![]() These charges are paid at the time of getting the property registered in your name. ![]() Registration charges on the other hand are comparatively less than stamp duty. Stamp duty for a property that costs ₹50 Lakhs may be somewhere around ₹2-3 Lakhs, thus while finalizing your budget for real estate property consider the cost of stamp duty as well. The stamp duty is charged or calculated on the agreement value so to evade paying a higher stamp duty, the buyer and seller mention a lesser amount on the agreement and pay the omitted amount in “black”. ![]() This stamp duty that is to be paid is different for every state, some states charge 3-4% whereas some charge 8% and also some states have a different rate for women and different for men like Delhi has 4% stamp duty for women whereas 6% for men. Stamp duty is the tax collected by the Govt. ![]() It’s easy to find anything on Google nowadays so you can even find the address of the sub registrar office for your location easily, online. All the work regarding registration of properties, obtaining legal documents related to properties or land, is done here. The Government office where the registrations of Properties take place is called a “sub registrar office”. So, in case you plan to take a bank loan on some property you will have to get an Encumbrance certificate from the Sub-Registrar office so that the Bank can be sure that no other loan has been taken on the same property. It is a legal document that shows that the property is free of any legal or monitory dues, mortgages, etc. Thus, always try to deal with the person who has a clear title deed, in his name. However, Supreme court has banned any and all real estate transactions based on power of attorney. PoA is the legal way by which a person can engage another person (attorney) to act, conduct and manage the affairs of the person making the PoA. In his defense the usual excuse that such people give is that the owner is abroad but I have the Power of Attorney. Most often what happens is that the person who is trying to sell you the property is not the real owner of the land and thus the title deed isn’t in his name. You can also engage a lawyer for the same. Title deeds can easily be obtained from the Registry office of the area under whose jurisdiction the property falls. Another thing to keep in mind is that do not rely solely on photocopies of a title deed and always get it verified with the original deed, as photocopies can be easily forged or in case where the seller doesn’t tell you about a loan on the property, you can find out for yourself. Don’t fall for excuses because it might get nasty later on, when you find out that the property you bought from Mr. When you are buying property from a person, make sure that you check the title deed and that the title deed is in the name of the owner or even better in the name of the person you’re dealing with. This is the legal document that is used to prove the ownership of a particular person over a certain property. ![]() This is one figure that is not exclusive to your property but includes a lot of common space as well and thus shouldn’t be relied upon. Super built up area is built up area which has already covered the space that goes into walls and doors along with the common space that all the residents of the society share for example -corridors, parking area, etc. Many times you must have seen that builders advertise their projects using the term “super built up area” which is nothing but a means to mislead you. Usually the rate that the builders quote is as per the “built up area”. And since approximately 15-20% space is taken up by walls and doors alone thus the built up area is approximately 20% more than the carpet area. This is one parameter that you could rely on while looking for a property.īuilt up area is the entire carpet area plus the space covered by walls and doors. More the carpet area, more space you get. It is basically the area where you can lay the carpet hence the term ‘carpet area’. in simple words the length and the breadth of the area that you'll be able to utilize on the floor. When you intend to buy a flat, the first thing that you will hear is the carpet area i.e. ![]()
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