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The Complete Guide to property purchase in Bangalore for Mythara Customers. whether you’re buying a flat, plot, or villa:
Define Your Requirements
- • Purpose: Investment, own stay, rental income?
- • Type: Apartment, villa, plot?
- • Location: Based on job, schools, transport, development (e.g., Whitefield, Sarjapur, Electronic City, Hebbal, etc.)
- • Budget: Include registration, tax, furnishing, legal & loan charges.
- • Check Ownership Title: Ask for the mother deed and verify chain of ownership.
- • Check Land Conversion: Ensure it’s converted to residential (DC Conversion).
- • Zoning & Approvals:
- • For flats: Verify BBMP/BDA/BMRDA or local panchayat approval.
- • For plots: Check layout approval by DTCP/BMRDA/BIAPPA.
- • Encumbrance Certificate (EC): Get EC from sub-registrar for the past 13+ years.
- • Khata Certificate & Extract: Needed for BBMP properties (ensure it’s “A Khata”).
- • RERA Registration: Mandatory for most projects; verify on https://rera.karnataka.gov.in.
Legal Verification
Builder/Project Verification (for flats)
- • Builder Reputation: Check past projects, delivery time, litigation, reviews.
- • RERA Approval: Cross-check RERA number online.
- • Project Documents: Ask for:
- • Commencement Certificate
- • Occupancy Certificate (OC) or Completion Certificate (for resale)
- • Approved Plan Copy
- • NOCs from BWSSB, BESCOM, Fire Dept., Airport Authority, etc.
Financial Preparation
- • Home Loan Eligibility: Check CIBIL score, income eligibility.
- • Loan Sanction: Banks do legal verification too—go with reputed banks.
- • Down Payment: Typically 10–25% upfront.
Price Negotiation
- • Compare with similar properties.
- • Talk to local brokers or neighbors for going rates.
- • Negotiate for waivers (registration, GST, floor rise charges, etc.)
Agreement Process
- • Sale Agreement: Contains terms, payment schedule, possession date, penalties.
- • Stamp duty: 0.1% of the value.
- • Legal Vetting: Always get documents reviewed by a property lawyer.
Registration
- • Final Sale Deed is executed at sub-registrar’s office.
- • Stamp Duty:
- • 5% of property value (slightly lower for women buyers)
- • Registration Charges: 1% of property value
- • Documents Required:
- • PAN Card, Aadhar, Photos
- • Address proof
- • Builder documents
- • Sale agreement
Post-Registration Formalities
- • Khata Transfer: Apply at BBMP with sale deed and tax receipt.
- • Property Tax: Start paying from your name.
- • Utility Transfers: BESCOM (electricity), BWSSB (water), gas, etc.
Apartment Association
- • If buying in an apartment, connect with the owners’ association for:
- • Maintenance charges
- • Society rules
- • Builder obligations (if new)
Avoiding Common Mistakes
- • Don’t pay in cash.
- • Avoid unapproved layouts or Gram Panchayat flats without legal documents.
- • Avoid emotional decisions—go by facts and documents.