Magnus Possession Is 8 Months Away — What to Do Now
Lodha Magnus’s RERA possession date is June 2027. For buyers who booked in 2025–2026, that is approximately 8 months from the date of this guide. Possession is not a single event — it is a 3–4 month process that starts before the keys are handed over. This checklist covers everything you need to do, in sequence.
Pre-Possession Checklist (3 Months Before)
Documents to Have Ready
- Original allotment letter (keep safe — required for sale deed)
- Home loan sanction letter (bank copy)
- All payment receipts from builder (100% confirmation of amount paid)
- Registered sale agreement (if not already registered, register now)
- PAN card + Aadhaar (required for society formation)
- For NRI buyers: Power of Attorney (notarised and apostilled if abroad)
Financial Preparation
Pre-EMI to Full EMI transition: When Lodha issues the possession letter, your bank will convert your Pre-EMI (interest on disbursed amount) to full EMI. If your loan is ₹1.05Cr (80% of Magnus 2 BHK at ₹1.30Cr):
- Pre-EMI (on disbursed ₹1.05Cr at 8.5%): ₹7,438/month
- Full EMI (₹1.05Cr at 8.5%, 20yr): ₹91,100/month
The jump is significant. Ensure your monthly cash flow absorbs this 4–6 weeks before possession.
Stamp duty + registration: If not already paid, stamp duty on the sale deed is 5–6% in Pune (PMC zone). On ₹1.30Cr: ₹6.5–7.8L. Registration: ₹30,000. Budget this separately from the purchase price.
Maintenance corpus fund: Lodha collects a one-time maintenance corpus at possession — typically 24 months of estimated maintenance charges. At Magnus (est. ₹3–4/sqft/month for 1,121 sqft = ₹3,363–4,484/month), corpus fund ≈ ₹80,000–1,07,000.
The Possession Inspection — Room by Room Snag List
Living Room + Dining Area
- Wall paint — no cracks, bubbling, or uneven patches
- Ceiling — no water stains, cracks, or peeling
- Flooring — tiles flush, no gaps, no hollow sound when tapped
- Electrical points — test all switches, sockets, and MCB board
- Main door — alignment correct, lock functional, no gaps at frame
- Windows — sealing complete, no rattling, handles functional
- Internet/TV conduits — verify access points are in expected locations
- Ventilation — cross-ventilation check (open windows at both ends simultaneously)
Bedroom 1 + Bedroom 2
- Wall paint and surface finish — consistent colour, no dampness patches
- Floor tiles — alignment, no hollow sections under load
- Door — opens/closes smoothly, no floor drag
- Windows — full sealing check (run water to test)
- Wardrobe provision (if applicable) — size and location as per floor plan
- AC conduit — check position and drainage slope direction
Kitchen
- Modular kitchen (if standard supply): check cabinet alignment, hinges, handles
- Granite/slab — no chips, level surface
- Plumbing — run water from all taps; check drain speed
- Exhaust ventilation duct — confirm it exits correctly (not into adjacent flat)
- Gas pipeline point — check pressure and cap sealing
- Flooring anti-slip tiles — correct specification
Bathrooms (Master + Second)
- Water pressure — run all fixtures simultaneously to test pressure drop
- Drainage — pour 10 litres in 30 seconds; drain should clear within 45 seconds
- Hot/cold mixing — geyser connection and mixer tap function
- Tiles — grout lines complete, no cracking, no hollow tiles
- Exhaust fan — functional, correct direction
- Mirror/fittings — as per specification sheet
- WC — flush function, no seepage around base
- Shower — pressure and drain
Utility Area + Balcony
- Washing machine point — power + plumbing
- Water point for balcony plants/cleaning
- Balcony railing — structural check (no wobble), height as per specs
- Drainage outlet on balcony floor
Building Common Areas (Check Before Signing)
- Lift — operational, certificate displayed
- Lobby finish — matches sales centre promise
- Staircase — emergency lighting functional
- Terrace/rooftop access — if applicable to your tower
- Parking — your allocated slot clearly marked, accessible
The OC Verification — Critical Step
Before signing the possession letter, verify Occupancy Certificate (OC):
- Ask Lodha’s representative for the OC copy for your specific tower
- Verify on PCMC/PMC’s online portal that OC is issued
- If OC is pending: do NOT accept possession until OC is received — without OC, banks may not convert Pre-EMI to full EMI, and resale becomes difficult
RERA reference: Under Maharashtra RERA, a developer cannot compel possession without OC. If Magnus’s tower has OC pending, you have the right to decline possession and continue on Pre-EMI until OC is granted.
