Laying its focus on a diversified set of areas, following is a list of prudently conceived FAQ’s that aim at answering common questions that you may be curious about.
In accordance to RERA, Carpet Area is the net usable floor area of an apartment, 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.
Built-Up Area is the carpet area plus the thickness of outer walls and the balcony.
In accordance to RERA, Super Built Area is the built up area plus proportionate area of common areas such as the lobby, lifts, shafts, stairs etc. Sometimes it may also include the common areas such as swimming pool, garden, club houses etc.
Under construction property is a project that hasn’t been completed yet whereas ready to move in is completed & available for immediate possession. Under construction properties are generally cheaper than ready to move in properties which are marked on market value. The buyer gets a wide variety of choices in an under construction project.
Yes, foreign citizens of Indian origin can acquire immovable property in India by the way of inheritance. However citizens of Pakistan, China, Bangladesh, Sri Lanka, Bhutan, Nepal & Afghanistan (whether resident in India or not) are prohibited from acquiring or transferring any immovable property in India without prior approval of the RBI.
A well known brand of developers & a good contractor is a good measure to find the right property.
Under the Indian Stamp Act, 1899 (Punjab) a stamp duty @ 5% and additional stamp duty of 1% is levied on the sale / transfer of immovable properties. However in addition to this social security fund @ 3% is also charged for the urban areas. Hence total stamp duty charges in urban area are 9% whereas in rural areas are 6%.
In order to give some relief to the buyers in urban areas state government had announced an exemption of social security fund @ 3% upto 31-3-2019.
Market value of a property is the price at which property could be bought in the open market at a particular date.
The stamp duty is payable on the agreement value of the property or the circle rate whichever is higher.
The available configurations are:
The specifications and designs have been carefully worked out by developers. Considering the large number of apartments and the need for on-time delivery, customizations are discouraged in the collective interest of the buyers.
Developers thrive on giving the maximum usable area to customers, in order to encourage healthy and prosperous living.
On payment of 10% of the Basic Sale Price, the allotment will be confirmed.
Unfortunately if such a case was to arise, 10% of the cost of your unit will have to be forfeited. (Explain clearly when the forfeiture clause will apply)
Registration will be done only on completion of the development and on payment of the entire sale consideration including the additional charges. In some cases registration may be required to be done earlier.
There are no title related issues and free from all encumbrances