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Are you unsure about complex legalities involved with property matters? Read through our compilation of answers to the most common legal questions asked in realty.
Q1. What documents are required while buying commercial or residential property?A1. When buying commercial or residential property you would need to check for the following documents:
Market trends about prevalent rates of property in the vicinity and last known transactions.
Identify the property you wish to purchase.
Formulate commercial terms.
Distinguish between terms and conditions of the contract which are negotiable and those which are fixed e.g. price, payment schedule, time of completion etc.
Avail of services of Magicbricks.com. List your requirements with a reputed broker.
Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any, on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable.
Finalise commercial terms of purchase of the property. Ascertain transfer fees, stamp duty and registration charges to be paid on purchase of the property.
Ascertain outgoings to be paid for the property i.e. property tax, water and electricity charges, society charges, maintenance charges.
Request vendor to obtain, if applicable, consent, permission, sanction, no objection certificate of various authorities such as- (a) society- (b) the income tax authority- (c) Municipal Corporation- (d) the competent authority under the Urban Land Ceiling and Regulation Act- (e) any other authority
Permanent account number of vendor and purchaser under Income Tax laws Payment of stamp duty on the formal agreement or document for transfer of the property, signing by both the Vendor and Purchaser and registration
After payment of the entire sale price, take over legal possession of the property along with documents of title in original from the Vendor of the property
Change name of the holder of the property to the purchaser in the records of the society, electricity company, municipal corporation, Index II etc.
Q2. What is Stamp Duty and who is liable to pay the Stamp Duty, the buyer or the seller?A2. Stamp Duty is a tax, similar to sales tax and income tax collected by the government, and must be paid in full and on time. A stamp duty paid instrument/document is considered a proper and legal instrument/document.
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.
Q3. 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?A3. 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, whichever is higher.Q4. Are there any formalities to be completed or forms to be filled on execution of the Sales Deed or document of transfer?A4. Yes. The formalities and forms may vary from State to State depending on where the property is situated.
Every State has its set forms under the Registration Rules that are required to be filled and filed along with and at the time of Registration of Sale Deed/Transfer Deed.
In case of either the Purchaser or the Seller being a Non-Resident Indian, not assessed to tax in India, such a Party would be required to file Form 60 of the Income-Tax Rules.
Q5. What are the permission and papers that one should check with the builder when buying a flat in a building which is under construction?A5. When you are buying a flat from a builder in a building under construction, you have to check the following things:
Approved plan of the building along with the number of floors.
Whether the floor that you are buying is approved.
Whether 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.
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 if the specifications given in the agreement to sell of the sale brochure match on the ground or not.
Whether urban land ceiling NOC (if applicable) has been obtained or not.
NOC from water, electricity and lift authorities has been obtained
Q6. Who is the appropriate authority for knowing the market value of the property?A6. 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.Q7. Within what time period should an agreement/deed have to be registered?A7. The property agreement should be registered with the Sub-registrar of assurances under the provisions of the Indian Registration Act within four months of the date of its execution.
Q8. What constitutes completion of the sale?A8. The transfer of a flat is concluded when you have an sale deed/ agreement for sale coupled with actual possession. Generally, in all cases the entire amount is paid simultaneously with the handing over of physical possession and signing of the transfer documents.Q9. What is meant by leasehold and freehold properties?A9. Leasehold properties (plot/built-up) are those in which perpetual leasehold has been granted by the title paramount in favour of the lessee. In such properties, the title paramount, i.e. President of India acts through DDA, L&DO, Leasehold properties are not freely transferable. Depending upon the covenants of the lease deed, prior permission of the lessor (DDA/ L & DO) is required to transfer the property.
Freehold properties are those where title paramount has conveyed the property in favour of the purchaser by conveyance/sale deed with no restriction on the right of the holder of the property to further transfer the property. Record of ownership of the freehold property can be ascertained from the office of the sub-registrar. It can be transferred by registration of sale deed.
Q10. What formalities need to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?A10. They are required to file a declaration in for IPI and with the central office of Reserve Bank at Mumbai within 90 days from the date of purchase of immovable property or final payment of purchase consideration, along with a certified copy of the document evidencing the transaction and the bank certificate regarding the consideration paid.
