Procedure to resell flat in mumbai

Q: Dear Sir,

I have flat in mumbai and i m planning to sell it off.I would like to know what is procedure to sell property in mumbai. I mean , will there be any transfer charges to be paid to builder and also what would be registration and other charges.

I would also like to know that in Mumbai selling price per sqft includes everything ( car parking. electrcitiy ,water, sweage and maintenance)

Awaiting for your prompt response.

Regards
Ravi

Ravi Kumar, Apartment Resident

5th January 2013

Legal in Mumbai

transfer cost

registration procedure

stamp duty in mumbai

registration charges in mumbai

procedure to resell flat in mumbai

brokerage charges in mumbai

how to calculate valuation of your property

benefit of buying resell flat

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Replies (13)

everything except what was asked has been answered. It would be really helpful if someone could list the steps involved. Start from when a buyer approaches and the seller agrees to sell. What are the nextp steps (assuming brokers and agents are not involved). Assume this house is in Panvel and the conveyance deed is not yet registered. Also assume home loan is involved.

Imtiaz A Khan, Apartment Resident

11th August 2019

Comment

you can directly contact to lntrealty.com for selling or buying any kind of property, flats or apartment in Mumbai with best price.

Annie Scent, Mumbai

9th November 2016

Comment

There are few basic points which you have to remember while selling your house. If you bought a flats 2 yrs. back in Rs. 50 lakh and sold out it in Rs. 75 lakh. It doesn't mean that you have gained Rs. 25 lakh in just 2 yrs. You will be shocked to know that the actual profit you got was much less than Rs. 25 lakh. What happened with your profit? What went wrong?

Abhishek,

16th July 2015

Comment

Right Abhishek,
Any profit you earn by selling it attracts a capital gains tax. If it is held for less than 3 yrs, it attracts a short-term capital gains tax, which is charged at higher rate than long-term capital gains tax, which is applicable after 3 yrs. Since you sold your property before 3 yrs You have to pay short-term capital gain tax. In this way you loose a heavy amount as a tax.

Rajiv,

16th July 2015

Hi everybody,
I wanted to know the benefits of the resale property?

pradyumanapte, Mumbai

19th May 2015

Comment

Hi Pradyuman,
Getting your hands on a resale property is beneficial in several ways. Buying a resale and ready-to-move flat helps to save a good amount of money that would otherwise have been expended in paying rent or EMI, in case of under-construction property.

Secondly, you don't have to face the ups and downs of this market. Everything that is in front of your eyes is yours once you own the property. And the immediate possession can provide tax benefit from the first EMI itself.

Ashish Sharma, Mumbai

19th May 2015

Hi Ashish,
The resale flats might be as good as new and can be obtained at a discount of no less than 10% of the price of a novel construction. The prices vary depending upon a number of factors like city, locality, brand name of the construction company, age of the flat and many others.

Vinu S,

26th June 2015

You are right Vinu,
Purchasing a resale and ready-to-shift flat helps save a good amount of money that would otherwise have been expended in paying rent or EMI and rent both, in case of under-construction dwellings.

Ashish Sharma, Mumbai

26th June 2015

Hmm,
And at the same time it help us in immediate possession that can provide tax benefit from the first EMI itself.

Sunil Joshi, Mumbai

26th June 2015

More important is how to calculate valuation of your property. The value of a property depends upon several factors, such as the location, size of the house other amenities and the overall market trends in terms of appreciation and depreciation. But before putting your house on the block, you have to get the right value for your house. Get the property evaluated by 2-3 brokers to get an accurate quote

Ramesk Polekar, Mumbai

19th February 2015

Comment

@Ravi,
As per Maharashtra stamp act,1958, the purchaser must pay a 5% stamp duty on the purchase of any flat within the jurisdiction limits of Municipal corporation act of greater Mumbai and 5%, Within Municipal Council boundary 4% and Within Gram Panchayat boundary 3%, Registration fees will be 1% for all.rred within the family.

Ashish Sharma, Mumbai

19th February 2015

Comment

Hi Ravi,
If you are selling your property through broker then1% is the norm from both seller and buyer, though you can negotiate on this, quite possible to settle around 0.75%.

Commission is charged on the full amount and not just on the profit or whats gone to the builder.
Check with your builder also on whats the transfer process and if any transfer charges. This is a part of the deal. You have to decide this, while negotiating the price . Seller/Buyer, both can pay the transfer charges .

Ashish Sharma, Mumbai

19th February 2015

Comment

Hi Sankalp,
A buyer may not insist on all the documents but if he is planning to get a housing loan, then the bank will insist on the document related to the house. The most important documents required to sell a residential property are the housing society share certificate and the sale/ purchase deed.

Lalit Verma, Mumbai

21st January 2015

Comment

Hi Ravi,
If you have got share certificate then it is more than sufficient to sell the property, but it is better to take no objection fro the society.

Sankalp, Mumbai

21st January 2015

Comment

You can also read something about the same in Documents required for reselling a flat for further details. It was quiet helpful. Otherwise you can read this- Documents required for selling a property

sindhu, Mumbai

8th January 2013

Comment

Hi Ravi, there is no legal basis upon which a builder can charge so called transfer charges as he has no role to play in the transfer of a flat from a flat owner to someone else. Also, the selling price includes everything and a builder/owner can not charge for the parking space. It has to be given with the flat. Present rates of stamp duty for residential premises in Mumbai above Rs. 5,00,000/- is Rs.7650/- plus 5%

Sankalp, Mumbai

8th January 2013

Comment