How to sell your flat located in a gated community?

Are you looking at selling your flat located in a gated community and want to know how to start? Listing your property on a reputed online portal or seeking the services of a reputed RERA-registered broker will help. But it is not limited to this and there is more to do. Read this guide that will navigate you to ask the right questions and check for the various documents required to sell the property.

1. Setting the right price

The first step towards selling your flat in a gated community is to quote the right price. This can be ascertained if you are in sync with the market trends. By knowing the realty environment around and taking informed and calculated decisions, you will not be left with any kind of regret of not asking the right price for your property.

It is recommended that you first set a price for the property based on the area of the property, its location, its age, the fittings and fixtures that may come along, the amenities that are part of the housing complex, the parking space provided etc. This can be done by understanding the market value of the property in your location. You can use the prices of other houses sold in the gated community in the recent past as a benchmark to decide the price of your property.

Rajesh Chandel bought an under-construction 2BHK in a gated community in Navi Mumbai in 2022 for Rs 2 crore. He got possession of the property in 2024 and today he is looking at selling the property for Rs 3.35 crore or above, after getting it validated by an evaluator. “The property is located in a gated community that has all the amenities – swimming pool, tennis court, gym, banquet hall, mini theatre, amphitheatre, play park, reading room, badminton court, squash court etc., making it self-sufficient. With the Navi Mumbai International Airport inaugurated, this entire stretch is in demand. While I agree that 2BHK flats of the same area in standalone buildings in this area may not command this rate, this project commands a premium and also has a market for it and so I won’t rush into selling the property. I will take my time and choose the best option, even if it means waiting for a few more months,” he said.

2. Do a background check of the buyer

It is important to do a thorough background check of the buyer to see if he will be able to buy the property or not. Check details of the buyer such as where he works, his CIBIL score, how he is planning to buy the property, his criminal background etc. It should not happen that the buyer is not able to pay the money for the house after paying the token money and ends up wasting the seller’s time. Another dangerous problem can be the buyer scamming the seller into transferring the property in his name without making the payment. So go with your intuition also and evaluate the homebuyer too.

3. Get NOCs from the various authorities

Before selling the flat, you would need NOCs. These include:
• from the housing society
• the municipal body
• any other NOC required

4. Online listing of the property

It’s a good idea to display your property online. Ensure that you give good descriptions about it which are also truthful. Talk about location, connectivity, how the market was and how the place has developed and what is in the future.

5. Keep all documentation and paperwork ready

It is a sad situation if the paperwork is not done on time. Ensure that all property-related paperwork is done. In case the flat has joint ownership, ensure that both owners are in sync and are ready to sell the property and accordingly the paperwork has been done.

See also: Should you rent in a standalone property or a gated community?

What are the documents a seller needs to sell a flat?

Mentioned are the documents a seller needs to sell a flat:

• Allotment letter

This document mentions that the seller is the holder of the property. This is an important document that the buyer would want to see and have in possession after buying the property.

• Previous sale deeds
  

All documents from the previous sale should be available as this will support the seller to sell the property easily. If documentation is available, then the seller can quote a price that can be justified.

• Sale agreement

Once all the documents are verified and get approved, the deal can be sealed by entering into an agreement of sale. The details of the property sale will be drafted in the agreement and will be executed. The sale agreement will include the terms and conditions as mentioned by both seller and buyer.

What are the documents a buyer should have access to when buying a flat?

• Sale deed
• Mother deed
• Property tax receipt
• Khata certificate
• Encumbrance certificate
• Building approval plan
• Power of attorney
• Completion certificate
• Occupancy certificate

Housing.com POV

When a property owner wants to sell a flat, one has to ensure that he turns to a buyer or an online property website that is genuine and reliable because the property value is huge. While selling a property, ensure that all legal rules are followed – take the money in cheque or bank transfer and avoid cash transactions as these are illegal. It’s a good idea to plan and sell your property rather than rushing and doing a distress sale.