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Stamp duty – 5% on the flat cost for ready as well as under construction property
GST – 5% on the flat cost of under construction project
Registration is Rs.30,000/- Rs or 1% of flat cost, whichever is lesser, so usually in Mumbai the registration cost will be Rs.30,000/-
TDS of 1% is to be deducted for a property which has a value above 50 lakhs
RERA carpet is the entire area inside your property including the internal walls (wall between two bedrooms), however the exterior walls are not part of the area. As per the new rules, all the developers must sell the property under RERA norms.
Built up carpet usually includes the internal & external walls too
Super built up carpet area includes the common premises like lobby, elevator etc. In proportion to your space
MOFA carpet area is the space in your house excluding both, internal as well as external walls.
Please note : As per the RERA act now it is compulsory to charge and deal in RERA carpet only.
If you sell your residential property then you will have to buy a new property either before a year of sale or two years post sale. Also the new project construction should be completed 3 years from the date of purchase of the new property. You can also invest upto 50 Lakhs in government bonds. You can approach Urban Space Realty for any further queries.
If the property is held for less that 3 years after purchase, it is termed as short term capital gain. Please note that you are not able to save your short term capital gain. The gain is payable as per your income tax slab, whereas for long term gain (Property sold after 3 years of purchase), the capital gain can be exempted or else is taxed at 20%. Please note that gains are calculated after indexation, expenses incurred on brokerage, renovation charges and moving of goods, if any.
In freehold property, the legal ownership belongs to owner (one who has purchased the flat) whereas in a lease hold land the ownership remains with the local authority or the government. Typically the lease period varies from 30-99 years but it does not prevent the purchaser to sell or lease the flat. The lease also renews normally post the stipulated period
Only if the purchaser’s power of attorney is given. There are two types of POA a) General, where in the power and rights are general b) Specific, where only a specific power is given
Note : Agreement if original or not can be verified from sub registrar’s office
Note : these things will be assisted by the loan department team from where you’ll be taking loan
Also an advice to take a minimal loan just to make sure the property’s title is clear and also helps in certain tax benefits.
It is possible, the new buyer can take the loan from same bank, which makes it more easy since the bank do not have to release the documents. Even if the new buyer is applying at a different bank, it does not matter. If the new buyer wants to repay at one go, that is also possible, the new buyer can pay to the bank and release the papers.
Collector land is also a lease hold land for around 99 years. There is no such issue when buying a property on collector land, it is just that you need collector’s NOC when you plan to sell, rent or mortgage it. There is also a transfer fee when one plans to sell the property which is on Collector land. Though now collector land is Maharashtra can also be converted to freehold land by paying some premiums.