Frequently Asked Questions

When buying property in Maharashtra, clients should check several things:

1. Legal Documentation: Ensure all legal documents such as sale deed, title deed, property tax receipts, and land records (7/12 extract) are in order.

2. Approval and Permissions: Verify that the project has received all necessary approvals from local authorities, such as the Municipal Corporation, and clearances from the Maharashtra Real Estate Regulatory Authority (MahaRERA).

3. Builder’s Reputation: Research the builder’s track record, reputation, and previous projects to assess their reliability and quality of construction.

4. Location and Amenities: Evaluate the location in terms of proximity to essential facilities like schools, hospitals, markets, and transportation. Also, check the availability of amenities within the project.

5. Financial Aspects: Confirm the total cost of the property, including additional charges like registration fees, stamp duty, GST, and any maintenance or parking charges.

6. Possession and Delivery: Inquire about the project’s completion timeline, possession date commitments, and any penalties for delays.

7. Legal Assistance: Consider seeking legal advice from a qualified advocate to review all documents and ensure legal compliance and protection of your interests.

8. Home Loan Approval: If financing the purchase through a home loan, ensure pre-approval from the bank or financial institution to avoid delays during the buying process.

When you buy a property, you’ll also need to pay for things like registration, stamp duty, service tax, and Value Added Tax, on top of the property’s price.

When you’re buying a property, you’ll need certain documents like building plans, certificates showing when construction started and finished, permission to use the land if it was originally for farming, and if it’s land in places like Maharashtra, a special land document called a 7/12 extract. You’ll also need a clearance from the builder saying there are no objections to the sale. If it’s a resale, you’ll need past sale documents. It’s important to have a good lawyer check all these documents carefully.

Before you agree to buy a property, make sure to look closely at things like the basic price, any extra charges like for special locations or club memberships, the size of the actual living space and what facilities are included, any taxes you’ll have to pay, how you’ll pay for it, if there’s a certificate saying it’s okay to live there, if the building is insured, when you can move in, and what happens if they finish late.

When you’re buying a home, think about where it is, if it has all the things you need nearby, like shops and transportation, how well it’s built, how much space you’ll really have inside, if it has stuff like water and electricity, and if the company building it is known for doing a good job.

Stamp duty is like a tax you pay to the government when you buy property, similar to how you pay sales tax or income tax. It’s important to pay it on time and in full. The document showing you’ve paid stamp duty is a crucial legal paper you need to keep safe.

If a project is delayed, according to a ruling by the National Commission, the buyer can get their money back plus interest and compensation. They can also file a complaint as a customer and seek legal assistance if needed.

Registry is where all the important papers are kept, while Power of Attorney is when the owner lets someone they trust handle their property if they can’t do it themselves.

A freehold flat means that the owner has full ownership of both the flat and the land it sits on, without any time limit. This differs from leasehold, where the owner only has rights for a specific period.

To find a reliable developer, buyers should ask around for recommendations and check if people are happy with their homes and how the builder behaves. They should get written quotes from a few builders, covering all project details like maintenance, approvals, materials, and costs. Checking the builder’s reputation is crucial.

In a multi-story apartment, apartment owners and tenants typically have to pay extra charges for various services and amenities, such as Preferential Location Charge, External Electrification Charges, Firefighting Equipment Charges, Infrastructure Development Charges, External Development Charges, Car Parking Space, and Club Membership fees.

Real estate websites can be handy for comparing projects in different cities and areas based on property designs, prices, features, facilities, and the builder’s reputation.

Buyers can confirm if the documents provided by the seller are genuine, particularly regarding the property’s sales history, by conducting a title search through the land registry office or hiring a qualified advocate to verify the authenticity of the documents.