FAQs

I am planning to invest in an under construction property? What all the documents should I check?

The following documents you should check before buying an under-construction property:-

Title Deed, Sale Deed, Mother Deed, Building Approval Master plans, Land Records, Change of Land Use (CLU) Certificate, Commencement Certificate Municipal Authority, Encumbrance Certificate (EC), Conversion Certificate (Agricultural to Non-Agricultural land), Betterment charges receipt, The latest tax paid receipt, Clauses of Builder-Buyer Agreement, Clauses of Allotment Letter & Power of Attorney (POA)

I am buying a ready to move in property please help me with the documents which I should ask from the builder?

The following documents you should check before buying an under-construction property:-

Please refer to the first question for the list of documents (The documents required for an under-construction property). Apart from those, one should ask for the followings documents:- Completion Certificate, Occupancy Certificate, DTCP approval, Structural safety certificate, Environment clearances, Fire safety equipment and mechanisms, Water and electricity connections, No-Objection certificate from Bank in case if builder got loan from Bank, Share Certificate from Society (in case of cooperative housing society), Society Related Documents, Possession Certificate & Khata Certificate and Khata Extract

What should we keep in our mind before buying a residential property?

Following points we should keep in our mind:- Quoted area of the flat i.e. Carpet, Built-Up Area and Super Built Up Area, Car parking space, Location – Proximity to your workplace, educational institutions, hospitals, shopping areas, entertainment centre, transportation, pollution levels, Construction Quality, Builder's Reputation, Water and electric supply and backup, Cost components like price, stamp duty, registration charges, transfer fees, maintenance charges and other payments, Property's resale and rental value & Other advantages and disadvantages of the property

What does Stamp duty means and who pays it buyer or seller?

Stamp Duty is very similar to sales tax and income tax that has to be paid in full and on time. A buyer has the sole liability of paying the stamp duty unless there is an agreement to the contrary.

What is meant by carpet area, built-up area and super built-up area?

Carpet Area - This is the net usable area measured wall to wall, from the inner faces of walls. Simply put, it is the area in a flat that can be covered by carpeting. Some builders may add half the actual area of a terrace or dry area while calculating the total carpet area. Others may treat these spaces like internal rooms and consider the entire area.

Built-Up Area - This is the gross area of a flat. Besides the carpet area, it includes the space covered by the wall thickness and ducts. Generally, it is 10-15 per cent more than the carpet area of the flat.

Super Built-Up Area - The current trend is to consider this as the saleable area. It is calculated by adding the markup for common spaces to the built-up area. These common spaces include the ones on the floor (lifts, staircases etc) and those in the building (entrance lobby, electrical room, pump room, flower beds etc). Basically, it includes all the common amenities that are built, but not directly charged to the customer. Parking space is excluded from this calculation and is typically charged separately.

Does knowing the Carpet Area, Built-Up Area and Super Built-Up Area of a flat help in the purchase of an apartment?

The breakup of areas is extremely essential as builders can place any space from 65% to 85% per cent of the super built area as carpet area. It would then imply that if the area is quoted as a 1,000 sq ft super built-up area, the carpet area could be anywhere from just 650 sq ft to 850 sq ft. If this break up is not mentioned in the agreement, demand that the vendor/ builder mention it in the sale deed.

Why should I inspect the property?

It is definitely important to inspect the property before purchase as probably it is one of the largest single investments made by most buyers. It is crucial to know all the details of the property and the need for any major repairs/modifications before it is purchased. It is easy to crosscheck the commitment made by the builder and actual implementation if a pre-purchase inspection has been carried out. A close inspection points out the positive and negative aspects of the property, as well as the maintenance that will be necessary to keep it in good shape. Few important points to check while inspecting are: Plumbing systems, drainage, water faucets and sanitary fittings, Electrical systems, circuit breakers, wires, the capacity of the electric meter and functioning of light fittings, Roof, walls, ceilings, floors, paintwork, Foundation, basement and visible structures, Doors and windows, latches, locks. Structural stability of the building.

What is VASTU and how it is different from Feng-Shui?

Vastu shastra is a traditional Hindu system of architecture that literally translates to "science of architecture. Vastu Shastra is an India base Shastra that was made for town planning and any kind of use of land or structure needs to be followed with five-element of the universe to make the structure long-lasting and who lives in that will get Peace, Prosperity & Happiness. No matter if it's for Residential or Commercial purposes. Wherein Feng-Shui is China-based Shastra that was for a similar purpose but it's based on mainly two elements i.e. Feng means Air and Shui means Water in Chinese. They do not emphasize breaking structure but will have more remedial items to make your life easy.

What all the important points we should consider before buying a commercial property?

While purchasing a property if directions and Vastu are kept in mind it surely brings in good luck. The different directions are believed to be governed by various deities in Hindu Mythology and in turn, such deities govern various aspects of our life. It, therefore, pays to ensure that the property and constructed areas are in perfect harmony and accordance with their natural element and deity.

#10

Is it a good option to invest in land?

Vacant land is one of the most overlooked and misunderstood real estate investments in the world. A lot of people have this erroneous notion that vacant land is a “weak” (or even “pointless”) investment because: It doesn’t produce income, It just sits there and nothing happens, It’s just boring, It’s an unfortunate misconception because the truth is – that vacant land is capable of producing some serious cash flow and it’s one of the best investments in the world because of its hands-off nature and extreme versatility. Here Are 11 Reasons Why You Should Be Investing In Land: There’s Nothing to Replace or Renovate, With Vacant Land, You Don’t Need to “do” Anything to the Property, The land is a “Hands-Off” Investment. There’s No Maintenance and No Emergencies

Statistically, Vacant Land Owners are Highly Motivated to Sell. Land Investors Have Virtually No Competition to Deal With. You Can Do. Deals Virtually. The Expenses Are Few and Cheap. You Can Create Income with Vacant Land. The land is Very Inexpensive to Own as a Long-Term InvestmentLand Gives its Owner Peace of Mind.

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