1. What is meant by Carpet Area, Built-Up Area & Super Built-Up Area?
Carpet area is defined as the precise area within the walls of your home. If you had to lay out a wall-to-wall carpet in your entire home, the area covered would be the carpet area. Built-up area is inclusive of not just the carpet area but also the area being occupied by the walls of your home. Super built-up area takes into account all the area under the common spaces which is the apartment's proportionate share of the lobby, staircase, elevator and the corridor outside the apartment.
2. What are the documents you need to check before buying?
- Check for proper conveyance of Title in favor of the builder.
- Check the license/development right/approvals of the builder.
- Check clear and marketable title of the project.
- Ensure execution of proper Allotment Letter/Sale Agreements on your payments.
- Ensure whether reputed financial companies approve the project. This will help you in getting financial loans.
- Check the tentative layout/building plan and verify the plinth area of the apartment. It is advisable to check the carpet area of the apartment and find out if the difference
- Check the tentative layout/building plan and verify the plinth area of the apartment. It is advisable to check the carpet area of the apartment and find out if the difference between plinth area and carpet area is reasonable.
- Ask for Occupation/Completion Certificate.
- Ensure the Conveyance Deed is registered after the entire payment has been made.
- For buying a property you need to check Deed of Conveyance, Mutation Certificate (for complete property), Land Registration Status, Sanction Plan, Search Report and Payment Schedule (for under construction). It is a must that you go through all the documents relating to the origin of the property, chain of Title, Occupancy Certificate, sanctions from various authorities dealing with building plans, fire safety and Completion Certificate.
- 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.
3.What is the procedure for execution of the Agreement for Sale?
- Firstly, the payment of adequate stamp duty on the Agreement for Sale.
- Secondly, Execution of the Agreement for Sale by the Developer/Promoter and the Purchaser.
- Thirdly, Registration of Agreement for Sale.
4. What is Stamp Duty and who is liable to pay the Stamp Duty, the purchaser or the Developer?
Stamp Duty is supposed to be paid every time there is a transfer of ownership. It is calculated on the total value of your property. The amount to be paid varies from city to city.