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FAQ

FAQ-About Property

 

 

  • 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.

  • What constitutes conclusion of sale of a property?

    The housing society share certificate and the sale/purchase deed of the property are the main documents required to sell a residential property. If the property has been sold and bought multiple times, a copy of the previous deeds may be required to prove the authenticity of the deal. Other than these, copies of Stamp Duty and registered house documents will also be needed. In case of property being mortgaged, these papers will be held by the bank and you can use a photocopy of the required documents to initiate a deal. Depending on the kind of property and ownership, some more documents, such as a No-Objection Certificate from the housing society and a documented consent in case of jointly owned property, may be required.

  • What is a Sale Deed?

    A Sale Deed is a document prepared on the basis of previous ownership document for the transfer of property from seller to buyer, providing the buyer the absolute and undisputed ownership of property.

  • How much is the registration Fees on sale of immovable property?

    During the transfer of property from one to another, the stamp paper and registration fee has to be paid which is equivalent to 7 to 8 per cent of the value of the property or those of circle rates. These rates are the notified rates of a particular area set by the government on which the registration charges on the value of the property are calculated. The circle rates can be seen on government registration and stamp department websites of each city.

  • 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 basis of the total value of your property.

  • Which documents must be complusary registered? When and where should a document be registered?

    The Registration Act, 1908 came in the year 1908 and made compulsory registration of the deed. You have a property of the year 1978. Therefore, it should be registered. Since the agreement is unregistered, it is not valid and does not transfer the ownership to you. Before you make a gift deed, you need to register the sale deed in your favor as you are not the legal owner yet.

  • What is meant by valuation of property?

    Valuation of property simply means arriving at the actual prevailing cost of the property. It could depend upon number of parameters, location of property being the most important one. One needs to consider other parameters such as age of property, projects available, facilities offered and the sizes available in that project. The latest transaction price of a similar property needs to be considered to arrive at the closest value of the given property.

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