Frequently Asked Questions

The typical property buying process in Mumbai involves:

• Step 1: Property shortlisting and site visits with our agent
• Step 2: Price negotiation and verbal agreement
• Step 3: Payment of token amount (1–2% of value) and Letter of Intent
• Step 4: Legal due diligence — title search, RERA check, encumbrance certificate
• Step 5: Sale Agreement execution and 10% payment
• Step 6: Home loan processing (if applicable)
• Step 7: Stamp duty payment and property registration at Sub-Registrar office
• Step 8: Possession and mutation of property

We handle the entire process end-to-end for our clients.

As a buyer, you typically need:

• PAN Card and Aadhaar Card (mandatory)
• Bank statements (last 6 months)
• Income Tax Returns (last 2 years)
• Salary slips / Income proof (last 3 months)
• Passport-size photographs
• Address proof (utility bill, Aadhaar)

For the property itself, we verify: Title deed, Encumbrance certificate, Approved building plan, Occupancy Certificate (OC), Completion Certificate (CC), RERA registration, and Society NOC.

Carpet Area: The actual usable floor area inside the walls of your flat — where you can literally lay a carpet. This is what RERA mandates builders to quote.

Built-up Area: Carpet area + the thickness of walls, balconies, and flower beds. Typically 10–15% more than carpet area.

Super Built-up Area (SBA): Built-up area + your proportionate share of common areas (lobby, staircase, lift, amenities). Can be 25–40% more than carpet area.

Important: Always compare properties on carpet area basis for an apples-to-apples comparison.

Private Builder: Built by private developers. Free-sale properties with no resale restrictions. Typically higher cost but better amenities.

MHADA: Maharashtra Housing and Area Development Authority. Government-built affordable housing. Available through lottery system. Resale allowed after 5 years.

SRA (Slum Rehabilitation Authority): Built for slum dwellers under redevelopment schemes. Free sale component available. Must verify transfer permissions before buying.

Collector Land: Built on land leased from the government Collector. Requires NOC from Collector for resale. Cheaper but more paperwork.

We advise all buyers on the implications of each type before purchase.

An Occupancy Certificate (OC) is issued by the local authority (BMC in Mumbai) certifying that a building has been constructed as per approved plans and is safe for occupation.

Why it matters:

• Banks refuse home loans for properties without OC
• Without OC, it may be considered an illegal structure
• Selling or renting a flat without OC is legally risky
• BMC can order demolition of buildings without OC

Always insist on OC before finalising any property purchase — we verify this for every deal we handle.

11-Month Rent Agreement: The most common type in Mumbai. Registered as a Leave & Licence agreement. Renewable every 11 months. No stamp duty implications under Maharashtra Rent Control Act. Provides clear exit terms for both parties.

Long-Term Lease: Typically 1–5 years. Requires stamp duty payment based on tenure. Offers more stability but less flexibility. Often used for commercial properties.

We recommend 11-month registered agreements for all residential rentals — they protect both landlord and tenant equally.

Security deposits in Mumbai typically range from 2 to 6 months' rent.

• Malad/Kandivali/Borivali: 2–3 months
• Andheri/Goregaon: 3–4 months
• Bandra/South Mumbai: 4–6 months

The deposit is fully refundable at the end of tenancy (minus any legitimate deductions for damages). We always ensure the deposit terms are clearly documented in the agreement.

In Mumbai, maintenance responsibilities are typically split:

Landlord's Responsibility: Major repairs (plumbing, electrical wiring, structural issues), society maintenance charges, property taxes, painting at the start of tenancy.

Tenant's Responsibility: Minor repairs (fan, tap, light fittings), keeping the property clean, paying monthly society maintenance bills, not causing damage to fixtures.

All responsibilities should be clearly defined in the Leave & Licence agreement to avoid disputes.

RERA (Real Estate Regulatory Authority) was established under the Real Estate (Regulation and Development) Act, 2016. In Maharashtra, it's called MahaRERA.

Why check RERA:

• Ensures the project is legally approved and registered
• Builder must disclose all project details — layout, timeline, costs
• Your advance payment is protected in an escrow account
• Delays beyond promised date attract compensation
• Disputes can be resolved through RERA tribunal

Verify any project at maharera.mahaonline.gov.in. We do this verification for all projects we recommend.

