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Which documents are to be verified before purchase of a flat?
Before you purchase a flat, you should have a "title and document search" conducted by a competent advocate. This is not something you can or should try to do yourself. It is a professional job to be done with professional assistance. |
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What is the difference between Carpet Area, Built Up Area and Super Built Up Area?
Carpet Area: This is the area of the apartment which does not include the area of the walls.
Built Up Area: This is the sum of the Carpet Area plus the floor space taken up by the walls.
Super Built Up Area: This is the sum of the Built Up Area plus the area taken up by common spaces such as the lobby, lifts, stairs, etc. This term is only applicable in the case of multi-dwelling units (i.e. apartment buildings) |
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Who is liable for Stamp Duty, the buyer or the seller?
The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary. Section 30 of the Bombay Stamp Act, 1958 states the liability for payment of stamp duty. |
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What is meant by the market value of the property and is Stamp Duty payable on the market value of the property or on the price as stated in the sale/purchase agreement?
Market value means the price at which a property could be bought in the open market on the date of execution of such agreement. Stamp Duty is payable on the agreement value of the property or the market value which ever is higher. |
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Who is the appropriate authority for determining the market value of
the property?
The Sub-Registrar of the area in whose jurisdiction the property is located, is the appropriate authority for determining the market value of a property. |
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When buying a flat from a builder in a building which is still under construction, what are the permissions and papers that one should check with the builder, so as to ascertain the genuinity of the builder?
When you are buying a flat from a builder in a building under construction, you should check the following:
- Ensure that there is an approved plan for the building, along with the number of floors (storeys) that will be constructed.
- Check if the land on which the builder is building is his or if he has undertaken an agreement with a landlord. If so, check the title of land ownership with the help of an advocate.
- Check the building byelaws as applicable in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, etc.
- Check specifications given in the agreement governing the sale of the flat and ensure that the builder is meeting all his obligations as required.
- Check the reputation of the builder.
- Check if an Urban Land Ceiling NOC is required, and if it is, ensure that one has been obtained.
- Check that the builder has obtained NOC's from water and electricity authorities as these are mandatory requirements.
- Approved plan of the building along with the number of floors.
- Ensure that the floor that you are buying is approved.
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