For Buying Properties:
Q What are all the important documents one should check before buying any property ?
A: If you want to purchase a property, you have to look at the approved layout plan, approved building plan, ownership documents, carryout search, etc. Contact an advocate before you purchase a property so that he can advise you
Q What is the difference between built up area, super built up area, and carpet area?
A:Carpet Area: This is the area of the apartment/building which does not include the area of the walls. Built up Area: This includes the area of the walls also Super Built up Area: This includes the built up area along with the area under common spaces such as the lobby, lifts, stairs, etc. This term is therefore only applicable in the case of multi-dwelling units.
Q Who is liable to pay Stamp Duty-the buyer or the seller?
A:The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary. Section 30, of Bombay Stamp Act, 1958 states the liability for payment of stamp duty.
Q what are the different property prices in rishikesh?
A:Satyam Properties dealing with affordable property prices and fantastic properties rates with in rishikesh haridwar dehradun and near by areas.
Q In whose name are the stamps required to be purchased ?
A: The stamps are required to be purchased in the name of any one of the executors to the Instrument.
Q What is meant by the market value of the property and is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement ?
A: Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value which ever is higher.
Q Which are the instruments that attract the payment of Stamp Duty ?
A:The instruments like Agreement to Sell, Conveyance Deed, Exchange of property, Gift Deed, Partition Deed, Power of Attorney, settlement and Deed and Transfer of lease attract Stamp Duty on market value of the property.
Q How to verify the authenticity of the various documents submitted by the seller of the house, particularly with regard to the possibility that the house has not been sold earlier to a third party ?
A: Regarding authenticity of documents, again, you have to take the help of an advocate to verify.
Q What is FSI/FAR ?
A: The Floor Space Index (FSI) or Floor Area Ratio (FAR) is the ratio of the total floor area of buildings on a certain location to the size of the land of that location.
As a formula: Floor Area Ratio = (Total covered area on all floors of all buildings on a certain plot) / (Area of the plot)
Thus, an FSI of 2.0 would indicate that the total floor area of a building is two times the gross area of the plot on which it is constructed
Q What are - 1) PLC 2) IFMS 3) EDC/IDC ?
A: PLC ( Preferential Location Charge ) is an additional cost that you pay for a better location within the same apartment. For showing your preference for that particular location, you have to pay a charge. For instance, if you want a unit that faces the park or the road or is on the ground floor, you would need to pay a PLC. The amount of PLC varies between different developers and projects. It depends on the size, the rate of PLC, location and alignment and construction quality.
IFMS ( Interest Free Maintainance Security ) is levied by the builder on the possessor of the flat because till 2 years after possession of the flat, the possessors do not pay the monthly maintenance charges because the management committee of the society has to be formed. So, during these two years, it is the responsibility of the builder to maintain the society.
EDC/IDC - EDC refers to the external development charge and IDC refers to the infrastructure development charges. EDC is levied by the builders on the buyers of flats for the purpose of developing the area or space outside the flat but within the precincts of the project. This would include the inside roads, lights, lawns and other such spaces which are of use for all.
IDC, on the other hand, is levied by the government on the builder for developing the infrastructure such as roads, street lights, pavements and other such public works
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