Checks Before Buying a Flat in Nashik

Check the project, not just the builder

Projects are registered with MahaRERA, not builders. Under section 3(1) of the RERA Act a promoter cannot advertise, book or sell in a project that needs registration until it is registered. Small projects are exempt: land of 500 square metres or less, or eight apartments or fewer, counting all phases.

Search the project on maharera.maharashtra.gov.in, the only official site. Read the declared completion date, the approved plans and the complaints against it. The promoter's filing must list the projects it launched in the past five years, completed or not. That list is your track record, and it is the promoter's own declaration.

Visit the older projects on that list

Go to two of the completed ones. Ask residents when they got possession against the date they were promised, whether the society has been formed and the land conveyed to it, and how defects were handled. Look at the common areas, the lifts and the water tanks.

Read the land title

The promoter must declare on affidavit to MahaRERA that the land is free of encumbrances, or give details of each one. Read that declaration on the project page, then have an advocate check it against the title deeds, the 7/12 extract or property card, and the sub-registrar's index.

Litigation does not show up at the sub-registrar's office. The advocate should search the land and the promoter's name on eCourts as well.

Read the agreement before paying more than 10%

The promoter cannot take more than 10% of the cost before a written agreement for sale is signed and registered. In Maharashtra that agreement must follow the model form in the MahaRERA Rules. Check that it carries the carpet area, the possession date, the payment schedule tied to construction stages, and the list of amenities you were promised.

Anything you were told and that is not in the agreement does not bind the promoter.

Follow the money

Pay only into the account named in the agreement, by bank transfer. The promoter must put 70% of buyers' money into a separate account in a scheduled bank, used only for the project's construction and land cost.

If the promoter misses the possession date in the agreement, section 18 lets you withdraw and get the money back with interest, or stay and receive interest for every month of delay.

Know the full tax bill

Stamp duty inside Nashik Municipal Corporation limits is 5% under the Stamp Act, plus a 1% municipal surcharge as reported from the corporation's receipts, and possibly a 1% metro surcharge not confirmed for Nashik. Budget 7%, and confirm with the sub-registrar. Women who are the only purchasers pay 1% less. Registration is about 1%, capped at Rs 30,000.

GST on an under-construction flat is 5% of the price, or 1% for affordable housing, according to the GST Council's real estate FAQ. A completed flat sold after its occupancy certificate carries no GST.

After you take possession

Structural or workmanship defects you report within five years of possession must be fixed by the promoter free of charge within 30 days, under section 14(3). Report them in writing, with photographs and dates.

JebuK Properties, MahaRERA agent registration A031222602911, checks RERA status and shortlists properties with buyers at no charge.