Carpet area is the area enclosed within the walls and 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 the outer walls and balcony. Super built-up area is the built-up area plus the common areas such as the lobby, lifts shaft, stairs, etc. and is proportionately divided amongst all unit owners. Sometimes it may also include the swimming pool, garden, clubhouse, etc.

The basic difference between a leasehold property and the freehold property is the ‘ownership’ of the Property. In a leasehold property, technically the ownership remains with the concerned Authority or the government (as the case maybe). But this does not bar the individual owner (known as Lessee in this case) from selling or dealing with the leasehold property as he/she may deem fit. A leasehold property is that which is leased to a lessee for a stipulated period. The lessee pays lease premium and annual lease amount as fixed and mutually agreed upon by the lessor and lessee. The land ownership rights remain with the lessor and a prior sale-permission is normally required if you plan to transfer the property. In a leasehold property, the Lessee has to basically execute a tripartite sub- lease deed executed between the Lessee, the Purchaser and the Lessor (which is the concerned Authority or the government). Whereas in a freehold property, the owner of the Property is the final owner of the Property and can sell/lease/mortgage the Property as he/she may deem fit.

Conversion from leasehold to freehold can be done only if the local laws allow it. For instance, property owned under Government Authority can be converted to freehold by executing a Conveyance Deed subject to availability of option. The process of converting leasehold to freehold, the owner (Lessee) applies to the concerned Authority or Government requesting the conversion of the Property. Thereafter, a Conveyance Deed is executed between the concerned Authority or Government and the Owner of the Property with the payment of fee as per regulation.

Verification of property documents by an advocate / Legal Firm

A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features

A Draft Sale Deed contains full details of the parties, advance amount paid, mode of balance amount payable, receipt of the balance amount by the seller, handing over the original documents of the property, handing over the possession of the property, handing over the authorization letter to transfer power and water meters, signing of the application for transfer of ‘khata’, title of the seller of the property, indemnifying the purchaser in case of defect in the title and easement rights and is prepared by the purchaser's advocate.

Sale Deed, also known as Conveyance Deed, is a document by which the seller transfers his right to the purchaser, who, in turn, acquires an absolute ownership of the property. Regardless, all sale deeds are liable for stamp duty and the rates vary from state to state. Also the duty depends upon various factors, such as age of building, location and type of unit and so on. The document is executed subsequent to the execution of the sale agreement and after compliance of various terms and conditions detailed in the sale agreement.

A title deed is a document that proves the right of a person to an immovable property. A person can acquire an immovable property by various means and a properly stamped and executed document evidencing the transaction is a title document. For example a sale deed, a release deed, a relinquishment deed, a gift deed, a family settlement deed, a partition deed, a will all are evidence of how a person has acquired an immovable property and may be called title deeds.

The word conveyance means the transfer of ownership or interest in real property from one person to another by a document, such as a deed, lease, or mortgage. In India, transfer of property or rights in immovable property is governed by the Transfer of Property Act, 1882. For the transfer of any immovable property or rights in immovable property, it is necessary to execute a conveyance deed.

Many Builders have failed to transfer the buildings to the society or condominium formed by them despite it being mandatory for them to do so. The Sub Registrar will thereafter register the Conveyance after giving an opportunity to the builder to show cause as to why the conveyance should not be registered. The Conveyance grants title to the Society. Many a time, Societies have found the lack of a conveyance to be a serious impediment when they set out to redevelop or reconstruct the buildings.

A Khata is an account of assessment of a property, giving details of the property such as size, location, built up area, usage etc. for the purpose of payment of property tax. It is issued by the Municipal Corporation or other authority entitled to levy property tax such as a Development authority or a Panchayat. The Khata shows who is the registered owner of the property in the records and if you have acquired a property by sale, gift, will, etc. , you should have your name substituted for that of the seller in the Khata. It is also a kind of identification of the person who is primarily liable for payment of property tax. It is one of the required documents in case the buyer requires a building license, trade license or loan from banks or any other financial institutions. This is another document you must check whilst buying a property to verify the title of the seller.

Khata is an account of assessment of a property for the payment of tax. The Khata does not confer ownership. However, the Title Deed is the document through which a person derives a title or ownership of the said property.

