Maharashtra continues to be India’s best performer and the wealthiest province, with its no.1 ranking based on fiscal, economic, social, financial, environmental, and government factors. The GDP for the country’s most prosperous state is expected to be ₹35.81 lakh crores in the year 2022-23, making it one of the largest commercial and industrial sectors.
Another significant contributing sector to Maharashtra’s GDP is real estate, with Mumbai leading the pack, expecting an average 13% increase in property rates across MMR. Therefore, buying a house in the country's financial capital requires due diligence and a plan of action, requiring key documents and legalities. Purchasing a home for a common man involves a lifetime of savings, forming a crucial stage in his life.
Real estate laws in Maharashtra need not necessarily be uniform across the state. For example, the stamp duty and registration charges in Navi Mumbai could be different from other cities in the state.
During the time of sale, the developer cannot charge any sorts of payment which is 20% more than the unit sale price.
After approval of the specifications and floor planning by the local authorities and disclosure to the potential buyer, any change made needs to be seconded by the latter party. In case of any unsanctioned changes noticed by the buyer within the first three months of possession, the builder needs to rectify or compensate.
Suppose the developer fails to hand over possession on the decided date. In that case, the developer must reimburse the buyer's amount and interest, dating from which the former received the money.
MOFA can levy strict action against developers breaching their code of conduct, including heavy fines and imprisonment of up to 3 years. For those who don’t know, MOFA was enacted in 1963, reviewing the ownership and sale management of flats in Mumbai. The act gives equal rights to both the buyer and developer in Maharashtra.
Once the minimum number of people in a cooperative housing society has occupied flats, the developer must apply to the registrar for registration. Once registered, there needs to be a transfer of the rights, title, and interest.
The agreement is required to be registered under section 32 of the registration act. Nevertheless, the agreement can still be produced as evidence if not recorded.
The process of documentation can be a strenuous one if not done systematically. Here is a list of ten documents that should be primary tools for the potential buyer.
Any lapse in the above steps could backtrack you, leading to a waste of time and resources.
Thus it is necessary to study real estate and governing bodies before entering any kind of transaction.
Orchids are amongst the most exotic varieties of plants. Besides enhancing the home’s exquisite beauty, they are known to be stress-busters and purify the air. However, many people believe that growing orchids at home is challenging, forcing them to look for alternatives. On the contrary, orchid cultivation is easy, enjoyable and requires minimal effort. If you want to sow orchids but are not familiar with the process, read on. In this article, we will delve into the process of cultivating orchid plants at home.
Pune is the second largest city in Maharashtra by population. The rich culture, the lively entertainment scene, the robust infrastructure, and the cosmopolitan population make this a wonderful place to live. With several commercial hubs and IT parks coming up, hundreds of thousands of young professionals are moving into Pune. It is also one of the top choices for Mumbaikars to buy a second home or a retirement nest. With some of the leading developers of the country expanding their market to Pune, the residential market in the city is on a growth trajectory.
The master bedroom serves as a personal sanctuary, a retreat from the world, and its design elements play a pivotal role in creating a tranquil and functional space. Among these elements, the wardrobe stands out as a crucial component that harmonises style with efficient storage.