Navigating the Home Buying Process in Pune
Buying a residential apartment in Pune — whether at Equinox Bavdhan or anywhere in the city — involves several steps that can seem overwhelming if you are doing it for the first time. This guide breaks down the process into clear, actionable stages so you can buy with confidence.
Step 1: Define Your Budget & Financing
Before shortlisting properties, establish your total budget including all costs — not just the base price:
- Base price per square foot × carpet area
- GST: 5% on under-construction properties (1% for affordable housing)
- Stamp duty: typically 6% in Maharashtra (5% for women buyers)
- Registration charges: 1% of the property value
- Maintenance deposit and society formation charges
Home loan pre-approval from your bank before visiting sites is strongly recommended — it speeds up the booking process and gives you a clear ceiling.
Step 2: RERA Verification — Non-Negotiable
Maharashtra's Real Estate Regulatory Authority (MahaRERA) mandates registration of all projects with more than 8 units. Here's how to verify:
- Visit the official MahaRERA website: maharera.mahaonline.gov.in
- Search by project name or RERA registration number provided by the developer
- Check the project completion date, total units registered, and quarterly progress updates
- Review any litigations or complaints filed against the project
- Confirm that the project's approved plans match the brochure you have been shown
RERA registration is a strong buyer protection tool — use it thoroughly.
Step 3: Legal Due Diligence
Engaging a property lawyer for due diligence before signing any agreement is advisable. Key documents to verify include:
- Title deed — confirms the developer has clear, unencumbered ownership of the land
- 7/12 extract (Satbara Utara) — land record confirming land use category
- Approved building plan from PMRDA (Pune Metropolitan Region Development Authority) or PMC
- Commencement Certificate (CC) — confirms construction has legally started
- Occupation Certificate (OC) — for ready-to-move units, confirms the building is legally fit for habitation
- Encumbrance certificate — confirms no existing loans or legal claims on the property
Step 4: The Agreement for Sale (AFS)
Once due diligence is complete, the Agreement for Sale is the primary legal document between buyer and developer. Review it carefully for:
- Exact carpet area being sold (post-RERA, all pricing must be on carpet area)
- Payment schedule and penalty clauses for delays by either party
- Possession date and grace period clause
- Specifications and change-of-plan permissions
- Builder's obligations regarding common amenities and maintenance
The AFS must be registered at the Sub-Registrar's office and stamp duty paid at this stage.
Step 5: Home Loan Disbursement Process
If you are financing the purchase with a home loan, the bank will disburse funds in tranches linked to the construction progress:
- Sanction letter issued after document verification
- Disbursement 1 on registration of the AFS
- Subsequent disbursements tied to construction milestones (foundation, slab, plastering, etc.)
- Final disbursement on possession and OC
Step 6: Possession & Final Registration
At the time of possession:
- Conduct a thorough snag inspection of your apartment
- Ensure all items promised in the specification sheet are delivered
- Collect all handover documents: OC, completion certificate, society share certificate
- Execute the final Sale Deed at the Sub-Registrar's office to transfer full ownership
Quick Checklist Summary
| Stage | Key Action |
|---|---|
| Budget Planning | Include GST, stamp duty, registration in total cost |
| RERA Check | Verify on maharera.mahaonline.gov.in |
| Legal Due Diligence | Verify title, CC, OC, approved plans |
| Agreement for Sale | Register and pay stamp duty |
| Home Loan | Track tranche disbursements |
| Possession | Snag inspection + final Sale Deed |
Following this structured approach will protect your investment and ensure a smooth, legally sound home purchase at Equinox Bavdhan or any Pune residential project.