Buyers Guide
Buyers Guide
Ownership Documents of the Land Owner/Promoter
These documents establish the ownership of the land and include the title certificate. It is essential to confirm that the seller or promoter has legal rights to the property.
Intimation of Disapproval (IOD)/Development Permission/Commencement Certificate
These documents demonstrate that the construction project has received necessary approvals from the competent authority. The IOD, development permission, and commencement certificate validate that the construction adheres to the approved plans and regulations.
Additional Permissions
Depending on the nature of the plot and the type of development, other permissions may be required. These permissions vary but can include environmental clearances, fire safety approvals, height clearances, or NOC (No Objection Certificate) from relevant authorities.
Draft of Agreement for Sale and Brochure
Carefully review the draft of the Agreement for Sale, which outlines the terms and conditions of the property transaction. Additionally, examine the brochure for specifications, layout, and amenities mentioned in the flat/complex/layout.
Payment of Stamp Duty
Before proceeding, the purchaser must pay the appropriate stamp duty on the Agreement for Sale. As per Section 30 of the Maharashtra Stamp Act, 2013, the purchaser bears the stamp duty expenses. The stamp duty amount is generally 5% of the market value of the unit. The payment of stamp duty is typically done electronically through the GRAS (Government Receipt Accounting System).
Development Agreement
In cases where the developer or promoter is not the owner of the land but has acquired the development rights, the development agreement should be reviewed. This document outlines the terms and conditions between the landowner and the developer.
Building Plan Approval
The approved building plan, sanctioned by the competent authority, ensures that the proposed structure complies with the necessary guidelines and regulations.
Occupancy Certificate (If applicable)
If the construction is completed, it is important to verify whether the property has obtained an Occupancy Certificate from the competent authority. This certificate confirms that the building meets all safety and quality standards and is fit for occupation.
Agreement for Sale Execution
The Developer/Promoter is responsible for executing an Agreement for Sale, following the provisions of the Real Estate (Regulation & Development) Act, 2016. This agreement establishes the terms and conditions of the property purchase.
Registration
The duly stamped and executed Agreement for Sale must be presented at the office of the relevant Sub-Registrar of Assurances for registration within four months from the date of execution. Registration of the Agreement for Sale is mandatory as per Section 17 of the Indian Registration Act, 1908. Registration provides legal validity to the agreement and ensures its enforceability in case of any disputes.
Let's Find You Together The Place You Deserve
By following these steps and completing the necessary documentation, you can proceed with the purchase of the premises securely and in compliance with legal requirements.