An average home buyer would seek price, location and amenities as the major factors in his decision to buy real estate property in Mumbai. However, these are more factors involved than you think, to make your house buying experience an enjoyable one. Here is a 20-point checklist if you are buying your first home.
- The real estate sector has always been a tough sector to understand. With so many laws and regulations, one might find himself bewildered. The foremost point to consider while buying a house is whether you are eyeing to buy a ready-for-possession flat. If you are buying a flat from a developer, keep two things in mind. One, if he is actually the owner. Two, if the construction is legal and authorised. To ascertain these two factors, you need to check the title deed, which includes the sale deed, deed of conveyance, the Power of Attorney if he happens to be the seller and the development agreement.
- Another important document to consider is the completion certificate, the approved plan of the project as well as the occupation certificate. This will ascertain that the property taxes have been paid to the municipal corporation, if the building has been in existence for quite some time.
- If you have decided to buy apartment in Mumbai in a co-operative society, ask to see the seller’s share certificate, a no-objection certificate and a letter from the society, stating that the developer is the actual owner of the property and the property is free from any encumbrances.
- If you are planning to buy properties in Mumbai that are under construction, go through the approved sanction plan, commencement certificate and the intimation of disapproval issued by the municipal corporation. The IOD is generally valid for one year and needs to be reissued if the project lies incomplete even after a year.
- Looking for houses can be a cumbersome job if you plan to do it alone. Contact a reliable real estate agent and discuss your requirements with him. Once you come to a house of your liking, ask your agent for comparable prices in the area that you wish to purchase a flat. This will determine your initial offer. Start with the lowest bid.
- Ask for amenities details. You need to know what amenities the apartment comes with whether it is outside the apartment or inside.
- You can use the closing date as a negotiating point if you are not sure about a certain date to move in. This might get you other concessions on the property from sellers.
- If you are planning to get a home loan, ask for referrals from friends, family and your real estate agent for lenders.
- If you are planning to buy affordable flats within the city reach yet at a smaller location in Mumbai, buying a real estate property in Vashi is a good idea. The area is well connected to the main city with railroad system as well as has many co-operative societies with resale apartments. These will be cheaper than new projects.
While this is not a complete home buying guide, it sure gives a starting point for first time home buyers as to the factors to consider.
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