Buyers Guide

Welcome to the Buyer’s Guide by Emkayen Group, your comprehensive resource for navigating the real estate market with confidence. Whether you’re a first-time buyer or a seasoned investor, our guide is designed to help you make informed decisions and find your dream home.

Define Your Requirements

Budget: Determine your budget and explore financing options such as home loans to understand your purchasing power.
Location: Choose a location that suits your lifestyle and preferences, considering factors like proximity to work, schools, and amenities.
Property Type: Decide on the type of property that meets your needs, whether it’s a flat, villa, or plot of land.

Research and Shortlist

Market Research: Conduct thorough research on the real estate market, including current trends, prices, and upcoming developments.
Shortlisting: Create a shortlist of properties that meet your criteria and schedule visits to assess them in person.

Legal and Financial Checks

Legal Verification: Verify the legal status of the property, including ownership documents, approvals, and clearances.
Financial Planning: Plan your finances carefully, factoring in the cost of the property, registration fees, and other associated expenses.

Negotiation and Purchase

Negotiation: Negotiate the price and terms of the deal to ensure you get the best possible deal.
Documentation: Once you’ve finalized the deal, ensure all legal documents are in order and complete the registration process.

Post-Purchase Considerations

Property Management: If you’re buying an investment property, consider hiring a property management company to handle rentals and maintenance.
Resale Value: Keep an eye on market trends and property values to maximize the resale value of your property in the future.

Here’s all the information you need before you go on exploring real estate.

As per RERA, each real estate agent needs to be registered with the authority. RERA provides the registration number along with the registration certificate to every RERA authorized real estate agent.

You can check the information of all registered agents through the RERA website by searching for his/her name or Agent registration number. (For example, MahaRERA website→ Registration→ Registered Agents → Search→ View details)

List of registered real estate agents can be checked online on state-specific RERA sites (For example, MahaRERA website→ Registration→ Registered Projects→ Search→ View Details→ Project Professional Information)

Carpet Area: This is the net usable area of the apartment that excludes the areas under service, shafts, lifts, balcony or veranda.
Floor Space Index (FSI): Floor Space Index is the ratio of the combined gross floor area of all floors (except areas specifically exempted under regulations) to the total area of the plot. The FSI varies with every location depending on the surrounding and the development rate. A higher FSI will have a higher built-up area.
Commencement Certificate: It is the certificate issued by the local authorities as a green signal to start the construction work.
No Objection Certificate: NOC is issued by an organization to approve of the development proposed in the vicinity and not intending any objection over it.
Occupation Certificate (OC): Occupation Certificate is given to a building after it passes all the standards of becoming a building that is suitable for habitation.
Sale Deed Agreement for Sale: A Sale Deed / Agreement for Sale is an important evidence in sale and transfer of ownership of a property in favor of a buyer from the seller.
Stamp Duty: Stamp Duty is a tax levied by the Government against the purchase of a property.
RERA: The Real Estate Regulation and Development Act (RERA) 2016 effective from 1st May 2017, is the law created to regulate the real estate sector. It seeks to ensure transparency and accountability in the real estate sector. It sets up clear regulations to protect the home buyers & developers against default and provides for fast track grievance redressal.
Online Research: Below are some questions that you may come across while searching for a property.
Where should I look for project information online?: There are many sites where you can find project information among them are the RERA (Real Estate Regulatory Authority). RERA, being a government entity, is considered the most trustworthy source of information. You can also refer to the developer’s website to get more information about the property you are looking for. Apart from these sources, there are many online realty portals that display information pertaining to different developers and their project. These portals also have comments and ratings section where you can see the reviews of the projects.
Can I get all project information online?: An in-depth research could give you a proper idea about the property and enable you to with relevant question after you do a site visit. However, doing a site visit and meeting the person in charge is a must to get an overview of the property.
How can I connect with the company representative or a reliable and credible real estate agent for the project?: To connect directly to the company representative, you can refer to the developer’s website to get their contact details.

Choosing the right property also means choosing the right developer.

While shortlisting a property you should consider points like, convenience to the nearby areas, conveyance options, is the property worth that price, easy access to public transport nearness to the daily needs and emergency points like hospitals etc. Do the amenities and comfort justify the amount of money you are paying? On the other hand while choosing the right developer, it is a must that you cross check the developer’s license, past projects, his reputation in the real estate industry, his promptness over delivering projects and the occupancy rate to get an idea of the response to his projects.

