Published & Updated as on - 2010-02-18

Bandra, especially Bandra West, is a popular residential destination since it holds high lifestyle value, despite the fact that it faces a significant degree of traffic congestion. The upmarket location of Khar is, in many ways similar to Bandra in terms of lifestyle - a Khar address is a sought-after social calling card.

Juhu is a sea-front area with its own distinct ambience and charm. Moreover, it is exceedingly well supplied in terms of places to hang out and be seen at, further aided by the availability of high-scale entertainment facilities. Also, Juhu is close to the airport, and it has good health and educational establishments. Historically, its occupier profile has been distinctly up-market - this gives a Juhu address definite snob value.

Andheri scores high in connectivity and people who work in the many offices in this locality prefer to live in Andheri despite the serious traffic issues this area faces. Santa Cruz is a relatively quiet suburb where demand is always assured because of its proximity to the airport and the Bandra Kurla Complex. Vile Parle, which lies between Juhu and Andheri, benefits from both these areas in terms of lifestyle quotient.

Malad’s strong IT/ITES culture adds value to Goregaon, Borivali and Kandivali as well. Chembur was once seen as a posh locality, but it has slipped in ranking as other suburbs around it rose to prominence. Nevertheless, it still offers the advantage of excellent connectivity to all key parts of Mumbai.

Mulund is also seen as one of the better suburbs for budget housing, with comparatively good infrastructure and amenable property rates. Mira Road, Dahisar, Virar and Vasai are largely budget and LIG housing destinations. Thane has its own demand drivers as a residential destination, including a rich cultural heritage and relatively affordable property rates. However, lack of sufficient infrastructure, especially in terms of road connectivity, poses a challenge. The further areas such as Kalyan and Dombivali are largely affordable housing destinations.

Lower Parel is a predominantly a corporate office location that does not offer much as a residential destination by ways of lifestyle factors, other than the proximity of various key offices and its central location. Dadar is one of the older and most established residential locations of Mumbai, with its own cultural appeal and extremely favourable geographical placement and connectivity.

Speed up the transaction

If you are in a hurry to acquire any immovable property the process of buying will become more difficult as it is a complex decision which will normally require a lot of time and hard work.

Ideally, you should interact with a lot of property consultants, make sure your finance needs are properly planned, and be clear as to who would be the lawyer giving you proper legal guidance about your intended property purchase.

The time period it would take to buy a home depends in a big way on the willingness to compromise on a few things. The total time frame the whole process can take place will also depend on a lot of other factors.

Should you sell your property first and then look out for a new one? A majority of property purchasers wish to sell a property and use the money so received by them for acquiring a new one with a larger area and/or at a better location.

Of course there are a lot of other factors as well, on which your decision will be based, or which would influence your buying decision. These are some of the key stages involved in a real estate purchase transaction:

Selection of the right type of property.

Intimating the seller of your desire to purchase his property.

Negotiating the price as well as other terms and conditions.

Intimating the society the intention to acquire the flat or property (if the flat or property is owned by a co-operative society) by both the intended seller and purchaser along with obtaining a ‘no objection certificate’ from the society managing committee.

Approving of the agree¬ment by both the parties and their respective lawyers.

The actual signing of the agreements as well as the payment of stamp duty and registration charges.

Getting possession of the property and paying off the balance consideration to the seller.

Source: DNA