Buy Property:

Real estate prices in Pune is touching new heights. The growth and the policies adopted by the government to facilitate investments mainly in the IT and industrial sectors, has encouraged an increasing number of investors to invest in the properties of the city like Pune. Here are some procedural steps in a typical property buying process.

After finalization of property (Flat / Plot) on the basis of choice given and taking into consideration the budget, the following steps will be taken:

  • Finalization of transaction in terms of monetary terms.
  • Receipt of xerox copies of all concerned documents for verification by the Advocate and simultaneously payment of TOKEN MONEY in lieu of finalization of transaction.
  • Verification of documents by the Advocate and issue of Notice in local news paper for information of general public that particular person is intending to sell the particular property and objections if any is tobe called for from the person/s already hving vested interest in the said property.
  • Title Search Report is to be obtained from the Advocate who is suppose to take a SEARCH for a period of 30 years.
  • Drafting of "Agreement to Sale" of the concerned property and approval of the same by the both the parties (Purchaser and Seller).
  • Preparation of final document of "Agreement to Sale"
  • Payment of stamp duty by way of "Franking of the document" from the appropriate authorities and drawl of Demand Draft / Pay Order for registration charges payable at the time of execution of Agreement to Sale and registration of the same with Registration Office.
  • Actual registration of Agreement to Sale after making part payment of agreed consideration as per payment schedule.
  • If the purchaser is making total payment and making final conveyance (i.e. Deed of Assignment or Deed of Apartment, as the case may be), then stage of Agreement of Sale will be deleted.
  • If the purchaser is availing housing loan, the after Agreement to Sale, all the concerned documents are to be submitted to the Financial Institution from whom the purchaser is taking housing loan.
  • On scrutiny of financial aspect (i.e.Completed service by the applicant, net income per month, other liabilities the applicant is having, balance period of service, age of superannuation, other assets the applicant is having, same particulars of co-borrower, is any) sanction of housing loan in principal will be sanctioned and confirmation of the same will be given by the Financial Institution.
  • and on scrutiny of the property papers and actual sanction of housing loan, the disbursement of the housing loan will start. The payment of housing loan will be released in single installment, if the property is ready for occupation or in phases if the same is under construction.
  • On release of final payment by the Financial Institution, the Deed of Assignment or Deed of Apartment is to be executed and registration of the same is tobe made.
  • Taking of possession of the flat / plot, as the as the case may be.
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