Frequently Asked Questions
What are the documents required for buying a property in Solapur?
You will require the following:
Pan Card (Permanent Account Number)
OCI/PIO card (in case of OCI/PIO)
Passport (in case of NRI)
Passport size photographs
Why Is It Considered Necessary To Register A Property? What Is The Purpose Of Registration?
By registering the transaction of immovable property, it becomes a permanent public record. Title or interest can be acquired only if the deed is registered.
When I buy the property, can I pay TDS on it?
The 1% TDS rule on sale of property was introduced in the 2013-14 Budget to put a check on underhanded property deals.
In effect since June 2013, the regulation mandates that on sale of property exceeding Rs. 50 lakhs in India, a tax of 1% has to be deducted on the total sale consideration before making the payment to the seller.
The buyer must then deposit this 1% TDS to the Government. PAN of both the buyer and seller must be compulsorily specified while filling out Form 26QB to ensure that sellers don’t avoid taxes on the capital gains they make.
This rule does not apply on sale of agricultural land.
what is rera?
Real Estate Regulatory act is an act to establish the real estate regulatory authority for regulation and promotion of the real estate sector and to ensure sale of plot apartment or building or sale of real estate project in an efficient and transparent manner and to protect the consumer interests.
What constitutes conclusion of sale of a property?
An agreement of sale, coupled with actual possession of the property would be considered as a conclusion of the sale. Usually, the entire amount is paid at the time of handing over possession.
What is a residential real estate project?
A Real Estate Project in which the carpet area of the commercial space is not more than 15% of the total carpet area of all apartments in the project.
What Is The Difference Between Built-Up Area, Super Built-Up Area, And Carpet Area?
Carpet Area: This is 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: This is the area of the apartment that includes the area covered by the walls.
Super Built-Up Area: This includes the built-up areas such as the lobby, lifts, stairs, etc. This term is therefore only applicable for multi-dwelling units, such as flat complexes.
What are the responsibilities of a consumer?
It is mandatory for a consumer to make timely payments to the real estate developer as per the agreement for sale. He will also have to pay his share of registration charges, municipal taxes, maintenance charges, ground rent, electricity charges, water supply charges and any other services.
Once the occupancy certificate is issued by the real estate developer, the consumer is required to take possession within two months’ time.
If the consumer is not able to make timely payments for his purchase, he is required to pay interest at a prescribed rate.
It is compulsory for a consumer to exhibit active participation in the formation of an association, a cooperative society or any federation of consumers.
A consumer shall participate towards registration of the conveyance deed of the unit.
What is meant by the valuation of property?
The valuation process evaluates the market value of the property. Demand and supply forces operating in the market, as well as other factors like the type of property, quality of construction, its location, the local infrastructure available, maintenance, are all taken into consideration before the market value is decided.
What is meant by the market value of the property?
The price that a property can command in the open market is known as its market value.
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