Finding the apartment of your dreams
Feel free to check out the other posts in my Moving back to India series here.
Looking for housing is one of the most city-dependent processes and these are my experiences in Mumbai. I might try to do a post later focusing on other locations where things may vary considerably (for example, I’ve heard of a year’s deposit being required in Bangalore!)
Looking for a place
Unless you have relatives who are willing you to let you live in their flats, the easiest way to find flats in Mumbai is through:
- Facebook groups: There are multiple groups whose sole purpose is to connect people who have flats to let (and their brokers) with people who are looking for flats. You can even find your future flatmate in these groups.
- Brokers: Everyone in Mumbai has a love-hate relationship with their broker — sure they got you your first flat, but it definitely hurts to have to part with an extra month’s rent for that privilege. You can find these brokers through friends, colleagues or through the aforementioned brokers. Different brokers have different flats to show you, so feel free to approach multiple brokers at the same time.
- Dedicated sites for flat hunters: These exist and I have heard some people having a good experience on these sites, but the selection seems to be narrower than on Facebook and often the people listing the flats seem to be brokers anyway.
Make sure you don’t pay any money before you take a look at the house in person. There are many scamsters who will decamp with any ‘deposit’ money you’ve provided for a showing. If an offer looks too good to be true, it probably is.
Location, location… price?
Given the state of Mumbai’s traffic, you will be tempted to stay right next door to your workplace, except… the rest of the city has the same idea as you. The result is that areas near the business districts (Colaba and Bandra) have some of the highest rental prices around. If you happen to work further out in Andheri or Powai, thank your lucky stars since you might actually afford to have a reasonable commute. For most of us, however, we have to reconcile our dream locations with our budgets. A handy thumb rule is the closer to South Bombay (SoBo) you are, the higher your rent is — although it is possible to find cheaper pockets throughout the city.
Don’t worry if the dream apartment you just looked at is out of your budget. The Mumbai housing market is one of the most liquid and chances are another amazing flat is just around the corner.
Things to check for
Regardless of location, it is important to look out for:
- Ease of commute — is it near a bus stop, your train station (Western/Central/Harbour line), are auto rickshaws available (if you’re in the suburbs)?
- Lifestyle — are the shops close by? Will they deliver to your house? Do the neighbours mind if you come home late or have parties every night?
- Security — does the neighbourhood look shady? Is there a security guard in the building (this also comes in handy if you shop online a lot)?
- Amenities — is there 24-hour water supply? Electricity? Does the apartment come furnished? Gas connection (piped or cylinder)?
Negotiations
If you’ve never bargained before, you should brush up on those skills (maybe go shopping in Hill road market in Bandra!). Housing is likely to be your most significant regular expenses and any savings on this front will make a significant improvement in your quality of life.
Tips:
- Never take the first offer the owner or broker mentions. It is generally possible (and expected) to reduce the price by about 10% from the first offer.
- While the broker’s fees are usually fixed at 1 month’s rent, I have had some success in getting them to include the registration and other charges in that fee. For a shorter term rental, its also common for brokers to only charge half a month’s rent.
- You can also include things like required advance deposit, furniture, who pays the electricity bill in the bargain with the landlord — just be creative (and make sure to get everything included in the contract)!
- Always remember you can walk away from the apartment. A similar apartment is likely to turn up within days.
Legal stuff
Most rentals in Mumbai are actually leave-and-license agreements (for the finer points on the differences between these and rentals, contact your nearest pointy-haired lawyer). These are generally 11 months long (however, this is just a convention and you can actually have one for up to 60 months) and need to be ‘registered’. Nowadays, registration can be done electronically and cheaper through the Aadhar system and there is no reason to physically go to the sub-registrar’s office. In addition, the landlord will probably ask for a police verification certificate (the broker will generally take care of this).
Some brokers also expect to be paid a commission (usually half a month’s rent) when you renew the agreement, but this practice is dying out and you should push back strongly against this.
Renting vs Buying?
If you’re a fellow millennial, this might not seem like much of a choice for you given the sky-high property prices right now, but if you do have the means to make a down-payment on a property, it is worth a think.
Property prices in India have been growing very fast in the last decade but have hit a little bit of a stall in the last year or so (official figures here). Its anybody’s guess where the prices will go from here, but I, personally, have adopted a wait-and-watch approach for Mumbai. The real estate market is in a bit of a flux due to a relaxation in the Floor Space Index (FSI) norms in 2018 and there is some nervousness due to the upcoming elections.
Finding a home can be a stressful process that feels never-ending (I know people who’ve looked at upwards of 40 flats before finding their residence), but once you zero in on the right place, it can become your refuge from the outside world — so it definitely pays to spend some time on it.
Happy house hunting!
Once you’ve found your place, you need to invite your friends for the house — warming. See tips on how to stay in touch, or take a look at the entire series here.
Disclaimer: All opinions expressed here are just that — personal opinions. Please do your own research before committing to anything.
