Essential Steps for a Smooth Property Purchase in Navi Mumbai: A Comprehensive Guide
- Identify flat/property you like
- Scrutinize property papers, title documents, municipal permits, flat ownership papers, society status, CIDCO NOCs etc
- Make sure society conveyance has been done (without this, no CIDCO NOC will be possible and without CIDCO NOC no bank will give you a loan). This is not for fresh purchases in a New Project. In a new project, no society is formed until 60% of the flats are sold by the builder.
- Fix Price
- Formulate MOU (Memorandum of Understanding)
- Make Token/Part payment if taking a loan. Take a receipt for the same
- Formulate and register the Agreement for Sale (Sale Agreement) If taking a bank loan
- Apply for CIDCO Transfer/CIDCO NOC
- Obtain CIDCO NOC
- Apply for Mortgage NOC (Only if taking a loan)
- Obtain Mortgage NOC from CIDCO
- Get bank to disburse the loan
- Formulate and register Sale Deed
- Apply to CIDCO for ‘Final Order’
- Submit CIDCO ‘Final Order’ to Society for transfer of name in Share Certificate
- Apply for change in name in Electricity and Gas department records
- Apply for change in Property Tax Records (If applicable). Cost of Transfer is approx Rs 200 per square meter in Navi Mumbai. No Property Tax Transfer can take place without CIDCO Final Order.
- Apply for change in Water Department (If applicable)
- Transaction Complete