Before buying any property, it is crucial to carefully examine all types of legal documents related to the building and the land. A buyer can ask for the certificates and documents cleared by the respective agencies or boards with regard to the property. Some points to be verified are as follows: • Check whether the property has clear legal titles or not • Check whether the developer has the right to transfer the property and whether he has taken transfer of property approvals from the statutory land development or planning authority or competent authority constituted under the Urban Land Ceiling and Regulation Act and the Income-Tax Act • Check if the developer has acquired approvals from the Municipal Corporation, Area Development Authorities, electricity boards, water supply and sewage boards for the development. • Scrutinize the contract and consult with competent legal experts.

The original property document to be registered along with a copy is to be presented with the concerned Sub- Registrar by the Seller. The Legal consultant take the details from sellers and buyers and prepare all required legal buyer seller agreement with other annexure. Both Seller and the Purchaser are present before the concerned Sub- Registrar who admits the execution of the document. The sub- registrar after making the due inquiry registers the documents and returns the original document to the concerned party with duly signed and stamped.

No. You cannot sell a property without proper registered document(s). A registered document is the authenticity and guarantee of the ownership over the property. Neither should one sell a property without proper registered documents nor purchase a property wherein the seller does not have registered document of his/her ownership in the Property.

Power of Attorney is the right/authorization given by a property- owner to someone through whom the owner transfers the power and rights to deal with the Property to his/her chosen power of attorney. A power of attorney can be either a co-owner of the property, a blood- relative of the owner or any other person not related to that property or the owner. There are two types of power of attorney that can be granted namely ‘General Power of Attorney’ wherein a property owner gives ‘general’ rights to his/her chosen attorney. These include but are not limited to sell, lease, sub-lease etc. the Property as the Power of Attorney deems fit. The other type is ‘Special Power of Attorney’ wherein only a ‘special’ or ‘specific’ right is given by the owner to his/her chosen Power of Attorney.

Yes, by executing a ‘Special Power of Attorney’ for this purpose, the property owner can transfer his/her right to register a property document to someone else.

The property agreement should be registered with the Sub-registrar of assurances under the provisions of the Indian Registration Act within 4 months of the date of its execution.

A building completion certificate is the final document granted by the plan sanctioning authority and usually follows the occupancy certificate. This document certifies that all acts necessary activities in connection with the construction and services of a building are complete.

An occupancy certificate is granted by the plan sanctioning authority once the building and all required services are complete and ready for Inhabitation. In some places, an official water connection is granted only after the OC has been obtained. This document is given after verification that the construction has been carried out in accordance with the approved plans. The builder is not entitled to give possession and the unit buyer is not allowed to occupy the unit till the OC has been obtained. Further, the property comes into existence on and from the date of granting of OC. Property taxes are also levied as a unit from the OC date.

A single floor apartment is one where the builder buys a piece of land, often old plots which are up for redevelopment, constructs flats on each floor according to the permissible Floor Area Ratio (FAR) and building byelaws and sells them as independent units within the same building. The land belongs proportionately to all the buyers of single floors. Since there are smaller numbers of units than in a multi-story apartment, these lack economies of scale and so have fewer common facilities such as maintenance and back-ups compared to larger multi-storey apartments. It is a cluster of apartments in a high-rise building developed in a plot with all amenities available within a gated community.

Depending on the chosen budget, one can decide the type of property. If you are an end-user, the size of your family, along with the budget can be a determining factor while choosing the type of house you need. There is a wide range to choose from today as the market abounds in various housing formats from 1, 2, 3 and 4 BHK apartments, to studios, villas and row houses, to builder floors and independent houses. Multi-storey projects and township with all amenities in one project clubhouse, swimming pool, meditation center, health clubs, departmental stores, schools, cinemas, sports facilities and banquet/party halls are what most end-users are looking at today.

A Valuation of property simply means arriving at the actual prevailing cost of the property. It could depend upon number of parameters, location of property being the most important one. One needs to consider other parameters such as age of property, projects available, facilities offered and the sizes available in that project.

Before purchasing any property, you should verify from the Registrar of Companies that the property is neither mortgaged nor collateral security against any loan etc.

