Two Mumbaikars spill the beans on their home buying experiences
Updated: Aug 19, 2021
June 26, 2021 / Times Property
These home buyers shed light on their inspirational journey - from aspiring to planning and finally buying their dream homes. Read on to find out how they made it happen.
Name: Shweta and Sameer Khair
Profession: Risk analyst and communications professional
Cost of the house: Rs 2 crore
Unit size: 500 sq ft
Year of purchase: 2017
Area: Dadar (W)
While planning their life together, the Khairs were clear that they wanted to live in a well-connected locality with premium amenities. “We used to live in a smaller home in Mahim before we moved into this ready property in 2017. Our child was born here about six months ago, so this place has a special significance for us. Location, amenities, and superior construction quality as well as facility management drew us to this project. We were cautious about the builders that we came across, but the developers of this project were highly professional,” shares Sameer.
LOCATION AND FINANCES
Considering all the infra developments coming up in different parts of the city, the Khairs decided to lock in on Dadar. Shweta says, “As a location, this is a very close-knit community and adds a positive impact to our overall experience of residing in the heart of the city. Rich culture and legacy of the location make it one of the most sought after suburbs. Also, the upcoming metro facility will make travelling around the city much more convenient. While doing the financial planning, we had a clear calculation of how best we can utilise our savings and then plug in the loan component to reduce our EMI burden. We could buy this dream home, thanks to attractive rates on home loans for credible projects.”
BRANDED PROJECTS MAKE A DIFFERENCE
Not only the sense of security that comes with investing in a branded project, the Khairs also benefitted from preferential lending rates and ease of home loan application offered by the developer. “Confidence in the developer is important as your project completion, payment schedules, and quality of delivery all depend on credibility of the builder. Always check past projects along with feedback from customers to further cement your decision-making process. We were fortunate that our project was completed before schedule, while all other parallel projects were still faltering,” concludes Sameer.
Name: Vaibhav Jungade
Profession: Marketing manager for an MNC
Cost of house: Rs 2.5 crore (approx.)
Unit size: 2-BHK (970 sq ft)
Year of purchase: 2020
Area: Amboli, Andheri
The pandemic had people rethink their home priorities and Vaibhav Jungade too had realised that he wanted a bigger and spacious home. However, in a city like Mumbai, bigger homes would most likely come with a higher price tag. “We were looking to upgrade to a bigger house in Andheri since my wife’s business is based here and we are comfortable with the area. While resale flats were on our list, we accidentally came across a project in Amboli that fit the bill,” explains Jungade.
Even though they had a house in Mira Road (which he purchased in 2012), they shifted to Andheri a year later and gave the house on rent. “It was then that we started looking for a bigger house. Even though we were looking to buy in Andheri, we invested in Mira Road due to budget constraints,” says Jungade.
Once they finalised the house, it was a matter of putting the finances together. “We sold the Mira Road house, used the proceeds from there as well as our savings and money loaned by family to make the purchase. For the rest, we applied for a home loan,” he says, adding that even though they handed over the cheque in March 2020, due to the lockdown, they were only able to move into the new house by November 2020.
Jungade says that they were happy to finally move into their new home even as the pandemic rages on. “The metro and railway stations and other social infrastructure are in close proximity. Our priority was a 2-BHK spacious road-facing apartment for easy connectivity – other amenities like a gym, pool, etc were not as important,” says Jungade, adding that it is important to plan a purchase as big as a house well in advance, “The key is to have a plan as well as a back-up plan,” he concludes.
Deborah Pereira Timesproperty@tmesgroup.com