Carpet Area: This is the area of the apartment that does not include the area of the walls i.e. the area of the apartment that a carpet can cover. Built-Up Area: This is the area of the apartment that includes the area covered by the walls. Super Built-Up Area: This includes the built-up areas such as the lobby, lifts, stairs etc. This term is therefore only applicable for multi-dwelling units, such as flat complexes.
A Lease, defined under Section 105 of The Transfer of Property Act, 1882, is a transfer of the right to enjoy the concerned property for a pre-defined time period or in perpetuity. The lessor (owner of the property) gives the lessee (the one leasing the property) such consideration periodically, usually at the beginning or end of a lease agreement. License is defined in Section 52 of the Indian Easements Act, 1882. License does not allow any interest in the premises on the licensee's part. It merely gives the licensee the right to use and occupy the premises for a limited duration. A lease deed needs to be stamped and registered. The amount payable towards the lease deed's stamp duty is more than that payable towards the Leave and License's. For a period exceeding three years, the stamp duty is same for both agreements.
Yes. The RBI may grant permission to a foreign citizen of non-Indian origin/foreign companies if the property is purchased for residential use and the consideration is paid by way of foreign exchange.
NRIs can be defined as:
By registering the transaction of an immovable property, it becomes permanent public record. Title or interest can be acquired only if the deal is registered.
If you purchase a new flat within two years of the date of sale of the original flat and invest the entire amount of capital gained into the new flat, you will not have to pay any capital gains tax.
Is there enough room for both the present and the future?
Are there enough bedrooms and bathrooms?
Is the home structurally sound?
Do the mechanical systems and appliances work?
Is the yard big enough?
Do you like the floor plan?
Will your furniture fit in the space? Is there enough storage space?
Imagine the home in good weather and bad – will you be happy with it year round?
Take your time and think carefully about each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.
There may be closing cost customary or unique to a certain locality, but closing cost are usually made up of the following:
Attorney’s or escrow fees
Property taxes (to cover period to date)
Interest (paid from date of closing to 30 days before first monthly payment)
Loan Origination fees
First premium of mortgage insurance (if applicable)
Loan discount points
First payment to escrow account for future real estate taxes and insurance
Paid receipt of homeowner’s insurance policy
Any documentation preparation fees