Understanding The Basics Of Real Estate Ownership In India

by Godrej Properties Limited

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Frequently Asked Questions

How can I verify the ownership of a property in India?

Ans. Conduct a thorough title verification by examining past ownership records, obtaining an Encumbrance Certificate, and conducting a search at the Registrar's office.

How are property taxes calculated in India?

Ans. The local municipal authority annually determines the amount of property taxes to be paid depending on the property’s size, location, and use.

What legal documents are required to establish ownership of a property in India?

Ans. The main documents are - the sale deed (transfers ownership to you), khata certificate (municipal record), encumbrance certificate (no pending dues), and property tax receipts.

Are there any restrictions on foreign nationals or non-resident Indians (NRIs) owning real estate in India?

Ans. Foreigners from some countries cannot buy property in India. NRIs can buy residential and commercial properties by following RBI guidelines.

How does joint ownership of property work in India, and what are the implications for co-owners?

Ans. Multiple people can co-own property together with defined shares and rights. All co-owners must consent to decisions regarding the jointly-owned property.

Are there any government schemes or incentives available for first-time property owners in India?

Ans. Yes, schemes Pradhan Mantri Awas Yojana (PMAY) provide interest subsidies on home loans for first-time affordable home buyers meeting certain income criteria.

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