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For Selling Property
What is the difference between built up area, super built up area, and carpet area?
Carpet Area: This is the area of the apartment/building that 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.
Who is liable to pay 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 Bombay Stamp Act, 1958 states the liability for payment of stamp duty
In whose name are the stamps required to be purchased?
The stamps are required to be purchased in the name of any one of the executors to the Instrument.
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. |
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For Buying Property
Which documents are to be verified before purchase of a Flat?
Before you purchase a flat, you have to have a title and document search conducted by a competent advocate. You cannot do it yourself. You have to use the services of a competent advocate. It is a professional job to be done with professional assistance.
What is the difference between built up area, super built up area, and carpet area?
Carpet Area: This is the area of the apartment/building that 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 thee lobby, lifts, stairs, etc. This term is therefore only applicable in the case of multi-dwelling units.
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 originality of the builder?
A 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.
- 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.
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For Renting Property
If I am a tenant (old rental) of a property in Mumbai in a good area like Andheri, can I transfer my tenancy? If yes, what amount of money can I demand from the Landlord for transfer of tenancy?
Yes, you can transfer the tenancy, with the permission of the landlord. The rate is that which is prevailing in the market, the norm being that the landlord shall be entitled to 1/3 share.
Now that the Maharashtra Rent Control Bill has come into force and the Pugree has been legalized, what is the percentage of sharing between the landlords and the tenants?
No fixed percentage is prescribed by the Act, but the norm is 1/3 share goes to the landlord
Where does one register new tenancies in Mumbai?
With the Registrar of Sub Assurances located at Old Custom House, Shahid Bhagat Singh Road , Fort, Mumbai-400001 and at Bandra Kurla Complex, Bandra.
I had a lease agreement for 6 years for a shop with a built in escalation clause @ 20% after 3 years. My lease expired on 31.3.2000 and my landlord has sent a written letter asking to pay rent at an enhanced rate. Is this sufficient to continue my lease or should I enter into another lease? If I continue on the strength of this letter, are my rights affected?
Yes. It is sufficient but not full proof. The rights won't be affected as long as enhanced rent is paid. It also depends on the period/tenure prescribed in the letter. It is always advisable to make a new agreement with the landlord. |
