Buying real estate in Navi Mumbai need not be a lucky draw. The following steps ensure that your purchase goes through without a hassle.
- Identify flat/property you like
- Scrutinize property papers, title documents, municipal permits, flat ownership papers, society status, CIDCO NOCs etc
- Make sure society conveyance has been done (without this, no CIDCO NOC will be possible and without CIDCO NOC no bank will give you a loan). This is not for fresh purchases in a New Project. In a new project, no society is formed until 60% of the flats are sold by the builder.
- Fix Price
- Formulate MOU (Memorandum of Understanding)
- Make Token/Part payment if taking a loan. Take a receipt for the same
- Formulate and register the Agreement for Sale (Sale Agreement) If taking a bank loan
- Apply for CIDCO Transfer/CIDCO NOC
- Obtain CIDCO NOC
- Apply for Mortgage NOC (Only if taking a loan)
- Obtain Mortgage NOC from CIDCO
- Get bank to disburse the loan
- Formulate and register Sale Deed
- Apply to CIDCO for ‘Final Order’
- Submit CIDCO ‘Final Order’ to Society for transfer of name in Share Certificate
- Apply for change in name in Electricity and Gas department records
- Transaction Complete
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