REAL ESTATE FAQ’S
Carpet Area: It’s the area of the apartment that does not include the area of the walls i.e. the area of the apartment that a carpet can cover.
Built-Up Area: It’s the area of the apartment that includes the area covered by the walls.
Super Built-Up Area: It’s the area of the apartment that includes the built-up areas such as the lobby, lifts, stairs etc. It applies only for multi-dwelling units, such as flat complexes.
As per Section 105 of The Transfer of Property Act, 1882, a Lease is a transfer of the right to enjoy the concerned property for a pre-defined time period or in perpetuity. Under a lease agreement, the lessor (owner of the property) gives the lessee (the one leasing the property) such consideration periodically, usually at the beginning or end of a lease agreement.
A License as per Section 52 of the Indian Easements Act, 1882, does not allow any interest in the premises on the licensee’s part. A License Agreement merely gives the licensee the right to use and occupy the premises for a limited duration.
A lease agreement needs to be stamped and registered and the amount payable towards the lease deed’s stamp duty is more than that payable towards the Leave and License’s. However, for a period exceeding three years, the stamp duty is same for both agreements.
There are many implications when entering into a Lease Agreement. They include the payment of the stamp duty, registration of the Lease Agreement, etc.
Yes, it’s essential. The RBI grants permission to a foreign citizen of non-Indian origin/foreign companies if the property is purchased for residential use and the consideration is paid by way of foreign exchange.
A NRI means an Indian citizen who stays in a foreign country
- For employment or carrying on their business or any kind of vocations.
- Working on an assignment with foreign governments or international agencies.
They also refer to officials of central and state government and public sector undertakings deputed abroad on temporary assignments or posted to their offices abroad.
One who registers a property say, the transaction of an immovable property, will ensure that the said property becomes a permanent public record. In addition, Title or interest can be acquired only if the deed is registered.
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.