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Yes, Buying a flat in Mumbai is a good investment.
There are some reasons like
- There is no greater investment on earth than earth.
- Mumbai is one of the best cities to live in. It has a great infrastructure and environment.
- Property is an asset. It will give you better returns on investment than interest from the bank.
- Property can be used as a second source of income when you rented out to someone.
- Buying property now in Mumbai is your best option because in the future it will either be too expensive or unavailable.
The kind of appreciation happens in Mumbai that will never happen anywhere else in India.
There are many builders and brokers, who might be offering you a good deal, price, amenities, payment scheme, etc, but keep your focus on the location, floor plan, infrastructure, nearby environment, and public conveniences available.
Try and stretch your budget as much as possible and buy as close as possible to main Mumbai.
Investing in buying a flat in Mumbai, will depend upon 2 factors
- Buying the home for Stay or as an Investment.
- Buying a home with Cash, Loan, or Partial loan.
Based on the following factors, there can be 6 scenarios (Probability)
1.Home for Stay with Cash.
Stop procrastinating, go buy your home. You are too rich to be posting this question.
2.Home for Stay with a Loan. (20:80)
Do this only if you badly need a permanent home. This will bind you for your next 20/30 years to the loan repayment. Basically, you will work your entire working age for the bank. I would suggest going to a rented apartment.
3.Home for Stay with a partial Loan. ( 50:50)
Okay. I feel the majority of people will lie in this category. Knowing you already have 50% of the home cost and only the remaining as a loan. You can wait till you reach a point where there is the minimum amount of loan you need to borrow, enough to help you in your tax saving. Again I would ask people to be cautious and try and minimize the loan amount. (I would recommend an 80:20 ratio i.e. max 20% loan )
4.Home for Investment with Cash.
You are lucky you read this. Buying a Home for investment, so you can put it on rent with full cash is really a dumb idea in the current scenario. Property rates in Mumbai are stagnant since 2014 and will not rise until the Modi government is governing (2024). And rent does yield only 2–4% annually of the house cost. (Even the Fixed deposit gives better returns 6–8%) So why invest in property in Mumbai where property rates have already saturated.
5.Home for Investment with Loan. (20:80)
Hope you read the 4th scenario. Rent amount yields just 2–4% annually of the house cost. You are paying a 6–8% interest on loans to Bank. So basically making a 2-4% loss annually. And the loan amount would bind you for the next 20–30 years. Finding people for a house is a cumbersome process and there are brokerages involved. I cant see you making any profits here.
6.Home for Investment with Partial Loan. (50:50)
As you might have read in scenarios 3, 4, and 5 that investing in property in Mumbai is not a wise decision, given that the current situation of property rates not rising any further. You can invest cash. You have in stocks/mutual funds/F.D. and wait for the right time to invest.
Mumbai is the best destination for those who are willing to have a good investment in this. The residence offers spacious, high ceiling, and exclusive flats, beautifully designed for your comforts. So, it is a good option to invest in and a wonderful place for you to reside.
Mumbai is the Financial Capital of India, the growth of this city is booming day by day. There are so many projects working to sell the flats in Mumbai.
K2G provides all the top options available for you to buy a house in the city. If you are planning to buy a house in Mumbai then K2G can provide you a wide range of flats in Mumbai for sale.
The Mumbai flat price from under 10 lakhs, 20 lakhs, 30 lakhs, 40 lakhs, 50 lakhs, 60 lakhs, 70 lakhs, 80 lakhs, 90 lakhs, and 1 crore. Otherwise, there is one in the city that is providing luxury flats, apartments, penthouses, villas, and Bangalow.
K2G can provide you the best options for flats sale in Mumbai within your budget and price range. Flats for sale in Mumbai for 25 lakhs are available in the Western region.