FAQs

10) Which are the instruments that attract the payment of Stamp Duty?

:- 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.

11) Who is the appropriate authority for knowing the market value of the property ?

: - The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property.

12) Upon buying a flat from a builder in a building under construction, what are the permissions and papers that one should check with the builder, so as to ascertain the genunity of the builder?

: - When you are buying a flat from a builder in a building under construction, you have to check the following:
• Approved plan of the building along with the number of floors.
• Ensure that the floor that you are buying is approved.
• Check if the land on which the builder is building is his or he has undertaken an agreement with a landlord. If so, check the title of the 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 to sell of the sale brochure. Is he providing the same actually on the ground or not?
• Check the reputation of the builder.
• Ensure that urban land ceiling NOC (if applicable) has been obtained or not.
• NOC from water and electricity authorities also have to be obtained.
• NOC from lift authorities

13) Should I inspect a property before buying it?

:- Yes. Buying a home or an office is probably the largest single investment you will ever make. You should learn as much as you can about the condition of the property and the need for any major repairs before you buy, so that you can minimize unpleasant surprises and difficulties at a later stage. A close inspection points out the positive aspects of the property, as well as the maintenance that will be necessary to keep it in good shape. After the inspection, you will have a much clearer understanding of the property you are about to purchase. You need to investigate the condition of the property and all its systems such as :-
• Plumbing systems, drainage, water faucets and sanitary fittings.
• Electrical systems, circuit breakers, wires, capacity of the electric meter, functioning of light fittings
• Roof, walls, ceilings, floors, paint work.
• Foundation, basement and visible structures.
• Doors and windows, latches, locks.
• Structural stability of the building.