Milestones to cross to Seal the Deal for your Dream 2 BHK Flat in Thane

Milestones to cross to Seal the Deal for your Dream 2 BHK Flat in Thane

Purchasing a home requires a significant amount of time and effort. Hence, Implementing this step-by-step guide will make the procedure more effortless for you. This guide could serve as a checklist for you to use throughout the process, providing you conviction in your decision of buying 2 BHK Flats in Thane.

We normally consider location, pricing, and possession date while comparing properties. These are unquestionably significant criteria for short-listing, but there are many aspects to consider before entering into an agreement for under-construction projects in thane.

Following extensive research, site visits, expert opinions, and other considerations, you eventually make a decision to purchase your dream home. That`s a fantastic yet difficult decision to make, and it deserves to be celebrated.

Congratulations on completing the first step toward homeownership! Ownership of a home, however, does not end here. A few more steps and, of course, you`re in your new house! Let us walk you through each process, from booking to moving into your new home.

Before you register for a 2 BHK flat in Thane, here are five things you should look into:

  • Inspect the property prices.
  • Agreement between the builder and the buyer
  • Property Possession agreement
  • The future infrastructure of the location
  • Any Additional charges

Step-by-step Guide for booking New Projects in Thane (2 BHK Flats in Thane)

Purchasing an apartment requires an expenditure of a substantial chunk of one`s hard-earned savings. For many, this may not be enough to cover the cost of the house, and the remainder will have to be paid with a bank loan. The loan`s EMIs will deduct a percentage of the borrower`s monthly income in such instances. With so much at stake, it`s vital to invest safely in under-construction projects in Thane.

1. Confirm the Property`s Pricing

Determine your budget first, then seek a home within that price range. Due to its location and amenities, a property attracts a specific price. When the developer gives you an apartment price, compare it to nearby locations and houses.

Newspaper supplements, listings on property portals, and brokers working in the region can all provide information on property prices.

2. Booking Procedures

To book an appointment, you can choose one of the two methods:

Instant Bookings:

  • Registration is available immediately.
  • You send a binding apartment request and book it right away.

Standard bookings:

  • You make a non-binding apartment request
  • Within 48 hours of receiving your request, the landlord will respond with whether or not the flat is available.
  • The landlord can either approve your request (Approved) or reject it (Rejected) if it has already been booked by someone else (Decline)
  • Then you can either book the apartment by providing your credit card information (Booked) or cancel the requests if you have received many approvals (Cancelled)

Once you`ve decided to buy a 2 BHK Flat in Thane, you`ll need to place a reservation so that the builders can hold it until you complete the purchase by paying the final down payment. The flat is reserved by paying a booking fee of Rs.1 lakh to the developers and filling out a booking form that includes your personal information.

3. Legal Verification

When booking a flat, there are 5 paperwork procedures you must look at. Prior to making any financial commitment, obtain copies of all relevant permissions. To avoid getting into any legal disputes in the future, double-check the following documents and clearance certificates:

i) Land Records: The title deed is the most vital document since it contains information on the property`s ownership, rights, mortgages, and obligations.

As a result, it verifies whether the land on which the project will be built has been registered and development rights have been transferred. Request a copy from the builder and verify the details with the land registry.

ii) Construction Clearances: A certificate of commencement is required before any work on a property could begin. After inspecting the basic framework for a superstructure and the building borders, the municipal planning and engineering department issues the certificate.

This also implies that the builder has gotten all of the necessary licences, sanctions, and permissions for the map before the digging procedure can begin.

iii) Approved Planning: It`s a good idea to double-check that the building plan and layout plan have been approved and that no bylaws in the neighbourhood have been broken. Verify if the floor on which you`ve reserved your apartment has been approved in the building plan.

The construction should be compliant with the Indian National Building Code (NBC). The National Building Code (NBC) is a systematic guideline, or code, for regulating building construction operations in India. Verify this document with the municipal authorities of your locality.

iv) Certificate of Land Use: Having residential properties in a commercial or industrial zone is prohibited. To guarantee that the property you want to buy is in the residential zone, submit an application to the city development department and examine the certificate. There are occasions when the land is in a `converted zone.`

As cities grow, agricultural property is frequently converted for non-residential use by paying a fee to the government. In this situation, look for an endorsement order from the zone`s deputy commissioner authorising residential development on that property.

v) No Objection Certificates (NOCs): If applicable, the builder should be able to provide you with a copy of the urban land ceiling NOC, an environmental clearance NOC, and NOCs from the electricity, water, and elevator authorities.

4. Sales agreement/Possession agreement

The terms and conditions, the possession date, the payment plan, the specifications, the data regarding the shared areas and facilities, etc are all listed in this document. According to the agreement, the developer is also liable for the construction of the property. For purchasing a home or seeking a home loan, this original document must be submitted.

The timing of a project`s completion is determined by a variety of factors, including the developer`s abilities to acquire funds, the project`s sales, and the availability of raw materials. In addition, construction is often slow during the monsoon season. As a result, most developers request a six-month grace time for the project`s final delivery. This grace period should be specified in the developer`s contract.

If the builder is unable to provide timely possession of your 2 BHK flat in Thane (apartment), he would be obliged to pay a penalty, which usually ranges from Rs 5-7 per sq ft.

5. Loan Expenditure

The procedure of having your loan sanctioned begins when the sale agreement is signed. You must contact your preferred bank, complete the loan application form, and pay the processing cost. You will discuss the loan with your executive, and they will assess all of the paperwork that you submit to the bank.

The bank will conduct a legal inspection of the property papers as well as a site assessment. This process should take no longer than two weeks, and if everything goes according to plan, your loan will be approved and issued to the builders. The original property papers will be kept at the bank until the loan for 2 BHK flats in Thane is fully repaid (including interest).

6. Registration of Sales Deed

The sale deed is the primary legal document that establishes your ownership of the property by transferring all ownership rights from the seller to you. A sale document must be registered under Section 17 of the Registration Act, 1908, which mandates the registration of all immovable property valued at more than Rs.100.

The buyer must pay for the sale deed, and before it is signed, the seller must clear all encumbrances and liabilities on the property, such as any unpaid energy bills, water bills, maintenance costs, and so on.

The sale deed is registered at the registrar`s office to verify that the buyer receives the right title, ownership, possession, and privileges associated with the property. The registration is completed as soon as both parties have signed the sale deed.

During the registration process of your 2 bhk flat in Thane, the buyer must pay stamp duty according to the state`s stamp duty rates. The registrar then hands over all of the original documentation pertaining to the property to the buyer once the registration is completed.

7. Any Additional Charges

Charges such as club membership, parking, preferential site charges, construction charges, and power backup may be included in the price of an apartment. These fees are usually built into the payment schedule and collected on a regular basis.

Stamp duty and registration taxes must also be paid at the time of registration, which are based on the property`s valuation and vary by location. It is in your best interests to be aware of these charges and to be prepared before buying 2 BHK Flats in Thane.