Mumbai is one of the 10 most costliest cities in the world for real estate. And prices are constantly increasing.
There are a number of rules concerning who can buy property in India. In general, if you're not of Indian origin and if you don't reside in India for at least 183 days in a financial year, you are not entitled to buy property in India. If you still qualify, there are a number of agencies that can help you out with the purchase. Below are some to get you started.
There are numerous estate agencies or specialised websites in Mumbai. You can try the following:
To purchase property, it is important for the buyer to hire a real estate attorney to protect his interests during the transaction. Once the property has been chosen and a price has been negotiated with the seller, the attorney draws up an Agreement of Sale. Upon signing, the buyer normally pays a deposit of 10% to 20% of the purchase price. The lawyer is then required to obtain all the necessary title documents from the seller. Make sure that the property has a clear title deed to avoid any legal problems in the future.
The conveyance documents must be stamped at the Stamp Duty Office before signing. After this, the remaining balance is settled, and the deed is registered at the Sub-Registrar. There is a 10% stamp duty fee and 1% registration fee for properties bought in Mumbai. The entire process of registering property requires six procedures which can be completed in around 67 days. For more information on how to buy property in India, please click here.
Annual taxes have to be paid by the owners to the municipal authority. There is a common misconception where people relate property tax to assessment tax. But these are actually two different forms of taxation.
Property Tax relies upon the fair market value of the property being taxed for justification.
Assessment Tax relies upon a special enhancement called a 'benefit' for its justification.
Most municipal authorities have switched to the unit area method of calculating taxes. This allows the consumer to compute property taxes themselves and make payments on time.Click on the links below for more details on property taxes for home owners in Mumbai.