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FAQ

Buyer Queries

•Carpet Area is the area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls. It is the actual used area of an apartment/office unit/showroom etc.

•Built up Area is the carpet area plus the thickness of outer walls and the balcony.

•Super Built Up Area is the built up area plus proportionate area of common areas such as the 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.

This FAQ applies to: Buying.

Leasehold Property is property leased to a lessee for a stipulated period. The Lessee pays lease premium and annual lease amount as fixed and mutually agreed by the Lessor and lessee. The land ownership rights remain with the Lessor and a prior sale-permission is normally required if you plan to transfer the property.
This FAQ applies to: Buying.

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: Buying.


A: Yes. It is important to inspect the property, probably this is the largest single investment you will ever make. You should know all the details of the property and need for any major repairs / modifications before you buy. You can crosscheck the commitment made by builder and actual implementation. A close inspection points out the positive aspects of the property, as well as the maintenance that will be necessary to keep it in good shape. After the inspection, you will have a much clearer understanding of the property you are about to purchase.
Few important points to check while inspecting…

•Plumbing systems, drainage, water faucets and sanitary fittings.
•Electrical systems, circuit breakers, wires, capacity of the electric meter, functioning of light fittings
•Roof, walls, ceilings, floors, paint work.
•Foundation, basement and visible structures.
•Doors and windows, latches, locks.
•Structural stability of the building.

This FAQ applies to: Buying.

Some important points to keep in mind while buying the flat:

•Locality – Proximity to workplace, educational institutions, hospitals, shopping areas, entertainment centres, transportation, pollution levels.

Quoted area of the i.e Carpet. Built up area and Super Built 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

This FAQ applies to: Buying.

·Identify the property you wish to purchase
·Crosscheck of current market rates of property in the vicinity and last known transactions, current market trends.

·Formulate commercial terms.

·Distinguish between negotiable and fixed terms and conditions of the contract, eg. Price, payment schedule, time of completion etc.

·Avail of services of Propmart for legal opinion, valuation or property related matters.

·Check for clear titles of the property. Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property.

·Finalise commercial terms of purchase of the property. Ascertain transfer fees, stamp duty and registration charges to be paid on purchase of the property.

·Ascertain outgoings to be for the property i.e. property tax, water and electricity charges, society charges, maintenance charges.

·Request Vendor to obtain, if applicable, consent, permission, sanction, no objection certificate of various authorities such as the (a) society (b) the income tax authority (c) Municipal Corporation (d) the competent authority under the Urban Land Ceiling and Regulation Act (e) any other authority.

·If you are looking for loan for property purchase, contact financial institutions and ask for a pre approval letter, many options are available for loans. Propmart can also assist you for loan requirement.

·Permanent Account Number of Vendor and Purchaser under Income Tax laws Payment of stamp duty on the formal agreement or document for transfer of the property, signing by both the Vendor and Purchaser and registration.

·After payment of the entire sale price, take over legal possession of the property and check the receipt of original documents from the Vendor of the property.

·Make sure that property holder’s name is changed in all related records, e.g. society, Electricity Company, municipal corporation, Index II etc.

This FAQ applies to: Buying.

Seller Queries

List out all deeds of title related to the property under sale. You may be required to give photocopies of the deeds to the potential purchaser. Ascertain the survey number, city/village and registration district of the property as these details are required for registration of the sale

Prevailing market rates in the vicinity, current market trends and last known transactions.

Formulate commercial terms i.e. price, payment schedule, transfer fees, statutory charges eg. stamp duty. Distinguish between negotiable and fixed terms and conditions of the contract eg. Price, payment schedule, time of completion etc.

Finalise commercial terms of sale.

Obtain, if applicable, consent, permission, sanction no objection certificate of various authorities such as the.

(a)Society (b)the income tax authority (c)Municipal Corporation (d)the competent authority under the Urban Land Ceiling and Regulation Act (e)any other authority.

Check if the purchaser will be taking a loan for payment of the consideration amount. Ask for a pre approval letter from the lending institution.

Permanent Account Number of Purchaser under Income Tax law.

Payment of stamp duty on the formal agreement or document for transfer of the property, signing of document by both parties and registration.

After receiving the entire sale price hand over legal possession of the property alongwith documents of title in original.

Change name of the holder of the property to the purchaser in the records of the society, electricity company, municipal corporation, Index II etc.

This FAQ applies to: Selling & Renting.

Yes. The formalities and forms may vary from State to State depending on where the property is situated.
Every State has its set forms under the Registration Rules that are required to be filled and filed along with and at the time of Registration of Sale Deed/Transfer Deed.

Under the provisions of the Income Tax Act and Rules for a transaction of sale, it is now compulsory for the Purchaser and Seller to give their Permanent Account Number and in the event of either the Seller and/ or the Purchaser would be required to fill Form 60 of the Income-Tax Rules.

In case of either the Purchaser or the Seller being a Non-Resident Indian, not assessed to tax in India, such a Party would be required to file Form 60 of the Income-Tax Rules.

This FAQ applies to: Selling & Renting.

Yes. Documents for sale/transfer of any immovable property of the value exceeding INR 100/- are to be compulsorily registered in the jurisdictional office of the Registrar.
This FAQ applies to: Selling & Renting.

The sale of immovable property is concluded on payment of the entire consideration amount, registration of the document of sale and handing actual possession of the property to the purchaser.
This FAQ applies to: Selling & Renting.

A buyer may ask for photocopies of original sale deed, tax paid receipts, encumbrance certificate.
This FAQ applies to: Selling & Renting.

The following documents are required to be registered compulsorily under the Indian Registration Act, 1908:
(a)Instrument of gift of immovable property;

(b)Other non-testamentary instruments which purport or operate to create, declare, assign, limit or extinguish, whether in future or in present, any right, title or interest, whether vested or contingent, of the value of one hundred rupees and upwards to or in immovable property.

(c)Non-testamentary instruments which acknowledge the receipt or payment of any consideration on account of creation, declaration, assignment, limitation or extinction of any such right, title or interest;

(d)Lease of immovable property from year to year or for any term exceeding one year or reserving a yearly rent. But the State Government may publish an order in official gazette exempting any district or a part of a district or a lease that does not exceed the term of five years and the annual rent of which does no exceed Rs. 50/- .

(e)Non-testamentary instruments transferring or assigning any decree or order of a court or any award when such decree or order or award purports or operates to create, declare assign, limit or extinguish, whether in future or in present, any right, title or interest, whether vested or contingent, of the value of one hundred rupees and upwards to or in immovable property.

(f)Authorities to adopt a son that is not conferred by a will.