BUYER’S GUIDE

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.

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.

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: 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.

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

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.

For instance, 70 per cent tenants out of a total of 32 tenants are ready to form a co-operative housing society.

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?

How far is the office from the desired location?

Where is the nearest market?

Where is the nearest school?

Are buses/trains easily available from the location?

Does the builder have a good reputation in the market?

Is there a steady supply of both?

Commercial areas face traffic jams during working hours and level of noise is rather high

Are they available easily?

Is the monthly outgo on the society and maintenance a strain on your budget?