In Mumbai, or rather in India, the ownership of property holds a different and unique significance. Mumbai is undoubtedly one of the most happening cities of India. And, many are struggling to buy Mumbai properties which are both good and affordable.
But, before you intend to buy Mumbai properties, there are a few vital points and facts which you need to check to ensure the investments are made in the best place. Property buyers are often at the mercy of some floundering brokers and builders. They motivate the buyers usually to take some decisions which are for sure beneficial for the brokers or the builders but for the buyers it may prove to be the most blunderous affair.
Therefore, to save all those who are interested to buy Mumbai properties, we bring you the following checklists which not only will save the buyers from taking any wrong decision but also will contribute to curbing the corruption level in the city. Here are the points:
Verify the Title and the Ownership of the seller
This is one of the easiest ways to fool buyers. There are many real estate brokers and agents who tend to hide their real identities and intentions in lieu of making some unethical profits from the buyers who do not have complete information regarding the property/properties. Taking the first step, the buyers who are willing to buy Mumbai properties should know his primary duty of first checking the existence of the title with the seller, the marketability of the title, and should be free from any albatrosses. The second thing the buyer should ascertain is that the owner or the seller can produce the documents for a period over 30years if not more. All these must be examined and the seller should be asked to provide either or all of these documents to assure that the property’s title and ownership are very-much ethical.
- The buyer has a full authority to ask for the will, or gift deed, or partition deed, etc., to prove that the title was legally transferred over the years to the seller(s)
- Must know the nature of the property i.e. either leasehold, freehold or development right
- Do check that all the documents related to the titles and the ownership should be duly stamped by the authorized and registered office and personnel.
- Information related to Khata registered in the name of the seller.
Verification of the Identity of the Seller
Apart from the verification and checking of the documents related to the title and ownership of the property, knowing the real identity of the seller is also equally important. There are different ways and means of checking and verifying the same. Some of them being :
- Residential and Nationality proof of the seller.
- Identifications of all the owners if the property is held jointly.
- Authorized orders from the respective court, allowing the seller(s) to sell and buy the Mumbai properties.
Check on the Land use permission
With continuously increasing urbanization in Mumbai and other parts of India, there have been many cases where the non-agriculturist is purchasing the agricultural lands and use the area for the purposes it was not meant to be. So, if the buyer is ready to invest that huge amount on buying Mumbai properties, it should be on the checklist of the buyer to cross-check about the land and the permissions it holds from the Government.
Check if the seller holds the “Occupancy Certificate” for the property they are willing to sell
It is mandatory for every seller to retain an authorized occupancy certificate from the competent authority, before the selling of the property. If any seller fails to acquire one such certificate and continues to sell the property, then the buyer who purchased the property will be liable to pay some hefty fines according to the building bye-laws besides the demolition of the property.
The Property should be under the RERA(Real-Estate Regulation and Development Act, 2016 )
RERA is a government body under which all the authorized and ethical on-going and ready-to-move-in projects are registered. A buyer who intends to buy Mumbai properties should check if RERA is approving the project/property. The information related to any project, in any state(Mumbai too), can be reviewed on their registered website. There the buyer can also learn if any complaints or any cases have been filed against the developer/seller of the property the buyer intends to buy.
These are few points every buyer should keep in mind before investing their hard-earn money on a property. Tamrin Real Estate company is one such real-estate brokers who provide all these details to the buyers to make them fully satisfied before signing the deal for the required property.