Ques. What should a purchaser keep in mind while purchasing a residential flat ?
Ans. Some important points to keep in mind while buying the flat.Locality –Proximity to workspace , educational institutions, hospitals, areas, entertainment , transportations, pollution levels.Quoted area of the flat i.e. Carpet, Build Up Area and super Build up Area.Car Parking Space.Quality of Construction.Reputation of the Builder or Seller.Sufficient water and electric supply, other utilities.Cost Components: Price, stamp duty, registration charges , transfer Fees maintenance charges, any other payments.Appreciation of the property for resale and rental.Any other distinguishing features or advantages of the property.
Oues. What is meant by Carpet Area, Built-UP Area & Super Built -Up Areas ?
Ans. Carpet Area is the area enclosed withinn the walls, actual area to lay the carpet.This Area Does not include the thickness of the inner walls, actula used area of an aapartment/office unit/showroom etc.Built up Area is the carpet area plus the thickness of outer walls and the balcony. Super Built UpArea is the built up area plus proportionate area of common area such as lobby, lifts,shaft,stairs,etc.The Plinth area along with a share of all common areas proportionately divided amongst all unit owners makes up the Super Built-up area. Sometimes it may also include the common areas such, swimming pool, garden, clubhouse, etc. This term is therefore only applicable in the case of multi-dwelling units.
Ques. Should i inspect a property before buying it ?
Ans.Yes it is important to inspect the property , probaly this is the largest single investment you will ever make. You should know all the details of the property and need for any maj repairs/modifications before you buy. You can crosscheck the commitment made builder and actual implemention. A close inspection points out the positive aspects of the property , as well as the mainteance that will be necessary to keep it in good shape. Afte the inspection, you will have a much clearer understanding of the property you are about to Purchase.
Oues. On what basis is the amount of the home loan decided ? Or on what basis a cpacity of a person to repay the loan is evaluated ?
Ans. The amount of the loan for each individual depends on the following factors:- An indian residen or NRI. The income of the family applying for the loan. Above 21 years of the age at the commencement of the loan. Below 65 years when loan matures. Number of dependants. Assests and liabilities. Either salaried or self employed.
Oues. 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 started in the agreement?
Ans. 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.
Ques. What is Sale Deed ?
Ans. Sale Deed aso known as conveyance deed, is a document by which the seller transfers his right to the purchaser, who, in turn, acquires an absolute ownership property. This document is executed subsequent to the execution of the sale agreement and after compliance of various terms and conditions detailed in the sale agreement.
Ques. How can knowing the Carpet Area, Built-Up Area of a Flat help in purchaing a flat ?
Ans.This break up is extremely essential as builders can place anywhere from 65% to 85% per cent of the super built area as carpet area. That means , if the price is quoted as 1,000 sq ft. super built up area, the carpet area could be anywhere from just 650 sq ft. to 850 sq ft. if this break up is not mentioned in the agreement, demand that the vendor/builder mention it in the sale deed. This FAQ applies to : Buy.
Ques. Who is liable to pay stamp duty ?
Ans. Generally, the consumer i.e. purchaser or lease of the property is liable to pay stamp duty unless there is any contract to the contrary then the stamp duty will be paid according to the terms of the cntract e.g. the stamp can be payable in equal shares.
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