Before purchasing a property, you should look at the sanctioned layout plan, building plan, ownership documents, carryout search, etc. As all these processes are very hectic and requires a lot of legal probing, so it is better to contact an advocate so that he can advise you.

Gifting of an immovable property is considered as a 'transfer'. In this case you have to register the transaction through a Gift Deed. The payment of stamp duty is to be done as per provisions of the relevant stamp Act depending in which state the property is situated.

The purchase of stamps in the name of any one of the executors to the Instrument.

Keep in mind the following things while buying a residential property : • Market Trends about prevalent rates of property in the vicinity and last known transactions • Ask for photocopies of the all deeds of title related to the property to be purchased. • Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. • Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. • The title of the Vendor to the property must be clear and marketable. • Check for approved layout plan and approved building plan with number of floors • Clearance from municipality, electricity, water, pollution and lift authorities • Check the building bye-laws in that area to verify any issue with setback, side setback, height, etc. • Confirm transfer fees, stamp duty and registration charges to be paid on purchase of the property as well as outgoings to be paid for the property, i.e., property tax, water and electricity charges, society charges and maintenance charges.

The important documents are: 1. All original chain of agreements form part of the title documents and must be obtained by the buyer. 2. Do remember to obtain the original registration receipts and the original stamp duty receipts. 3. A letter of possession duly witnessed by two witnesses confirming the physical handover of the premises. 4. In case of a Society, the original share certificate together with all transfer forms duly executed. 5. Proof of payment of all dues such as maintenance, electricity, phone, water, property taxes up to the date of handing over possession. 6. A limited power of attorney from the Seller(s) authorizing the buyer(s) to sign all documents and applications etc. pertaining to the said premises. 7. An NOC from the Society or other body confirming that they have no objection to the transfer.

Stamp Duty (SD) is a tax, similar to income tax, collected by the government. SD is payable under Section 3 of the Indian Stamp Act, 1899. SD must be paid in full and on time. Stamp duty is collected on the basis of property value at the time of registration. SD’s amount varies as per property type, state, city, rural village, registered in the name of male, female, senior citizen or any other factor . The SD is to be paid on the basis of the valuation of the property computed on the basis of circle rates, or the sale price specified in the sale deed, whichever is higher. Normally, a buyer has the sole liability of paying the stamp duty unless there is an agreement to the contrary.

The instruments like Agreement to Sell, Conveyance Deed, Exchange of property, Gift Deed, Partition Deed, Power of Attorney, settlement and Deed and Transfer of lease attract Stamp Duty.

Yes. Stamp duty will have to be paid if the flat is gifted by the donor.

The buyer needs to pay the following taxes at the time of registering the property. • TDS or tax deduction at source on amount exceeding Rs 50 lakhs for the purchase of immovable property excluding agricultural land. The TDS must be submitted in the name of the seller. • Stamp duty on registration • Service Tax is applicable if the property is being purchased from the builder who conceived and constructed the project before offering possession to the buyer. If a ready-to-use property is purchased from the seller then service tax is not applicable. • Value Added Tax (if applicable in the state)

TDS- 1% on the amount exceeding Rs 50 lakhs Stamp duty depends on the state and municipal laws The law allows you to opt for 30% of the value of the agreement as the service component, and pay the service tax on that portion. Hence, the levy of service tax effectively comes to 4.50% (i.e., 30% of 15%) of the agreement value. In addition to the cost of construction, service tax is also applicable on the entire value of other services, such as the provision of the garage, premium for higher floors, etc.

The income tax rules define gain in two broad categories; namely short term capital gain (STCG) and long term capital gain (LTCG). Any gains arising by selling a property after holding it for 3 or lesser number of years, is short term capital gain. Any gains arising by selling the property after holding it for more than 3 years comes under long term capital gain. For short term capital gain, the capital gain from asset is added to the investor’s income and taxed as per the income tax slab they fall under. For long term capital gain, tax liability is determined based on indexed cost of acquisition and improvement. Indexation is a concept, which factors inflation in its calculation by using a factor called cost inflation index (CII).

