Residential Real Estate FAQ — Mumbai

Ready-to-move means no waiting and no construction risk, but costs more and attracts no GST benefit. Under-construction is cheaper and lets you pay in stages, but you carry delivery risk — so the builder’s track record matters more than the brochure. If you are paying rent while you wait, factor that into the comparison.

Plan for roughly 6-7% extra for stamp duty and registration, which no home loan covers. Under-construction purchases also attract GST. Then add society deposit, parking, and any interiors. A ₹2 crore flat realistically needs around ₹2.13-2.15 crore in total.

Carpet area is the usable floor space inside your walls — this is what RERA requires builders to advertise, and what you should compare between projects. Built-up and super built-up include walls and shared spaces, so the same flat can look 20-30% bigger on paper.

MahaRERA registration certificate, title documents, approved building plan, commencement certificate, and — for ready properties — the occupancy certificate. For resale, also check the society NOC and that dues are cleared.

Banks typically fund up to 80% of the property value, and cap the EMI at roughly 40-50% of your monthly income. Your credit score, existing loans and job stability all affect the final sanction. Get a pre-approval before you start seriously shortlisting — it tells you your real budget.

A longer tenure lowers your monthly EMI but increases total interest substantially. Choose the shortest tenure whose EMI still leaves you comfortable — and remember most lenders allow prepayment on floating-rate loans without penalty.

Yes. The bank disburses in stages linked to construction progress, and until possession you usually pay only the interest on the amount disbursed so far (pre-EMI). Budget for paying that alongside your current rent.

MahaRERA is Maharashtra’s real estate regulator. Any residential project being advertised or sold must be registered, and the registration number must appear in all advertising. It gives you a public record of the project’s approvals, promised completion date, and any complaints against the builder.

Search the registration number on the official MahaRERA portal. You can see the declared completion date, approvals, and past complaints. Do this before paying any booking amount — it takes five minutes and is the single most useful check you can make.

Under RERA, a buyer is entitled to interest on the amount paid for the period of delay, or can withdraw and claim a refund with interest. In practice, enforcement takes time — which is why the builder’s past delivery record matters more than any contractual clause.

Bandra is iconic, sea-facing and well connected, and priced accordingly. Khar offers similar convenience in a quieter setting, with many redevelopment projects. Lower Parel suits buyers who want new luxury high-rises close to offices. Thane gives the most space for the money, with lakes and large townships, but a longer commute to the island city. Your daily commute and budget usually decide it.

Tell us your budget, configuration and preferred area on WhatsApp. We send a shortlist with photos and video walkthroughs, arrange site visits for the ones you like, and help with paperwork and loan coordination through to registration. We reply quickly on WhatsApp.