Unnati Fortune Group is a fast growing brand in construction sector. Since its inception the company works on all front of simplifying your home buying process by dedicatedly resolving all your queries related to buying property in India. Thus in order to help you in makingof a wise investment decision, here, we have collated a list of frequently asked questions related to buying property in India, which will help first-time homebuyers and investors in resolving their real estate queries.
Q. What are the documents you need to check before buying property?
Ans. Ensure execution of proper Allotment Letter/Sale Agreements on your payments.
- Check the license/development right/approvals of the builder.
-Check clear and marketable title of the project.
- Check for proper conveyance of Title in favor of the builder.
- Also ensure whether the project is approved by reputed financial companies. This will help you in getting financial loans without any difficulty.
- Check all the tentative building/plan/layout and if possible also check the plinth area of the apartment. It is Further, advisable to check the difference between the carpet area of the apartment and the plinth are reasonable or not.
- Ask for /Completion Certificate /Occupation.
- Ensure the Conveyance Deed is registered after the entire payment has been made.
- For re-sale property, check demand notice relating to renovation, tax dues and latest receipts of payments made towards various out goings such as water, electricity and ground rent.
Q. How do I know if the property is a good deal?
Ans. When you feel that nothing is hidden in terms of payment plan, size of the apartment constructed. However and risk factor involved etc. However, the best way is to check out —what similar properties are selling for in the area—“and whether those prices have been going up or down in the recent past,”.
Q. What kind of returns can I expect?
Ans. See there are no guarantees in any asset purchase. Since you are buying from us then be assured that you will genuinely get above the current market price. Over the last few years, many of our clients and investors have enjoyed an annualized return between 20% and 25%.
Q. Should I opt for an under-construction property or go for a ready-to-move-in flat?
Ans. Hey both types of properties have their own plus and minus. Booking an under construction property gives you the advantage of entering at a lower price point. Whereas in ready to move you don't have to wait for getting possession and the payment plan as promised. While visiting a ready property, you can have a better idea of your immediate neighbors and the vicinity.
Q. Who should I contact in case I face any issues?
Ans. We have a dedicated customer care service team, which is ready to help you and offer their service seven days a week from 8:30 am to 7:30 pm. You can call them on the number given on our website.
Q. Can such Residential property be given on rent if not required for immediate residential use?
Ans. Yes!When the property is registered in your name then after referral checking you may put it on rent.
Q. Who is liable to pay Stamp Duty-the buyer or the seller?
Ans. In most cases theliability of paying stamp duty is that of the home buyer or the investors unless an agreement or such is not made to the contrary. For more information see Section 30, of Bombay Stamp Act, 1958 states the liability for payment of stamp duty.
Q. Is it compulsory to register documents for the sale of property?
Ans. Yes!If the documents for sale or transfer of any immovable property exceeds the amount of INR 100/-,then it becomes compulsorily and mandatory to registeredit under the jurisdictional office of the Registrar of Sub Assurances.
Q. Do I need to pay stamp duty if the property is transferred or is a gift?
Ans. Yes. Most commonly this stamp duty is liableon all kind of property gift deed that ranges from 5% to 12% in all states. However, in few states like Haryana, Rajasthan and Delhi, concession of 1 to 2 per cent is given only to female transferors.
Q. What are the taxes that I need to pay before buying a property?
Ans. The buyer needs to pay the following taxes:
Tax Deducted at Source or TDS is a way of collecting income tax in India. The provisions arerelated to buying of selling property.TDS laws are governed by the Income Tax Act of 1961. Usually it is 1% on the property with value above Rs. 50 Lakhs.
Stamp Duty- A stamp duty is taken usually in the transfer of assets or property.
Service Tax –ST is applicable if the property is being purchased from the builders who have built the project before offering its possession to the home buyers or the investors. If a ready to move in property is purchased from the seller, service tax is not applicable.
Value Added Tax (VAT) -VAT is another method which is applicable within the concerned state where the property belongs.
Q. How could I verify that the documents shown to me by the seller are genuine?
Ans. In fact it is considered as one of the most important thing that one should verify before buying or investing in any property. Further,Projects approvals can be verified from the corporation or the sanctioning Society authority’s office. Ownership documents can also be verified from the Sub Registrar’s office where they are actually registered and Share certificate related to societies can be verified from the concerned itself.
Q. How do banks valuate the property for insurance?
Ans. Most of the banks follow a very similar method of evaluating the property cost for insurance. A property valuation is charged on the basis of multiplying the built up area and thecost of construction per square feet of the property.
DISCLAIMER: The above shared information is the best of our knowledge in this regard. For any confirmed information or information as per the rules, regulation and guidelines as per Government, please visit the website of RBI.