List Of Documents Needed for Buying a House in Mumbai

Buying property in Mumbai means getting all the paperwork done before hand and keeping everything in place even before it is required. Whether you are buying from the best real estate companies in Mumbai or from a local builder; paperwork is an essential element for property business. With the rising prices of 2 and 3 BHK flats in Mumbai, it has become an integral part of the whole process of buying property where you are required to do official paperwork. To make this process easy, we are providing with a list that helps you to get that official documents ready;

• Draft agreement, also known as the Deed of Sale it is normally created by the buyer’s lawyer
• Original agreement of the property. You can take a photocopy of it for your records and view the original agreement as it will be kept with the seller. And if the property was previously sold, you must also take document’s photocopy of the sale.
• Society share certificate is another important document which you can get from the society you are buying your flat in.
• Utility bills like electricity, gas bills, telephone bills and maintenance bills. If not original than at least photocopies.
• A No Objection Certificate (NOC) which states that the property has been sold from one person to another person. It should also state that the property is free from liabilities and dues from the society.
• If an under construction property has been bought, the builder needs to provide a redevelopment agreement between the society and the developer. If the developer does not provide this document, ask them to at least let you to inspect the property.
• Original property details from the seller and the builder.
• And a title note.

  These documents are crucial to get the official legalities done while buying a residential property in Mumbai.

Trend for Luxury Property in Mumbai

Dynamics of Mumbai’s luxury housing has changed drastically in the last decade. Preference for luxury property in Mumbai has shifted as the CBD and Diamond Market has moved to Bandra Kurla Complex (BKC).

In the desire to be close to the Sea Link for quick access to BKC, people are spending big bucks on buying luxury flats in Worli. Corporate employees wanting to stay close to their offices are looking for properties in the Bandra-Khar-Santacruz belt. With the Diamond Market also moving to BKC, expensive flats are being bought by diamond traders who are shifting to these areas and to Worli for faster access to their shops.

Even the Andheri-Malad-Goregaon-Powai belt is witnessing an increase in demand for premium properties. This is because various Media, FMCG, SME and Pharma companies have shifted their headquarters to this area. Various film and television artists are also spending huge amounts on plush properties in this belt as they wish to live closer to the major studios. Proximity to the airport, Metro stations and highways are some of the key factors due to which the Andheri-Malad-Goregaon belt is seeing a tremendous growth in demand for luxury properties.

The ‘Affordable Luxury’ Trend for the Not-so-Rich Buyers

A new trend of ‘affordable luxury’ is also becoming popular. Developers are catering the not-so-rich with luxurious yet affordable 2 and 3 BHK flats in Mumbai. Suburbs such Goregaon, Vikhroli, Airoli, Malad, Bhandup and Ghodbunder Road in Thane are offering multiple choices in this category to buyers. Overall living standard and growth of these areas is high.

Many families living in South Mumbai who cannot spend much on buying a new expensive flat are opting for Wadala for affordable luxury options. Demand for Wadala properties has increased due to factors like the Eastern Freeway and Monorail.