Real estate activities have picked up in Mumbai post demonetisation and implementation of RERA. Mumbai has the presence of several luxurious residential projects such as Lodha Palava. There are certain things to keep in mind before buying a property in Mumbai.
An essential thing to consider is the registration and stamp duty charges. It’s important to register the property in your name and you need to pay stamp duty and registration charges for this. These charges depend on the property’s registered price and its ready reckoner rate. It’s vital to pay these duties to avoid penalties.
Another important thing to consider is the applicable Goods and Service Tax. If you are buying an under-construction property in Mumbai, you need to pay a 12% GST. Therefore, it’s important to obtain the completion certificate from your builder as you don’t need to pay any GST on completed properties. Also, it’s a proof that the property is constructed as per the set norms.
Make sure that the home you are buying in Mumbai is well-served by roads and railways. It should be close to your workplace so that you don’t have to spend much time travelling. For instance, the strategic location of Palava City makes it easily accessible from all major landmarks in Mumbai.
The amenities on offer is another essential thing to consider. As buying a home is a long-term commitment make sure the facilities on offer aligns with your living standards. It’s also vital to check out the annual maintenance charges that you need to pay to avail them.
Additional Read: Reasons to Invest in a Property in Mumbai