Buyer’s Guide

Here’s all the information and due diligence you need before exploring and purchasing real estate in Navi Mumbai.

Here’s all the information you need before you go on exploring real estate.

As per RERA, each real estate agent needs to be registered with the authority. RERA provides the registration number along with the registration certificate to every RERA authorized real estate agent.

How to verify registered agents: You can check the information of all registered agents through the RERA website by searching for his/her name or Agent registration number. (For example, MahaRERA website → Registration → Registered Agents → Search → View details).

List of registered real estate agents can also be checked online on state-specific RERA sites (For example, MahaRERA website → Registration → Registered Projects → Search → View Details → Project Professional Information).

Important Real Estate Terms

  • Carpet Area: This is the net usable area of the apartment that excludes the areas under service, shafts, lifts, balcony or veranda.
  • Floor Space Index (FSI): Floor Space Index is the ratio of the combined gross floor area of all floors (except areas specifically exempted under regulations) to the total area of the plot. The FSI varies with every location depending on the surrounding and the development rate. A higher FSI will have a higher built-up area.
  • Commencement Certificate: It is the certificate issued by the local authorities as a green signal to start the construction work.
  • No Objection Certificate: NOC is issued by an organization to approve of the development proposed in the vicinity and not intending any objection over it.
  • Occupation Certificate (OC): Occupation Certificate is given to a building after it passes all the standards of becoming a building that is suitable for habitation.
  • Sale Deed / Agreement for Sale: A Sale Deed / Agreement for Sale is an important evidence in sale and transfer of ownership of a property in favor of a buyer from the seller.
  • Stamp Duty: Stamp Duty is a tax levied by the Government against the purchase of a property.
  • RERA: The Real Estate Regulation and Development Act (RERA) 2016 effective from 1st May 2017, is the law created to regulate the real estate sector. It seeks to ensure transparency and accountability in the real estate sector. It sets up clear regulations to protect the home buyers & developers against default and provides for fast track grievance redressal.

Online Research & Direct Enquiries

  • Where should I look for project information online? There are many sites where you can find project information, among them are the RERA (Real Estate Regulatory Authority). RERA, being a government entity, is considered the most trustworthy source of information. You can also refer to the developer’s website to get more information about the property you are looking for. Apart from these sources, there are many online realty portals that display information pertaining to different developers and their projects.
  • Can I get all project information online? An in-depth research could give you a proper idea about the property and enable you with relevant questions after you do a site visit. However, doing a site visit and meeting the person in charge is a must to get an overview of the property.
  • How can I connect with the company representative or a reliable and credible real estate agent for the project? To connect directly to the company representative, you can refer to the developer’s website to get their contact details.

Choosing the right property also means choosing the right developer.

While shortlisting a property you should consider points like convenience to the nearby areas, conveyance options, whether the property is worth that price, easy access to public transport, nearness to daily needs and emergency points like hospitals etc. Do the amenities and comfort justify the amount of money you are paying?

Developer Due Diligence Checklist

On the other hand, while choosing the right developer, it is a must that you cross-check:

  • Developer’s statutory license and company registration
  • Past completed projects and build quality
  • Reputation in the real estate industry
  • Promptness in delivering projects on time
  • Occupancy rate to understand homeowner satisfaction

This is one of the most important steps of buying a house.

RERA Guideline: As per RERA, the agreement of sale must be registered before the receipt of 10% of the total sale consideration by the builder/developer.

What are the documents required for registration?

The documentation should include the following:

Primary Identity & Title Papers

  • Duplicate copy of the Sales Deed required to be registered
  • Two passport size photos each of buyer, seller and witnesses
  • Photo ID Proof of buyer, seller and witnesses
  • Copy of the latest property register card
  • Copy of the municipal tax bill indicating the year in which the property was built
  • Copy of the PAN Cards of the seller and the buyer
  • No Objection Certificate (NOC) for the property

Statutory Clearances & Plans

  • Sanctioned Building Plan
  • Cash or demand draft to pay Stamp Duty
  • Khata Certificate / Property Card
  • Occupancy Certificate
  • All title documents of land owner
  • 7/12 extracts
  • Registered Development Agreement (in case of Joint Development property)

Stamp Duty & Registration

Stamp duty rates have been revised w.e.f. April 2012 as under:

  • For residential as well as commercial units the stamp duty payable is applicable @ 5% of market value of the unit or consideration paid under the agreement, whichever is higher.
  • The market value of the Unit is determined on the basis of stamp duty ready reckoner issued by government every year on January 1st.
  • Further registration fees is payable @ 1% of market value/consideration (whichever is higher) and is capped up to Rs. 30,000/-.

Get your home financed

If you are planning to apply for a home loan you will need the following documents ready with you for submission:

  • Employer Identity Card
  • Loan application with 3 passport size photographs
  • Proof of Identity (Any one): PAN / Passport / Driver’s License / Voter ID Card.
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill / Electricity Bill / Water Bill / Piped Gas Bill or a copy of Passport / Driving License / Aadhar Card.
  • Property Papers:
    • Permission for construction (where applicable).
    • Registered Agreement for Sale (only for Maharashtra) / Allotment Letter / Stamped Agreement for Sale.
    • Occupancy Certificate (in case of ready-to-move property).
    • Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt.
    • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property).
    • Payment Receipts or bank account statement showing all payments made to Builder/Seller.
  • Income Proof for Salaried Applicant / Co-applicant / Guarantor:
    • Salary Slip or Salary Certificate of last 3 months.
    • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by the IT Department.
  • Income Proof for Non-Salaried Applicant / Co-applicant / Guarantor:
    • Business address proof.
    • IT returns for last 3 years.
    • Balance Sheet & Profit & Loss A/c for last 3 years.
    • Business License Details (or equivalent).
    • TDS Certificate (Form 16A, if applicable).
    • Certificate of qualification (for C.A. / Doctor and other professionals).

While going forward in this process, one of the most important steps that needs utmost attention is cross-checking the documents.

Here is a list of important property documents required to buy an apartment or an independent house:

Primary Clearances & Deeds

  • Sale Deed: Core ownership transfer document.
  • Title Deeds: Validates clear & marketable chain of title.
  • Building approval plan: Sanctioned by the planning authority.
  • Commencement Certificate (CC): Required for under-construction property.

Encumbrance & Possession Papers

  • Encumbrance Certificate (EC): Evidence of no pending legal dues or mortgages.
  • Power of Attorney (POA): If executed via legal representative.
  • Latest tax paid receipt: Proof of municipal taxes paid up to date.
  • Occupancy Certificate (OC): Mandatory for constructed/ready properties.

No one wants any problem while taking possession of their home. To make it happen, we have listed some points to ensure a smooth possession.

What is the amount that needs to be paid while possession?

  • The amount to be paid will be scheduled as per the rules mentioned by RERA and as per the agreement between the developer and the purchaser.

What are the documents I should collect at possession?

Before taking final possession from the developer, ensure all documents have been received by you in original and photocopies from the developer/owner:

Legal & Municipal Clearances

  • Agreement for Sale
  • Encumbrance Certificate
  • Commencement Certificate
  • No Objection Certificate (NOC)
  • Occupancy Certificate (OC)
  • Letter of No Dues

Allotment & Handover Receipts

  • Car parking allotment letter
  • Stamp Duty Receipts
  • Payment Receipts & Ledger
  • Possession Intimation Letter
  • Possession Letter & Keys