Legal tips for buying redeveloped property in Maharashtra

09 Feb 2016

Are you considering redeveloping your home? Or are you looking forward to buy in a redeveloped property in Mumbai? In either case, if the answer is a yes, you need to be very careful while buying a redeveloped property.

It is very important to look into every minute detail related to the property, its agreement, documents, track record, research and check lists, etc. There are other important considerations that one should keep in mind before opting for a redeveloped home.

To discuss on each of the above-mentioned factors in detail, Magicbricks organised a Google Hangout session with Uday Wavikar, vice president, Consumer Court Bar Association Maharashtra & Goa on the topic “Legal safeguards while buying redeveloped properties in Maharashtra.”

Here are the key takeways of the session - 

One should think of all aspects before buying a redeveloped property in Mumbai including the maintenance cost

Redevelopment is a hit in Mumbai as one has no place for development, and the only option is to rise up 

For redevelopment, appoint a consultant/lawyer to analyse the builder for due diligence of the project

Check for Completion Certificate, Occupation Certificate, water and power connectio and home loan loan status

Prefer to buy ready-to-move #house rather than the under-costruction one to reduce #property hassles

A Mumbai consumer court verdict has allowed bachelors for taking up flat on rent. It's illegal to ban them from accomodating

Redeveloped property in Mumbai is not always best investment as it comes with many risks. Take legal help

Gram Panchayats are flexible in issuing OC. Check for green zone restrictions, flats/land registration.