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property-tax

You’ve Got Possession Letter. What Next?

From getting meters to paying property tax, there are many things new house owners must do as they get the possession letter

You have been given your possession letter. You are today the proud owner of an apartment in the Delhi NCR. What must you do next? Did you say interiors? Well true, but not entirely correct.

“There are several key things that new owners of apartments must do ones they get the property possession letter,” says Dheraj Singh, a real estate adviser in Noida.

So what are some of the aspects one must do after getting possession?

Transfer of documents in your name

Electricity and water meter: This is one of the primary things that a new owner must do.

“Till the apartment is ready, all bills will be in the name of the developer. Once you get possession of the apartment it is essential you change it in your name and get a separate meter installed that way you will pay for use of these facilities and not the general share (you pay in case you don’t get this transferred),” says Ruchi Agarwal, who recently moved into a new apartment in Sector 52. “These documents are important as they are part of the legal proof of ownership.”

Property tax/Khata:  This needs to done with the local municipal body. Builders often have contact in these offices or have a person who will help you get this done.

“Buyers need to remember these transfers are not automatic. They need to get this done and even ask the builder about these transfers once they get the possession,” says Singh.

Document safety
“Our lawyer advice us to take more than two copies of the original documents for safety sake,” says Agarwal. “While one is in the safe and another is with us at home for reference. We have also got a scanned copy of all relevant documents as a third option, which would help save time in case we need to send soft copies for any transaction.”