Checklist for buying and selling of properties like flats and NA Plots

Checklist for buying and selling of properties like flats and NA Plots
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na_plots

Looking to Buy NA Plots or any other property – Check out this Property deal Checklist

Today buying and selling of approved NA plots in nearby regions of Mumbai and Thane is one of the best business in real estate. The rates for flats and NA plots in Mumbai and thane has reached to such a value that its really very difficult for common man to get into this business for building houses or bungalows.  The regions which are within reachable distance through local trains or other local conveyance are becoming very much popular for investments. Some of the most famous and best selling spots for such Approved NA plots are Nerul, Karjat, Murbad, Sahapur, Kasara, Badlapur, Igatpuri, Matheran, Karjat-Murbad Highway, Panvel-Karjat highway, Pune expressway, Manor-Jawahar road  and many other places for NA Plots.

There are some very important points which we need to study before getting into such business of buy NA plots or other properties

Below mentioned is the checklist for buying any property or NA Plots with brief explanation:
1) Land titles/ construction permits/ Approvals from authorities :
2) Agreement :
3) Title clearance certificate :
4) Income Tax clearance (37-I and 230 A):
5) Stamp duty and registration:
6) Society clearance and membership:
7) Taking possession of the flat:

The detailed meaning for each terms are explained bellow;

1) Land titles/ construction permits/ Approvals from authorities :
Ownership of land in favor of the builder
Conveyance of property in favor of the society
Urban Land Ceiling and Regulation Act clearance certificate, if applicable
Power of Attorney executed by the landlord in favor of the developer in case it is joint
development between landlord and developer
Permission to use land for non agricultural purpose
Original plans approved by municipal authorities (total area, number of floors, etc.)
Commencement Certificate issued by municipal authorities permitting the developer to
begin construction
Occupation Certificate issued by authorities certifying that the building is complete and
fit for occupation.
2) Agreement :
Check the serial number of flat, floor is clearly indicated in the agreement;
Carpet area/built-up area and purchase consideration of property is clearly stated;
Floor plan of the specified property is annexed with the agreement;
All the amenities (type of construction, floorings, doors, windows, sanitary, water
supply, electrical fittings, etc.) are clearly specified;
The agreement is duly stamped and signed and lays down a payment schedule.
Original stamped receipts and previous sale/conveyance deed in case of resale properties;

3) Title clearance certificate :
Obtain a title clearance certificate from the advocate certifying that the property intended
for purchase is unencumbered and has a clear marketable title.

4) Income Tax clearance (37-I and 230 A):
A transaction is incomplete and invalid if No objection certificate from the Appropriate
Authority is not obtained in case of immovable properties in certain cities transacted
above a certain value.
The current 37-I limits have been laid down for various cities as under:
Sr. No. City for which Form No. 37-I is required to be filled Provided the apparent
consideration exceeds
1. Greater Bombay Rs. 75 lakhs
2. Delhi Rs. 50 lakhs
3. Calcutta, Chennai, Bangalore, Ahmedabad and Pune Rs. 25 lakhs
4. Chandigarh, Jaipur, Cochin, Trivandrum, Nagpur Rs. 20 lakhs
Please check the rates again with respected authorities. The seller must obtain a Income Tax clearance certificate u/s 230 A of the Income Tax
Act, 1961 specifying that the seller has no dues/outstanding in terms of the Income Tax
payable by him. It is necessary to submit this certificate at the time of registration of the
property.

5) Stamp duty and registration:
Stamp duty is payable as per true market value as per rates prescribed by the Stamp
office.
The agreement is to be registered with the sub-registrar under the provisions of the Indian
Registration Act with a period of four months from the date of its execution.
6) Society clearance and membership:
No objection from society for transfer and sale of flat;
Payment of necessary transfer charges to the society;
Obtain the share certificate from society duly transferred in the name of the buyer.
7) Taking possession of the flat or NA Plots
Ensure that you receive the vacant and peaceful possession of the flat on the date
specified in the agreement;
Is there a provision in the agreement for refund of the amounts due by the builder/seller
along with simple interest @ 9% per annum from the date of receipt in the event the
seller fails to give possession of the property by stipulated date or mutually agreed
extended date.
Inspect the flat with the amenities stated in the agreement and ensure that there is running
supply of electricity and water in the premises.

f you are looking for some more information on buying NA Plots,  Please call on +91 9920812445 or email me at jadhav.annad8@gmail.com.

I would be happy to assist you and end your search for your second home or search for best investment option.

3 thoughts on “Checklist for buying and selling of properties like flats and NA Plots

  1. Arpana as you know that prices of the property are highly versatile due to its rapidly growing amount. In Mumbai that factor is working. But can you able to tell me that You are not predict that what will happens after 10 Years.

  2. Thanks for sharing the checklist for buying home, i think its very necessary to know about all these things before you make a decision to buy a home.

  3. Great Post and Nice Article.Its Very Informative Post.I had never know this Idea before.I like it.Thanks for Sharing.

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