FAQ

Ans - According to Section 17 of the Registration Act of 1908*, property registration is a simple procedure in which you officially become the property owner after completing all processes and submitting all paperwork. Defined, you have the legal right to use or dispose of the property. However, property registration is a process that must be completed before you can have access to your ideal house.

These steps include-

1. Verification of the title of the property

2. Estimation of the property value

3. Preparation of the stamp papers

4. Getting the sale deed ready

5. Payment of stamp duty & registration charges

Ans - Property taxes are paid to the local government or municipal corporation in the area where you live. It contains the owner's physical assets, such as his house, properties he leases out, and other residential commercial or residential properties he owns. To pay their property taxes online, go to their municipal corporation's website and visit the property tax portal.

*Capital value = Rate of base value^* Total carpet area/area of land in case of vacant land * building type * age factor * usage factor * floor factor.

(just check the numbers & calculations)

Ans - Some of the early formalities for acquiring a property include stamp duty and registration fees. Stamp duty is a tax charged on a single acquisition of real estate and must be physically impressed on the document in question to prove that the stamp duty has been paid.

Stamp duty rates vary by state, although they are typically 5-7% of the property's market value. Due to the outbreak, Mumbai's stamp duty was cut to 2% until March 2021, but has recently been raised to 5% beginning April 2021. It also depends on whether the property is commercial or residential, how many levels it has, and where it is located. It is due on deeds of sale, transfer, and power of attorney. It must be paid on or before the date of document execution. It can be paid by money order or DD within two months after the instrument's execution.

Ans - If you want to purchase a property, you need consider some financial variables that banks will consider before providing you a mortgage. They review your income and costs over the previous several years, as well as your credit card bills, and if you have a lot of unnecessary spending, it's time to reduce your expenses, since banks do analyse spending patterns. They will also look to see whether you have any debts, such as college loans, personal loans, or tax issues. They also place a high value on your credit score, so make sure it is in the 700 phase to get a fair offer on your house loan.

Ans - With RERA's new improvements, purchasing a home is now more transparent than ever. According to RERA standards, projects must declare their real carpet useable area in order to offer accurate information about the space in their flat. Buyers will now know how much room is allotted to them as well as how much area is allotted to balconies and verandahs. The 'carpet area' is defined by RERA as the 'net usable floor area of an apartment, excluding the area covered by external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but including the area covered by the apartment's internal partition walls.

The formula is Carpet Area = Net Usable Floor Area + Internal Walls

Ans - A house inspection is a vital step before deciding on a property. A house inspection extensively evaluates the quality and design concept underlying the unit's construction. It looks for building flaws, safety dangers, plumbing, electrical, and so on. The most crucial aspect of a home inspection, however, is to examine the structural integrity of the property and determine whether there are any underlying flaws in the unit you are about to acquire. Many safety hazards relating to electrical wiring, plumbing, HVAC systems, and damaged windows can be discovered while inspecting for structural issues.

Ans - According to Vastu Shastra, the facing of a house is extremely essential because it creates an easy way for good fortune and wealth to enter your home. According to Vastu Shastra, a residence facing north-east is ideal North, east, and northeast facing residences are the most suitable and auspicious for your home, according to Vastu. Contrary to common belief, a west-facing home is also a good choice since it attracts prosperity and wealth to the youth who live there.