Last year, while looking through several residential projects in Mumbai, I laid down certain ground rules for myself to avoid any kind of discrepancies.
1. Go through all the well-known real estate portals online and make a visit on a personal level. Consider factors like location, neighborhood, schools, hospital, banks etc. and then zero in on a property based on your budget.
2. Always try to negotiate over the price of the property and keep jotting down the added amenities and facilities provided by all the properties listed down by you. Also, keep track of minutest details of the property promised by the seller, to avoid any confusion at a later stage.
3. Weigh the pros and cons related to all properties and choose the one which fits best, according to your long-term planning and several possible adjustments within your family.
4. Start preparing the “agreement of sale” right after. It is an agreement that covers all the legal formalities and negotiations.
5. Once the agreement is mutually agreed upon by you and the seller, follow the procedure of getting the flat registered through the Government Sub-registrar.
6. Handover the cheque after signing an MOU. Get your house related documents checked by the bank to process the loan cheque to be paid at the time of registration. Once that is done, the process of booking gets completed.
Even though the process is a bit long, it is easy to follow.