What to check before buying a flat in Mumbai?

What to check before buying a flat in Mumbai?

9 Important Things to Remember Before Buying Flats

1. Property Price: The first step in selecting a house or a flat is to fix a budget.
2. Flat’s Carpet Area:
3. Land Record:
4. Legal Check of Property:
5. Apartment Possession:
6. Financing Banks:
7. Builder-Buyer Agreement:
8. Location of the Flat:

What should I check before possession of flat?

What checks should be done in the house before taking possession?

1. Amenities: The amenities ensured at the time of sale should be available.
2. Lifts and common areas:
3. Features and fittings:
4. Doors and windows:
5. Wall Paints:
6. Look for cracks:
7. Drainage outlets:
8. Check for leakages:

What is procedure to buy a property in Mumbai?

Redevelopment agreement between the Society and the Developer – This is required when you go to purchase a property under construction redevelopment property. Certificate of Commencement. Certificate of Completion. Land information – like M.H.A.D.A, M.M.R.D.A, Freehold Land, Leasehold Land, etc.

What is the procedure of buying a flat?

1) Title Verification

As a preliminary step, the buyer must first confirm the existence and validity of the property title. It must be free of any mortgages or previous unpaid dues. Scrutinize all documents for a minimum period of the last 12 years, going up to 30 years for any legal discrepancies.

What happens to flat after lifetime?

If you are wondering that the flat you are staying in will be of no use after 50 years, then I can assure you that you are wrong. The National Building Code in India regulates all the activities related to building in India plus some rules are also dependent on the State Building Codes.

Which floor is best to live in apartment as per Vastu?

My Vastu consultant suggested that the ground floor, first, second, third, and fourth floor are the best floors to live in according to Vastu. Any apartments above the fourth floor are devoid of water elements which creates a tussle in a relationship. So, it’s better to avoid those floors as per Vastu.

What is soft possession?

Builders define ‘possession’ as different than yours. For you, an OC is called ‘ready for possession’. But there is a new term called ‘soft possession or fit out possession’ which means when builder is ready to allow you to start woodwork.

Can a builder charge GST?

In fact, builders can charge GST for under construction properties as well.

What to know before buying a property?

7 Things to Know Before Buying a House

• Your credit score.
• How much home you can afford.
• Options for your down payment.
• How much you can borrow.
• Condition of your local real estate market.
• Where you want to live.
• Type of home you want.

How much time it takes for flat registration in Mumbai?

Delivery: Typically, it takes 15 days for your documents to get registered. Your documents will be handed back to you only after you produce the receipt that was issued to you at the time of registration.

Is it worth buying 30 year old flat?

It is worth buying an old flat because you will get the property at a cheaper rate than a newly constructed property. Benefits of Getting a resale flat: Less expensive as compared to newly constructed flats. In an old flat that is up for resale, you have the option to shift immediately after making the payment.

How many years does flat last?

However,experts are of the view that concrete apartment buildings in India last only for 30 to 50 years compared to the expectation of 70 to 80 years. The short life span is an economic burden for not only owners and residents but to the nation as a whole.

Which floor is best for apartment in Mumbai?

upper floors
In cities like Mumbai and Bengaluru, upper floors are preferred, while in Delhi-NCR and Chennai lower floors are the first choice for rental purposes.”

Which direction flat door is best?

Which is the best direction for flats as per Vastu tips for buying new flat? It is best if your flat and flat entry is facing the East and North-East directions, this way you get the best energy for the house.

Can we stay in flat without OC?

Home at risk – Flat without OC
Without a valid OC, your occupancy is illegal as it can be classified as an unauthorised structure by the authorities. 2. OC is crucial while applying for a home loan or loan to purchase a resale flat. You cannot even sell your property without a valid OC in hand.

Is OC mandatory in Mumbai?

It is against the law to move into flats in buildings without the mandatory municipal occupation certificate (OC), the Bombay high court has ruled. 2) Once the building is complete, the builder has to obtain an Occupation Certificate, which certifies that the building has complied with the approved plans.

How can I avoid buying GST on a flat?

There will be no service part in the transfer of a completed property to the buyer. As a result, GST for the purchase of a flat will not be applicable in such sales. So, if you acquire a ready-to-move property, you may be able to avoid paying GST for apartment purchases.

How much GST Do I need to buy a flat?

Flat owners must pay 18 percent GST if they pay at least Rs 7,500 in maintenance fees. Housing societies or RWAs that collect Rs 7,500 per month per unit must additionally pay 18% tax. Housing societies with revenue under Rs 20 lakhs are free from GST.

What are the 3 most important things when buying a house?

They say the three most important things to think about when buying a home are location, location, location. You can change almost everything else, but you can’t change your home’s location.

What are the 5 steps in the home buying process?

5 Steps of Home Buying Process

1. Step 1 – Getting Pre-Approved Prior to Shopping for a Home.
2. Step 2 – Assembling Your Home Buying Team – Knowing the Players.
3. Step 3 – Purchase Offer Submitted.
4. Step 4 – Conditions and Paperwork.
5. Step 5 – Closing.

Is sale deed mandatory in Mumbai?

It is absolutely mandatory to get a sale deed registered. A sale deed has details including details of buyers, and sellers, property area, construction details, sale amount (token, pending), date of possession, etc.

What are the registration charges for a flat in Mumbai?

What is registration charge in Mumbai and its adjoining areas?

What is average life of a flat?

Most flats have a lifespan of 75-100 years and with proper maintenance, they can last longer.

Is it worth buying a 10 year old apartment?

No definitely not. Apartment reduce in its value as it ages. Unlike land that appreciates with time, apartment starts depreciating and losing its value typically after 7 years of completion. This is because the building has a definitive age unlike land.

Is higher or lower floor better?

Living on a higher floor has its advantages. You get better views of your locality, better light and ventilation, and there is lower impact of street-level disturbances compared to those on the ground and lower floors. Higher floors are also usually free from the menace of mosquitoes and rodents (mainly rats).