Need advice: Buying a flat in Delhi, MCD booked property, and taking a loan — first-time buyer

[Urbanpanther5420]

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Urbanpanther5420
PARTICIPANT
April 26, 2025 at 3:55 pm

Hi Advisors,

My family and I are planning to buy the first floor of a flat in Delhi. This is our first time buying a home and taking such a big loan, so we’re being extra cautious. The area we’re looking in has a lot of properties (around 80% which I got to know from dealer/broker) that are MCD booked also the one we’re looking to buy, and I’m a bit confused about what that means and what problems it could cause.

We’re planning to take a loan through an agent known to my dad, from a company called Primal Finance. What kind of paperwork and checks should we do before finalizing the loan and what documents shall we ask after sanction?

Also, the current owner of the flat has passed away, and he has 4 children—2 sons and 2 daughters. We’re buying the flat from one of the sons. I recently came across terms like SMC and RDeed, and I don’t fully understand them. Can someone explain what these are and what I need to check to be legally safe?

Basically, I’m looking for advice on two things:
1. What to know about MCD booked properties.
2. What legal documents we must check—both for the property and the loan process.

Any help would be really appreciated. Thanks in advance!

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[Shirleythinker961]

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Shirleythinker961
PARTICIPANT
April 26, 2025 at 8:12 pm

MCD booked properties are the ones that violate laws like that of construction or zoning. Also, the owner had 4 children so all of them should inherit this property and have equal shares on it.

OP, please avoid this property and look for something else that is legal and the owner himself is selling as property stuck with multiple shares can be risky

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[Urbanpanther5420]

U

Urbanpanther5420
OP
April 27, 2025 at 6:26 pm

Hi buddy, thanks for your suggestion. But the issue is it’s hard to get loan in any of the flats in the area we live, and it’s the only one we found after searching a lot. We don’t want to leave this area as we are comfortable here so we don’t want to shift from here as well.
Could you please guide me on what type of documents do I have to take care of to be on safer side legally, please.

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[Shirleythinker961]

S

Shirleythinker961
PARTICIPANT
April 28, 2025 at 7:29 am

Just consult a lawyer with expertise in real estate once. Also, make sure that the building only has construction flaws and is not built on illegal land.

Also, don’t buy this building for anything more than 50-60L coz spending upwards of 1cr in an MCD booked building is just bad

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[Urbanpanther5420]

U

Urbanpanther5420
OP
April 28, 2025 at 9:36 am

Sure I’ll consider all your points. And thanks again for your precious time.

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