Today the scenario is that there is a huge supply of houses in Mumbai region but not much demand. However funny thing is that prices are still not falling. Biggest single factor that prevents a deal to be sealed is the price. You can find your dream house in the location or building of your choice, its is the price that may keep you away from making a deal.
Now I don't have much help to offer on price part, I think it all depends upon your negotiation skills and how desperate the seller is in disposing off the property. I however has few factors to keep in mind before making an offer with token money.
Apart from the price another very big part in buying an apartment is the "seller". A real estate transaction takes around 3 months to complete and all that time you need cooperation of the seller. Of course if a broker is involved he would help you with the necessary documentations and contacts but he would also need seller to cooperate. So first question is is this the seller you can deal with? Can he/she be your friend for next three months. Now it all depends upon how good you are judging people but just in case you find something not right with the seller's attitude, it is better to walk away from the deal.
Lot of times many things are agreed upon mutual understanding like when would seller actually give you the physical possession, what all items would be left behind by him/her. There have been cases when seller have actually sold a furnished apartment, but before possession left with all the furniture. So if someone wants to cheat he will cheat, what you can do at best is deal with people you are comfortable, someone with whom your frequency matches.
So lets say you are OK with the seller and you have somewhat agreed upon on the price too. To initiate a deal you would have to give some token amount. It can be few thousands rupees to say 1 - 5% of the total price. Now if there is some problem with the deal, you can get the token back, but by exercising some caution you can minimize the risk. Here are this first set of documents (or copies of them) you can ask seller to just show them to you before giving the token. If seller is genuine I am sure he won't have any objection.
1. The registered sale deed in the sellers name.
This is the most important document, specifying that property is registered in their names. If this is not there, be very cautious in dealing, I would suggest don't take the deal further. From this document, just note
a) the sellers names
b) the serial number of the document
c) the plot number on which the building exist.
2. The copies of PAN/Aadhaar of the sellers. This will just verify that people mentioned in the deed exist. If there are multiple sellers then ask them for some MOU that all sellers have agreed to sell the apartment. There can be cases due to some internal dispute all may not have agreed to sell. Better to get some idea of this right at start.
3. The latest property tax for the apartment paid to NMMC.
In Navi Mumbai all the houses constructed are governed by laws NMMC and CIDCO. This is one such document that will help you relate the sellers with the two authorities.
So what to do with the information you just collected. Stay tuned and I will post this soon.
Now I don't have much help to offer on price part, I think it all depends upon your negotiation skills and how desperate the seller is in disposing off the property. I however has few factors to keep in mind before making an offer with token money.
Apart from the price another very big part in buying an apartment is the "seller". A real estate transaction takes around 3 months to complete and all that time you need cooperation of the seller. Of course if a broker is involved he would help you with the necessary documentations and contacts but he would also need seller to cooperate. So first question is is this the seller you can deal with? Can he/she be your friend for next three months. Now it all depends upon how good you are judging people but just in case you find something not right with the seller's attitude, it is better to walk away from the deal.
Lot of times many things are agreed upon mutual understanding like when would seller actually give you the physical possession, what all items would be left behind by him/her. There have been cases when seller have actually sold a furnished apartment, but before possession left with all the furniture. So if someone wants to cheat he will cheat, what you can do at best is deal with people you are comfortable, someone with whom your frequency matches.
So lets say you are OK with the seller and you have somewhat agreed upon on the price too. To initiate a deal you would have to give some token amount. It can be few thousands rupees to say 1 - 5% of the total price. Now if there is some problem with the deal, you can get the token back, but by exercising some caution you can minimize the risk. Here are this first set of documents (or copies of them) you can ask seller to just show them to you before giving the token. If seller is genuine I am sure he won't have any objection.
1. The registered sale deed in the sellers name.
This is the most important document, specifying that property is registered in their names. If this is not there, be very cautious in dealing, I would suggest don't take the deal further. From this document, just note
a) the sellers names
b) the serial number of the document
c) the plot number on which the building exist.
2. The copies of PAN/Aadhaar of the sellers. This will just verify that people mentioned in the deed exist. If there are multiple sellers then ask them for some MOU that all sellers have agreed to sell the apartment. There can be cases due to some internal dispute all may not have agreed to sell. Better to get some idea of this right at start.
3. The latest property tax for the apartment paid to NMMC.
In Navi Mumbai all the houses constructed are governed by laws NMMC and CIDCO. This is one such document that will help you relate the sellers with the two authorities.
So what to do with the information you just collected. Stay tuned and I will post this soon.
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