These questions will answer all common questions about buying and owning a property in India as you buy a new home. Use this guide to familiarise yourself with important rules, laws, and information.
Q1. What exactly is the meaning of Carpet Area?
Carpet Areas shall mean the net usable floor area of the Apartment/Flat, excluding the area covered by external walls, areas under services shafts, exclusive balcony or verandah areas, and exclusive open terrace area, but including the area covered by the Apartment/internal Flat’s partition walls.
Q2. Why is property registration deemed necessary? What is the point of registering?
The registration of an immovable property transaction creates a permanent public record. Only if the deed is registered can title or interest be acquired.
Q3. I have a flat that I want to sell to purchase a larger flat. What are the tax implications of my capital gains?
You will not have to pay capital gains tax if you buy a new flat within two years of selling your old one and invest the entire amount of capital gain in the new one.
Q4. How is the market rent calculated?
There is no set standard for determining the market rent rate, but it can be easily determined by approaching individuals such as brokers, registration authorities, and so on.
The first step in purchasing a home is identifying one that meets your needs and fits within your budget. DNA Realtors provides you with a perfect home at the best possible price and quality. However, it is critical to choose the property based on the following criteria:
|Questions to be asked
|Location Of Site
|When selecting a location, consider the following factors: proximity to main roads, bus stops, railway lines, transportation services, and civic amenities such as educational institutions, parks, police stations, temples, community halls, hospitals, and auditoriums
|Place of work
|Where can I find the nearest market?
|What is the closest school?
|Availability of water and electricity
|Is there a consistent supply of both?
|Commercial areas face traffic jams during working hours and the level of noise is rather high
|Hospital/ Medical services
|Are they easily accessible?
|Is your monthly outlay for society and maintenance putting a strain on your finances?
|Are security systems, such as professional guards or electronic systems, in place?
|Type of ownership
|In some areas, the property is only available on a power of attorney or “pugree” basis. Obtaining funding for such properties is difficult.
|Self constructed property (SCP)
|SCP is a situation in which you buy a plot of land and build a house on it. Such projects may not be funded by all banks.
|Under construction property at an
|Many banks may be unwilling to fund such projects. However, if the builder is well-known, this should not be an issue.
When looking for a ready-to-move-in or resale property, keep the following points in mind.
|Questions to be asked
|Chain of title
|It is critical to have all of the necessary registered documents from the proposed seller proving ownership. These documents are required if you want to get a bank loan.
|Make sure the building is in good shape both inside and out.
|A water-leaking apartment should absolutely not be allowed because it negatively affects the building’s overall condition.
|Condition of the flat
|Living next to grumpy neighbours can be very unpleasant.
|Society transfer charges
|You must take that into account when creating your budget if they are too high.