The Questions Every First-Time Buyer Asks
Buying your first property in Mumbai is overwhelming. The terminology — carpet area, super built-up, OC, CC, RERA, ready reckoner — can make your head spin. Here are 15 answers based on real client conversations.
1. What is carpet area vs built-up vs super built-up?
Carpet area = actual usable space within walls. The ONLY legal measurement under RERA.
Built-up = carpet + walls. 15-20% more. Ignore it.
Super built-up = includes common areas. 30-50% more than carpet. Developers quote this because rate/sqft looks lower. Always ask: what is the RERA carpet area?
2. What is RERA and how do I check?
RERA protects buyers. Every project must be registered. Go to maharera.maharashtra.gov.in > Search Project. If not listed, do not buy. Full guide: RERA for Mumbai buyers.
3. What is an OC (Occupancy Certificate)?
Issued by BMC confirming the building is fit for habitation. Without OC, living there is technically illegal — no water/electricity in your name, no society formation. Always confirm OC for "ready" properties.
4. How much stamp duty will I pay?
Mumbai (March 2026): 6% stamp duty + 1% registration on property value or ready reckoner rate (whichever is higher). On ₹1.5 Cr property: ~₹10.5L. RR rates rising 5%+ from April 2026 — close before March 31.
5. How much home loan can I get?
Banks lend 75-80% of property value. Rule of thumb: approximately 60x monthly take-home salary. Salary ₹1.5L/month = ~₹90L loan eligibility.
6. Current home loan interest rate?
March 2026: 8.3–9%. RBI repo at 5.25% after 125 bps of cuts. Feb 2026 pause signals this is likely the floor.
7. Ready or under-construction?
Ready: no waiting, full tax benefits Day 1, but 15-25% premium. UC: cheaper entry but timeline risk and pre-EMI interest without principal benefit. If renting and EMI will be similar, buy ready. See detailed comparison.
8. Hidden costs to budget for?
Stamp duty (6%), registration (1%), GST on UC (5%), legal (₹25K-50K), brokerage (1-2%), society deposit (₹50K-2L), interiors (₹5-15L). Total: 10-15% of property price.
9. What is the ready reckoner rate?
Government’s minimum property valuation per zone. Stamp duty = higher of sale price or RR rate. If developer gives "discount" below RR, you still pay stamp duty on RR. Maharashtra hiking RR 5%+ from April 2026.
10. How to verify clear title?
Hire an independent lawyer (₹10K-25K) for title search: ownership chain (30 years), encumbrance certificate, pending litigations, property tax, society NOC. Never rely on the developer’s lawyer.
11. Tax benefits on home loan?
Sec 24(b): Up to ₹2L/year on interest. Sec 80C: Up to ₹1.5L/year on principal. Sec 80EEA: Additional ₹1.5L for first-timers (under ₹45L stamp duty value). Potential saving: ₹1-1.5L/year in 30% bracket.
12. How much is maintenance?
Standard: ₹8-15/sqft/month. Premium towers (pools, gym, concierge): ₹15-25/sqft/month. On 1,000 sqft flat: ₹8K-25K/month. This is recurring — factor it in.
13. Mira Road or premium suburb?
₹1.5 Cr in Mira Road = 2-3 BHK family home. Same in Andheri West = compact 1 BHK. Mira Road: space + comfort. Premium: location + faster appreciation. See our under ₹2 Cr shortlist.
14. How long does buying take?
Shortlisting to registration: 45-90 days. Search (2-4 weeks), loan approval (1-2 weeks), legal (1-2 weeks), agreement + stamp duty (1 week), registration (1 day). Resale may take longer with society approvals.
15. Is now a good time to buy?
March 2026: loans at multi-year lows (8.3-9%), year-end developer pricing, window before April RR hike. Repo at 5.25% is likely the floor. Waiting means higher prices, higher stamp duty, same or higher loan rates. See our March 2026 market report.
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