Buying a home is a highly capital-intensive decision, so making any mistake during the process can cause a great deal of trouble for you. Hence, a buyer must take due caution while examining the property documents. Properly scrutinising property documents and verifying relevant information helps the buyers ensure that the investment brings a sense of security and peace of mind.
In India, the properties related laws are generally dealt with by the Transfer of Property Act and the RERA Act. This makes it essential for home buyers to go through the documents to be verified before buying a house.
Under the RERA Act, the properties should be registered with the RERA authorities. So, this act makes it necessary for the builders to register their projects, which helps homebuyers know about all the major documents to check before buying a flat from a builder.
Ashwin Sheth Group has curated a list of things a buyer has to seek and examine before buying a property.
Check out the legal documents required to purchase an under-construction property.
The title deed is one of the most important documents a buyer needs to check to purchase a property. The title deed is a document that will show the actual ownership of the property and will prove that it is free of any legal discrepancies.
Construction Clearance Certificate or Commencement Certificate
This document is necessary when buying any ongoing construction property from a builder. Commencement Certificate states that the construction has been initiated only after getting the approval, license and permission from the local authorities.
Building Approval Plan or Approved Layout Plan
A building approval plan is necessary because it confirms that the local authorities have approved the building in which you are planning to buy a home and that there are no discrepancies related to it.
No Objection Certificate
No Objection Certification (NOC) is one of the most important documents to check before buying a flat from a builder. The concerned local authorities generally issue this certificate. It asserts that there are no discrepancies in the present plan, and it can be duly executed. NOC works as evidence to confirm that the authorities have approved the project, or the building and no objections are raised concerning its construction.
Land Use Certificate
A land use certificate is mandatory to check before buying a property. It shows the purpose for which the land is to be used. This certificate specifies the type of land and activities that could take place on that particular land.
Encumbrance Certificate tells you whether the property has any legal or monetary liabilities or pending litigation. It helps ensure that the property is free from any legal dispute over its title and there is no loan or mortgage against it that the buyer is planning to buy.
You should review this document carefully to ensure it includes everything you were promised. You can only legally hold a builder or promoter accountable for what is in the purchase agreement, not what has been verbally promised. The agreement should include all major details of the construction project, such as the project specification, apartments, payment terms, completion dates and the type and amount of penalty in case of any party defaults.
Occupancy and Possession Certificate
The local authorities issue this certificate only after the completion of the construction of the project. This ensures that the building has been constructed in compliance with the provided permissions, is fit for occupation purposes and can be possessed by people who are buying the property.
Property Registration Certificate
This document is typically issued by the local authorities to confirm that the property you are buying is legally yours. It will also list the property’s address and any applicable restrictions or regulations.
There are very few assets that appreciate in value over time, and one such asset is land and property. Before making any decisions about buying a property, it’s essential to be familiar with the various legal documents that you will need.
In recent times, Kanjurmarg is emerging as one of the popular destinations for investing in properties. Home to some of the major IT parks and multinational companies, Kanjurmarg offers excellent connectivity to places like Bandra- Kurla Complex, South Mumbai and SEEPZ.
With many upcoming projects in Kanjurmarg, buyers can find and invest in a dream home of their choice.
Ashwin Sheth Group, in collaboration with Emami Group, is developing Sheth Avante, a world-class residential project in the heart of Kanjurmarg West on LBS Marg. With three towers of 25 floors, it offers spacious and well-ventilated 1, 2, and 3 bed residences with amenities for a balanced lifestyle, where you can rediscover your desires and hobbies.
Sheth Avante is a RERA approved under construction project expected to be ready for possession by Dec 2023. Those who want to invest in this project in Kanjurmarg and wish to take a loan from the bank can approach any bank of their choice, as each can approve loans for this spectacular property.