General FAQs

Historically there is only one way land prices move and that is up. The easy availability of financing and high disposable income have led to a rise in land prices in urban areas in our country and even in certain rural areas.

The prices of land on the outskirts of the many major cities in India have risen more rapidly than the central business districts. Many a time investments in land on the outskirts of major cities have led to huge appreciation in value, due to the rapid development of good road connectivity, shopping centers, malls, airports and schools.

An Investment in land, thus outperforms all other forms of investment in the long run.

Even if one purchases a residential plot and does not know what to do with it, a joint development agreement with a developer is useful. Under such an agreement the developer constructs an apartment complex (for example) and a certain number of flats are handed over to the owner of the plot based on the prevailing market value of the land at the time of commencement of the project.

Valuation of property’ simply means arriving at the actual prevailing cost of the property. It could depend upon a 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.

Typically, if a real estate agent is asked to judge the value of a piece of property, he would do so based on information of recent sales or purchases of similar properties in that area.

Though this may give a fair idea of the property’s market value, an official property valuation would carry more weight.

Our team of real estate advisors and analysts know exactly what is most important to home buyers/investors. We acknowledge that the realty industry is synonymous with risk and distrust, and so our goal is to allow our customers to have a home that lasts; something they’re proud of and proud to show off.

Here at Merusri Developers, we acknowledge that the realty industry is synonymous with risk and distrust, and our team of real estate advisors and analysts know exactly what is most important to home buyers/investors. Our goal is to allow our customers to have a home that lasts; something they’re proud of and proud to show off.

  • If you need to use this piece of property as a security against a loan, the bank’s loan approval process would be faster and smoother if the property is certified by an official valuer. Many banks now insist on valuation certificates before issuing loans using properties as security. The value thus certified may also have chances of getting a higher amount of loan sanctioned.
  • Another benefit of official valuation is that it is a useful negotiating tool when selling the property.
  • Such certification also becomes essential in situations where the correct value of the property has a legal bearing—such as, a will statement, insurance papers, business balance sheets etc.

In India, there are plenty of Government certified property valuers who are legally responsible for the information they provide. Normally produced as a report, a property valuation includes property information – rates, size of the land and building, physical details on the construction and condition of the dwelling, details on any immediate issues that may need addressing – as well as information on comparable sales in the area.

The price that a property can command in the open market is known as its ‘market value’. Stamp duty is based on the market value or the agreement value of the property, whichever is greater.

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. The amount to be paid varies from city to city.

When a piece of property is given or ‘leased’ to an individual (known as the ‘Lessee’) for a stipulated period of time, by the owner of the property (known as the ‘Lessor’), the property is referred to as Leasehold Property. A certain amount is fixed by the Lessor to be paid as lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission.

When ownership rights for a piece of property are given to the purchaser for a price, that property is referred to as ‘Freehold Property’. Unlike in the case of leasehold property, no annual lease charges need to be paid and the freehold property can be registered and / or transferred in part(s).

There are several benefits: if you convert the property to a freehold property, you become a full-fledged owner by getting the sale deed and having it registered. A freehold property has better marketability and can be sold, mortgaged or kept for standing security, which cannot be done with leasehold property.

If the transfer takes place within three years of purchase, the income tax exemption under Section 54F of the Income Tax Act does not hold good.

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.

A title deed is a document that proves the right of a person to an immovable property. A person can acquire an immovable property by various means and a properly stamped and executed document evidencing the transaction is a title document. For example a sale deed, a release deed, a relinquishment deed, a gift deed, a family settlement deed, a partition deed, a will - all are evidence of how a person has acquired an immovable property and may be called title deeds.

The word conveyance means the transfer of ownership or interest in real property from one person to another by a document, such as a deed, lease, or mortgage. In India, transfer of property or rights in immovable property is governed by the Transfer of Property Act, 1882. For the transfer of any immovable property or rights in immovable property, it is necessary to execute a conveyance deed.

