What to Expect During the Apartment Buying Process

Published On: 3 November 2026

What to expect during the apartment buying process comes down to ten stages, from budget to society handover. In Mumbai, a ready flat can move from booking to keys in about two to three months. An under-construction flat takes longer, since your journey runs until the developer hands over the home. At each stage, you sign documents, release money and carry certain legal rights under MahaRERA. This guide walks you through every step in order, so nothing on the way catches you off guard.

The Apartment Buying Process at a Glance

Here are the ten stages most Mumbai buyers go through, in the order they happen:

Set your budget and check home loan eligibility
Shortlist projects and verify them on MahaRERA
Visit the site and pick your unit
Pay the booking amount and receive an allotment letter
Get your home loan sanctioned
Sign and register the agreement for sale
Pay construction-linked instalments and track progress
Inspect the flat and take possession after the OC
Join the housing society and complete the conveyance
Transfer property tax, electricity and other accounts to your name

Step 1: Set Your Budget and Check Loan Eligibility

Your budget is more than the price on the cost sheet. Stamp duty in Mumbai is 6% for men and 5% for women buying in their own name. Registration costs 1% of the value, capped at ₹30,000. Homes still being built also carry 5% GST, while finished flats with an OC carry none.

RBI rules let banks lend up to 75% of the value on home loans above ₹75 lakh. You fund the remaining 25% plus all taxes from your own savings. Ask two or three lenders for an in-principle approval before you start site visits. This tells you your real limit and saves time later.

Loan rates have also moved this year. The RBI raised the repo rate to 5.50% on 7 October 2026, and floating rates edged up. Build some cushion into your EMI plan for that reason.

Step 2: Shortlist Projects and Verify Them on MahaRERA

Every new project in Maharashtra needs a RERA number before it can sell a single flat. Search that number on the MahaRERA portal before you visit any sales office. The project page shows approved plans, the promised completion date and quarterly progress updates.

Look at the developer's past delivery record as well. Check whether earlier projects reached possession on time and received their OC. A developer with steady delivery history lowers your risk more than any discount can.

Step 3: Visit the Site and Choose Your Unit

A site visit tells you what brochures cannot. Walk the approach road at peak hours, check the distance to the station and note any nearby construction. For an under-construction project, visit the sample flat and compare its finishes with the agreement.

When you pick a unit, ask for the carpet area in writing. Under MahaRERA, developers must sell on carpet area, which is the usable space inside your walls. Also ask how floor rise, view and parking change the final price.

Step 4: Pay the Booking Amount

Once you choose a flat, you pay a booking amount and receive an allotment letter. Section 13 of the RERA Act caps this at 10% of the cost before a registered agreement. A developer cannot ask for more until the agreement for sale is in place.

The model allotment letter also caps what a developer can cut from your money if you cancel early. Read the cancellation terms before you sign. Keep every receipt and make all payments through bank transfers or cheques.

Step 5: Get Your Home Loan Sanctioned

Submit your loan file soon after booking, since sanction usually takes one to three weeks. The bank checks your income, credit score and the project's legal papers. Many banks already approve large projects in advance, which speeds up your file.

For an under-construction flat, the bank releases money in stages as the building rises. Until the full loan is released, you pay only interest on the amount disbursed, which banks call pre-EMI. Some lenders let you start full EMIs earlier, which reduces total interest.

Step 6: Sign and Register the Agreement for Sale

The agreement for sale is the most important document in the whole process. In Maharashtra, it must follow the MahaRERA model form, and the law fixes its key terms. You pay stamp duty and registration on this agreement at the sub-registrar office.

Read the handover date, payment plan and fittings list line by line. A lawyer's review costs little compared with the value of the flat. If the price crosses ₹50 lakh, you must also deduct 1% TDS and deposit it online.

Step 7: Pay Instalments and Track Construction

After you sign, you pay in parts as per the schedule in your agreement. Each payment ties to a stage such as plinth, slabs or internal finishing. The developer sends a demand letter, and your bank releases its share after a site check.

