Buying a home is undoubtedly the biggest financial and lifestyle decision that you will make. A little homework will help turn your dream into reality. With the help of these FAQ’s, you can now make an informed decision. Happy Home Hunting!

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Q1. What is the difference between Built-Up Area, Super Built-Up Area, and Carpet Area?
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
Q2. What is the difference between the lease agreement and the Leave and License agreement?
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.
Q3. What are the implications of entering into a lease agreement?
There are various implications of entering into a lease agreement such as you have to pay the stamp duty, the lease agreement has to be registered etc.
Q4. Does a foreign citizen of non-Indian origin require permission from the Reserve Bank of India (RBI) for acquisition of immovable property?
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.
Q5.What is the definition of Non Resident Indian (NRI)?
NRIs can be defined as: Indian citizens who stay in a foreign country for employment Indian citizens carrying on their businesses or vocations Indian citizens abroad for any other purpose in the circumstances indicating a definite intention to stay outside India for an indefinite period NRIs can also be: Indian citizens working abroad on assignment with foreign governments or international agencies Officials of central and state government and public sector undertakings deputed abroad on temporary assignments or posted to their offices abroad Indians who have settled abroad permanently or gone abroad on immigration Non-resident Indians become residents of India once they come back to India to engage in employment, for carrying on any business or vocation, or for any other purpose indicating a definite intention to stay in India for an indefinite period.
Q6. Why is it considered necessary to register a property? What is the purpose of registration?
By registering the transaction of an immovable property, it becomes permanent public record. Title or interest can be acquired only if the deed is registered
Q7. I have a flat which I want to sell and buy a new flat bigger in area. What are my tax implications with regard to capital gains?
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.
Q8. With reference to the Bombay Rent Act, is there a prescribed percentage of tenants willing to form a society?
For instance, 70 per cent tenants out of a total of 32 tenants are ready to form a co-operative housing society.

Buyer’s Tips

The first step towards buying a property starts from being able to identify the one that suits your needs and fits your budget. It is important to select the property depending on following criteria :

Location Of Site
While choosing the location, you need to keep the following parameters in mind like proximity to the main roads, bus stops, railway lines, transportation services, civic amenities like educational institutions, park, police station, temples, community hall, hospitals, and auditorium within reach.
Does the location fit your budget?
Place of work
How far is the office from the desired location?
Market place
Where is the nearest market?
Where is the nearest school?
Public transport
Are buses/trains easily available from the location?
Does the builder have a good reputation in the market?
Availability of water and electricity
Is there a steady supply of both?
Residential/ commercial
Commercial areas face traffic jams during working hours and level of noise is rather high
Hospital/ Medical services
Are they available easily?
Society expenses
Is the monthly outgo on the society and maintenance a strain on your budget?

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