This is one of the most important steps of buying a house.

As per RERA, the agreement of sale must be registered before the receipt of 10% of the total sale consideration by the builder/developer.

What are the documents required for registration?

The documentation should include the following:

Duplicate copy of the Sales Deed required to be registered
Two passport size photos each of buyer, seller and witnesses
Photo ID Proof of buyer, seller and witnesses
Copy of the latest property register card
Copy of the municipal tax bill to indicate the year in which the property was built/constructed
Copy of the PAN Cards of the seller and the buyer
No Objection Certificate (NOC) for the property
Latest Receipt for Tax payment

Sanctioned Building Plan
Cash or demand draft to pay Stamp Duty
Khata Certificate/ Property Card
Occupancy Certificate
All title documents of land owner
7/12 extracts
Registered Development Agreement (if in case of Joint Development property)

Stamp Duty & Registration

Stamp duty rates have been revised w.e.f. April 2012 as under:-

For residential as well as commercial units the stamp duty payable is applicable @ 5% of market value of the unit or consideration paid under the agreement, whichever is higher.

The market value of the Unit is determined on the basis of stamp duty ready reckoner issued by government every year on January 1st. Further registration fees is payable @ 1% of market value/consideration (whichever is higher) and is capped up to Rs. 30,000/-)

Get your home financed

If you are planning to apply for a home loan you will need the following documents ready with you for submission.

Employer Identity Card.
Loan application with 3 passport size photographs
Proof of Identity (Any one): PAN/Passport/Driver’s License/Voter ID Card.
Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/Piped Gas Bill or a copy of Passport/Driving License/Aadhar Card.
Property Papers:
- Permission for construction (where applicable).
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale.
- Occupancy Certificate (in case of ready-to-move property).
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt.
- Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property).
- Payment Receipts or bank account statement showing all the payments made to Builder/Seller.
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Salary Slip or Salary Certificate of last 3 months.
- Copy of Form 16 for last 2 years or a copy of IT Returns for last 2 financial years, acknowledged by the IT Department.
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
- Business address proof.
- IT returns for last 3 years.
- Balance Sheet & Profit & Loss A/c for last 3 years.
- Business License Details (or equivalent).
- TDS Certificate (Form 16A, if applicable).
- Certificate of qualification (for C.A./ Doctor and other professionals).

While going forward in this process, one of the most important steps that needs utmost attention is the cross-checking the documents.

Here is a list of important property documents required to buy an apartment or an independent house.

Sale Deed
Title Deeds
Building approval plan
Commencement Certificate (For under construction property)
Encumbrance Certificate (EC)
Power of Attorney (POA)
Latest tax paid receipt
Occupancy Certificate (for a constructed property)

No one wants any problem while taking possession of their home, to make it happen, we have listed some points to ensure a smooth possession.

What is the amount that needs to be paid while possession?

The amount to be paid will be scheduled as per the rules mentioned by RERA and as per the agreement between the developer and the purchaser.

What are the documents i should collect at possession?

Before taking the final possession from the developer ensure that all the documents have been received by you with original documents and photocopies from the developer/ owner.
Agreement for Sale
Encumbrance certificate
Commencement Certificate
No Objection Certificate (NOC)
Occupancy Certificate (OC)
Letter of No Dues
Car parking allotment letter
Stamp Duty Receipts
Payment Receipts
Possession Intimation Letter
Possession Letter

Here’s all the information you need before you go on exploring real estate.

Choosing the right property also means choosing the right developer.

This is one of the most important steps of buying a house.

What are the documents required for registration?

Stamp Duty & Registration

Get your home financed

While going forward in this process, one of the most important steps that needs utmost attention is the cross-checking the documents.

No one wants any problem while taking possession of their home, to make it happen, we have listed some points to ensure a smooth possession.

Company

Projects

Resources

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Buyers Guide

Here’s all the information you need before you go on exploring real estate.

Choosing the right property also means choosing the right developer.

This is one of the most important steps of buying a house.

What are the documents required for registration?

Stamp Duty & Registration

Get your home financed

While going forward in this process, one of the most important steps that needs utmost attention is the cross-checking the documents.

No one wants any problem while taking possession of their home, to make it happen, we have listed some points to ensure a smooth possession.

Company

Projects

Resources

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