Frequently Asked Questions

Buying FAQs

The buyer needs to have a blue print of the building plan/layout, certificate of commencement, certificate of completion, NOC from the builder, and permission of non-agricultural use of land in case previously the land was an agricultural land. In cases of resale, previous sale deeds are necessary. All these documents should be thoroughly examined and notarized by an advocate.

Before signing the purchase agreement, the buyer should check basic details like base price, additional charges, club membership, carpet area, amenities, taxes applicable, payment mode, occupation certificate, building insurance, schedule of possession and read the penalty clause in case the project is delayed.

everal aspects should be considered while purchasing a house like the area and its locality, availability of basic and civic utilities, transport facilities, construction quality, carpet built-up and super built-up area of the house, provisions of basic features like water and power supply, reputation, and most importantly, the title of the property.

Stamp duty is a form of government tax applied to property transactions which is paid at the time of registration. The buyer should have a document as proof of payment of the stamp duty.
The Real Estate Regulatory Authority (RERA) states that in case of project delay, the buyer is entitled to get a refund of the amount payed along with the interest and compensation. He/She can also lodge a customer complaint and take legal help.
Power of Attorney refers to the right/authorization given by the owner to someone whom he/she trusts and to whom he assigns the power and rights to deal with the property under inevitable conditions.
References from satisfied homeowners and experienced real estate consultants can help the buyer choose a good developer. They should also consider the construction quality, builder’s conduct and refer the RERA website to check the credentials of the developer and their projects.
Besides the Annual Maintenance charges, the buyers might need to pay charges for amenities, preferential location charge, parking charge, club membership and infrastructure development charges.

nRI FAQs

There are three ways to own immovable properties in India

By Means of Purchase:

Under the general permission granted by RBI, an NRI/PIO can purchase residential properties in India if the person has a valid proof of address in India or an OCI card.

By Means of Gift
NRI/PIO can acquire a residential property by way of a gift from a person in India or an NRI/PIO.

By Means of Inheritance: An NRI/PIO can acquire residential property if they inherit it from a person who is a resident of India or from a resident outside India.

Non-residents can buy residential or commercial property but not farmland or Agriculture landin India.

Banks registered with the National Housing Bank can provide loans to NRIs for buying residential property in India.

    • Loan will be sanctioned in Indian currency and the loan has to be repaid using the same currency.
    • Loan amount, cannot be credited directly to the bank account of an NRI. It has to be disbursed to either the seller’s or the developer’s account.
    • The loan can be repaid using funds in an NRI’s NRO/NRE account or Foreign Currency Non-Resident (FCNR) deposits.
    • As NRI property investors are required to route all their transactions through Indian banks, it is important that they use their NRO/NRE accounts for all transactions. They are also allowed to opt for Electronic Clearance Service (ECS) from their NRO, NRE, or FCNR accounts
    • The loan amount sanctioned for NRIs will be up to 80 percent of the property’s value.
An NRI buying an immovable property in India does not require any special permission.

There are no restrictions on the number of immovable properties that an NRI may purchase, be it residential or commercial.

To acquire agricultural land/plantation property/farm house in India, NRIs/PIOs have to get an approval from the RBI and the government.

When an NRI sells a property in India, TDS (Tax Deducted at Source) calculation is done at the rate of 20.6 per cent on long-term capital gains and 30.9 per cent on short-term capital gains. However, the final taxation rate is similar for NRIs and resident Indians. If an NRI has a lower tax slab applicable to him, he can apply for a refund of the TDS by filing their income tax return.
An NRI/PIO or Person of Indian origin (PIO) may repatriate the money obtained from the sale of immovable property in India on the conditions mentioned below:
    • The property must have been bought according to the FEMA directives applicable at the time of purchase.
    • The amount repatriated cannot exceed the original amount paid for the property.
In the case of a residential property, repatriation of sale proceeds is restricted to less than or equal to two properties. A foreign national may repatriate sale proceeds if the property was inherited from a person outside India with prior approval of the RBI.
If a person owning a property in India becomes an NRI, then he/she can continue holding the property. In this case, NRIs are allowed to hold the ownership to a farmhouse, an agricultural land, or a plantation that they owned prior to becoming an NRI.
NRIs or OCCs can inherit any immovable property in India from any person. They are legally permitted to inherit agricultural land/farmhouses, which they are otherwise not entitled to purchase. Similarly, a NRI can freely gift property located in India to residents, NRIs or OCCs as well.
Foreign firms with an office in India have restrictions on property purchase. A company that owns an office in accordance with FEMA can purchase real estate that is necessary to carrying on its business. If a foreign company has established a liaison office, it cannot acquire property in India and can only take it on lease for up to five years.
There was a time when many NRIs gave a general PoA to relatives or property agents to manage day-to-day affairs. Due to several accounts of misuse of the PoA, the Supreme Court has decided that properties cannot be transferred based on a general PoA.
In case of civil disputes regarding the title of the property, NRIs and OCCs can seek relief from various Indian courts, just like any resident Indian property owner. They can also approach real estate regulatory authorities or consumer forum of any state.

sELLING FAQs

Each real estate market is different from the other. They differ from city to city and area to area. A property consultant can help the seller get a clear picture of the conditions of the local real estate market in your locality.

Not preparing their home for sale can put the seller at a huge disadvantage. They should make sure that their home odourless, clutter-free, and with freshly painted walls and is presented in the best possible lighting conditions. Also installing a few pieces of new furniture and tapestry can go a long way in making the best first impression on the
potential buyer.

Everything. Be honest. Your buyers should be aware of every major or minor detail about to the house. Be upfront about problems with the roof, leakages, electric sockets, etc. Fix them if you can. This can avoid any unnecessary legal steps on part of the buyer.

There is no generalised answer to this question. Factors like locality, availability of basic and civic utilities, transport facilities, construction quality, the carpet built-up and the super built-up area of the house, provisions of basic features like water and power supply, the age of the building and the reputation of the builder affect the value of a house. However, only a top real estate consultant can help determine the exact price ofa house.

You will have to provide the original Sale Deed, Title Deed, relevant Tax receipts, andEncumbrance Certificate.

Sellers in will be required to fill the set of forms under the registration rules of their state. These forms are to be filled and filed at the time of registration of Sale Deed.

 

The sale will be considered formalized when the seller has received the entire consideration amount, the registration has been carried out and the actual possession of the property has been granted to the buyer.

Fill the enquiry form here (link to form) and we will contact you within 48 hours.

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