Many Builders have failed to transfer the buildings to the society or condominium formed by them despite it being mandatory for them to do so. In Maharashtra, the Maharashtra Ownership Flats Act, 1963 permits a Society, Company or Association of members to apply unilaterally for a conveyance if the Builder fails to do so to the competent authority. The Sub Registrar will thereafter, register the Conveyance after giving an opportunity to the builder to show cause as to why the conveyance should not be registered. The Conveyance grants title to the Society. Many a time, Societies have found the lack of a conveyance to be a serious impediment when they set out to redevelop or reconstruct the building(s).

When ownership rights for a piece of property are given to the purchaser for a price, that property is referred to as ‘Freehold Property’. Unlike in the case of leasehold property, no annual lease charges need to be paid and the freehold property can be registered and / or transferred in part(s).

A Khata is a record of the assessment of a property, giving details of the property such as location, area, usage etc. for the purpose of payment of property tax. It is issued by the Municipal Corporation or other authority entitled to levy property tax such as a Development authority or a Panchayat. The Khata shows who is the registered owner of the property in the records and if you have acquired a property by sale, gift, will, etc. , you should have your name substituted for that of the seller in the Khata. This is another document you must check whilst buying a property to verify the title of the seller.

  • What is an ‘Encumbrance Certificate’ and where can I apply for one?
    It is always wise to demand an "Encumbrance Certificate" while buying land in India. This is basically a certificate that says that the land is not under any sort of legal dispute. The encumbrance certificate can be obtained from the sub-registrar’s office where the deed for the land has been registered. The encumbrance certificate for the past 13 years should be taken and verified. You could even ask for the encumbrance certificate of the last 30 years for more clarification.
  • What is a Torence plan?
    Torence plan is a detailed plan of the property prepared by a licensed surveyor that will have accurate details of the measurements including width, length, borders etc. This plan is needed only in some specific areas.
  • What is ‘Pledged Land’?
    ‘Pledged Land’ is when the previous owners of the land parcel have promised the land to the bank as security while applying for loans. Always remember that in this case, it would be wise to ensure that all the loan payments have been made and that no amount is due. Ask the seller to produce the "Release Certificate" from the bank that is necessary to release all debts over the land legally.

Real estate agents help in the sale and purchase of property and charge a commission as a percentage of the sale price as their fee. To start as a real estate agent, a person needs to pass the relevant exam on his state and obtain the license. Realtors are real estate agents who are members of the National Association of Realtors (NAR), India. Thus, if you see a real estate agent making use of the title of realtor against his name, you can assume that he also happens to be a member of NAR.

About NAR : NAR has a code of ethics that all realtors have to abide by. It is this code of ethics that distinguishes ordinary real estate agents and those who choose to become members of NAR. A high level of professionalism, honesty, and integrity is expected from realtors and only a qualified real estate agent can display the title of a realtor on his business card.

A single floor apartment: is one where the builder buys a piece of land, often old plots which are up for redevelopment, constructs flats on each floor, according to the permissible Floor Area Ratio (FAR) and building byelaws and sells them as independent units within the same building.

Cons: Since there are smaller numbers of units than in a multi-story apartment, these lack economies of scale and so have fewer common facilities such as maintenance and back-ups compared to larger multi-storey apartments.

Pros : These are newer apartment units in downtown or preferred areas and come at a price lower than multi-storey units.

A multi-storey : remains the most preferred housing units in metros and large cities today. It is a cluster of apartments in a high-rise building developed in a plot with all amenities available within a gated community. These units can be aggregated and constructed by developers or in the cooperative mode as Cooperative Group Housing Societies (CGHS). These need good common facilities management to take care of aggregating services and providing them to individual units for a fee. This fee is levied as monthly maintenance charges. They cover water and power supply, including back-ups, lift and common area maintenance and landscaping. Many developments also provide plumbing and electrical services for a fee.

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.

The Super built-up area takes into account all the areas under the common space which is the apartment's proportionate share of the lobby, staircase, elevator and the corridor outside the apartment.

