Question 1

Is MahaRERA registration mandatory for real estate in Mumbai?

Accepted Answer

Yes -- all residential and commercial projects above 500 sq.m. or with more than 8 units must be registered under MahaRERA (maharera.mahaonline.gov.in) before launch. Always verify the RERA number before booking.

Question 2

What is the stamp duty rate for property purchase in Mumbai?

Accepted Answer

As of recent notifications, stamp duty in Mumbai is 5% for men and 4% for women buyers plus 1% Metro Cess and 1% local body tax. This adds up to approximately 6-7% of property value.

Question 3

What is the ready reckoner rate in Mumbai and how does it affect property prices?

Accepted Answer

The ready reckoner rate (RR rate) is the minimum value set by the Maharashtra government for property transactions. Stamp duty is calculated on the higher of the actual sale price or RR rate. RR rates vary significantly by locality within Mumbai.

Question 4

Which are the most affordable areas to buy property in Mumbai?

Accepted Answer

Virar, Nalasopara, Vasai, and Ambernath in the extended MMR offer the most affordable residential properties. Closer in, areas like Ghatkopar, Mulund, and Chembur offer better connectivity at relatively lower prices.

Question 5

How do I check if a property in Mumbai has clear title?

Accepted Answer

Commission a title search through a qualified lawyer covering at least 30 years. Check for encumbrances at the sub-registrar office (IGR Maharashtra portal), verify the society/CHS NOC, and ensure no court cases are pending on the property.

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