Purchasing your dream home is one of those important decisions that demands accurate research, proper planning, adequate information, and a systematic budget plan. However, before home buying, you should be aware about all common areas allied with buying and owning property in India. The following user guide will explain you all the common rules, laws, and important factors that are not only mandatory but also very helpful.
Frequently Asked Questions
- Q1.What do you mean by Carpet Area, Built Up Area, and Super Built Up Area?
- Carpet Area refers to the usable area of a residence, office establishment, business unit like showroom, and others sans the wall. It is that functional area covered within the walls where a carpet can be laid.
Built-Up Area includes the usable carpet area, wall, and the balcony.
Super Built-Up Area encompasses built up area and common areas such as proportionate share of the open parking, stairs, elevator, and corridor outside the flat. This term finds application in multistoried building.
- Q2.What does Lease Agreement and Leave & License Agreement refer to?
- According to the Section 105 of Transfer of Property Act, 1882, lease agreement is defined as a contract between a lessor and lessee that delivers rights to lessee to use the property owned or managed by the lessor for a certain amount of time frame. Under this agreement, the lessee does not get the ownership right of the property. On the contrary, the lessee can gain needed allowance to renovate the property as per need from the lessor. The rights can be renewed, once the time of the agreement surpasses in accordance of the lessor.
The Section 52 of Indian Easements Act, 1882 states that by the Leave and License agreement the licensee get the ownership to utilize and inhabit the premises for a time bound duration.
- Q5.What does NRI denote?
- NRI denotes Non-Residential Indian, a terminology applied for an individual who is of Indian origin, however, has migrated to a foreign country for varied purposes. These purposes are:
• Working on assignment for foreign government or international agencies
• Temporary deputation
• Posted to the office in abroad
• Permanently settle in foreign orimmigration
• Medical treatment
Apart from this, NRI is also applicable for those persons who have born in India, but possess citizenship of a foreign country. The NRIs can become residents of India when they come back from the foreign land to India for an unlimited period of stay.
- Q13.How is the rate of rent market determined?
- There is no standard norm for recognizing the rate of rent market. However, you can get the rent information through brokers, real estate vendors, registration authorities, and others.