Similar to the Society formation or creation of another body representing the interests of the residents, a process of getting the property tax is initiated. Normally the Municipal Authority / local body would, after carry out survey to fix the rateable value for the complex and this is communicated to the residents for them to commence paying property tax. You are now in a position to enjoy your new home. Once you have executed the agreement and registered the same, you are the legal owner of the property. At this stage, in the event you are taking a loan for the purchase of the property, the bank / financial institution would be willing to disburse the amounts paid. We were to add a word of caution here. Though bank may have carried out due diligence on the property being purchased by you, the basic responsibility of satisfying yourself remains entirely yours. Kindly do not assume that just because a project is being funded by a leading bank, there would be no problems in terms of title / delivery of the project. The agreement would also mention the payment schedule, which would give you a picture of time linked to the construction schedule, in the event that the property being purchased is under construction. In the case of your ready property, this payment schedule could even be "Immediate" or is mutually agreed upon by you and the seller. For under construction properties, the payment schedule as mentioned earlier would link your payments to the construction of the property. As you make the payments, you may wish to also cross check on the status of further approvals received by the developer. This would safeguard your interest on the likely delivery date of the building, as also precipitate any issues, which the developer may be facing as far as the approvals of the building, are concerned, subsequent to his having received the initial part approvals.