Stamp duty is a state government tax on property transactions in Maharashtra (2025 rates):

• Male buyer: 5% of property value
• Female buyer: 4% of property value (1% concession)
• Joint (Male + Female): 4.5%
• Registration charges: 1% (max ₹30,000 for residential)

Example: ₹1 Crore flat → Male buyer pays ₹5L (stamp duty) + ₹1L (registration) = ₹6L total.

Use our Stamp Duty Calculator for quick calculations. Stamp duty is paid online via the GRAS portal.

A Title Search (also called Title Verification) is a legal process to verify that the seller has a clear, undisputed legal right to sell the property.

It involves checking:

• Chain of ownership documents going back 30+ years
• Encumbrance certificate (no outstanding loans or charges)
• Power of Attorney authenticity (if applicable)
• Court cases or attachments against the property
• Development Agreement and builder's rights
• Society NOC and property tax records

We recommend engaging a qualified property lawyer for title search. We facilitate this for all our buyers through our trusted legal network.

Banks in India follow RBI's Loan-to-Value (LTV) guidelines:

• Property value up to ₹30 Lakhs → LTV up to 90%
• ₹30L to ₹75L → LTV up to 80%
• Above ₹75L → LTV up to 75%

So for a ₹1 Crore property, the maximum loan is ₹75 Lakhs, and you need at least ₹25 Lakhs as down payment.

Eligibility: Banks allow total EMIs (existing + new) of 40–50% of your net monthly income. Use our Affordability Calculator for a quick estimate.

GST is applicable on under-construction properties only.

• Affordable housing (value ≤ ₹45L, carpet ≤ 60 sqm): 1% GST
• Other under-construction residential properties: 5% GST
• Commercial properties: 12% GST
• Ready-to-move-in properties (with OC): No GST

GST is calculated on the base sale price (excluding stamp duty and registration). Input Tax Credit (ITC) is not available to homebuyers under the current scheme.

Pre-EMI: During construction, you pay only the interest on the disbursed amount. Principal repayment starts after possession. Lower monthly outgo during construction.

Full EMI: You start paying complete EMI (principal + interest) from the first disbursement. The loan gets repaid faster and total interest paid is lower.

Which to choose: If you're paying rent and EMI together, Pre-EMI eases cash flow. If you can manage both, Full EMI saves significant interest over the loan tenure. We help our clients decide based on their specific financial situation.

To maximise your property sale price:

• Price Right: Get a market valuation — overpricing leads to no enquiries, underpricing leaves money on the table. We provide free valuations.
• Presentation: Clean, well-lit property photos dramatically increase enquiry rates. Consider minor repairs and repainting.
• RERA & Legal Readiness: Have all documents ready — sale deed, OC, NOC from society, encumbrance certificate. Buyers with financing need these quickly.
• Right Timing: Oct–March is peak buying season in Mumbai. Festive season (Oct–Nov) sees the most activity.
• Right Channel: List with us for access to 10+ portals, our verified buyer database, and social media marketing.

Short-Term Capital Gains (STCG): If sold within 24 months of purchase. Taxed at your income tax slab rate.

Long-Term Capital Gains (LTCG): If sold after 24 months. Taxed at 12.5% without indexation (as per Budget 2024 update).

Tax Exemptions:

• Section 54: Invest LTCG in another residential property within 2 years (or construct within 3 years)
• Section 54EC: Invest in specified bonds (NHAI, REC) within 6 months — max ₹50L exemption

We recommend consulting a Chartered Accountant for tax planning before and after property sale.

Yes, NRIs and PIOs can buy property in India under FEMA guidelines with some restrictions:

Allowed:

• Residential properties (any number)
• Commercial properties (any number)

Not Allowed (without RBI approval):

• Agricultural land
• Plantation property
• Farmhouses

Payment: Must be through banking channels (NRE/NRO/FCNR account). Cash payments are strictly prohibited.

We have a dedicated NRI desk to guide you through the entire process. Visit our NRI Corner for more details.

Yes, absolutely! We facilitate complete remote property purchases for NRI clients:

• Virtual Tours: Live video walkthroughs of shortlisted properties on WhatsApp/Zoom
• Power of Attorney: Grant POA to a trusted relative or our authorised representative in India
• Digital Documentation: All documents shared securely via WhatsApp/email
• Digital Payment: Payment via NRE/NRO bank transfer or wire transfer
• E-Registration: Available in Maharashtra for select transactions

We have successfully closed 50+ NRI deals remotely. Contact us for a dedicated NRI consultation.