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In accordance to RERA, Carpet Area is the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.
Built-Up Area is the carpet area plus the thickness of outer walls and the balcony.
In accordance to RERA, Super Built Area is the built up area plus proportionate area of common areas such as the lobby, lifts, shafts, stairs etc. Sometimes it may also include the common areas such as swimming pool, garden, club houses etc.
Under construction property is a project that hasn’t been completed yet whereas ready to move in is completed & available for immediate possession. Under construction properties are generally cheaper than ready to move in properties which are marked on market value. The buyer gets a wide variety of choices in an under construction project.
Yes, foreign citizens of Indian origin can acquire immovable property in India by the way of inheritance. However citizens of Pakistan, China, Bangladesh, Sri Lanka, Bhutan, Nepal & Afghanistan (whether resident in India or not) are prohibited from acquiring or transferring any immovable property in India without prior approval of the RBI.
A well known brand of developers & a good contractor is a good measure to find the right property.
The buyers pay the stamp duty unless there is an agreement stating the contrary. The liability for payment of stamp duty is stated in Indian Stamp Rules, 1981.
Market value of a property is the price at which property could be bought in the open market at a particular date.
The stamp duty is payable on the agreement value of the property or the circle rate whichever is higher.