Things to consider Before buying property in Mumbai

Q: Am planning to invest in Mumbai. Please guide me with all the necessary steps involved in buying property in Mumbai.
Also do provide some informative article which involves neccessary steps to buy property in Mumbai.

Richa Shukla,

6th December 2013

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Replies (9)

Hi everybody,
Can you tell me which are the that one should check within the project/unit before taking the possession of the property?

debabrata sarkar, Kolkata

19th August 2015

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Good evening Debabrata,
Amenities, lifts and common areas, features and fittings, doors and windows, wall paints, look for cracks, drainage outlets, check for leakages, check switches and plug-points, obtain all sets of keys are the few things to watch within the project before taking the possession.

Lalit Verma, Mumbai

19th August 2015

@Shweta!!!!!!
Can you explain the term Joint development agreement and Tri partite agreement? Why these documents are necessary?

Lalit Verma, Mumbai

18th August 2015

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Well Lalit!!!!
Joint Development Agreement:-It requires if there are two or more parties jointly involved in the project's development.

Tri partite agreement:- In case the builder has taken a loan to develop the property ask for land-use Certificate / Conversion Order, details of electricity, water and power backup, agreement by maintenance agency, car parking allotment and details.

Shweta Salunkhe, Pune

18th August 2015

Hi Lalit,
If it is a under construction property then you must ask for the above mentioned documents.

Checklist for resale Property:- Most of the documents are the same as the above with the following few differences such as all the above mentioned documents are to be obtained at the time of registration, Up-to-date receipts of property tax paid by the owner GPA in case of another person authorised by the owner for selling the property and handle all transactions, Transfer certificate.

Shweta Salunkhe, Pune

18th August 2015

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Thank you Shweta,
These can change from being an illegal property to poor construction quality to not providing the promised amenities within the said project. As a result, the buyer feels cheated. Therefore, to keep away from situation like this it is better that buyers do a complete check of the property they are going to take for possession. Those above mentioned checklist will help them a lot. This reply will help a lot of buyers.

Lalit Verma, Mumbai

18th August 2015

This is just a efforts of mime to aware you all from the difficulties faced during the home buying. But it will be more better if buyers classified the checklist into two categories. First and the most important part is list of documents to verify and things to check within the project and respective unit. Before taking the keys from the builder/owner. There are certain documents like Joint development agreement and Tri partite agreement (If any) which a buyer must ask from the builder.

Shweta Salunkhe, Pune

18th August 2015

Hi all,
There are certain things which buyers should know before taking buying decisions. These documents are for New/Under construction properties :- 1) Encumbrance certificate,
2) Commencement Certificate,
3) No Objection Certificate,
4) Completion Certificate,
5) Occupancy Certificate,
6) Khata,
7) Joint development agreement (if any),
8) General Power of attorney (GPA),
9) Building plan approvals,
10) Allotment letter,
11) Tri partite agreement (if any).

Sree Potamal, Bangalore

18th August 2015

Comment

Hello sir,
I want to know that the same checklist required for resale property or there are few other documents that a buyer should ask for?

I heard that documents such as sale agreement, sale deed, mother deed and tax paid receipts by the builder on total saleable area are to be obtained at the time of property registration, in case of under-construction property. What is your view?

Lalit Verma, Mumbai

18th August 2015

Hey Richa, there is a well researched article written here about what you should do before buying a house, if you are interested you can click on this link to read the article: 15 Things You Should Know Before Buying A House

Arup rajan, Mumbai

9th December 2013

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Ten things you must know before buying ar house are:

1) Property rates: Property rates differs depending on number of factors such as localities, amenities, connectivity etc. Knowing the property price in differnt parts of the city will help you to decide on the locality and type of property you can invest.

2) Know your budget: Once you know the property rate and type of house you are planning to buy, next important thing is plan your budget. The real estate agent can help you out if you know your budget.

3) Type of neighborhood and house: Once you are done with your research about the property rates and your budget, the next inportant thing is choosing the type of property and neighborhood.

4) Other expense: You have to bear some other expenses like solicitor fees, broker commission, registration charge, down payment, Home loan processing fee, credit card or other emergency expense etc.

5) Stick to your budget: You must stick to your budget and discard a property if the seller is unwilling to drop the price to something that you can realistically afford.

6) Ready to compromise: You will not get everything you want or listed in your wish list. Keep your budget and limitations in mind and come up with an amount you can afford to pay.

7) Negotiate Property price: You should always try to negotiate on the property price and remember that properties do not have fixed price tags.

8) Scrutinize the house: Scrutinize the condition of the house from top to bottom. Consider the cost to repair any problems when deciding what to offer on the home. Scrutinize the condition and age of the roof, the plumbing and the condition of the pipes, cracks etc. You can hire a home inspector for scrutinizing the condition.

9) Ask question: You should always ask question about the property you are buying to the broker or the seller and clarify your doubts and know more about the property you are planning to buy.

10) Make an offer: You can make the offer even if you are not 100% sure you want to buy the house. For example: if you want to buy a house and it is not suiting your budget then you can always make an offer.

Rakshit, Mumbai

9th December 2013

Comment

Informative :-)

Richa Shukla,

11th December 2013

There are so many thing you have to take care before buying a property in Mumbai. I always believe budgeting is most important for buying property in any where. You should keep in mind before buying property that is;

1. Financial planing is an important key while buying a property means budgets.

2. Area and location. As per the budgets you need to find out the location. While buying property you should have market knowledge and do a research on the area, builder and broker. Consult with your friends and legal adviser.

3. Finding the right property and crack the deal at right time so that in future you can get profit.

4. Legal formalities that is most important pert before buying property. Any land dispute is there or not? Advice your legal adviser means advocate/lawyer and take a original copy from the builder and then close the deal.

Sirin Banerjee, Kolkata

6th December 2013

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@ Banerjee That was good advice and are very crucial. One more thing also is places near by.. It should be ease of transportation and near by services.. This results in setting up good trends :)

Julie Matthew,

6th December 2013

I want to buy a house in Kharghar or Thane for investment, So please suggest me the best place. If you suggest one place let me know exact location e.g. road or sector no etc.

Richa Shukla,

6th December 2013

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Hello Richa
Well you have not mentioned your requirements on which particular area do you want to buy.If you can mention some areas then I can process further.Hope you reply soon.

Thanks

Arica , Bangalore

6th December 2013

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