We Provide Standard Size Plot In 25 by 40 ft, For More Info Refer Our Layout Section Of The Website.
Yes, You Can Buy 1000 sqft. Sale Deed Can Be Executed In Group With All Clear Tilted Documents.
When ownership rights for a piece of property are given to the purchaser for a price, that property is referred to as Freehold Property. Unlike in the case of leasehold property, no annual lease charges need to be paid and the freehold property can be registered and / or transferred in part(s).
Mutation entries are entries in revenue records which indicate the transfer of title of a property. These entries are reflected in the khasra khataunis with the local patwari. They are essentially records maintained by the revenue department.
It is a document received after mutual consent of both the buyers and sellers which states final sale price and other purchase terms.
After receiving 100% from customer we execute sale-deed of the particular plot, Registration of a property involves stamping and paying minimum registration charges for a sale deed which acts as a legal proof and kept as a record at sub-registrar’s office.
Stamp duty is a tax paid on different kinds of transaction. It is commonly paid by affixing stamp paper on the document effecting the transaction. Stamp Duty is paid at the time of registration.
Documents pertaining to immovable property shall be registered in the Sub-Registrar office in whose jurisdiction the property is situated.
Before purchasing property from a company, it is necessary to verify with the Registrar of Companies that the property is not mortgaged or is not being used as a security against a loan, otherwise it is not considered a freehold property. The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid. When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.
The area of a building, excepting walls of the area is known carpet area whereas the area of the walls including balcony and carpet area is known built-up area. The built up area coupled with lobby, lifts, swimming pool and garden is known as super built-up area.
If you are purchasing a property then having the title document registered will not be sufficient. The registration office is not responsible for verifying the title, ownership or possession of a property. It is the purchaser's responsibility to ensure that the property document has been drafted appropriately and the seller's ownership of the property has been verified. This can be done with the help of an advocate who specialises in such matters by engaging one to draft and/or vet your property documents and further to conduct title searches.
In a transaction for the sale of property, the cost of acquiring the required stamp duty to be affixed on the sale deed should be borne by the purchaser. However, the parties may agree to share the stamp duty by providing it in the property document. For partition deeds, all the parties in proportion to their share are liable to pay stamp duty. For affidavits and power of attorneys, the person executing the document should pay the stamp duty.
No tax benefits are available for NRI's unless you file your returns and subsequently become eligible to avail the tax benefits as mentioned under Home Loan FAQ's..
Apart from the documents mentioned under the home loan section for Indian citizens, NRIs are required to submit a few additional documents as well. These include:
A copy of the passport
A copy of the works contract or the labor card
The power of attorney (POA). (POA is required because the borrower is not based in India
The housing loan needs to be paid upfront for the entire tenure of the loan by way of direct remittances from abroad through normal banking channels or from other financial accounts as may be permitted by RBI. Generally, payments are done through NRO, NRE, NRNR and FCNR accounts. These accounts change on the basis of RBI regulations.
Home loan offered to NRIs do not exceed 5 years in major cases. However, some financial institutions offer loans for a term of 7 years as well. The repayment for the loan is done through monthly installments (EMI), which usually begin after the entire loan is disbursed. Cases which involve part disbursement, you need to pay simple interest at the interest rate applicable on the amount disbursed.
The eligibility is calculated in the same way as it is done for resident Indians with special emphasis on:
Qualifications - Graduate (minimum)
Current job profile and work experience
Chances of continuing abroad for the loan tenure
Chances of servicing the loan with an extended tenure in case the applicant needs to return to India.
To purchase a house which is either ready to move in, under construction or bought from another owner, an NRI is eligible to apply for home loans. Additionally, NRIs can apply for home loans-
For construction of a property on a plot of land by self
To purchase a plot allotted by a society/development authority
For the purpose of renovation or improvement of an existing property in India.
In case of residential properties, the repatriation of sale proceeds is restricted to not more than two such properties, if the property was purchased from funds held in an NRE Account.
Additionally, the amount repatriated out of India should not exceed the amount paid for acquisition of the immovable property in the foreign exchange received through normal banking channels or from the funds held in FCNR or NRE Account. .
Yes, the RBI has granted general permission for sale of property. However, where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India.
Under the general permissions available, an NRI/PIO may purchase residential/commercial property in India out of funds remitted to India through normal banking channels or through funds held in his NRE/FCNR (B)/NRO account. No consideration will be paid outside of India.
With specific approval from the RBI , a resident outside India may hold an immovable property in India acquired through inheritance from a person resident outside India, provided the owner had acquired such property in accordance with the regulations of the foreign exchange law in force at the time of acquisition or should be under FEMA guidelines.
Yes. A person resident outside India can hold immovable property acquired by way of inheritance from a person resident in India as per the provisions of Section 6(5) of the Foreign Exchange Management Act, 1999.
Yes. Under the general RBI guidelines, NRI/PIO may acquire residential/commercial property by way of gift from a person resident in India or an NRI or a PIO.
Yes. A Foreign National of non-Indian origin including a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan can acquire residential properties on lease in India. If the lease does not exceed five years, he/she does not require any prior permission from the RBI.
No, an NRI or a PIO cannot buy a property in India jointly with a foreign citizen.
No. A person resident outside India cannot acquire by way of purchase agricultural land/plantation property/farm house in India.
No. There is no limit placed on the number of residential properties an NRI can buy in India.
No, NRIs don't require consent from the RBI to buy an immovable property in India, provided the property is residential or commercial in nature.
As per India's Foreign Exchange Management Act (FEMA) 1999, a person resident in India is a person residing in India for more than 182 days during the course of the previous financial year (April-March) and who has come to or stays in India either for employment, business or for any other vocation.
PIO means an individual (not a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan), who at any time held an Indian passport, or who or either of his parents or grandparents were a citizen of India according to the Indian Constitution or the Citizenship Act, 1955.
As per India's Foreign Exchange Management Act (FEMA) 1999, an NRI or Non Resident Indian is a citizen of India or a foreign national of Indian origin living outside India for the purpose of employment, business or any other vocation, which would indicate his intention to stay outside India for an indefinite period of time. An Indian would also be termed as an NRI if his stay in India is less than 182 days.