As an investor spending crores of Rupees on a 3 BHK in Mumbai, the onus is entirely on you to make a well-informed purchase decision. There are several details that you cannot afford to miss. These include checking the current status of the property, studying the title documents, and other municipal certificates. This article aims to give you a brief idea of the various things needed while making a property investment.
Things to check about the real estate developer
If your builder enjoys a great reputation, half of your tasks are simplified. You can rest assured that the builder exercises enough transparency in dealings. A good builder also means that the quality of construction will be at par with the best industry standards.
You can carry out a background check on the builder by first finding out if the firm is registered with the real estate development body in your city or state. Alternatively, speak with an existing customer who has bought a home from the builder in question to learn about their home buying experience. You could also do an online search to find out the general reputation of the builder (however it is possible that some reviews could be misleading, so exercise your discretion).
Things to check about the legal aspect of your property
You might spend several days before you get all the legal facts in place, but it is well worth the time and effort. There are several different taxes and clearances that a builder needs to have. These include NOCs from the municipal corporation, water supply and electricity board, the area development authority, and so on.
If the property is under construction, ask for documents such as the development agreement (between the builder and land owner) or the allotment letter. If you are purchasing a ready possession flat, check for documents such as title and property possession documents. Also check if the builder has property transfer rights and whether all outstanding bills and taxes till date have been cleared. Only then should you proceed to take possession of your 3 BHK in Mumbai.
Things to check about government taxes and duties
You might have heard about the stamp duty and registration fees that a buyer needs to pay during a property purchase. In addition, when you buy flat in Mumbai you would also need to make an initial payment to the electricity board for an electrical connectivity. Service tax is also levied by the government on under-construction property. Discuss all these with your builder and chalk out the schedule of payment in accordance with your financial abilities when you buy flat in Mumbai.
While these a few elementary steps to take when you buy a 3 BHK in Mumbai, you could also enlist the services of an authorized real estate broker and/or a legal consultant to get a detailed understanding of your property buying process.
How to Buy a 3 BHK in Mumbai