A building completion certificate is the final document granted by the plan sanctioning authority and usually follows the occupancy certificate. This document certifies that all acts necessary in connection with the construction of a building are complete.

An occupancy certificate is granted by the plan sanctioning authority once the building is complete and ready for Inhabitation. In some places, an official water connection is granted only after the OC has been obtained. This document is given after verification that the construction has been carried out in accordance with the approved plans. The builder is not entitled to give possession and the unit buyer is not allowed to occupy the unit till the OC has been obtained. Further, the property comes into existence on and from the date of granting of OC. Property taxes are also levied as a unit from the OC date.

Legally, the actual area owned by the individual is the basis for calculation of maintenance charge

Company FAQs

Our team of real estate advisors and analysts know exactly what is most important to home yers/investors. We acknowledge that the realty industry is synonymous with risk and distrust, and so our goal is to allow our customers to have a home that lasts; something they’re proud of and proud to show off.

Here at Merusri Developers, we acknowledge that the realty industry is synonymous with risk and distrust, and our team of real estate advisors and analysts know exactly what is most important to home buyers/investors. Our goal is to allow our customers to have a home that lasts; something they’re proud of and proud to show off.

Yes. Our real estate team works round the clock to ensure your best interests are served and offer much-needed guidance during a potentially stressful time. Here are a few ways as to how we achieve this:

  • We provide for end to end documentation which leaves no scope for further questions
  • We lay out, and communicate, a clean property purchase procedure that is devoid of any loopholes
  • We are not just about hard core business; we’re also here to advise and help you make the best decisions
  • We assign you a company lawyer from our end to exclusively take care of the entire registration process
  • We even help you secure bank loans through our process of project approval

Yes. Our contractors will personally meet with you and design the best option for you based on your budget that promises to meet your lifestyle requirements.

Yes. Once you reach out to our Property Management desk, you can expect all our cooperation in situations such as the following:

  • Khata Transfer
  • Construction and development of purchased plot
  • Reselling property
  • Legal and Financial Assistance
  • Architectural Services
  • Paying property taxes on time
  • Property Maintenance
  • Quote for Property Valuation

Yes. We charge a small fee over and above the actual cost of the service you seek.

Yes. We have a special allocated team under our property management services to hold a personalized discussion with you regarding current prices, profit expectations, etc. based on a commission. Sometimes we even act as a mediator between the buyer and seller parties to ensure adherence to the legal and financial procedures.

However, do note, we only accept plots under Merusri Developers for the above to apply.

Yes. Before launching every project, we announce a pre-launch offer, where we encourage our customers to invest in property at a special discount that will serve to mutually benefit both parties.

We, at Merusri Developers completely acknowledge the fact that property investment can be a very stressful phase for a lot of people. Right from information on the market value and providing you with detailed and authentic documentation, to delivery promises and our property management services- our team leaves no stone unturned when it comes to transparency with you, our customer. We even go one step ahead to give you your own account with which you can log in to our website and check for weekly updates from us, so that you will always be on the same page as us regarding your valuable investment.

In case of a last minute change of mind Merusri Developers holds the rights to cancel your allotment, and deduct 15 percent of the token amount that was paid at the time of booking by you. In case the customer finds certain flaws in the process of documentation, he or she is eligible to demand a complete refund.

If you own land banks, you can either choose to partner with us for future development of those particular plots, or you may even decide to sell your property to us completely, in exchange of a mutually agreeable and beneficial price. However, do note, we only accept plots under Merusri Developers for both of the above to apply.

We are a team that has lived and breathed real estate for as long as we can remember. With years of experience in the market, we promise to advise you and lay down scientifically proven guidelines as to where you and your money can grow best.

Yes. On reaching out to our Property Management desk, we will have a team allocated to you to help you find suitable prospects and options regarding the same.

Seller FAQs

Usually, the same set of documents that are handed over to the owner at the time of buying a particular property, is needed while selling the same.

