As you buy a new home, these questions will answer all common queries about buying and owing a property in India. Use this guide to acquaint yourself with rules, laws and important information.
Q1. What is the definition of Carpet Area?
Carpet Areashall mean net usable floor area of the Apartment/Flat, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the Apartment/Flat.
Q2. 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.
Q3. 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.
Q4. How is the market rent determined?
There is no prescribed norm for determining the market rent rate though it can be easily found out by approaching individuals such as brokers, registration authority, etc.
The first step towards buying a property starts from being able to identify the one that suits your needs and fits your budget. With best rates and best quality homes, Godrej Properties offers you a perfect home. However, it is important to select the property depending on following criteria:
|Parameter||Questions to be asked|
|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.|
|Affordability||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?|
|School||Where is the nearest school?|
|Public transport||Are buses/trains easily available from the location?|
|Builder||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?|
|Security||Are the security systems in place, like a professional guard or electronic systems?|
|Parking||If you own a vehicle, you will need space to park it|
|Type of ownership||In some areas, property is available only on a power of attorney or “pugree” basis. Getting funding for such properties is a problem.|
|Self constructed property (SCP)||SCP is a situation where you buy a plot of land and construct a house there. All banks may not fund such projects.|
|Under construction property at an|
|Many banks may not prefer to fund such projects. But if the builder is well reputed then it should not be a problem.|
In case of a ready / resale property, you need to bear the following additional points in mind while selecting a property
|Parameter||Questions to be asked|
|Chain of title||It is important to have all the proper registered documents from the proposed seller that declares his ownership. These documents are important for you to garner a loan from the bank.|
|Maintenance||Check the internal as well as the external condition of the building|
|Water leakages||A flat with water leakages should be strict no as it adversely impacts the overall condition of the building.|
|Condition of the flat||Is the paint peeling off or concrete crumbling?|
|Neighbours||Grumpy neighbours can make life very unpleasant.|
|Society transfer charges||If they are too high then you need to factor that in your budget.|