Thane is an integral part of the Mumbai Metropolitan Region which is further developing over the years with major infrastructural development plans. Thane is all set to experience exponential growth with amazing social and cultural infrastructure, an increase in the number of retail and commercial places as well. With many new infrastructure projects approved by the Mumbai Metropolitan Region Development Authority (MMRDA), Thane is steadily moving towards a self-sufficiency model. Thane city is now becoming a gamut of luxury residential projects and affordable residential projects offering world-class amenities with more space and low prices as compared to western suburbs and South Bombay. Areas like Pokhran Road, Ghodbunder Road, Kolshet Road within Thane city provide excellent connectivity to all means of transportation like roadways, railways, airways and also to schools, shopping malls, and hospitals.
Therefore many renowned developers are moving their new upcoming residential and commercial projects towards the outskirts of Mumbai, like Vasai, Navi Mumbai, and Thane. Amongst all these locations Ghodbunder Road in Thane has changed completely offering galore of options in luxury as well as budget homes. Thane city is growing in the area and is receiving rapid appreciation in the real estate property market as well. All these factors are contributing to make Thane a good option for end-users and investors to invest in new upcoming projects in this city. But while you search for your next real estate investment in new building projects in Thane you must consider a few essential checklists before you finalize your decision.
Building Approval Plan
A building plan is authorized by the State Development Authority without which the development of the structure is illegal under the Municipal Corporations. A building developer needs to get an approved arrangement from the jurisdictional Commissioner or an officer approved by the Commissioner. However, the experts endorse a building approval plan dependent on the zonal characterization, street width, floor area ratio (FAR) and plot profundity. A set of documents needs to be submitted by the developers to get the building approval plan.
Know The Developer
It is very vital that you know the information and the past initiatives about the developer and their credibility. Remember the fact that you’re investing your hard-earned cash and also do it in a trustworthy place. Avoid investing your cash with developers who`ve inadequate funds and are dependent on pre-selling sales to begin their new project. Search for all of the feedback from your closed ones and pals. Also, do an online funding marketplace research.
Legal Check of Property
Check whether the property is legally approved to be developed on the plot it remains on. The engineer ought to have endorsements and NOCs from Area development specialists, water supply and sewage boards, electricity boards and Municipal Corporation. Nonetheless, in this case, if you are planning to take a home loan, the concerned bank will approve your property records before advance authorization.
Location of the Property
The location of the new building project is an important aspect which you should consider before investing. The end-user must properly check the location and the accessibility to the property before investing. You should keep in mind things like how congested the area will be, the flow of traffic in that area, the nature of the surrounding, the lifestyle followed by people staying around and the orientation of the surroundings. Keeping all these things in mind before completing the whole investment process will help you have a peaceful life in the future. The location plays an important role in deciding the property price.If you plan to invest in a property within the affordability housing segment you should opt for a property that is away from the city but is easily accessible from the basic necessities which you might need in your everyday life.
Capital Appreciation Of The Property
You should always research the capital appreciation of the new building, which should be the main motto for any kind of real estate investment which you make. Always look after the potential future development of the property within the locality you are opting for. Instead of trusting the word of mouth publicity, people should prefer doing proper research before investing. Check out various new upcoming project`s property rates in different localities which you plan to invest which will help you in deciding which locality you should prefer. Do not forget that property value does not depend only on the locality but is also affected by a number of factors like real estate trends in the city, infrastructure, amenities offered, type of home, etc.
When you invest in real estate property you should be aware of the ROI of the property. When people opt for property for investment it is mostly rented out. Apart from capital appreciation over the period of time which you will get from the property which you have invested, rental income is an additional perk in that case.
You should make a proper list of amenities which you expect from the developer which should be there in the new building which you plan to invest in to make your life more comfortable. This factor should be paid attention when you go out to search for a property for yourself. Think about the future needs of your family and plan accordingly.
Understand Your Goal
Usually, take into account that you believe you researched accurately and spend money on tasks that provide you your favored facilities. Maximum of the home buyers spend money on houses due to the decrease rates and do not consider what they actually want. You must recognize in case you are buying a home for investment or as a primary home. Ensure which you are particular about your alternatives and then put money into any new project.
It is very important that you stay true to the level of expectation and priorities which you have while investing in a new building project in Thane. Location, market value, amenities offered are important if you want to enjoy your life in the future. These factors will help you make a worthwhile investment.