What to Know if you want to Buy Property In Mumbai

by | Aug 8, 2013 | Real Estate

Mumbai is the most populated and wealthiest city in the country of India. It is the fourth largest, in regards to population, in the world. Originally named Bombay, Mumbai is a city rich in culture and great entertainment. It is also an exceptionally busy city for commercial enterprises and commerce. All of these benefits are making Mumbai a top destination for people seeking property in India.

If you are considering buying Property in Mumbai there are several things to keep in mind.

You can only purchase property in India if you have lived in the country for at least 183 days over one fiscal year.

Non- residents are not allowed to purchase property jointly with a resident.

Non-residents can only enter into property leases which are for five years or less.

Foreign companies which are legally operating a branch office within the country of India can purchase property.

Residential Property

If you want to Buy Property In Mumbai from Mumbaiproperties.info, it has a lot of real estate available for residential buyers. There are 1, 2 and 3-bedroom apartments and houses. Many apartments even include parking for up to two vehicles. The apartments are located across the city with various amenities and price points. Houses can be found in Mumbai’s suburbs. Apartments and houses are available for lease and purchase.

Commercial and Industrial Property

The possibilities for commercial locations are staggering. Multi-story office buildings with car parks and daycare centers are available. Smaller office buildings in the heart of Mumbai’s commercial districts abound. If you cannot find what you want there are multiple real estate agencies ready to help you locate land and build to your specifications.

Caution Before You Buy Property in Mumbai

It is a good idea to have a reputable real estate agent and a lawyer familiar with Indian law assist with any real estate lease or purchase in Mumbai. Research all your options before making the decision of whether to lease or to buy. Property prices have risen dramatically in the last few years. Banks in Mumbai will only finance 70 -; 80 percent of the sale price. So, keep in mind you will need to provide a substantial amount of money up front.

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