In this blog, we will guide you through the essential documents you should check before Buying a Premises in Mumbai from the builder.
Are you planning to buying a premises in Mumbai? It’s an exciting and significant decision, but before you proceed, it’s crucial to ensure that you have all the necessary documents in place. Buying a premises involves a considerable investment, and verifying the authenticity and legality of the property is of utmost importance. In this blog, we will guide you through the essential documents you should check before Buying a Premises in Mumbai from the builder.
Title Certificate of the Property:
The title certificate is one of the most critical documents to review. It establishes the ownership rights of the builder over the land and confirms that there are no pending legal disputes or claims on the property. Ensure that the builder has a clear and marketable title to the land on which the premises is constructed.
Property Card:
The property card provides detailed information about the property, including its location, dimensions, and tax details. It also verifies if the property is legally registered with the Municipal Corporation of Greater Mumbai (MCGM). Request a copy of the property card from the builder and cross-verify the details with the physical aspects of the property.
Development Agreement – Society between Builders:
The registered redevelopment agreement outlines the agreement between the builder and the society or the existing premises owners regarding the reconstruction of the building. It specifies the rights, obligations, entitlements, responsibilities, and profit-sharing arrangements between the parties involved. Review this document to ensure that the builder has the necessary permissions and rights to undertake the redevelopment project and sell the premises / commercial premises in the building.
MCGM Permissions – IOD, CC, OC:
The Municipal Corporation of Greater Mumbai (MCGM) issues several permissions during the construction of a building. The crucial permissions are:
a. Intimation of Disapproval (IOD): This permission grants approval to the builder’s proposed building plans, including its design, structure, and amenities. Ensure that the builder has obtained the IOD before starting the construction.
b. Commencement Certificate (CC): The CC is granted once the construction has commenced, the exiting building is demolished, and it further confirms that the building is being constructed as per the approved plans. Request a copy of the CC to ensure compliance.
c. Occupancy Certificate (OC): The OC is issued by the MCGM after the completion of the building, indicating that it meets all the necessary building regulations and can be occupied. Never finalize the purchase without verifying the OC, as it ensures that the building is safe and legally habitable.
MahaRera Certificate:
The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established to protect the interests of buyers of immovable premises and regulate the real estate sector. It mandates that all real estate projects, including the sale of premises, must be registered with MahaRERA. The registration ensures transparency and accountability in the real estate transactions. Verify if the builder has obtained the MahaRERA certificate for the project you’re interested in.
Additional Property Documents to Check:
Apart from the specific documents mentioned above, it is also advisable to review additional documents such as:
Sale Agreement: The sale agreement contains the terms and conditions of the sale, including the sale price, payment schedule, possession date, and penalties for default. Ensure that sale agreement is fair and in compliance with legal requirements.
Building Plans and Approvals: Request copies of the approved building plans, layout, and any other relevant approvals obtained by the builder. This will give you an idea of the construction quality and adherence to regulations.
Encumbrance Certificate: This document confirms that the property is free from any legal encumbrances, such as mortgages, liens, or pending litigation.
NOC from Society: If the building is part of a housing society, ensure that the builder has obtained a No Objection Certificate (NOC) from the society, indicating that there are no objections to the sale of the premises.
Well, if you are planning to buy new premises in Mumbai, You should connect with PCPL (Pranav Constructions Pvt. Ltd.) is a renowned real estate development company in Mumbai, known for its commitment to quality construction, innovative design and timely delivery of residential & commercial projects. With a strong track record and a reputation for excellence. PCPL has established itself as a top builder in Mumbai, offering desirable and well-crafted properties to the buyers.