  • Letter of allotment
  • Sales Deed
  • Khata
  • Sanctioned plan
  • Encumbrance Certificate
  • Loan Clearance Certificate
  • Property Tax
  • NOC from either the Panchayati or the Municipality

Yes, A property with clear documentation and title commands a higher price in the market. The chain of previous agreements with past owners in original with original receipts of registration or the original letter of allotment issued to the first owner by the development authority is important.

In India, there are plenty of Government certified property valuers who are legally responsible for the information they provide. Normally produced as a report, a property valuation includes property information – rates, size of the land and building, physical details on the construction and condition of the dwelling, details on any immediate issues that may need addressing – as well as information on comparable sales in the area.

Once the documentation process is cleared, both the buying and selling parties can then enter into an agreement to sell and confirm the terms and conditions. It is signed and executed by the seller and buyer on a non-judicial stamp paper. As such, it has legal value and can be produced as evidence.

Every document of transfer of property by sale is preceded by an agreement to sell. It spells out in clear-cut terms the conditions under which the seller is intending to sell the property and the terms and conditions under which the buyer is intending to purchase it.

Provided one’s property is in good condition, one can easily expect a decent appreciation according to the current market value profit.

The legal process of ‘gifting’ your property to someone consists of the following steps:

  • Gift Deed Drafting
    The gift deed is a legal document between the donor and the receiver which should be prepared with the help of an attorney. The agreement should contain the details of the transferring property and to whom it should be transferred. The gift should be given voluntarily without any compulsion.
  • Gift Acceptance
    As per the legal requirement, the receiver should accept the gift during the lifetime of the donor. The gift transfer is valid only if the donee accepts the gift property which is validated by taking possession of it.
  • Gift Deed Registration
    The registration process takes place according to the registration act of 1908. The title transfer can be performed only on the registered property. At least two witnesses should attest in the gift deed agreement. Usually the number of witness changes from place to place. After the payment of stamp duty and transfer duty charges, the property can be registered. The stamp duty differs from one state to another. Once the registration is over, the title can be changed.

Yes. The gift deed registration involves stamp duty and registration charges.

After the agreement has been drafted and verified, a Title Deed is prepared which is basically a document that states you have full rights to the property you are about to buy.

You could get the title deed written by a government licensed “Document Writer”. Even lawyers can prepare the deed, but the document can only be computer printed or typed, not handwritten. Only those who hold the “scribe license” can prepare handwritten documents. Make sure all the details mentioned in the deed are accurate.

No. Once the registration is over, the transfer of property cannot be revoked.

NRI FAQs

No. NRIs do not require any permission to acquire any immovable property in India other than agricultural / plantation property or a farm house.

No. NRIs do not require any permission to transfer any immovable property in India. Permission is required only in case of transferring of agricultural or plantation property or farm house to another citizen of India NRI or PIO (Person of Indian Origin)

Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property other than agricultural land/farm house/plantation property, in India. They are, therefore, not required to obtain separate permission of the Reserve Bank or file any declaration.

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from any non-resident accounts maintained with banks in India.

Yes. Reserve Bank has granted general permission for sale of such property. However, where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India.

In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by an NRI or PIO, the authorized dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied: -

  • The immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999;
  • In case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.

Authorised dealers can allow remittance up to USD 1 million for any purpose, per calendar year from balances in NRO accounts subject to payment of applicable taxes. The limit of USD 1 million per year includes sale proceeds of immovable properties acquired by the NRI/PIO's while they were resident in India and held for a period of 10 years and above. In case the property is sold after being held for less than 10 years, remittance can be made if the sale proceeds were held for the balance period in NRO account or in any other eligible instruments.

Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of immovable properties other than agricultural land/farmhouse/plantation property by way of gift from or to an Indian citizen, NRI or PIO.

