Mumbai as a city is one of the best places in the country to invest in and if you are someone who is looking to enter the real estate market by making their first investment, then you should consider investing in a 1 BHK in Vile Parle East is your first investment.
Ease of renting:
One of the benefits of owning a 1 BHK in Vile Parle East is the fact that many individuals looking for a rented apartment in the city. As it is a given that a 1 BHK rented apartment is more affordable than a 2 BHK one, you will be surprised at the ease with which you will be able to find tenants for your flat. This will ensure that your investment is not only safe, but it is also providing you with a sizeable income every month.
Lowered cost of living:
The newly elected Maharashtra government recently announced property tax exemptions for flats that measure less than 500 sq/ft and this helps boost the dwindling real estate sector in Maharashtra. While the rest of the country witnessed a slowdown in the real estate sector, Maharashtra saw a resurgence of sorts, as the move made investing in a 1 BHK flat in Mumbai appear to be an extremely attractive proposition. With the above mentioned exemptions, the monthly outgoings/maintenance that once included the BMC property tax has been greatly reduced.
It’s a given that a 1 BHK flat is far more affordable than a 2 BHK Flat or a penthouse, as the area is less, but the affordability does not end there. The cost of furnishing and redecorating the apartment will be significantly less, as the area that needs to be furnished is less. While not compulsory, it is highly advisable to rent out a fully furnished, ready to move in flat, as that gives you bargaining power and you can demand a slightly higher rent.
As a first investment, it is best to invest in a 1 BHK in Vile Parle East, as it will let you get an idea of the real estate market in and around the city and can help you in your future investment plans.