A practical buying process for a new home

Forget starting from a ₹2 Cr flat. Start from what you can deploy upfront and what you can comfortably pay every month. The right property range falls out of that.

Keep emergency cash untouched. Lenders ask for similar KYC, income and property papers like PAN, payslips or ITRs and bank statements. Then they decide the sanction.

See every matching new home

RERA defines carpet area as net usable floor area. It leaves out external walls, shafts, exclusive balconies and terraces. It is the one standard number. Compare on that first.

A 1,000 sq ft label can hide very different homes once walls, balconies and common area loading get added. A ₹30,000 per sq ft quote on saleable area never matches one on carpet.

MahaRERA publishes quarterly updates on construction, bookings, costs, loans, professionals and building-wise dates. It also keeps complaint search and lists of lapsed, revoked and non-compliant projects.

A registration number alone means little. Check the legal name of the promoter, the registered completion date and its extensions, reported progress against older updates, inventory booked, loans, uploaded plans, complaints and any lapsed entry. Save the record with the date you checked it.

View project registration context

₹1.80 Cr on the brochure is only the start. Floor rise and parking charges, society deposits, GST where it applies, stamp duty and registration all pile on top.

Under the post-2019 CBIC framework, non-affordable homes under construction carry 5 percent GST and qualifying affordable homes carry 1 percent, subject to conditions. Your agreement and cost sheet decide your case.

Get a value check

Yes, negotiate. But there is no fixed hidden discount. Headlines often hold while deals quietly move 5 to 10 percent in some cases. Hot launches give little. Old unsold inventory gives more.

Your strength is simple: You can close. You have options. You know the inventory. Say: “If we agree on ₹X, I can book this week.” That beats asking for best price. If the base price will not move, move parking, terms, and inclusions. Effective cost is the prize.

Under RERA, a promoter cannot take more than 10 percent of the apartment cost before a written and registered agreement for sale. Know the unit, the refund terms, and the paperwork timeline before any large payment.

Read the agreement harder than the brochure. Check exact unit, RERA carpet, price, payment schedule, possession date, specs, parking, amenities, default and cancellation terms. Big plan changes need consent, with two-thirds allottee approval in cases the Act covers. Get a lawyer for a high-value signing.

After booking, track quarterly MahaRERA updates, demands and milestones. At handover, confirm occupancy and completion status, inspect everything, and file a photo snag list. Structural and covered workmanship defects reported within five years of possession must generally be fixed within 30 days.

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