Western Suburbs, Mumbai

Borivali in Mumbai is one of the suburbs beyond the Western Suburbs that is undergoing re-development. This location is offering the tall buildings of up-to 15 floors, which is giving the beautiful view of the Sanjay Gandhi National Park, but only some residents will get this view. Before two years, State Government relaxed the DCR (Development Control Rules) for the Western Suburbs by providing extra Floor Space Index (FSI). This move attracted some well known real estate builders for re-development of the area, which was otherwise packed with mid-rise structures.

According to the owner of Mumbai Porpeties, Ramprasad Padhi, “These policy changes will change the phase of real estate. New supply which came in was a good opportunity for first time home buyers as well as investors”. This new stock of property also evolved the quality of life, here as it has brought young buyers to the area. Vishesh Mehrotra owner of City Home Solutions, stated that “With rising disposable incomes of working couples, several shopping malls and multiplexes have also come up which has changed the look and feel of the area”.

Present scenario of Borivali in Mumbai:

Properties in Borivali West are in the range of Rs 45 lakh for a 1BHK unit whereas it can go up-to Rs 8 crore for a 3500 sq ft, 4BHK unit. The eastern counterpart of Borivali locality has a number of housing units that offers a green view of the Sanjay Gandhi National Park but is priced in a budget range of Rs 1-3 crore for a large, 2BHK unit of 1000-1200 sq ft. however, lack of large layouts is keeping away the township projects from the area. So if you are planning to buy a property than you can check-out the properties in Borivali, as here property prices are affordable in comparison of other regions of Mumbai.

Buy, Rent and Sell property

Do you want to buy it because you want to live in it with your family or do you look for an extra income that the house will bring in the form of rent? Or, are you simply buying it for long-term value leverage?

When should you buy a property?

Often we are confused about choosing the right time for buying a property, but the ‘right’ time for purchasing a house is completely depends on you in other words, whenever you yourself are ready for all the responsibilities that come alongside purchasing a house. It is equally important to think through the purposes of purchasing a house. Do you know why you need that house? What is motivating you to buy that house? The more focused your search will be, the better result you will get that meets your requirements.

What makes more sense — Rent or Buy?

There are several key points to consider which making your choice between buying and renting.

Prefer buying it if you find a house of your choice, that is near to your workplace or easily reachable from there. As it is obvious that banks don’t provide 100 % loan amount and you have to shell out at least 10-15% of cost, make sure that the Equated Monthly Installment (EMI) which you have to pay against your investment should not exceed 40 per cent of your monthly income, otherwise it would be difficult for you to repay the loan amount. Moreover, if you are already paying a monthly rent that is almost over 75 per cent of your applicable EMI, consider buying a house.

What to buy?

Once you decided to buy a property, next decision in line is what you should buy – Apartments, residential plot, independent houses, single floors, and multistorey flats. Each type of property has its own advantages and disadvantages based on the location.

Plot Vs. Multistorey?

In India, though there is a huge demand of plots rather than apartments, multistorey apartments are also gaining popularity slowly especially in established urban areas. The reason is affordability of land and the convenience and security offered by apartments. Also, increasing trend of nuclear family is pushing the need of selling large plots for smaller more compact apartments with centrally managed facilities.

What you need Independent plot or apartment in a gated community?

Gated Community is today’s form of residential complex, covered by high walls and fences. It has provision of surveillance based entrances to keep watch on those entering the community, cleaning amenities and surroundings. These gated communities provide the freedom of hassles-free life by taking care of everyday civic problems. An apartment in a gated community is generally a safe bet. An independent house, on the other hand, can be customized as per buyer’s need. An independent house provides plenty open space and clutter-free living.

Whatever you decide, always make sure that you are going to take care of the common facilities such as water, roads, and power supply and back-ups etc. Still there are certain developers who offer villas or townhouses within the gated complex with all the facilities that generally come with apartments. Though these options are little more heavy on your pocket but much safer and hassle free. However, you should be ready to pay maintenance charges for using these facilities.