Real estate is one of the safest and most profitable long-term investment options. Since the time of our predecessors, land has been seen as a valuable asset that we have worked hard to acquire. Purchasing 1 bhk in Navi Mumbai for the first time might be a daunting task for someone who has never done it before. Provident Housing ensures a stress-free house purchasing procedure while also ensuring the safety of your investment by studying all of these legal factors and papers.
Purchasing 1 bhk flats in Navi Mumbai anywhere may be a long and drawn-out. However, buying apartments for sale in Navi Mumbai is particularly difficult, with various potential stumbling blocks along the route. As a result, the entire procedure must be handled and organised to minimise the problems that come with it.
There are several legal checklists to look into before buying apartments in Navi Mumbai:
- Title deed:
To begin, verify the property paperwork before purchasing apartments for sale in Navi Mumbai. This document will inform you whether the builder owns the home, has the right to sell it, and can transfer ownership. Insist on viewing the actual title deed rather than a duplicate. It will also inform you whether everything is legal and if there is an ongoing lawsuit involving the property. A buyer should review the original deed and confirm that it is in the developer’s name to guarantee that no one else has the right to sell the land.
- Construction Approvals:
When purchasing an apartment with a built structure, the buyer should check the building plan or the layout plan approved by the local municipal authorities, as well as approvals issued by the government, statutory, and regulatory authorities for infrastructure facilities such as water, sewage, electricity, environmental clearance, and fire safety approval, among other things. It is important to seek copies of NOCs from several authorities, such as the Pollution Board, Environment Department, Sewage Board, and Traffic and Coordination Department, which form the ‘indication of disapproval’ or initial permission required for building development from the builder.
- Sellers identity:
The seller’s identification is important when it concerns verifying the legal paperwork. It is critical to recognise that the identity of the wage is crucial since it will play a significant impact in deciding property ownership in the future. Examine the seller’s status and legal documents, as well as his relationship with the property.
- Occupancy certificate:
A broker or builder must access the government’s Occupancy Certificate if they want to sell the property. This certificate verifies that the person he intends to sell the property has the right of occupancy. As a result, you’ll need to look at this certificate; if the vendor is legitimate, they’ll have one. Using the property without gaining occupancy may result in a penalty under the appropriate building by-laws and the danger of demolishing the property.
- Encumbrance Certificate:
The encumbrance certificate is required when applying for a house or a loan against property and when selling or purchasing a home. An encumbrance certificate records all transactions involving a certain property during a specific period. Any claims or encumbrances on the property are also included in this information. “Encumbrance” refers to the obligations placed on a particular property as a security for any debt owed by its owner that has not been paid as of the encumbrance date.
- Commencement certificate:
After a site inspection, the local authorities issue a Commencement Certificate, a legal document. This document certifies that the project fits the specified standards and aids the builder in starting work on the job site. Failure to get a Commencement Certificate will cause the building to be declared illegal, resulting in penalties and even an eviction notice.
- Environmental clearance:
A clearance permit from the Forest and Environmental Department of the Central Government is required if the construction area exceeds 20000 sq.m. This document must be considered in property due diligence before buying apartments for sale in Navi Mumbai. The investor gets peace of mind and security by getting adequate legal assistance, scrutinising paperwork, and verifying vital facts about the property. Provident Housing ensures all these legal considerations are in place before purchasing apartments in Bangalore.