A Step-by-Step Guide to Buying Your First Flat in Pune

Buying your first flat in Pune comes down to a clear sequence: fix a realistic all-in budget, get your home loan pre-approved, shortlist MahaRERA-registered projects in the areas that suit your daily life, verify the paperwork, and only then book, sign the agreement for sale and register it. Doing these steps in order protects your money and saves you from last-minute surprises. This guide walks you through each stage in plain language.

Step 1: Work out your real budget

The price on the brochure is only one part of what you will pay. Before you visit a single site, add up everything the purchase will actually cost you.

• Agreement value of the flat, including any parking or floor-rise charges.
• Stamp duty and registration fees, which in Maharashtra are calculated on the property value and vary by location. Check the current rates on the IGR Maharashtra website.
• GST, which applies to under-construction flats but not to ready flats with an occupancy certificate. Ask the developer for the exact figure.
• Other charges such as advance maintenance, society formation, legal fees and utility connections.
• Interiors and moving costs, which first-time buyers often forget.

Keep your down payment and these extra costs aside from your own savings, because banks usually do not finance stamp duty, registration or interiors.

Step 2: Get home loan pre-approval

A pre-approval tells you how much a bank is willing to lend based on your income, existing EMIs and credit history. It gives you a firm ceiling, so you shortlist flats you can genuinely afford. It also makes your booking faster once you decide. Compare a few lenders, since interest rates, processing fees and terms differ and change over time.

Step 3: Choose the right locality

Think about where you and your family will spend most of your time. Office location, school options, hospitals, public transport and weekend needs all matter more than a view from the brochure. West Pune areas such as Baner, Balewadi, Wakad and Hinjewadi suit people working in the IT corridor, while eastern areas such as Kharadi and Wagholi suit those working around the eastern business districts. Visit the area on a weekday morning and evening to see real traffic conditions.

Step 4: Shortlist RERA-registered projects

Every eligible residential project in Maharashtra must be registered with MahaRERA before it is advertised or sold. The registration number should appear on the project's ads and brochures. Look it up on the MahaRERA website to see the approved plans, the promised completion date, the promoter's details and any complaints. Avoid projects that cannot show you a valid registration.

Step 5: Verify the documents

Before you pay a booking amount, ask for copies of the key documents and have a lawyer review them. The usual checklist includes:

1. Title documents and a title search report for the land
2. Approved building plan and commencement certificate
3. MahaRERA registration certificate
4. Draft agreement for sale
5. Occupancy certificate, if the flat is ready to move in
6. List of banks that have approved the project for home loans

A project already approved by several banks has usually gone through some legal scrutiny, but it does not replace your own lawyer's review.

Step 6: Compare carpet area, not just price

Under RERA, flats must be sold on the basis of carpet area, which is the net usable floor area inside the flat. When comparing two options, divide the total price by the RERA carpet area to get a fair comparison. Also check the layout, ventilation, direction of the flat and how much of the space is actually usable.

Step 7: Book, sign and register

Once you are satisfied, you pay a booking amount and receive an allotment letter. RERA does not allow the developer to take more than 10 percent of the flat cost as an advance before a registered agreement for sale is signed. The agreement for sale should mention the carpet area, payment schedule, possession date, specifications and penalties for delay. It must be stamped and registered at the sub-registrar's office, after which your bank disburses the loan as per the construction stages.

Step 8: Take possession carefully

At possession, inspect the flat thoroughly. Check plumbing, electrical points, doors, windows, tiles and any seepage. Note defects in writing. Under RERA, the developer is responsible for fixing structural defects reported within five years of handing over possession. Collect all documents, including the possession letter, occupancy certificate and society-related papers. Our sales team at Shreevardhan Developers is happy to walk first-time buyers through each of these steps for any of our projects.

Frequently asked questions

How much money do I need apart from the flat price?

It depends on the property value, location and whether the flat is under construction. You will need to budget for stamp duty, registration, GST where applicable, maintenance deposits, legal fees and interiors. Ask the developer for a full cost sheet and check stamp duty on the IGR Maharashtra website.

Is it safer to buy a ready flat or an under-construction flat?

A ready flat with an occupancy certificate lets you see exactly what you are buying and move in quickly. An under-construction flat may give you more choice of units and a staggered payment plan. RERA registration adds protection to under-construction purchases, so the right choice depends on your timeline and budget.

Can NRIs buy a flat in Pune?

Yes. NRIs can buy residential property in India, and payments are made through NRE, NRO or FCNR accounts or normal banking channels. Many NRIs appoint a trusted family member with a registered power of attorney to handle registration. You can reach the Shreevardhan Developers team for virtual site tours and document support.