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In this section we try to answer some of the frequently asked questions about our work, specifically Real Estate. We attempt to answer the general queries we typically encounter with respect to buying or owning a property are answered. In case you would like to know more, please do not hesitate to contact us!

Identify your needs and preferences before you decide to go house hunting. Here are few important points to take into account:

  • What kind of house do you wish to buy – a condo, an apartment, a row house or a bungalow?
  • - Your decision should be based on what suits you and your family the most
  • - If you have senior family member, give due to importance to their lifestyle needs
  • - If you have pets, the ground floor is recommended for an apartment
  • - Would the house purchase be for investment or for personal reasons? Check resale values in advance if a sale is a possibility in the future
  • - Would you prefer a residential area or would you be ok with a commercial neighbourhood?
  • - What do you prefer a quiet neighbourhood in the interiors over a house closer to the noisier main roads?

  • You should conduct through research on the following factors before taking a final decision:
  • - Property value
  • - Traffic in the area
  • - Safety measure in the building/society and the crime rate in the area
  • - Future construction/future growth of the area
  • - Proximity to markets, railway stations, schools, your place of employment, hospitals, restaurants, cinemas and malls
  • - Quality of schools in the vicinity, if you have kids

If you have a steady job and a decent credit history, there is a good chance that you can find a bank/home lender who will lend you most of the purchase price of your new house. Loan amount generally depends upon your repayment capability and can be a maximum of 80% to 95% of the cost of the property, depending upon the bank

There are several banks and money lending companies who will lend you a home loan at competitive rates. Check carefully all the available options before choosing your bank or money lender

Carpet Area: The Term ‘Carpet Area’ refer to total usable area within the four walls of an apartment or a commercial space as the case may be. It is actual usable area which the user gets to use. In other words, it refer to the area for which a carpet can be laid if required by the owner

Built up Area : Over and above the carpet area, BUA would include the space covered by the thickness of the inner and outer wall of the flat

Super Built up area : This includes the built up area along with area under common space such as lobby, lifts, stairs etc. This terms is therefore only applicable in the case of multi-dwelling units

The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary. Section 30, of Bombay Stamp Act, 1958 states the liability for 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

Floor Space Index (FSI) means the quotient of the ratio of the combined gross floor area of all floors excepting areas specifically exempted under these Regulations to the total area of the plot

As a formula: FSI = (Total covered area on all floors on a certain plot) / (Area of the plot)

You will be liable to pay tax on the profit arising out of the sale of a Residential / Commercial property, which comes under capital gains

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 prices are determined & published by the Government. The Stamp Duty is payable on the agreement value of the property or the market value which ever is higher

Transfer of Developmental Rights (TDR) means making available of certain amount of additional built up area in lieu of the area relinquished or surrendered by the owner of the land, so that he can use the extra built up area either himself or transfer it to another in need of extra built up area for an agreed sum of money

When you are buying a flat from a builder in a building under construction, you have to check the following:

  • Approved plan of the building along with the number of floors
  • Ensure that the floor that you are buying is approved
  • Check if the land on which the builder is building is his or he has undertaken an agreement with a landlord. If so, check the title of the land ownership with the help of an advocate
  • Check the building byelaws as applicable in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, etc
  • Check specifications given in the agreement to sell of the sale brochure. Is he providing the same actually on the ground or not?
  • Check the reputation of the builder.Ensure that urban land ceiling NOC (if applicable) has been obtained or not
  • NOC from water and electricity authorities also have to be obtained
  • NOC from lift authorities
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