Frequently asked questions
Carpet Area is the area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls. It is the actual used area of an apartment/office unit/showroom etc.
Built up Area is the carpet area plus the thickness of outer walls and the balcony.
Super Built up Area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc. The base area along with a share of all common areas proportionately divided amongst all unit owners makes up the Super Built-up area. Sometimes it may also include the common areas such, swimming pool, garden, clubhouse, etc. This term is therefore only applicable in the case of multi-dwelling units.
NRIs / foreigners are permitted to own property in India in most of the categories. There are certain categories like agricultural land, land for housing project etc., wherein NRIs/foreigners are specifically not entitled to own property.
Only agriculturist can buy agricultural property. NRIs/foreigners are specifically debarred from buying such property.
- List out all deeds of title related to the property under sale. You may be required to give photocopies of the deeds to the potential purchaser. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale.
- Prevailing market rates in the vicinity, current market trends and last known transactions.
- Formulate commercial terms i.e. price, payment schedule, transfer fees, statutory charges for ex. stamp duty. Distinguish between negotiable and fixed terms and conditions of the contract for ex. Price, payment schedule, time of completion etc.
- Finalize commercial terms of sale.
- Obtain, if applicable, consent, permission, sanction no objection certificate of various authorities such as the.
- (a) Society (b) the income tax authority (c) Municipal Corporation (d) the competent authority under the Urban Land Ceiling and Regulation Act (e)any other authority.
- Check if the purchaser will be taking a loan for payment of the consideration amount. Ask for a pre approval letter from the lending institution.
- Permanent Account Number of Purchaser under Income Tax law.
- Payment of stamp duty on the formal agreement or document for transfer of the property, signing of document by both parties and registration
- After receiving the entire sale price hand over legal possession of the property along with documents of title in original
- Change name of the holder of the property to the purchaser in the records of the society, Electricity Company, municipal corporation, Index II etc.
Documents generally prevalent for renting offices or shops can be a lease, leave and license agreement, business centre agreement or conducting rights agreement
Yes. Documents for sale/transfer of any immovable property of the value exceeding INR 100/- are to be compulsorily registered in the jurisdictional office of the Registrar of Sub Assurances