HOMEBUYER’S CORNER admin 09/01/2023
HOMEBUYER'S CORNER
The Rise of Mumbai’s Real Estate
The past few decades have witnessed a meteoric rise in the prominence of Mumbai’s real estate sector. The rising demand increased investment opportunities and appreciation of the value of the properties have put Mumbai on the map in league with top-tier metropolises around the globe. Mumbai’s real estate is gradually developing as an alternative for global investors seeking value investment and home seekers aspiring luxury and comfort. Conscious planning, efficient transport & connectivity and a high standard of living are strong indicators of the flourishing impact and opportunities for the real estate industry. Today, Mumbai is the designated frontier for a fast-paced yet premium & luxurious lifestyle.
Why own a home in Mumbai?
Mumbai, the financial capital of India continues to be the most preferred destination for residential properties owing to its bustling economy, cultural intermesh and social strata. This real estate boom can be attributed to the numerous investment possibilities and aspirations of home seekers deriving pride and success by owning their homes in Mumbai. A home in the city also creates a deep sense of security from financial, career and lifestyle viewpoints. The perks of Mumbai are endless, from a superior urban lifestyle, easy accessibility, convenient infrastructure, food, culture, entertainment to luxurious living.
Why own a Jem Group home?
We are committed to being the most trustworthy and reliable partner in your home-buying journey. At Jem Group, we practice a philosophy that nurtures relationships with care, ensures on-time delivery and builds residences that set the bar for luxury. With a 30-year rich legacy of re-defining Mumbai’s skyline, our focus is on premium residential buildings, unparalleled sea view homes, and picturesque landscapes for an upgraded lifestyle. We are persistently improving and striving to achieve our delivery promises in order to provide customers with a delightful experience and serene lifestyle.
FREQUENTLY ASKED QUESTIONS
Shortlisting the right and most trusted developer in Mumbai is an essential decision for your dream home. Research the market critically and evaluate your options on the following criteria; who will provide an on-time delivery, best quality material, quality architecture and seamless home buying journey. Conduct a thorough study of the builder’s past projects, track record, expertise, reputation and reliability in the market.
Location is the most essential element to consider in your home buying journey. The factors below can help you make the right choice: The quality of the neighbourhood surrounding your residence, commute facility & travel time from home to school, college, or office, presence of entertainment, restaurants, and retail outlets that will influence your lifestyle. A good upscale location, planned developments and quality infrastructure adds to the future appreciation value of your property.
Here’s a quick guide to help you get started on your home buying journey.

1. Determine your budget, number of rooms required (2,3BHK etc.), location, neighbourhood and preferred amenities.
2. Prepare a list of your own home’s characteristics and features you dream of.
3. Consider your financing alternatives, like whether you should opt for a home loan depending on your income, credit score and liabilities or is this purchase dependent on an asset sale.
4. Before settling on the best builder for you requirement, conduct extensive background checks on the track record of the developer.
  • TDS or tax deduction for the purchase of property excluding agricultural land.

  • Stamp duty is the tax paid for the legal registration of property. It is borne by the buyer of real estate.

  • Service Tax is applicable if the property is being purchased from the builder who has acquired and constructed the project before offering possession to the buyer. Service tax is not applicable if a ‘ready to move in’ property is purchased from the seller.

  • VAT varies in each state. For Mumbai and Pune, VAT is paid at 1% on ‘agreement value,’. The tax is controlled by the VAT law’s definition of a “work contract.” The party responsible for the costs is specifically expressed in the selling agreement.

RERA stands for Real Estate Regulatory Authority, a Government of India initiative established in 2016 with the intent to protect home buyers and promote transparency in the real estate sector. The objective of this institution is to eliminate the discrepancies and challenges of the real estate sector with uniform, transparent and accountable procedures that mutually benefit home seekers and property developers.
Before purchasing a new property, inspect and confirm the availability of the following documents: Sale deed, Title deed, Approved Building Plans, Commencement certificate for under-construction properties, Encumbrance certificate, Latest Tax Receipts, and Occupancy certificate.
Under construction properties and RTMI units (Ready-To-Move-In), both solutions serve different needs for each client, thus their evaluation varies from case to case. In general, RTMIs are ready properties that you can move in immediately. However, they are comparatively expensive as well as the payment is upfront, with limited room for customisation. Under construction properties on the other hand can be purchased before or during the construction stages, making them a more financially viable option with advantages such as cost-effectiveness, payment flexibility, and better property value appreciation.