1. Why should you know the difference between carpet area, built-up, and super built-up area before purchasing a property?
RERA defines 'carpet area' as the net usable floor area of an apartment, excluding the area covered by external walls, exclusive balconies, or verandas. Build-up space is the sum of carpet area and what is occupied by exterior and interior walls, balconies, exterior staircases, and corridors. A super built-up area is the sum of the exclusive built-up area and those areas shared by all, like elevators, common corridors, staircases, clubhouses, etc. Having understood what carpet, built-up, and super built-up areas mean, you now know what to ask the seller when you buy a house.
2. How is a freehold property better than a leasehold property?
The leasehold ownership of an apartment means that its owner is only the owner of the apartment and not the land. There is no certainty that a leasehold property will get renewed after the contract expires. At the same time, freehold ownership is when the purchaser receives a standalone property/house. The owner doesn't have to go through the hassle of renewal of contract post expiry date.
3. What are the income tax considerations of a newly acquired property?
Property/land is a taxable asset, and property taxes are paid to the government each year by the owner/occupant. This tax could be paid to the local state government or the local municipality according to government policy. The tax calculation of every property varies, from state to state and on the basis of the area, the occupancy, type of property, years of construction, and amenities provided.
4. What is the procedure for a home loan? Which documents are needed for a home loan?
Documents for the proof of identity such as voter ID card or driving license, along with proof of address such as in telephone bill or electricity bill and original property documents to become eligible for a home loan in India.
5. What are the amenities that the project offer?
The purchase or sale of any immovable property becomes a permanent public record once it is registered. Registering a deed is the only way to acquire ownership or interest. Additionally, a property can be registered in this state as soon as it is booked, whereas in other states, registration is only processed when the project is complete.