It is never an easy task to buy property in Mumbai. Congratulations! If you are the lucky few. You have finally decided on your Mumbai dream home. The earnest money/token has been paid. Now begins the process of piling up the paperwork. When you buy property in Mumbai be prepared to to deal with a tree trunk worth of paper.
A suggestion would be to hire a lawyer. They will look out for your interests as a buyer. A real estate broker may get you a good deal. However, when it comes to legality, an experienced and reputed lawyer is your best friend. The real estate consultant may act as a facilitator on your behalf.
Buy property in Mumbai = Pile up the paperwork
Here is an introduction to the list of documents. You will need some or most of them when you buy a property in Mumbai. The document list do vary depending on individual case. If you are planning to take a bank loan, then the bank will do all the work on your behalf. They will ensure that the property is free of all issues. After all, a bank is not going to approve a problematic property.
- Draft agreement – Deed of Sale. This is normally made by the buyer’s lawyer
- Original agreement of the property owner. You can view the original agreement and maybe have a photocopy of it for your records
- Previous sale deeds/agreements in case of resale
- Society share certificate
- Utility Bills such as electric, telephone, etc
- Survey/measurements of the actual apartment
- N.O.C. for sale of the property from the Society. This normally states that the apartment is free from any liabilities/dues to the society.
- B.M.C. approved architect’s plan from the developer, in the case of a new construction projects
- Redevelopment agreement between the Society and the Developer (in case of purchase of under construction redevelopment property). Most developers do not part with this document from their office. They will let you inspect it but will not give a copy of it.
- Commencement certificate
- Completion certificate
- Original land details – such as M.H.A.D.A, M.M.R.D.A, Freehold Land, Leasehold Land, Collectors Land, etc
- Builder’s No Objection certificate for purchasing investor apartments
- Public notice in the newspaper. Whenever you buy property in Mumbai, a public notice is highly recommended. Preference is giving to one English language publication and one local language publication. Public notice protects a buyer’s interest in the court of law if you face any litigation regarding your purchased property.
- Title note – a lawyer performs a legal search. Once the lawyer is satisfied, he provides a legal note.
- Ready Reckoner Rates are required. These are necessary to ensure that the property is purchased as per the government assessed values.
Where do you get these documents?
Most of the legal documents are available with the seller or developer. Mumbai property owners know the value of their legal documents. They hold on to them dearly. If original documents are unavailable, then the government organization has to be involved. Duplicates if available can be got from the registrar’s office.
Government Authority Involved
Sub registrar’s office – needed for document registration and for the legal search
A meeting with the Society Committee is also recommended.