Mumbai is a bustling city with the highest cost of living in India, yet it attracts many people looking to buy or sell properties. With the ever-rising real estate market, investing in Mumbai can be exciting and promising. The process of buying property in Mumbai can be complex and overwhelming due to the legal formalities, and any mistake made during the process can complicate the deal for the buyer.
In this article, we'll take a closer look at the legal aspects of buying or selling property in Mumbai, considering it involves a large financial commitment and exercising due caution while examining the property documents is a must to ensure a smooth and secure transaction.
1. Property Title:
The first legal aspect of any property transaction is to ensure that the property title is clear and marketable. A clear title means that there are no legal disputes, liens, or claims attached to the property that could affect its value or ownership. To safeguard your investment, ensure the property is free from mortgages or pending litigation.
Do your due diligence and get an encumbrance certificate from the sub-registrar’s office to verify the status of the property.
2. Property Documents:
Once the title is clear, the buyer should verify all the documents related to the property, including the sale deed, title deed, conveyance deed, and other documents related to the property. You can get assistance from a lawyer to verify property documents, survey plans, land records, and other relevant documents.
3. Property Taxes:
The buyer and the seller should know the property taxes that must be paid. The buyer should ensure that all taxes have been paid up to date by the seller. It is advisable to get a no-dues certificate from the tax authorities to ensure zero discrepancies post-possession.
4. Stamp Duty and Registration:
Stamp duty and registration charges need to be paid at the time of property registration. Stamp duty is a state tax that is levied on the property transaction value. Registration involves transferring the ownership of the property to the buyer's name in a legal document.
5. Capital Gains Tax:
If you're selling a property, you may be liable to pay capital gains tax on the profit you make from the sale- the difference between the purchase and selling prices of the property. It applies when you sell the property after holding it for more than 2 years, the profit is treated as long-term capital gains, and a lower tax rate is applicable.
6. Property Agreement:
If the seller is unavailable to sign the sale deed, he can give a power of attorney to someone else to sign on his behalf. A property agreement should be drafted between the parties to outline the terms and conditions of the sale. The agreement is legally binding and protects the interests of both parties.
Note: If a broker is involved, clearly define the terms in the agreement and pay the brokerage only after property registration.
In conclusion, if you are buying or selling a property in Mumbai, choose properties or builders that have a customer-centric approach and are easy to associate with. AsmitA India Realty is a reputed real estate developer in Mumbai and offers affordable luxury homes in the prime area of Mira Road. The team at AsmitA India Realty provides a seamless process of documentation and post-sales assistance.
Navi Mumbai is obviously the following enormous development center of things to come the extent that the Mumbai land market is concerned.
While a few pieces of Navi Mumbai have just accomplished a lot of development, there are still a few zones which are relatively moderate and guarantee sufficient degree for future returns.
Dronagiri is one of these hubs of Navi Mumbai which is arranged inside the Raigad locale and at the southern purpose of Navi Mumbai.
Dronagiri is a very much arranged forthcoming region which is seeing fast development in lodging interest and capital qualities the same.For what reason does Dronagiri make for a promising land venture?The Union Budget for 2019-20 has just declared a budgetary allotment of Rs.
584 crore for numerous periods of the MUTP (Mumbai Urban Transport Project).
This will deal with the advancement of the Belapur-Seawoods-Uran railroad network in Navi Mumbai.
IM Buildcon is a popular brand name amongst the finest real estate builders in Mumbai known for their dedication, innovation, lucidity, professionalism and excellence amongst a ton of other adjectives that any real estate company in Mumbai must be associated with.
The company has a high benchmark of erecting excellent residential and commercial construction projects spread across the prime areas in Mumbai, Palghar & Chennai, delivering many important landmarks in the cities.Since its establishment in 2011, IM Buildcon and team has inexorably worked towards constructing apartments in Mumbai that meet high-class standards, as a result of which gives an altogether different element to the architecture in Mumbai.
It’s latest luxurious project known as Applaud 38, is one of the high-level residential projects in Mumbai offering 1 & 2 BHK apartments in Goregaon for those looking to buy or invest in palatial living spaces at reasonable prices.Contact: IM Buildcon Pvt Ltd.408-409, 4th Floor, Corporate Avenue,Sonawala Lane, Goregaon East,Mumbai - 400063.Tel - +91 9854 236 236Web - https://imbuildcon.in
