1. What do the terms: Carpet area, Built up area and Super built up area mean?Built-up Area: The entire area of the floor – the carpet area & walls. It is advisable to cross-check with respective builders/agents the specific meaning of these terms, for colloquially the term may include varying components across different cities in India.
Carpet Area: The usable area within the walls – that is, the area in which you can actually lay a carpet.
Super Built up Area: This refers to the entire area of the building which includes the carpet area, lobbies and corridors, walls, lifts, staircases basements, and other atrium and utility areas. It is advisable to cross-check with respective builders/agents the specific meaning of these terms. This is because like the built up area, colloquially, different components make up a super built up area in different cities across India.
2.What should a lessee or occupant keep in mind while purchasing a flat or office?
Some of the factors a lessee or occupant must keep in mind while rent a flat or office is:
Locality i.e. transport, schools, hospitals, market, business district, entertainment centres, hotels, restaurants, pollution levels.
Quoted area of the flat i.e. Carpet, Built Up Area and Super Built Up Area.
Car parking space.
Reputation of the Lessors.
Sufficient water and electric supply, other utilities.
Cost components: rent, stamp duty, registration charges, transfer fees, monthly outgoings and society charges, costs of utilities.
Any other distinguishing features or advantages of the property.
3.Checklist for selling property, whether residential or commercial.
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Finalize commercial terms of the 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 rList 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 eg. stamp duty.
Distinguish between negotiable and fixed terms and conditions of the contract eg. price, payment schedule, time of completion etc.
After receiving the entire sale price hand over legal possession of the property alongwith 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.
4. Do Non-Resident Indian (NRI) citizen require permission of Reserve Bank to acquire residential/ commercial property in India?
No. An Indian citizen resident outside India does not require any permission to acquire any immovable property in India other than agricultural/ plantation property or a farmhouse.
5. Can corporate firm/houses open their offices in residential areas?
No, the practice of opening offices in residential areas is illegal. But in the usual course of business service based industries are allowed to open their offices in such residential properties. But any complaint by the owners will perforce them to vacate it.
6.What are the property documents required to get a freehold residential flat?The documents required are:
Copy of registered sale / conveyance deed through which the seller got the title.
Photo-copies of all earlier sale deed.
Photo-copies of all earlier sale deed.
Receipt of payments made to seller.
Copy of approved plan of construction.
Title search report.
7. What are the distinct advantages of holding a property in the name of a company rather than individual?
The advantage is that you can transfer the property along with the company without any payment duty or securing any Income Tax Clearance Certificate under 34-A & 37-I.
8. What is the difference between leasehold and freehold properties? Leasehold properties
A property (plot/ built up) in which perpetual leasehold have been granted by the title paramount in favour of the lessee. The title paramount i.e. President of India in these kinds of properties acts through DDA, L & DO. Leasehold properties are not freely transferable. Depending upon the covenants pf. the lease deed prior permission of the lessor (DDA/LDO) is required to transfer the property. One is required to pay charges such as 50 & of the unearned increase and conveyance. Freehold properties
A property where title paramount has conveyed the property in favour of the purchaser by conveyance / sale deed with no restriction on the right of the holder of the property to further transfer the property. Record of ownership of the freehold property can be ascertained from the office of the sub-registrar. It can be transferred by registration of sale deed
9. When and where should a document be registered?
Every document which is required to be registered under the Registration Act, except a Will, should be presented at the office of the Sub Registrar of Assurances for the registration within the prescribed time of four months from the date of its execution. A document is registered with a sub-registrar of a district in which the immovable property is located.
10. What are different forms of power of attorney?
Some of the different forms of Power of Attorney are:
Power of Attorney to sell a particular property.
Power of Attorney to recover debts.
Power of Attorney by a firm.
Power of Attorney by trustee.
General Power of Attorney to a manager of the estate.