Buying Procedures Of A Property

What are the factors I shall consider before buying a property?
It is advisable to visit a site to get maximum information on the property, its location, connectivity and other details. If you decide to buy the property ask/check for the ownership details. Also check whether all applicable approvals are in place. You should also look into the approved plans and specifications, Also ask developer how they are planning for the arrangement of water supply and electricity in the project.

What are the documents to be checked before booking a flat?
While identifying properties we usually look at location, price and possession date. These are few important things to check before you finalize a deal.

Ask for copies of all necessary permissions prior to making any financial commitment. Check the following documents and clearance certificates to avoid getting into any legal tangle in future:

Land Record :Title deed is the most important document as it gives details about ownership, rights, obligations and mortgages on the property. So it validates whether the land where the project is coming up has been registered and development rights transferred.

Construction Clearances :A ‘certificate of commencement’ is mandatory to commence any construction of a property. The certificate is issued by the town planning and engineering department post the inspection of the building boundaries and drawing submitted. This also means that the builder would have obtained the required licenses, sanctions and permissions for the map that are required before you can even start excavating.

Approved Planning :It is good to run an additional check and verify that the building plan and layout plan has been approved and no byelaw applicable in the area has been broken. Make sure that the floor where you have booked your flat has been approved in the building plan.

Green Building :Some projects claim a ‘green status’. In that case it should be either certified by the Indian Green Building Council or be rated by Green Buildings Rating System India (GRIHA), a TERI University initiative. The focus areas of all such certification for a building are energy, water and waste management. There are a couple of other ratings systems also available right now in India, but GRIHA are the most popular and have standardized norms.

No Objection Certificates (NOCs) :The builder should also be able to give you a copy of the urban land ceiling NOC (if applicable), an environment clearance NOC as well as NOCs from the electricity, water and lift authorities, if there is one.

What is an easy/alternate way to verify all documents before booking a flat?
An easy way to verify that the project has clean paperwork is to see if it has loan approvals from financial institutions. Banks have stringent lending rules and do their necessary due diligence before clearing loans.

What documents should I carry with me at the time of booking the flat?
Booking Amount Cheque
Individual :Self-attested Copy of PAN
Company :PAN, Certified copies of MOA and AOA, Board Resolution in support of authorised signatory under common seal of the company
NRI or FNIO :Foreign inward remittance from the account of the applicant(s)/ NRE/ NRO a/c of applicants/ IPI-7/ Passport copy
Partnership firm: Partnership deed and authorisation of purchase
What are the documents required for bank loan process?
Indicative List of documents for bank loan process

Legal Documents for Salaried Customer
Personal Documents:
Application Form (Completely filled and signed with date)
Latest Colour passport size Photograph with signature across it
Processing Fee Cheque
Age proof / Photo Identity (Pan Card / Passport Copy)
Company ID card copy
Proof of residence if owned (Maintenance Copy & Electricity Bill)
Proof of residence if rented (Electricity Bill with Leave & License agreement)
Income Documents:
Company / Business Profile (in case of Proprietorship / Partnership Co.)
Appointment Letter (if less than 6 months)
Confirmation Letter (more than 6 months)
Last 3 months salary slip (original pay slip’s required for govt. employees)
Latest Form 16/16 A.
Updated Bank Statements for 6 months with 6 salary credit reflection
Existing Loan RTR Copies / 1 year Bank reflection
Qualification Proof (if required)
Proof of other Income (Rent agreement with ownership proof, etc.)
LIC & Investment proof (Gold / FD / Property)
Legal Documents for Self-Employed Customer
Personal Documents:
Application Form (Completely filled and signed with date)
Latest Colour passport size Photograph with signature across it
Processing Fee Cheque
Visiting Card
Age proof / Photo Identity (Pan Card / Passport Copy)
Proof of residence if owned (Maintenance Copy & Electricity Bill)
Proof of residence if rented (Electricity Bill & Leave & License agreement)
Business Proof – Office Owned / Rented (Gomasta License, Sales Tax Registration, Ownership proof / L & L agreement etc. )
Income Documents:
Company / Business Profile
Latest 3 years Income Tax Returns (CA attested), Partnership Deed, M&A in case of Private Ltd company
Balance Sheet (all schedules), P&L a/c, Capital a/c , Computation of Income
Tax Paid Challan / Form 16 A / TDS Certificate – Attach as per year wise
Latest & Updated Bank Statements for 12 months (current & savings a/c)
In case of OD / CC account need Sanction Letter
Qualification Proof (if required)
Proof of other Income (Rent agreement with ownership proof, etc)
LIC & Investment proof (Gold / FD / Property)
Legal Documents for NRI Customer
Personal Documents:
Application Form (Completely Filled and signed with date) (APP / POA)
Latest Colour passport size Photograph with signature across it (APP / POA)
Processing Fee Cheque
Age proof / Photo Identity (Pan Card / Passport Copy)
Proof of residence if owned (Maintenance Copy & Electricity Bill)
Proof of residence if rented (Electricity Bill & Leave & License agreement)
Passport with Visa Copy with Entry & Exit Date.
Work permit, Work Contract & Appointment Letter / CDC
Employer’s ID card (Labor Card, if applicable)
HR Email ID & Company Website.
Income Documents:
Employer Certificate
Company Profile
Salary Slip for latest 3 months or Tax returns (if applicable)
Statement of Overseas Bank a/c and Indian NRE a/c which reflects salary credit for last six months
Proof of other Income (Rent agreement with ownership proof, etc.)
LIC & Investment proof (Gold / FD / Property)
Self-attestation on all individual (app / co-app) documents.
Power of attorney
What is the registration process?
The following are the steps that you need to follow for the registration:

Give the agent your full name and unit number.

Stamp duty DD

Registration DD should be in the name of Joint Sub Registrar

Kindly courier / drop these DD at either of our sales center in Navi Mumbai

You will get a call after the DD is received at the sales center for your registration date

Please bring 2 copies of PAN Card along with 4 photographs, per applicant, per flat on the day of registration