Purchasing a flat in Mumbai is a big financial commitment, so it is important to make sure all the paperwork is in place before you buy. In this blog you will understand the different questions that needs to be asked to a real estate developer before you finalise a purchase as a home buyer. We will also go over the important paperwork you should look over before purchasing real estate in Mumbai. At every stage of your home-buying process, we at MK Shelters are here to support you!
List of few documents to check before buying a flat in Mumbai-
Title deed-A title deed is a legal document that serves as proof of property ownership
Encumbrance Certificate -A claim against property made by someone other than the property owner is known as an encumbrance. Until the encumbrance is removed, it may limit the property’s free use and affect its transferability.
Approved building Plan-This is a blueprint of a construction project that has been officially sanctioned by the Brihanmumbai Municipal Corporation (BMC)
OC – This is a crucial legal document issued by RERA or local municipal bodies, that certifies a building has been constructed according to approved plans and is safe for occupancy.
Property Tax Receipts-Once you have successfully paid your property tax online in Mumbai, you can download the property tax receipt from the BMC portal.
Sales Deed-The sale deed is the primary legal document that transfers ownership of the property from the seller to the buyer.
Now let’s talk about some of the questions to ask the real estate builder before purchasing property in Mumbai
What Facilities and Amenities are present in the building?
Comparing the facilities provided by various projects is an important factor to consider while selecting a residential property. You should pay attention to how these facilities accommodate a range of lifestyles and provide the decision-making process a more useful aspect. For example, proximity to schools, hospitals, retail malls, and recreational areas is crucial since it may have a big influence on the quality of your overall life.
Know about the current market prices:
It’s important to go on the market after determining the area and the kind of apartment you require. Prior to budgeting, it is essential to understand the going costs for apartments. Numbers can help you plan. Not only does it help you manage your budget, but it also lets you know what deals are out there.
Would the project be delivered as per schedule?
One of the most important things to inquire about when buying a house in Mumbai is the stated delivery schedule provided by the real estate developers. Verify that the delivery schedule they provide in writing won’t conflict with either your move-in date or the returns on your investment. Proceed and confirm that the RERA number you were given corresponds to the project’s official completion and delivery date.
Evaluate the Builder’s Reputation
There are many times when we join hands with the wrong realtor, developer, or builder while purchasing a property. This can lead to a lot of problems in the long run. So, when you are looking at Mumbai’s property investment options; make sure you only collaborate with a trusted builder and developer. Check the past records, construction quality, customer reviews, and delivery times for a better decision. Investing in real estate is an important choice that requires careful thought and investigation. Remember the key elements, know what you want, and make the correct investment in real estate for future expansion. Make your goal of owning a house a reality by speaking with a reputable real estate developer like MK Shelters if you want to purchase real estate in Mumbai.
