Purchasing a Flat in Mumbai requires one to invest his life savings. It is one of the most critical decisions a person will make in his lifetime. Given the sky-high property prices in Mumbai, it is important to make a wise decision as any miscalculation can result in serious financial consequences.
The Maharashtra Ownership Flats Act,1963 (Popularly referred to as ‘MoFA’) governs the construction and sale of apartments by Builders. Under this Act, a Builder has to comply with the following regulations will selling you a Flat:
a. Declaring his title in respect of the Flat – He must have a legitimate ownership of the land on which he constructs the Building;
b. The Builder must provide copies of all plans and specifications of the flat as approved by the Municipal authority;
c. Any Advance amount taken by him must be done only through a Registered Instrument;