FAQ while Buying !

# What kind of charges/taxes are mandatory at the time of purchasing property ?
In addition to the price of the property, the buyer needs to pay the registration cost, stamp duty on registration, service tax, Value Added Tax while buying a property.

# What documents and formalities are required while buying property ?
The documentation required while purchasing a property includes a blueprint of the building plan/layout, a certificate of commencement, a certificate of completion, and permission for non-agricultural use of land in case the land is originally agricultural. A 7/12 extract in case of land property [specific to states like Maharashtra] and an NOC from the builder are also needed. In case of resale, previous sale deeds are a must. All these documents should be thoroughly verified by a competent advocate.

# Things you should check at the time of signing the agreement ?
The buyer should check the details like the base price mentioned, additional charges like PLC, club membership, carpet area along with facilities, taxes applicable, payment mode, occupation certificate, building insurance, schedule of possession, and penalty clause in case of project delay.

# What should a consumer keep in mind while purchasing a house ?
There are many factors to be considered at the time of property purchase, like the locality or the area of the home, whether all the basic and civic utilities are available, transport facilities, construction quality, the carpet, built-up and super-built-up area of the flat, provisions of basic features like water and power supply, and most importantly, the reputation of the developer.

# What is stamp duty ?
Stamp duty refers to the tax paid to the government just like sales tax or income tax and should be paid on time and in full. A stamp duty-paid document is an important and legal instrument to be taken care of.

# How can a buyer be protected if the project is delayed ?
As per a ruling by the National Commission, the buyer is entitled to get a refund of the amount along with the interest and compensation in case of project delay. He can also lodge a customer complaint and get legal help.

# What is the difference between power of attorney and registry ?
Registry is the database that stores all the important documents, etc. Whereas, power of attorney refers to the right/authorization given by the owner to someone whom he trusts and to whom he assigns the power and rights to deal with the property under inevitable conditions.

# What exactly do we mean by a Free Hold Flat ? What are the advantages and disadvantages, if any ?
A freehold flat has a whole sole owner of the property, with the ownership being complete and unconditional as per the regulations of the law of the land, and does not have any kind of involvement of any lessor/lessee.

# How to choose a builder ?
A buyer can choose a good developer by getting references from people, finding out how happy they are with their homes, construction quality, and the builder’s conduct. They can get quotations from shortlisted builders in writing, mentioning all the details of the project like site maintenance, necessary approvals and permissions, required clearance, material supplies, charges, etc. It is very important to check the reputation of the builder.

# Besides the per sq. ft. charges, what are the other charges in a multi-story apartment?
In the case of a multi-story apartment, the apartment owners and tenants have to pay any other charges for the services and amenities enjoyed, like the preferred Location Charge, External electrification charges, Firefighting equipment charges, Infrastructure development charges, External development charges, Car parking space, Club membership, etc.

# How to compare any best real estate property ?
The real estate online web portals can help compare projects across different cities and locations based on property designs, price, features and facilities provided, and, of course, the reputation of the builder.

# Upon buying a flat from a builder in a building under construction, what are the permissions and papers that one should check with the builder so as to ascertain the genuineness of the builder ?
A buyer needs to check the genuinity on various grounds like the approved building plan with all the details, assurance that the floor being purchased is approved, building is being structured as per the specified rules and regulations of that area and to make sure that the urban land NOC if required has been taken or not. It should also be confirmed that the land on which the building is coming up is builder’s own or is under some kind of agreement with the landlord.