Society Formation at Lodha Magnus
Once 60%+ of buyers take possession, society formation is legally required within 3 months. For Magnus’s 300–400 unit project, this will happen organically post-possession.
Initial RWA/Society responsibilities:
- Elect a managing committee (interim, then formal election)
- Audit the maintenance corpus handed over by Lodha
- Verify common area assets — gym equipment, pool systems, generator
- Review ongoing AMC contracts (lifts, STP, water treatment)
- Confirm security and housekeeping headcount and contracts
Practical advice: Attend the first society meeting in person. The decisions made in the first 6 months of society formation set precedent for the next 10 years. Corpus allocation, maintenance charge revision timeline, and AMC choices are critical early decisions.
NRI Remote Possession Guide
If you are taking possession from outside India:
Step 1 — Power of Attorney: Ensure your Pune representative’s POA is current and specifically covers “taking possession of flat, signing all documents, and paying maintenance charges.” A generic POA may not be sufficient.
Step 2 — Lodha NRI Desk: Contact Lodha’s NRI service team 3 months before possession. They offer a supported possession process — site visit, snag list filing, and initial handover documentation on your behalf.
Step 3 — Post-Possession Management: If you plan to rent the flat immediately, coordinate with a property management service (or Pune Realty Hub’s team) to handle tenant acquisition, lease agreement, and maintenance management remotely.
Step 4 — Rental Income Repatriation: Ensure your NRO account is active. Rental income from Indian property by NRIs is deposited to NRO account; repatriation of up to $1 million per year is permitted after TDS.
Home Loan EMI Conversion — Bank Coordination
Timeline:
- T-45 days: Contact bank to confirm current outstanding loan amount
- T-30 days: Request Pre-EMI to full EMI conversion trigger letter from Lodha’s accounts team
- T-15 days: Submit to bank with copy of possession letter
- T-0: Possession date — full EMI begins from next billing cycle
If your loan is with SBI/HDFC/ICICI: Each has a dedicated home loan EMI conversion process. SBI requires physical form submission at the home loan servicing branch. HDFC and ICICI accept online submissions. Response time: 7–15 business days.
EMI calculation check (Magnus 2 BHK baseline):
| Loan | Rate | 20yr EMI |
|---|---|---|
| ₹1.04Cr (80% of ₹1.30Cr) | 8.5% | ₹90,230 |
| ₹1.16Cr (80% of ₹1.45Cr) | 8.5% | ₹1,00,600 |
Frequently Asked Questions
Q: Can I rent out Lodha Magnus immediately after possession? Once OC is received and your name is on the sale deed, you can rent immediately. Standard 11-month leave-and-licence agreement. Magnus’s premium address and Hinjewadi Phase 1 location means tenant absorption is typically 2–4 weeks. Expected rent: ₹35,000–45,000/month for 2 BHK furnished.
Q: What is the maintenance charge at Lodha Magnus? Estimated ₹3.00–4.50/sqft/month. For 1,121 sqft 2 BHK: approximately ₹3,363–5,045/month. Confirm final rates with the RWA after society formation — Lodha provides an estimate at possession.
Q: How do I get home insurance for my Magnus flat? Contact your home loan bank — most banks offer home insurance as a bundle at loan disbursement. Alternatively, standard home insurance from HDFC ERGO, Bajaj Allianz, or New India covers building + content. For a ₹1.30Cr flat, comprehensive cover costs approximately ₹8,000–15,000/year.
Q: What if I find defects after possession? Under RERA Section 14, developers have a 5-year structural defect liability and 1-year general defect liability. File all defects in writing via registered letter to Lodha within 30 days of possession. Keep photo evidence. For unresolved issues, escalate to Maharashtra RERA portal.
