Introduction
With properties gaining great value in Pune’s real estate market, buying a flat in Pune has become the ultimate dream for some, with properties in Kharadi receiving a lot of attention recently. That said, first-time buyers are often scared off by the legality that comes into play. A property owner should be invested in getting all the legal parts completed before anything else, as it might avoid a lot of hassle later on, or even losing your whole investment. For that very reason, below is a comprehensive legal checklist to follow so you can purchase your flat in Pune and not fall victim to common pitfalls.
Check the Property Title: Study whether the seller has a clear marketable title to his property before committing. It is essential to ensure the seller’s ownership and right to sale, which is why it is recommended to pick reputed builders with a strong background. Ensure that the property is free of encumbrances like mortgages, loans, or legal disputes. A thorough title research saves you from legal battles in the future, thus safeguarding your investments.
Confirm The Land Use Certificate: Check with the local authorities about whether the land on which the property is built is approved for residential use. This includes the requirement to verify whether there are zoning laws or land use certificates that are in compliance with the existing laws. Failing to conduct this verification can lead to complications, such as discovering that the land or property is not legally eligible for development or construction. There’s a probability that if you nevertheless buy a piece of land, your purchased property will be canceled due to a lack of all necessary approvals, including demolition orders.
RERA REgistration: Most real estate projects require RERA registration (Real Estate Regulatory Authority). Verify if the project is registered under Maharashtra RERA and go through all details available on the RERA website. For example, the length of time it has taken to build projects and whether or not there are any unresolved grievances. RERA compliance with the developer means no place for a false owner as everything can be verified on the RERA website itself.
Building Approvals: Inspect the building to see that it has the necessary approvals and clearances from the local UMC. This consists of the commencement certificate, layout approval, and building plan sanction. Valid building permits establish that the development is legal and adheres to approved plans.
Encumbrance Certificate: Obtain an encumbrance certificate from the sub-registrar’s office to determine property legal dues or liabilities. This is a document that ensures the property is free of any financial or legal liabilities, safeguarding your investment.
NOC from the Society: If you are buying a resale flat, the seller must get a No Objection Certificate (NOC) from the housing association. Additionally, examine for any pending maintenance charges/dues to the society, as they may become your responsibility after the purchase.
Review the Sale Agreement: Examine your sales agreement to ensure that it covers all of the terms (such as payment schedules and penalties for delays) pertaining to your commitment. However, speaking with a legal advisor is recommended to ensure that the agreement you sign meets your needs and complies with the law.
Occupation (OC) and Procession Certificate: After the handover of the flat, you should receive a possession certificate and make sure that the builder obtains an Occupancy Certificate (OC) from the local authorities. The OC certifies that the building is complete and suitable for occupancy, which is required for utilities such as water and power connection.
Home Loan Documentation: If you are financing the property with a home loan, maintain the necessary documents properly, including the sanction letter, disbursement details, and repayment schedule, among others. To avoid loan complications, make sure the property has been approved by your bank or financial institution.
Property tax Receipts: You can ask the seller for his latest property tax receipts to be sure they have settled all their dues. When making a purchase, verifying that the property is registered with the local council helps to ensure that it will comply and function legally.
Registration of Sale Deed: If all of the paperwork is clear, proceed to register the Sale Deed at the sub-registrar’s office for final registration. Obtain a registered copy of the selling deed, which is the final legal confirmation that you own the property.
Stamp Duty and Registration Fees: Pay the applicable Stamp Duty and Registration Charges based on current prices in Pune. Preserve the payment slips, they act as proof of transaction, which is necessary for any legal action or resale.
Mutation of Property: Apply for mutation of the property under your name at the local municipal office after registration. This procedure ensures that your ownership has been recorded in the municipal records, and you are recognized officially as the owner of this property.
Conclusion
This legal checklist assures that purchasing a flat in Pune is a safe investment for you and that you are able to avoid all of the frequent pitfalls. It is highly recommended that you consult with a legal professional because this will ensure that all legal requirements are met, allowing you to proceed with confidence and ease. Whether you’re looking for properties in Kharadi or flats in Hadapsar, following this checklist can help you avoid making rash decisions and ensure the safety of your investment.
Choosing a reputed developer can help you get exceptional quality and modern designs, making them a reliable choice for homebuyers seeking premium living experiences in Pune. With state-of-the-art amenities, strategic locations, and thoughtfully designed living spaces, ARV Group consistently delivers value that goes beyond the ordinary, offering a perfect blend of luxury and functionality. Whether it’s their contemporary apartments or sophisticated commercial spaces, ARV Group stands out for its commitment to excellence, making them a trusted name in Pune’s real estate market.
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