Buying the flat is as good as having Saptapadi under the Hindu Marriage Act says Mahabaleshwar Morje, the Secretary of Flat Owners Association.
The First Step is to take inspection of title deed, search in respect of the land on which building will be construct.
The Second Step is that agreement is entered into in the model agreement as prescribed under the Maharashtra Ownership Flat Act as amended.
The Third step is to have agreement duly stamped before the Superintendent of Stamps under the Bombay Stamp Act, 1958 according amendment shown in the ready recknor referring to the prices
The Forth Step is to have agreement duly registered under Indian Registration Act, 1908 duly signed by the parties with 1% registration fee. Maximum payment Rs.20,000/- with service charges and if the builder does not co-operate have it registered unilaterally without co-operation.
The Fifth steps have Loan from HDFC, LIC or other financial institutions with after mortgage the flat or furnishing as a security.
The Sixth Step have NOC from Income Tax Authorities in Form 37 I under Section 2690 if value of flat is more than Rs.75,000/-
Seventh Step is to take possession of the flat after getting occupation certificate under section 353 A of Municipal Corporation Act.
© Copyright 2001, The Flat Owner's Association, Mumbai.