Yes. Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income is eligible for repatriation

Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc., to grant housing loans to NRI's for acquisition of a house/flat for self-occupation subject to certain conditions. The purpose of loan margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan should be made within a period not exceeding 15 years out of inward remittances or out of funds held in the investor's NRE/FCNR/NRO Accounts

Authorized dealers have been granted permission to grant loans to NRI's for acquisition of house/flat for self-occupation on their return to India subject to certain conditions. Repayment of the loan should be made within a period not exceeding 15 years out of inward remittance through banking channels or out of funds held in the investors' NRE/FCNR/NRO accounts.

All requests for acquisition of agricultural land / plantation property / farm house by any person resident outside India may be made to The Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.

Buyer FAQs

  • While buying land the top questions to keep in mind are:
  • What is the total cost of acquiring the property?
  • Does the site provide as much space as you need?
  • Is public transportation available?
  • Is the location likely to develop "drop in" or "impulse" consumer traffic?
  • Is the site located at a popular area (E.g. Near a movie theater or a shopping complex)?
  • What other types of businesses are located around your site? Are they going to compete with your business?
  • Is fire protection close by?
  • Are basic utilities available (E.g. water, electricity, sewer, gas etc.) at a reasonable cost?
  • Are you going to be travelling by car a lot? If so, are the expressways located close to your location?
  • What is the history of the site?

Real estate values are governed by demand and supply. This may vary on a project to project basis. The projects which see good demand normally do not see a price correction.

The following are the steps to buying land:

  • The first step of actually buying the land is to draft an agreement between the parties involved in the transaction.
  • Preparation of the title deed.
  • The land needs to be registered in a sub registrar’s office.

The expenses involved during registration include Stamp Duty, registration fees, Document writers/lawyer’s fees etc.

The stamp duty will depend on the cost of the property and varies from location to location. 2% will be charged as the registration fees. The document writer’s fee also depend on the cost of the property and varies with individuals. There is a percentage prescribed by the government as Document writer’s fee and they cannot charge more than the prescribed limit.

An agreement is made to make sure that none of the parties involved in the transaction change their mind and go back on what has been decided about the transaction.

This agreement has to be made on Rs.50 stamp paper.

The agreement should cover the following basic things:

  • Agreed cost of the land between seller and buyer
  • Advance amount given by the buyer
  • Time span in which the actual sale should take place
  • What procedure has to be adopted if any of the parties default on the agreement
  • How the losses have to be covered if any of the parties default
  • Particulars of the land

An experienced lawyer should carefully draft this agreement. Many a times, because of an agreement that is not well drafted it becomes possible for one of the parties to default and get away with it. After the document is drafted and verified it has to be signed by both parties and two witnesses.

Along with this agreement, the agreed advance has to be paid by the buyer.

  • Check for proper conveyance of Title in favour 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 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 the 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.

After the agreement has been drafted and verified, a Title Deed is prepared which is basically a document that states you have full rights to the property you are about to buy.

You could get the title deed written by a government licensed “Document Writer”. Even lawyers can prepare the deed, but the document can only be computer printed or typed, not handwritten. Only those who hold the “scribe license” can prepare handwritten documents. Make sure all the details mentioned in the deed are accurate.

Registering one’s land on time is crucial. Under Section 49 of the Indian Registration Act, 1908, the documents (sales deed/gift agreement) will not have any bearing on the property and will not confer any transaction rights on the property if it has not been duly registered. In addition to this, in case of a dispute, one will not have any rights on the property if it is not registered in his name.

The original property document to be registered along with a copy is to be presented with the concerned Sub- Registrar by the Seller. Both Seller and the Purchaser are present before the concerned Sub- Registrar who admits the execution of the document.

The sub- registrar after making the due inquiry registers the documents and returns the original document to the concerned party.

When ownership rights for a piece of property are given to the purchaser for a price, that property is referred to as ‘Freehold Property’. Unlike in the case of leasehold property, no annual lease charges need to be paid and the freehold property can be registered and / or transferred in part(s).

