Thread by @Ravisutanjani

🚨 Planning To Buy a New Home?

Real Estate is Unorganised in India

There are Experts But You Should Also Do Your Own Homework

• RERA
• CERSAI
• Registration
• Taxation

Here’s a Thread from Our Experiences

Bookmark and Share for Awareness

1) Flat or Land? Metro or Smaller City?

This is an extremely personal choice

Factors in Our Decision-Making

• Family Roots
• Quality of Food and Air
• Cost of Living
• Parent’s Preferences
• Hospital, Railway Station (Less than 2 KM)

Buying a Flat in Delhi NCR or Bengaluru was an option

But we finally purchased a second home last year in our hometown itself , nearest International Airport is just 65 km away

2) Due Diligence - Most Important

So once you’ve finalised the property

Ask for these documents from the seller

• Previous Sale Deed / Agreement
• Chain of Ownership
• Plot/Land Status
• Aadhaar/PAN of Owner
• Water & House Tax Papers
• Electricity Bill

3) How To Verify?

a) You can hire a good lawyer and get the verification done at respective offices

b) DYI - You can request a copy from the registry office, ensure the names across all of these documents are the same and belong to owners or their immediate family members

4) Loan against Property?

CERSAI is an important portal

You can check if there’s any loan taken against the property you’re buying

You may visit this blog for further details and by step-by-step guide

magicbricks.com/blog/cersai/12…

5) RERA Certificate

Getting a RERA Certificate is mandatory for builders, important if you’re planning to buy a flat

Double-check their registration and details at the RERA website of your state

Link for UP - up-rera.in/verify

6) ‘Zero’ Outstanding

Ensure all electricity, water, and gas bills are paid and there’s no house tax liability

If you discover any outstanding dues after the registry, it’ll be your liability. So make sure everything is in place

7) Stamp Duty & Registration Charges

Most states have e-Stamp available, pay online for records instead of cash.

No matter what anyone says, ensure the registration and stamp duties are paid properly

You can find the state-wise details here

99acres.com/articles/what-…

8) Payment and TDS

• Transfer the Final Sale Amount (one time or in parts) to the Seller(s) via RTGS or Cheque Only

• Avoid Cash, You Are Legally Not Allowed To Pay More Than Rs 20,000 In Cash For It

• Deduct Applicable TDS if Value > ₹50 Lakh

9) Name Change Across Utilities

Once you have a sale deed, apply at respective offices to update the name of new owners in their records

Apply for electricity, gas and water connection etc

10) Do(s) and Don’t

• Hire a Professional Lawyer and CA, an attempt to save some money can result in a nightmare. So It’s always advisable to take Professional Help

• Keep electronic records of all conversations and copies of documents, always make registered agreements

Disclaimer - This thread is solely for education purposes basis our learnings

Please consult your financial advisor before making any decisions as Real Estate has lot of nuisances & complexities

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