FAQ

FAQ


Basics

What is the difference between Built up area , super built up area and carpet area?

Carpet area is the area between the internal walls of the room/house, or the net usable area. The Carpet area + width of the walls and ducts, is the built up area. The area composed of built up area and the space by other necessary amenities like lifts, staircases etc. form the super built up area.

What is the difference between the lease agreement and leave and License agreement?

In case of lease agreement, the tenant gets the possession of the area in discussion, for a temporary period. In case of leave and License agreement, the license remains with the landlord, and the permission of doing certain tasks, is given to the tenant.

Does Foreign citizen of non Indian origin require permission from the RBI for acquisition of immovable property?

No such permission is required, except for an agricultural land.

What is the difference between Built up area , super built up area and carpet area?

Carpet area is the area between the internal walls of the room/house, or the net usable area. The Carpet area + width of the walls and ducts, is the built up area. The area composed of built up area and the space by other necessary amenities like lifts, staircases etc. form the super built up area.

Mobile

What is the definition of NRI ?

An NRI or Non-Resident Indian is an Indian, but living in a different country for business or work, and the duration of the stay is uncertain.

Why is it considered necessary to register a property ? What is the purpose of registration?

Registering of a property is important, as it makes you the legal owner of the property, by giving a name to it. It is important to carry out transactions with the property, in the future.

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 the flat, which you are going to sell, is less than 3 years, you will have to pay taxes for the profit, made from it, as it is considered as long term capital gain. If it is more than 3 years, you will not have to pay taxes.

Account

With reference to the Bombay Rent Act , is there a prescribed percentage of tenants willing to form a society ?

There is no such prescribed percentage.

Are there any new provisions?

There are no new provisions made till now.

Who does a group of tenants of an old building approach to be able to form a society without the concerned landlord’s permission?

They could approach the local municipality to form a society.

In case a tenant is not protected by the rent act, what is the procedure to ask him to vacate and what is the notice period that is required to given?

There should be valid causes behind eviction of the tenant and the causes should be punishable by law. For no valid causes, there should be a fair negotiation between the tenant and the owner, in order to decide a deadline for eviction.

Payments

How is the market rent determined ?

The market rent is determined by the value of the property. The charges are within 0.8% and 1.1% of the value of the property.

What are documents required from the owner at the time of purchasing THE HOUSE ?

The documents required/you should check from the owner, before purchasing a house are:
1. Title Deed
2. Commencement Certificate
3. Intimation of disapproval
4. Purchase agreement
5. Encumbrance Certificate
6. Approved layout plans
7. Occupancy certificate

What are documents required at the time of purchasing THE LAND ?

The documents required at the time of purchasing a land are:
1. Sales Deed
2. Commencement Certificate (For new construction to be started)
3. Building Approval
4. Mother Deed

Privacy

Can I specify my own private key?

Yes, provided you are in possession of the property.

Buying Tips ?

Some property buying tips are
1. Purchase a land, close to your priorities.
2. Check the availabilities of necessary things close to the property.
3. Check the documents properly.
4. Go for the best within your budget.

How can I access my account data?

You can check your account data, by visiting the portal, and by logging in, or signing in, with the credentials of your account.

What is the difference between Built up area , super built up area and carpet area?

Carpet area is the area between the internal walls of the room/house, or the net usable area. The Carpet area + width of the walls and ducts, is the built up area. The area composed of built up area and the space by other necessary amenities like lifts, staircases etc. form the super built up area.

Delivery

What is the difference between the lease agreement and leave and License agreement?

In case of lease agreement, the tenant gets the possession of the area in discussion, for a temporary period. In case of leave and License agreement, the license remains with the landlord, and the permission of doing certain tasks, is given to the tenant.

What are the implications of entering into a lease agreement ?

The implications of entering into a lease agreement are:
1. The stamp duty needs to be paid.
2. The extra municipal taxes must be paid.
3. The agreement should be registered.
4. Income tax should be paid on the income, obtained from the lease property.

Does Foreign citizen of non Indian origin require permission from the RBI for acquisition of immovable property?

No such permission is required, except for an agricultural land.

Why is it considered necessary to register a property ? What is the purpose of registration?

Registering of a property is important, as it makes you the legal owner of the property, by giving a name to it. It is important to carry out transactions with the property, in the future.

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 the flat, which you are going to sell, is less than 3 years, you will have to pay taxes for the profit, made from it, as it is considered as long term capital gain. If it is more than 3 years, you will not have to pay taxes.

Why is it considered necessary to register a property ? What is the purpose of registration?

Registering of a property is important, as it makes you the legal owner of the property, by giving a name to it. It is important to carry out transactions with the property, in the future.

What are the implications of entering into a lease agreement ?

The implications of entering into a lease agreement are:
1. The stamp duty needs to be paid.
2. The extra municipal taxes must be paid.
3. The agreement should be registered.
4. Income tax should be paid on the income, obtained from the lease property.

When will my order arrive?

The orders will arrive within a few days of ordering. The specific arrival date will be intimated to you during checkout, and through mail and SMS communication.

What is the definition of NRI ?

An NRI or Non-Resident Indian is an Indian, but living in a different country for business or work, and the duration of the stay is uncertain.