Possession certificate from the builder is what matters the most. The nature of the tax can be assessed based on the following two scenarios During the under-construction phase • When the buyers books the property rights by making an advance payment and makes subsequent payments to the developer as and when demanded and also with the progress in the construction then he gets the right to acquire a residential unit • The right is acquired by executing documents with the builder like allotment letter, or execution of builder-buyer agreement (whichever happens first). • If the buyer has not obtained possession of the property, the right of the buyer would be in the nature of capital assets and accordingly, gain arising on such transfer would be in the nature of long term or short terms gain depending upon the period of holding. If more than 3 years, it is LTCG otherwise it is STCG. • Section 54-F is applicable to exempt your capital gains from taxes i.e. entire sale proceeds net of expenses incurred to complete transfer would require to be reinvested to exempt capital gains from taxes. After the possession of the property • The unit becomes a residential house after the buyer obtains the possession from the developer. The nature of capital asset has changed – from rights to acquire to a residential house. • Therefore, period prior to taking of possession is not to be considered. • When you take possession of the flat which you have agreed to purchase, the right to purchase the flat gets converted into the flat itself. Therefore, if you sell the flat after taking possession, the period of three years begins/commences from the date of taking possession of the flat. • Capital gains tax Long term or short term liability can accordingly be computed depending on period of holding of the right to own a flat or asset.

Property tax is applicable from the date of execution of Property documents in favour of the owner.

.Non- occupancy charges or holding charges become applicable to be paid if the ownership has been transferred by the Developer/society/ government development agency to the owner but the flat/unit is lying vacant even when it is in a ready- to- move condition.

Maintenance charges are the charges either annually or monthly applicable to be paid by the owner once he/she has taken possession of the Property. These charges are paid for the general maintenance and upkeep of the building/society. Maintenance charges usually get applicable from the date (or month in general) the possession is taken of the Property.

There is a central act called The Building and Other Construction Workers Welfare Cess Act, 1996 under which a Builder/contractor is bound to pay 1% of the cost of construction where the cost of building exceeds Rs.10 lacs and more than 10 workers are employed. Since the liability is clearly cast upon these persons there is no case for recovering this from the flat buyer more so when there is no obligation to pay under the agreement.

It is depends on state, types of property etc but the general due diligence before buying a resale property are: 1. Original Registration and ownership documents. Check for transfer, registration & stamp duty charges 2. Ensure no dues are accorded to the builder or owner from any authority, company or individual 3. Check for the property in seller’s name in municipal and state Government authority records 4. Confirm seller’s membership in the society (if formed) 5. Ensure there are no any pending bills, penalties, charges or taxes 6. Make sure that the property is mortgage free 7. Sanctioned Building Plan (to check and ensure no unauthorized construction) 8. Previous title documents (that chain of title is complete) 9. Litigation free property 10. All Payments receipts

You can use shortlist button and see the list of shortlisted properties and compare

Study the property details thoroughly. Collect the market information about similar property in the neighborhood. Find the track record of developer / property owner Examine the Property documents Discuss and negotiate with strong data about similar properties, recent transactions and comparative data analysis

The sale price to finalise the deal with clarity on additional charges if any along with the payment terms.

Your home should fit your lifestyle, appeal the requirement of entire family. Prepare the list of your priorities: location, neighborhood, size, type, specifications, amenities. Establish wish list with a set of minimum requirements.

No matter how excited or convinced about purchasing your new property, it is prudent to undertake a final inspection to study all relevant parameters committed before payment & registration.

One should look different locations, neighborhood, sizes, amenities, builders, agents properties to get various alternatives to understand the market. This will provide you with the required knowledge to work out if the property you are interested in buying match value for money, while also helping you to determine which alternative appeals to you the most. It is important to do thorough homework and feel confident about your eventual purchase, so viewing properties online is the easiest way to study the market efficiently. You can get comprehensive market analysis on the property, with details of similar suitable properties currently for sale in the same area with various terms, offers, discounts & schemes.

In addition to comparing the home to your minimum requirement & wish list, consider the following: • Is there enough room for both the present & the future? • Are there enough bedrooms, bathrooms and other area? • Is the house structurally sound? • Do you find orientation, adequate ventilation & day light • Does the specifications, amenities, finishing and features satisfy your requirement • Do the electro-mechanical systems and appliances work? • Do you like the floor plan, terrace, balconies, back and front yards. • Will your furniture fit in the space? • Is there enough storage space for day to day needs? • Does anything need to be repaired or replaced? • Imagine the home for all season in good and bad weather. Adequate storm water drainage, chajja, sun in winter, leakage free bathrooms and terrace and no cracks on walls and structure.

Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser to objectively evaluate your home's worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer. In a down market, you may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer. Also, make sure that your home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the local multiple listing service or online listings provider.

The transfer of a property is concluded on full payment transaction when you have a sale deed/ agreement for sale with actual possession. Generally, in all cases the entire amount is paid simultaneously with the handing over of physical possession and signing of the transfer documents.

Home loans are generally taken for long tenure as the loan amount is usually a large sum. A home loan can be taken anywhere between 5 and 30 years.

There are many banks and housing financial institutions provide Home Loans on satisfying their requirements.

It varies with the terms of banks or financial institutions but the general criteria is about 40% of your monthly gross income can be availed as the loan amount. Though you can only get a home loan of up to 80% of the total Consideration Value or your eligibility, whichever is lower.

Indians who have a regular source of income that include salaried individuals, self-employed professionals, self-employed business people, existing property owners and NRIs are eligible for home loan. The only condition here would be of security against the loan.

Yes, one can avail a pre-approved of loan from any financial institution or bank on shortlist of property.

Yes you can have your husband/wife, son/daughter, father/mother as a Co-Owner in your property.

You can include your wife/husband as a co-applicant for the home loan and his/her income shall be included to enhance the loan amount and for other legal issues.

Many financial institutes and banks has made it mandatory to have a Co-Applicant while applying for the loan. For being a Co-Applicant it is not necessary for that person to be a Co-Owner in the property. Clarify it further with the institutions.

Generally banks and financial institutions pay 85% of the cost of the property. The rest 15% of the money that we pay from our side is known as down payment for the loan.

Processing Charge – is the fee that lender charge when you apply for a loan. Pre-payment Penalty – is charged by banks/financial institutions when you pay back the loan amount before the agreed duration ends. Commitment Fees – is levied by financial institutions in case the loan is not availed within a stipulated period of time even after it was processed and sanctioned. Miscellaneous Charges – is charged by lenders as a documentation or consultant charge.

EMI (equated monthly Installment) is the amount of money that is paid to the lender (banks/financial institutions) on a monthly basis. EMI is always paid on a fixed date of each month until the total amount due is paid up during the tenure.

The EMI is calculated, taking into account the loan amount, the time period for the repayment of loan and the interest rate on loan amount.

• You have to submit the following papers to get the loan approval. • Personal details like: Name, Residential Address and DOB (date of birth) etc. • Identity proof like: Pan Card or Voter ID or driving license or Adhaar card or passport • Proof of income like: Salary slip (including all the deductions) • Proof of address: Electricity bill, water bill, bank statement or the credit card statement. • Bank statement of last 6 months. • Guarantor form (this is optional depending upon the bank or the financial institution).

• Submit the application form with all the necessary documents. • Verification of the documents by the financial institutions. • After all the documents are verified you get the loan sanctioned by the banks. • After loan is sanctioned, you sign the loan agreement and the loan amount is transferred in the borrower's account.

A fixed interest rate remains constant throughout the loan period irrespective of the changes in market conditions. On the other hand, floating interest rate can decrease or increase depending on market fluctuations.

• Loan amount, interest rates, changes and payment plan. • Calculate the total cost of the loan that you will be paying when the loan tenure ends. • Carefully read all the terms and conditions on which the bank or financial institution will be providing the loan to you. • Check out the different loan offers and promotion schemes

According to the Income Tax Act, 1961, you do enjoy some tax benefits on your loan, but only on the principal and interest components. Check the current market conditions and the benefits that you can avail from respective Government department.

In order to determine how much you can afford, we need to understand debt to income ratios. a) Determine what your gross annual income is and divide that income by 12. (12 months) b) We must determine your long term debt. For example: home mortgage (principal & interest), taxes & insurance , school loan, car loan, credit card debt, etc. and calculate the monthly payments. c) The debt to income ratio is established by dividing the monthly debt by the monthly income. The debt to income ratio should, in most cases not exceed 35%. d) If the debt to income ratio is 35% or less and your credit rating is good, there is a fair chance you will be able to get approved for a mortgage loan.