MahaRERA requires developers to keep 70% of buyer money in a separate project account. You can also check the work done each quarter on the MahaRERA site. If the developer misses the agreed date, RERA lets you claim delay interest or a refund.

Step 8: Inspect the Flat and Take Possession

You get the keys only after the BMC issues the OC for your tower. Do a careful snag inspection before you accept the keys. Check walls, plumbing, electrical points, windows and waterproofing, and list every issue in writing.

You then pay the final instalment, the maintenance advance and other possession charges. Under RERA, you must take possession within two months of the OC. The developer must fix structural defects for five years from possession, within 30 days of your complaint.

Step 9: Join the Society and Complete the Conveyance

The developer must start forming the housing society within three months of selling 51% of the flats. Once the society is registered, you receive your share certificate. The developer must also sign the conveyance deed for the society within three months of the OC.

Do not ignore this step after you move in. Conveyance gives the society legal ownership of the land and building. Without it, you may face trouble when you sell or when the building goes for a rebuild.

Step 10: Transfer Accounts to Your Name

The last step is paperwork that keeps your home running smoothly. Apply to the BMC to record the property tax account in your name. Transfer the electricity meter, piped gas and water connections as well.

BMC fully exempts homes up to 500 sq ft carpet from property tax. Homes between 501 and 700 sq ft get a 60% concession on the core tax. Larger homes pay tax based on the capital value of the flat. Keep every document in one file, since you will need them for resale or a top-up loan.

Typical Timeline: Ready vs Under-Construction Flat

Stage	Ready Flat (with OC)	Under-Construction Flat
Budget, loan approval and shortlisting	2 to 4 weeks	2 to 4 weeks
Booking to registered agreement	2 to 4 weeks	2 to 6 weeks
Construction and instalments	Not needed	3 to 5 years
Possession and handover	Within weeks of registration	After OC is issued
GST on the flat price	Nil	5%

What This Process Looks Like at Prestige Grove Park

Prestige Grove Park, an upcoming Prestige Group township in Borivali East, will follow this path once sales open. The public launch is planned for March 2027, and MahaRERA registration is moving ahead of that date. You can book a home only after the project gets its RERA number.

The project proposes a 10:10:80 payment structure. You would pay 10% at booking and 10% at the registered agreement. The remaining 80% would follow eight construction milestones, ending with the OC and a December 2031 handover target.

For a ₹2.55 crore 2 BHK, that keeps your early outflow near ₹51 lakh plus taxes. Most of the rest can come from a home loan disbursed in stages. You can read more about loan planning in our guide on home loan eligibility for pre-launch apartments. The full Prestige Grove Park investment guide covers returns and rental demand in more detail.

FAQs

1. How long does the apartment buying process take in Mumbai?

A ready flat with an OC can move from booking to keys in about two to three months. An under-construction flat takes as long as the build itself, often three to five years. Loan approval and agreement registration add a few weeks in both cases.

2. How much should I pay as a booking amount for a flat?

Under Section 13 of the RERA Act, developers cannot take over 10% before a registered agreement. Most Mumbai developers ask for 5% to 10% at booking. Always pay through traceable bank channels and keep every receipt.

3. What documents do I need to buy an apartment in Maharashtra?

You need PAN, Aadhaar, address proof, income proof and bank statements for the loan. The developer shares the RERA number, plans and land papers so your lawyer can check them. At the sub-registrar office, you then sign the agreement for sale in person.

4. When do I pay stamp duty on an under-construction flat?

In Maharashtra, you pay stamp duty and registration when you register the agreement for sale. You do not pay it again at possession. In Mumbai, stamp duty is 6% for men and 5% for women buying in their own name.

5. What should I check before taking possession of a new flat?

Confirm that the BMC has issued the OC for your tower before you accept the keys. Then inspect walls, plumbing, wiring, windows and fittings for defects. List every issue in writing, since the developer must fix structural defects for five years.

6. How will the buying process work at Prestige Grove Park?

Prestige Grove Park plans its public launch for March 2027, with bookings opening after MahaRERA registration. The proposed plan asks for 10% at booking and 10% at agreement. The other 80% would follow construction milestones until the December 2031 handover target.