What Is The Best Way To Sell An SRA Flat In Mumbai?
In 1995, the Maharashtra government initiated a slum restoration programme. The scheme’s goal was to address slum housing issues and give decent housing to the needy in Mumbai. Under this programme, the Slum Rehabilitation Authority (SRA) was established to engage on slum reconstruction.
What exactly are SRA flats?
SRA constructs housing units known as SRA flats on reclaimed slum sites. Only slums built prior to 2011 are deemed eligible for rehabilitation. According to industry estimates, more than 60% of Mumbai’s population lives in slums.
SRA flat classifications
According to Rahul Hingmire, Founding Partner of Vis Legis Law Practice, “The Slum Rehabilitation Authority (SRA) oversees excellent housing for Mumbai’s urban poor, with two categories of SRA flats:
1. One that is assigned to a slum dweller after they have surrendered their current house; the developer signs into an agreement with the slum resident for fixed substitute lodging in lieu of their old premise, and a registered society is created when the project is completed.
2. Tenements offered by builders out of free sale in an open market by signing into a selling agreement.”
What is the best way to sell an SRA flat in Mumbai?
According to new guidelines, you must wait three years after the dismantling of a hutment before selling an SRA property.
Check that the buyer has a domicile certificate and that the family does not own another property in Mumbai. The buyer must fall into one of three classifications: financially disadvantaged, lower-income, or middle-income.
The purchaser must get a No-Objection Certificate (NOC) from SRA in order for their name to be added to SRA’s records. A sale deed is generated, on which stamp duty for the transfer must be paid. The deed must be recorded in the husband and wife’s names in the sight of a lawyer.
Maintain the following documents on hand: the title deed (which should only be in the name of the original seller), property documentation, and the bank’s release certificate.
Documents that must be sent
Here is a list of documentation you will need to complete in order to sell an SRA apartment –
- Electric bill
- Sale contract
- SRA letter of approval
- The housing organisation has not issued the required certificate.
- Copies of the buyer’s and seller’s PAN and Aadhar cards
- The flat’s occupancy certificate
- Certificate of ownership in the society
According to a recent research, nearly five million people live in Mumbai slums. This figure is nearly equivalent to Singapore’s population. Slums are said to occupy around 7% of Mumbai’s land area. As a result, the government must take a proactive strategy to encourage additional rehabilitation projects in the city.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
