Frequently Asked Questions
What are the documents that one needs to check for, while buying commercial or residential property?
While buying a property you always need to check on the approved layout plan, ownership related documents, approved building plan etc. You will also have do a title and document search through the professional services of a competent advocate.Also, while buying a commercial property you might want to check on the ‘No Encumbrance Certificate’ which ensures that there is no mortgage on the property that you had chosen to buy.
What is Carpet area?
As the word suggests carpet area is that area available for laying carpet within an apartment, not including the thickness of the wall rather it is the space that could be really used on a residential or a commercial property. Sometimes in some cases builder uses part area of balconies in their calculations if they are within the main door.
What is Built-up area?
Built-up area or plinth area is that area in which the entire carpet area plus with the thickness of the external walls of the property and the balcony. It clearly includes the thickness of the internal walls and the columns, if any, lying within the four walls of an apartment. The commercial space is not taken into account in calculating the plinth area. The built up area is carpet area plus all the area occupied by inside and outside walls i.e. actual space taken to build the property.
What is Super built-up area ?
The term `Super Built-up Area’ refers to the built up area of a property plus proportionately add common areas like the lobby corridors, staircase, lift room, motor room, security room, meeting hall, swimming pool, gym, garden, clubhouse, etc. This term is therefore only applicable in the case of multi-dwelling units.
“Sale deed”- what’s that?
A sale deed is a document that a seller issues to the buyer, thereby transferring the ownership of the property. The execution of the document takes places shortly after the sales agreement is executed and all the different terms and conditions present in the sales agreements are fulfilled.
Is there any registrations fee on sale of property?
The sale of immovable property establishes a 1% interest on the market value of the property or 30,000 INR whichever is lower. You might incur additional charges in a computerized sub registrar office incurred on scanning or other stationary.
What does “stamp duty” mean?
Stamp duty is a tax similar to income tax or sales tax. It’s important to pay your stamp duty on time. A document which has fulfilled the requisite of stamp duty is considered legal. Generally, it is considered a mandate for the buyer to pay the stamp duty, unless considered otherwise through an agreement.
What is a Freehold property?
In a layman terms a freehold property is that property which the property owner has a complete and full ownership of the said property and anything can be built on the same. It gives the right to do anything with the property as you live there for as long as you desire.
‘Non-Occupancy charges’ – what are they?
Non occupancy charges are those charges which are levied by a society on the property owner when he decides to sublet the property to an outsider, the society to which the flat belongs charges a fee to the owner, which is known as Non-Occupancy charges. Also it should be taken into account that no Non-Occupancy charges is payable if a apartment is merely locked up and not sub-let or if it is occupied by any member of the family (family includes spouse, parent, sibling, child, grandchild, son- or daughter-in-law) of the property owners.
What is a pre-launch?
Pre-launch, highly-debated issues in real estate, means floating a project in public and raising money from the public which are yet to get regulatory approval in the form of licence and clearances. Soft launch is legally permissible as it’s different.
When is the purchase complete for a property?
The purchase of a property is complete when the sale agreement is coupled along with the possession of the property. In most of the cases the total worth of the property is paid alongside the transfer of the ownership.