Need advice on undercontruction property

POSTED BY dheeraj negi ON February 3, 2013 12:00 am COMMENTS (4)

I have booked an under construction property where the plinth is being laid for a 14 storied building.
My specific flat is on the 5th floor and it may take more than a year to materialize. As per the payment schedule I have completed almost 24% of the payment. Now the builder is stating that the registration of the property has to be done now.

My Queries:
1) For an under construction property where it is going to take more than 2 years from now for completion, when is the Registration of the Property to be done? Is this at the stage where 20% payment has been done or is it after completion of the project/ building – which is 2 years from now?
2) Can I do complete registration at this stage or just registration of the Sale Agreement?
3) If only registration of the Sale Agreement can be done at this stage – what would be the charges for the same in Maharashtra ( Navi Mumbai)?
4. If at this point of time if I wish to apply for home loan. Can I get home loan on the basis of Sale Agreement registration?

4 replies on this article “Need advice on undercontruction property”

  1. Dear Dheeraj, yes the registration of your flat which is still on paper & not in actual can be done & based upon this registration, the bank loan ‘ll be sanctioned. Interestingly, you may apply for your home loan even today as You have already paid around 25% value so it qualifies as your downpayment. You may easily get loan for remaining 75% value.



    1. dheeraj negi says:

      Thank you so much for confirming

  2. dheeraj negi says:

    Thanks for the reply.
    Can you please elobarate your point.Does that mean I can do complete registration at this stage?

  3. Newbie Investor says:

    For underconstruction property, after completion of Sale deed only you can apply for Home Loan. So registration of property is possible at this stage and those documents (original) are kept with the bank who is lending you money as HomeLoan. Sale deed is agreement between you and builder so government does not bother about how much payment you have done so far. But bank does!

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