Mumbai, the most vibrant and yes, the financial capital of India filled with growing industries is the next benchmark city. The city has managed to make a mark in the big league of international business. This industrial boom has witnessed 35,000 expats from over 159 countries move into the city.
Expat residential business in Mumbai has grown parallelly along with other industrial setups and enterprises.
Buying a residential property in Mumbai is not an easy-to-go task. Properties in Mumbai is acutely expensive to buy. Therefore, most expats prefer renting the expat properties Mumbai has. Expats can rent accommodations at affordable prices, close to their workplace and can shift to a new place if dissatisfied instead of actually buying an overpriced house.
However, expats will have to go through the merciless competition that describes the city’s rental market. A decent apartment is crucial for every new dreamer who comes to the city. It leads to soaring rental prices supplementing the low supply.
Few factors to keep in mind when looking for expat rentals:
The time you will have to spend traveling from your workplace to your home or from your child’s school to your home is an important factor to be considered. Also, figure out the fastest and most cost-efficient mode of transport you would be availing once you have signed the cheque.
Social facility buildings like grocery stores, supermarkets, shopping malls, clinics, and medical facilities should be in close proximity to your chosen place.
Check your place before swiping right. It would be preferable if you visit at daytime to inspect for faults and during the night for lighting.
Most expat properties Mumbai offers have adequate or rather abundant water supply while you visit them. However, it would be a smart move to inquire your would-be neighbors about the water supply issues if any.
Finalize a budget for your home and then increase it by 10% percent. You will never get a perfect residential property in Mumbai in your predecided budget range.
Do your homework. Study the neighborhood, social buildings, amenities, government offices, schools, security facilities, quality of fittings, electricity supplies and restaurants before you sign the agreement.
Stay calm and attentive about the market trends and do not rush into buying the property very soon. Keep a check on the property prices that have changed in the last few years, or it is advisable to consult an expert to learn about future trends. Also, compare the price of the local rents of other properties in the chosen locality.
Most parts of Mumbai are safe which is why it is among the safest places to live in India. Briefing every locality in Mumbai could be an overload but to suggest a few residential localities is always easy.
The best places include-
Bandra, Andheri, Juhu, Powai, Goregaon, Navi Mumbai, Lower Parel, South Mumbai, and Worli Chembur. These areas have some of the in-budget lavish apartments for rentals. Apart from just apartments, these areas also have modern-designs displayed in villas and bungalows if you plan to shift in with a huge family.