Investing in real estate in Pune is always a suitable option. There are a number of well-known residential builders who are offering beautiful apartments in key areas of the city. If researched properly, you can even find one that perfectly suits your budget.
But simply finding and locking on a flat is half the job done. Purchasing the flat is a completely different process, as you need to have certain documents to complete the entire process.
Documents Required While Purchasing a Flat in Pune
While there are a number of documents that need to be taken into account, below are some of the important documents you require when buying a flat in Pune.
• Society Share Certificate: This is a document issued by the housing society to the buyer. As per the Maharashtra Cooperative Societies Act, every society should have an authorized share capital. The society provides these shares to new buyers for a certain financial sum. The buyer is expected to purchase 5 to 10 shares. Once the shares have been bought, the society issues the buyer a Share Certificate with the name of the buyer, flat number, sharing certificate number, share allotment, and price for each share. At the time, this certificate is the only proof of ownership for the buyer.
• Society Lease Deed: Lease deed is a simple agreement between a land owner and a second party that is interested in taking the land on rent.
• Registration Details: It is mandatory for the sale deed of all high value property transactions to be registered at the regional sub registrar's office of the local municipal authority.
• Society Bye-laws: This is a document provided by the society, and consists of the various rules, regulations, and byelaws as set by the State Housing Federation.
• No Objection Certificate: Popularly known as NOC, this is a legal document, which states that the society does not have any objection to the legal points and actions mentioned in the certificate.
• Approved Building Plan: This is a plan or blueprint of the building that has been approved by the Commissioner of Building Control.
• Title of Builder: This document provides evidence that the builder has obtained permission to construction the property on the land.
Such documents can help you to ensure that society and flat is legal and available, and that you are free to invest in its purchase.
But simply finding and locking on a flat is half the job done. Purchasing the flat is a completely different process, as you need to have certain documents to complete the entire process.
Documents Required While Purchasing a Flat in Pune
While there are a number of documents that need to be taken into account, below are some of the important documents you require when buying a flat in Pune.
• Society Share Certificate: This is a document issued by the housing society to the buyer. As per the Maharashtra Cooperative Societies Act, every society should have an authorized share capital. The society provides these shares to new buyers for a certain financial sum. The buyer is expected to purchase 5 to 10 shares. Once the shares have been bought, the society issues the buyer a Share Certificate with the name of the buyer, flat number, sharing certificate number, share allotment, and price for each share. At the time, this certificate is the only proof of ownership for the buyer.
• Society Lease Deed: Lease deed is a simple agreement between a land owner and a second party that is interested in taking the land on rent.
• Registration Details: It is mandatory for the sale deed of all high value property transactions to be registered at the regional sub registrar's office of the local municipal authority.
• Society Bye-laws: This is a document provided by the society, and consists of the various rules, regulations, and byelaws as set by the State Housing Federation.
• No Objection Certificate: Popularly known as NOC, this is a legal document, which states that the society does not have any objection to the legal points and actions mentioned in the certificate.
• Approved Building Plan: This is a plan or blueprint of the building that has been approved by the Commissioner of Building Control.
• Title of Builder: This document provides evidence that the builder has obtained permission to construction the property on the land.
Such documents can help you to ensure that society and flat is legal and available, and that you are free to invest in its purchase.
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