FOR BUYING PROPERTY
- What you should know before buying property?
When you are planning or preparing your mind for the field that
is completely new or you might have gone for once or twice then
it is very much natural to indulge in confusion under such circumstances
to decide something quickly and correctly. And property dealing
is also one of same sort of dilemma where people frequently turn
disorder and generally trapped. So kindly be tension free in this
regard and go through the following thoroughly.
- If you are purchasing, buying or renting property,
here`s to look out for?
Ensure that the site has all required permission from the building
proposal department of the authorities. The building proposal
department and the authorities must approve the layout plan. Legal
formalities like tracing the title of the property, verifying
the sanction plan, electricity, water, sanitary, facilities and
relevant sanctions are important prior to purchasing. Seek the
help of a qualified professional if required. The site must conform
to zonal regulation. For instance, house for residential purpose
must be constructed only in the residential zone. A zonal regulation
map is available with the development planning authorities.
FOR SELLING PROPERTY
- What is the difference between built up area, super
built up area, and carpet area?
Carpet Area: This is the area of the apartment/building that
does not include the area of the walls. Built up Area: This includes
the area of the walls also. Super Built up Area: This includes
the built up area along with the area under common spaces such
as the lobby, lifts, stairs, etc. This term is therefore only
applicable in the case of multi-dwelling units.
- Who is liable to pay Stamp Duty - the buyer or the
The liability of paying stamp duty is that of the buyer unless
there is an agreement to the contrary.
- In whose name are the stamps required to be purchased?
The stamps are required to be purchased in the name of any one
of the executors to the Instrument
- What is meant by the market value of the property and
is Stamp Duty payable on the market value of the property or on
consideration as stated in the agreement?
A Market value means the price at which a property could be bought
in the open market on the date of execution of such instrument.
The Stamp Duty is payable on the agreement value of the property
or the market value which ever is higher.
- Which are the instruments that attract the payment
of Stamp Duty?
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 on market value
of the property.
- Who is the appropriate authority for knowing the market
value of the property?
The Sub-Registrar of the area in whose jurisdiction the property
is located is the appropriate authority for knowing the market
value of the property