One must be aware of the various steps involved in registering one’s property at the sub- registrar’s office. The following is a list of the same in order:

  • All the documents needed for registry must be taken along to the sub-registrar’s office.
  • The documents are submitted along with “input form” at the token window and the submitter will receive a token number.
  • On the token number being announced, all parties to the set of documents submitted must present themselves before the sub-registrar to admit execution of the document, photographed, thumb impression and signature taken on an additional sheet of paper in the presence of sub-registrar.
  • The required registration fees and computer service charges in cash have to be paid as per the receipt
  • The documents will be returned within 30 minutes of getting the receipt
  • Note: One must insist on dealing only with Officers and staff of the Registration Department who always display government identity card with Government Seal.
    Having completed all the above formalities, the land is now officially registered in the buyer’s name.

  • Approved plans
  • Title Certificate from Advocate of current date. Make sure that the title deed is registered within the time limit mentioned in the agreement.
  • Copy of IOD/ Commencement Certificate
  • Stamp duty paid receipt
  • Demand Draft for payment of Registration fees.
  • Property Card showing CTS No. of plot
  • PAN cards of Sellers and Buyers
  • Khata Extract

  • Approved plans can be verified from the corporation or other plan sanctioning authority’s office.
  • Ownership documents of land or development rights held by the builder can be confirmed from the Sub Registrar’s office where they are registered.
  • The Society share certificate can be verified from the Society itself.

If there are incorrect information on the documents after registering, new documents with the correct details have to be registered and depending on the incorrectness, the registration expenses will have to be repeated.

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.

    The buyer needs to pay the following taxes at the time of registering the property:

  • TDS or tax deduction at source on amount exceeding Rs 50 lakhs for the purchase of immovable property excluding agricultural land. The TDS must be submitted in the name of the seller.
  • Stamp duty on registration
  • Service Tax is applicable if the property is being purchased from the builder who conceived and constructed the project before offering possession to the buyer. If a ready-to-use property is purchased from the seller then service tax is not applicable.
  • Value Added Tax (if applicable in the state)

Property tax is applicable from the date of execution of Property documents in favour of the owner.

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.

Until the draft real estate regulation bill outlines the obligations of project delivery, buyers will have to rely on their rights laid out in their booking agreements. First and foremost, buyers should scrutinize the project and the background of the developer. If possible, they must hire a real estate consultancy firm who has market expertise and is known for unbiased consulting. In addition, an investor has the right to ask for the copies of approvals of the project, if not buying during a soft launch stage. You must ask for detailed construction schedules and negotiate for a penalty clause in case of delay of the project. Refunds can be claimed if a project is delayed beyond the period stipulated in the Builder Buyer Agreement by filing a case in the consumer court.

  • All original chain of agreements form part of the title documents and must be obtained by the buyer.
  • Do remember to obtain the original registration receipts and the original stamp duty receipts.
  • A letter of possession duly witnessed by two witnesses confirming the physical handover of the premises.
  • In case of a Society, the original share certificate together with all transfer forms duly executed.
  • Proof of payment of all dues such as maintenance, electricity, phone, water, property taxes upto the date of handing over possession.
  • A limited power of attorney from the Seller(s) authorizing the buyer(s) to sign all documents and applications etc. pertaining to the said premises.
  • An NOC from the Society or other body confirming that they have no objection to the transfer.

Maintenance charges usually get applicable from the date (or month in general) the possession is taken of the Property.

Non- occupancy charges become applicable to be paid if the ownership has been transferred by the Society/builder to the owner but the flat/unit is lying vacant even when it is in a ready- to- move condition.

  • Check for a duly stamped registry
  • Ensure no dues are accorded to the builder
  • Check for seller’s name in municipal records
  • Confirm seller’s membership in the society (if formed)
  • Ensure there are no pending bills, charges or taxes
  • Make sure that the property is mortgage free
  • Sanctioned Building Plan (to ensure no unauthorized construction)
  • Previous title documents (that chain of title is complete)

When a gift of property is made, a gift deed need to be made by a lawyer. Stamp duty on the market value of the property also needs to be paid, as well as the necessary registration charges.

Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not, subject to compliance with applicable tax laws.

To know more about NRI investment in real estate – do take a look at FAQs for NRIs.