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Buying a house in Mumbai? Follow these steps

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We present a handy guide to help you navigate the house purchase process in Maximum City.

Mumbai, the country’s financial capital, is also one of its most expensive cities. It is said that if one is willing to work hard then one will never go hungry in this city. And yet, buying a Mumbai property is one of the toughest tasks one can face – realty is prohibitively priced and it may become tough even to buy a 1 BHK flat in Mumbai.

But if you have resolved to buy a 2 BHK flat in Mumbai for yourself and your family, then this guide will help:

* Select the right projects. The mass media is awash with ads by several real estate developers in Mumbai. Wading through all the available choices to pick the right one can become tough – but you should go only with leading real estate developers in Mumbai. There are several luxury flats for sale in Mumbai, which feature modern amenities, 24/7 security, separate access and entry points and on-site swimming pools, club house, etc. Partnering with the right developer is key to finding a dream Mumbai property.

* Check the property thoroughly. You might take a tour of a sample flat in an ongoing project, or look at a resale luxury 2 BHK flat in Mumbai. In either case, take a couple of walks around the house and inspect it thoroughly. Check the positioning of all in-house fittings and fixtures, analyse the condition of the construction, and make a quick assessment of any work you might need to put in to suit your tastes. A thorough inspection can help you decide if you wish to proceed with the purchase.

* Check the flat’s papers. Every house has a sale agreement copy – have it vetted by a lawyer specialising in property matters. If the Mumbai property is still being constructed, you will be its first buyer. If you are buying a resale flat for sale in Mumbai, then the agreement must show a clear chain of ownership from first buyer to the current one. Have any anomalies corrected before you proceed; a flawless agreement will also help you secure institutional finance if you need it. Do not proceed with the purchase if the flat’s credentials are not above board.

* Pay the booking amount. If the flat papers are correct, you can pay the booking amount for the 2 BHK flat in Mumbai. The booking amount is a signal to the seller to not enter negotiations with another buyer. You can mutually decide the schedule of subsequent payments on the flat – first instalment, final payment, transfer fees, etc.

* Finish the stamp duty and registration formalities. You cannot have the flat agreement registered unless you pay the first instalment/20% of the flat’s value (whichever is higher) to the seller. After this, you must pay the stamp duty on the house’s value, and get the agreement registered. You can now apply for housing finance or pay the balance amount.

* Complete post-sale formalities. If you have bought an under-construction house, you must now complete paying the developer the transfer fees, parking charges, etc. In case it is a resale 2 BHK flat in Mumbai, you must pay membership charges and transfer fees to the building society. Meanwhile, you can move into your new home.