required to sell property in India and therefore, everyone who wants to earn a quick buck sometimes rushes to sell the property.
If you are trying to buy one of the thousands of resale properties in Mumbai, be sure you go into the process either with an experienced agent with years of experience and trust in hand or you can also be your own negotiator.
Finding Properties for Resale in Mumbai
The first step is to find Mumbai Properties for sale. There are great quality websites such as Mumbaipropertyhub.in that exist solely to make your life easier in terms of finding Mumbai properties.
If you are going through a broker, ensure that they have your best interest in mind and are not working for the buyer to increase the price for a higher commission.
You should choose a buying broker who knows all the ins and outs of the real estate buying process in Mumbai. Ensure that he has sold and bought a few properties in Mumbai before hiring and definitely secure a fixed rate of commission; in writing, prior to the engagement.
Things to Know when Purchasing Mumbai Properties
When buying a flat, firstly ensure that the building as an Occupancy Certificate (OC), this legalizes the building for staying. There are many Mumbai properties without an OC, which makes it difficult in the long run when and if the government decides to act on the illegality of the building – forcing the residents to forgo their investment in the property and also rendering them without a home.
Once you are certain the building has an OC, simply contact the owner or estate agent representing on their behalf about the pricing points, move-in dates and any terms & conditions they may present.
Review all documents carefully prior to signing. If you are taking on a loan prior to purchasing the property, ensure that the bank officials give you a loan sanction letter. This document is important prior to going forward with other regulatory processes such as getting the stamp duty and registration process started.
The rest will be taken care of by the estate agent and you’ll be soon enjoying life in a Mumbai property in no time.