Real Estate Developers

Friday, 19 August 2016

Things To Check Before You Buy a Property In Mumbai

Before you step out of your house to hunt your new home there are a certain things you need to remember. It is not easy to buy property in Mumbai. You need to be careful with the documentation and specially if you are buying a home from another home owner. Your checklist should go like;

  • Check for the rates of the property where you are looking for a house. Ask a few brokers and agents beforehand rather than ending up paying more than the actual rates.
  • Check if the society where you are buying a property is well maintained or not. It should be a registered property with proper legalities taken into consideration.
  • Before you give the token money for the deal, check for the original documents of the property. And if the flat/shop was previously owned by someone else, check for those documents too!
  • See if you can get loan for the property you are planning to buy. If not investigate the reason. Don’t make a deal unless being completely sure that the property you are buying in legal.
  • If you are buying an old property (10 to 12 years) than pull out the assessment papers from the municipal corporation to save money while paying the stamp duty.
  • Check the space of the property. Rather than checking the built-up and super built-up area, see the carpet area, as this is the actual usable space of a property.
  • All the previous bills and dues should be paid. Check for the latest bills of the property you are planning to buy.
  • If there are people living in the property, ask them for the expected issues one can face. E.g., plumbing, ceiling leakage or etc. if there is such problem, you can always have the builder get it sorted for you.