What are the legal requirements for buying flats in Mansarovar in 2024?

Flats in Mansarovar, Jaipur, remains one of the most sought-after localities for property buyers in 2024. Its blend of modern amenities and serene environment makes it ideal for families and investors. However, purchasing a flat requires a clear understanding of the legal aspects to ensure a smooth and secure transaction. Here's a comprehensive guide to the legal requirements for buying flats in Mansarovar in 2024, brought to you by Imperia Homes.

1. Verify the Property Title

The first and most crucial step is to verify the title of the property. This ensures that the seller has a clear and marketable title to the flat. A title verification involves checking:

• Ownership history: Trace the history of ownership to ensure no disputes or legal encumbrances.
• Encumbrance Certificate (EC): Obtain an EC from the sub-registrar’s office to confirm that the property is free of any monetary or legal liabilities.
• Legal Heir Certificate: If the property has changed hands due to inheritance, verify the legal heir certificate to confirm rightful ownership.

Ensuring the clarity of the title protects the buyer from potential future disputes and guarantees that the seller has the right to transfer ownership.

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2. Check RERA Registration

Under the Real Estate (Regulation and Development) Act, 2016, all residential projects must be registered with the Real Estate Regulatory Authority (RERA). For flats in Mansarovar, ensure that:

• The project is registered with RERA Rajasthan.
• The RERA number is provided, and you can verify the project details on the official RERA website.
• Check the RERA website for project status, approvals, and any pending litigation.

RERA registration ensures that the developer adheres to transparency, timely delivery, and quality standards. It protects buyers from delays and discrepancies in the project.

3. Verify Building Approvals and Permits

Before making a purchase, it’s essential to verify that the flat has been built in compliance with local regulations and has the necessary approvals, such as:

• Building Plan Approval: This approval ensures that the structure complies with Jaipur Development Authority (JDA) norms. Ask for a copy of the sanctioned building plan.
• Occupancy Certificate (OC): This certificate, issued by JDA or the local municipal corporation, certifies that the building is safe for occupancy. An OC is critical for taking possession and should not be ignored.
• Completion Certificate (CC): This certificate is provided when the construction is complete and adheres to the approved plan. It is necessary for both new and resale flats.

Verifying these documents prevents future complications and ensures that the property is legally fit for living.

4. Check Loan Eligibility and Bank Approvals

Many homebuyers opt for a home loan to finance their property purchase. When buying a flat in Mansarovar, ensure:

• The project is pre-approved by leading banks. This indicates that the bank has verified the legality of the project.
• Understand your loan eligibility based on your income, credit score, and financial standing.
• Request a loan sanction letter from the bank to confirm the loan amount and interest rate.

Banks conduct their due diligence before offering loans, so their approval can act as an added layer of verification for the property’s legality.

5. Draft and Register the Sale Agreement

The sale agreement outlines the terms and conditions of the property purchase, and it is a critical document. Ensure the agreement includes:

• Details of the buyer and seller.
• Total sale price, payment terms, and schedules.
• Possession date and penalties for delays.
• Clauses for dispute resolution.

Once the agreement is drafted, it must be registered at the sub-registrar’s office. Registration makes the agreement legally binding and serves as proof of the transaction. A registered sale agreement is necessary for transferring the property title to the buyer.

6. Pay Stamp Duty and Registration Charges

When buying a flat in Mansarovar, the payment of stamp duty and registration charges is mandatory for property registration. The rates for 2024 are:

• Stamp Duty: Approximately 6% for male buyers and 5% for female buyers in Rajasthan.
• Registration Charges: Generally around 1% of the property’s market value.

Make sure to calculate these charges as part of your budget. Paying these charges is necessary to legally transfer ownership and ensure that the property is recorded in your name.

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7. Obtain the Mutation Certificate

After registering the flat in your name, it’s important to obtain a mutation certificate from the local municipal authority. This document records the change of ownership in municipal records, making you the rightful owner for tax purposes. It ensures that future property tax bills are addressed to you and is crucial for resale.

8. NOC from Society or Developer

If you are purchasing a resale flat or a flat in a gated community, ensure that the seller provides a No Objection Certificate (NOC) from the housing society or developer. The NOC confirms that:

• The seller has no pending dues with the society or developer.
• There are no legal or structural disputes related to the flat.

The NOC acts as a safeguard and ensures that there are no hidden liabilities when taking ownership of the property.

Conclusion

Purchasing a flat in Mansarovar, Jaipur can be a rewarding investment if done with due diligence. By following these legal requirements, you ensure a secure and hassle-free transaction. At Imperia Homes, we assist buyers through every step of the buying process, ensuring transparency and compliance with legal norms.

Ready to find your dream flat in Mansarovar? Contact Imperia Homes today to explore our range of 2/3 BHK flats designed to offer comfort and modern living.