Legal Formalities for New Property in Mumbai
Whether you decide to apply for a home loan or not, it is always a good idea to avail the services of lawyer for a legal report of the various documents. There are almost a dozen different documents pertaining to the ownership, land transfer, land titles, development authority, and environmental clearances and so on.
Whether you apply for a home loan or pay through your own savings, it is advisable to take legal help for the following reasons:
- Prior to finalizing the deal with your builder, you would need to carefully analyse documents such as titles, sale deeds, land transfer authority, development authority and so on. For a lay person, such documentation work might seem a little intimidating.
- The documentation pertaining to under-construction properties is different from that of ready-possession or resale flats.
- If you are availing a home loan, you would need to furnish a long list of documents to the bank. Getting your documents ready in time with professional assistance ensures that you have a hassle-free banking experience.
- Once you have paid the full amount of the property to your real estate developer, there is an entire bunch of documents that you would need to take possession of. These include your title deed, property registration receipt, receipts of every installment paid till date to the builder, your allotment letter, an NDC (no-dues certificate), receipts of MSEB and water payments, and so on.
- In addition to just the documents, you would need to make sure that you have collected all the keys of your house. These include the main doors, internal doors, and cupboards and lockers if any. There are some builders that also offer various car parking stickers, access cards, and other membership cards to the residents of high-end residential projects in Mumbai. Remember to collect all of these.
In addition to this, there are other small legalities that you would need to take care of while looking for new property in Mumbai. For almost every document that you hold in the original form, you should have a photocopy as a backup too. In fact, some people also go as far as keeping all home-related documents in their bank lockers to ensure their safety.