You can use this guide to familiarize yourself with rules, laws and other important information relating to your property.
As per Real Estate (Regulation and Development) Act, 2016, “Carpet Area” means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.
The Registration Act, 1908, the Transfer of Property Act, 1882 and the Real Estate (Regulation and Development) Act, 2016 mandates the registration of an agreement for sale of an immovable property. By registering the agreement for sale of an immovable property, it becomes a permanent public record. Further, a person is considered as the legal owner of an immovable property only after he gets such property registered in his name.
Capital Gains are exempt if a person purchases a new flat within two years of the date of sale of the original flat and invests the entire amount of capital gained into the new flat. However, the same is subject to the provisions of the Income Tax Act, 1961. Customers are requested to consult his/her Chartered Accountant in this regard.
The first step towards buying a property starts from being able to identify the one that suits your needs and fits your budget. With best rates and best quality homes, Godrej Properties offers you a perfect home. However, it is important to select the property depending on the following criteria:
|Location of Project||Where is the Project located?|
|Developer||Does the Developer have a good reputation in the market?|
|RERA Registration||In case of new and ongoing projects, whether the project has obtained RERA registration|
|Title||All buyers should examine the Developer’s title to the land on which the Project is being constructed.|
|Approvals||Whether all approvals are in place with respect to the Project|
|Residential/Commercial||Whether the Project is a residential or commercial, or comprises of both?|
|Amenities||What are the amenities that the Developer is offering in the Project?|
|Under construction/ completed Project||Whether the Project is an under construction or a ready possession Project?|
|Encumbrances/Litigation||Whether there are any encumbrances/ litigation with respect to land on which the Project is being constructed?|
|Connectivity from the location of the Project||How far is your office from the desired location? Where is the nearest market, school? Are buses/trains easily available from the location? Are Hospital/ Medical services available easily from the location?|
|Carpet Area, Type of Flat/Apartment/Units||What is the Carpet Area of the Flat/ Apartment/Unit? What are the types of Flats/ Apartments/Units available in the Project?|
|Payment Plans/ Schemes||What is the Payment Plan for the sale consideration towards the Flat/Apartment/Unit? What are payment schemes offered by the Developer? Which banks are associated with the Project?|
|Affordability||Does the Flat/Apartment/Unit fit in your budget?|
|Possession Date||In case of ongoing/ new projects, when will the possession of the Flat/Apartment/Unit be given by the Developer?|
|Availability of water and electricity||Is there a steady supply of both?|
|Society expenses||Is the monthly outgo on the society and maintenance a strain on your budget?|
|Security||Are the security systems in place like a professional guard or electronic systems?|
|Parking||Is parking facility available in the Project?|
In case of a ready/resale property, you need to bear the following additional points in mind while selecting a property
|Parameter||Questions to be asked|
|Chain of title||It is important to have all the proper registered documents from the proposed seller that declares his ownership. These documents are important for you to garner a loan from the bank.|
|Maintenance||Check the internal as well as the external condition of the building.|
|Water leakages||A flat with water leakages should be repaired as it can adversely impact the overall condition of the building.|
|Condition of the flat/apartment/unit||Is the paint peeling off or concrete crumbling?|
|Occupation Certificate||Whether the building/tower in which the flat/apartment/unit is located has received occupancy certificate.|
|Society transfer charges||What are to society transfer charges, in case they are too high then you need to consider that in your budget.|
These Frequently Asked Questions (FAQs) / material have been published for general information purpose only. You are advised to take specific legal/financial/tax advice on the above mentioned matters. The terms and conditions for the purchase of the apartment/unit/plot shall be as specified in the final agreement for sale executed between the buyer/consumer and the real estate developer. The FAQs discussed/provided herein are subject to amendments by the appropriate Government from time to time and interpretation by the Courts and concerned authorities. We including our subsidiaries/affiliates/employees do not claim any expertise in advice on the same. We including our subsidiaries/affiliates/employees shall not be responsible for any reliance placed on the materials contained herein.