Mumbai: In today’s world, owning a home is a significant milestone, but rising real estate costs make it a challenging goal. However, with strategic planning and smart decision-making, homebuyers can make this dream a reality while saving substantially.
Know Your Requirements
Many buyers tend to overspend on features they don’t necessarily need. Before purchasing a home, define your requirements—how many bedrooms, amenities, and additional features are essential? Prioritising needs over luxury can help you stick to a reasonable budget.
Choose the Right Location
Property prices vary significantly based on location. Instead of buying in expensive, fully developed areas, consider emerging localities where property values are still low but expected to appreciate in the coming years. This approach ensures affordability while promising a good return on investment.
Save on Costs: Buy Under-Construction Properties
One of the best ways to save 10-30% on property costs is by opting for under-construction homes instead of ready-to-move-in properties. These homes come at lower prices and often include flexible payment plans. However, it’s crucial to verify the builder’s reliability before making a commitment.
Avoid Broker Fees: Buy Directly from Developers
Real estate brokers charge commissions, adding to your property cost. To reduce expenses, consider purchasing directly from builders or participating in government-backed housing schemes that eliminate the need for intermediaries.
Take Advantage of Government Housing Schemes
The Pradhan Mantri Awas Yojana (PMAY) offers subsidies on home purchases, making housing more affordable. Additionally, various state governments run similar schemes that provide financial assistance to homebuyers. Taking advantage of these programs can significantly lower your overall budget.
Plan Your Home Loan and EMI Wisely
A home loan is a popular financing option, but careful planning is essential. Choose a bank offering lower interest rates and try to make a higher down payment to reduce your EMI burden. Keeping monthly payments manageable prevents financial stress in the long run.
Housing Market Trends: A Shift in Buying Patterns
While luxury housing is booming in tier-2 and tier-3 cities, the overall housing market has seen a 23% drop in sales and a 34% decline in new supply in early 2025. The ongoing correction in the real estate market presents opportunities for buyers to negotiate better deals.
According to PropEquity, Bengaluru was the only major city to witness a 17% rise in new supply, while cities like Mumbai, Pune, and Hyderabad recorded significant declines. The trend indicates a buyer-friendly market, making it an ideal time for first-time homeowners to invest.
Buy Smart, Save More
With proper planning, buying a home within budget is achievable. By choosing under-construction properties, utilizing government subsidies, avoiding broker fees, and selecting the right location, homebuyers can make significant savings. The current market trends also suggest that now is a good time to invest, as property prices remain competitive. Smart decision-making can make homeownership both affordable and rewarding.
