1. The RERA Registration Number
Before you even consider a property, the first number to check is its Maharashtra Real Estate Regulatory Authority (MahaRERA) registration. This isn't just a formality; it's a critical legal safeguard. All legitimate redevelopment projects with flats
for sale must be registered. This number is your key to a public database on the MahaRERA website, where you can verify the developer's claims. You can check the project's sanctioned plans, official completion date, and any complaints or legal cases filed against it. A developer who cannot provide a valid RERA number or whose project isn't listed is a major red flag, indicating the project may not have the necessary approvals to even begin construction legally. Think of it as the project's official identity; without it, you are dealing with a ghost.
2. The Exact RERA Carpet Area
In real estate, space is money, but not all space is created equal. Developers often talk about 'saleable area', which includes a portion of common spaces like lobbies and stairs. However, the number that truly matters is the 'RERA carpet area'—the actual, usable space within the four walls of your apartment. RERA mandates that developers disclose this number clearly. In redevelopment, builders often use 'fungible Floor Space Index (FSI)' to build more area than the original plot allows by paying a premium. This can sometimes create confusion between the promised area and the actual living space. Insist on seeing the exact RERA carpet area in square feet on all legal documents. This number allows you to calculate your per-square-foot cost accurately and compare it with other properties, ensuring you pay for what you actually get.
3. The Occupation Certificate (OC) Status
An Occupation Certificate, or OC, is a document issued by the municipal corporation certifying that a building is constructed as per approved plans and is safe for habitation. Buying a flat without an OC is one of the biggest risks in the Mumbai market. Legally, you cannot move into a building that doesn't have an OC. Doing so can lead to problems with water and electricity connections, prevent you from getting the final disbursement of your home loan, and create major hurdles when you try to sell the property later. The "number" to check here is simple: does the OC exist or not? Do not accept a developer's verbal promise that it is "coming soon." Ask for a copy of the certificate and, if possible, verify it with the local municipal authority.
4. The Society's Conveyance Deed Status
This is a legal point that many buyers overlook. A conveyance deed is the legal document that transfers the ownership of the land and the building from the developer to the housing society. If the society does not have the land in its name, it doesn't truly own the property it stands on. This can create significant complications for future repairs, renovations, or the next cycle of redevelopment decades down the line. Before buying, ask the seller or the society office if the conveyance has been completed. If the developer has failed to grant it, the society can apply for a 'Deemed Conveyance', but this can be a lengthy process. A property with a clear conveyance deed offers far greater security for your long-term investment.
5. The Corpus Fund Amount
In a redevelopment project, the developer provides the existing society members with new flats and also contributes a 'corpus fund'. This is a sum of money meant to cover the building's future major expenses, like lift replacement, structural repairs, or repainting, without burdening the residents with sudden high costs. When you buy a flat in such a building, the health of this fund is crucial for your financial future. A low corpus fund may mean higher maintenance charges or special levies for major repairs later. Ask the society for the total corpus fund amount and what its interest is expected to cover. A substantial, well-managed corpus indicates a financially healthy society and lower long-term outgoings for you as a homeowner.