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South Chennai - Adyar - KK Nagar - Kotturpuram - Meenambakkam - Mylapore - Saidapet - Tambaram - Teynampet - Thyagaraya Nagar - Tiruvanmiyur - VelacheryCentral Chennai - Egmore - George Town - Nungambakkam - Royapettah - Triplicane Around Chennai - Kanchipuram - Tiruvallur ..Others ..Chennai Monuments ..Senate House..Elliot's Beach ..Thousand Lights Mosque.. Freemasons Hall ..Fort St. George ..Kamaraj Memorial House..Chennai Beaches ..MGR Memorial..Marina Beach ..Covelong Beach ..War Memorials ..Government Museum..Valluvar Kottam...Eat outs..Chennai Cakes,..Ice Creams,Restuarants,..Fast FoodRestaurantsBy Speciality By LocationChinese ContinentalFast Food ItalianMughlai Multi Cuisine Sea Food South IndianFood..Chennai Bar and Pub Do Not Drink&Drive... Investment in Gulf Real EstateDiagnostics Centers .. 24hr Chemists .. Beauty Parlours .. Doctors .. Hospitals .. Health Clubs .. Blood Banks .. Stadiums-General ..Chennai Discotheques ..Chennai Water Sports ..Chennai Cinema Halls- History .. Chennai Shopping Malls ..Chennai Entertainment ..Chennai Excursions ..Pulicat- Dos & Don'ts ..Amusement Parks ..Crocodile Bank ..Mahabalipuram ..Muttukadu- Important Facts ..Thanjavur- Must Know- Weather/Climate - Things To Do - Embassies- Tourist Offices - Airports- Bus Stations - Central Railway Station - Egmore Railway Station ...Chennai Bar and Pub Do Not Drink&Drive
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Chennai City Pincodes
Alphabet wise
Adambakkam 600 088
Adyar 600 020
Alwarthirunagar 600 087
Ambattur Ho 600 053
Ambattur Indl.Estate 600 058
Aminjikarai 600 029
Anakaputhur 600 070
Anna Nagar 600 040
Anna Nagar East 600 102
Anna Nagar West Extn 600 101
Anna Road HO 600 002
Arambakkam RS 601 207
Arumbakkam 600 106
Ashok Nagar 600 083
Avadi Camp HO 600 054
Avadi IAF 600 055
Ayanavaram 600 023
Ayyappanagar 600 111
Besant Nagar 600 090
Broadway 600 108
C-in-C Rd.(Ethiraj Salai) 600 105
Chetpet HO 600 031
Chitalapakkam 600 064
Choolai 600 112
Choolaimedu 600 094
Chrompet 600 044
CRP Camp Avadi 600 065
Devampattu 601 214
Egmore 600 008
Ekkaduthangal 600 097
Elavur 601 211
Engineering College 600 025
Ennore Termal Stn 600 057
Flowers Road 600 084
Fort St.Ggeorge 600 009
Gopalapuram 600 086
Gowrivakkam 601 302
Greems Road 600 006
Guindy Indl.Estate 600 032
I.I.T 600 036
ICF Colony 600 038
Iguvar Palayam 601 212
Jafferkhanpet 600 095
Jawahar Nagar 600 082
Jothi Nagar(Minjur) 601 213
K.K.Nagar 600 078
Kamaraj Nagar 600 071
Kavarapettai 601 206
Keezhakattalai 600 117
Kilpauk 600 010
Kodambakkam 600 024
Kolathur 600 099
Korattur 600 080
Korattur RS 600 076
Kottur 600 085
Koyambedu 600 107
kunnathur 600 069
Madhavaram 600 060
Madhavaram Milk Clny 600 051
Madipakkam 600 091
Madras High Court 600 104
Maduravoil 602 102
Manali 600 068
Manali New Town 600 103
Mangadu 602 101
Meenambakkam 600 027
Minjur 601 203
Mylapore 600 004
Nandabakkamudiyiruppu 600 089
Nandanam 600 035
Nanganallur 600 061
Nazareth Pettai 602 107
Nungambakkam 600 034
Officers Training Academy 600 037
Old Pallavaram 601 303
Padi 600 050
Padappai 601 301
Palavaram 600 043
Pammal 600 075
Park Town 600 003
Parrys 600 001
Pattabiram 600 072
Pazhavanthangal 600 114
Perambur 600 011
Perambur Barracks 600 012
Perumbadu 601 210
Perungudi 600 096
Polichalur 600 074
Ponneri 601 204
Ponniamman Medu 600 110
Poonamallee 600 056
Porur 600 116
Pozhal 600 066
Pulicat 601 205
R.A.Puram 600 028
Raj Bhavan 600 022
Redhills 600 052
Rly.Car Shed Avadi 600 109
Royapettah 600 014
Royapuram 600 013
Saidapet 600 015
Saligramam 600 093
Sathyamurthi Nagar 600 062
Selaiyur 600 073
Shenoy Nagar 600 030
Sholavaram 600 067
SIDCO Estate 600 098
Sowcarpet 600 079
Srinivasa Nagar 600 063
St.Thomos Mount HO 600 016
T.Nagar 600 017
T.T.T.I.Tharamani 600 113
Tambaram East 600 059
Tambaram HO 600 045
Tambaram ICF 600 046
Tambaram Sanatorium 600 047
Teynampet 600 018
Thirumullaivoyal 601 209
Thirupalai Vanam 601 208
Thiruninravur 602 024
Thrisulam Village 600 100
Tiruvanmiyur 600 041
Tirverkadu 600 077
Tiruvottiyur 600 019
Tondiarpet 600 081
Triplicane 600 005
Vadapalani 600 026
Vandalur 600 048
Velachari Rd 600 115
Velachari 600 042
Vepry 600 007
Villivakkam 600 049
Virugambakkam 600 092
Vyasarpadi 600 039
Washermanpet 600 021
West Mambalam 600 033
West porur 602 104
Pincode wise
Parrys 600 001
Anna Road HO 600 002
Park Town 600 003
Mylapore 600 004
Triplicane 600 005
Greams Road 600 006
Vepery 600 007
Egmore 600 008
Fort St.Ggeorge 600 009
Kilpauk 600 010
Perambur 600 011
Perambur Barracks 600 012
Royapuram 600 013
Royapettah 600 014
Saidapet 600 015
St.Thomos Mount HO 600 016
T.Nagar 600 017
Teynampet 600 018
Tiruvottiyur 600 019
Adyar 600 020
Washermanpet 600 021
Raj Bhavan 600 022
Ayanavaram 600 023
Kodambakkam 600 024
Engineering College 600 025
Vadapalani 600 026
Meenambakkam 600 027
R.A.Puram 600 028
Aminjikarai 600 029
Shenoy Nagar 600 030
Chetpet HO 600 031
Guindy Indl.Estate 600 032
West Mambalam 600 033
Nungambakkam 600 034
Nandanam 600 035
I.I.T 600 036
Officers Training Academy 600 037
ICF Colony 600 038
Vyasarpadi 600 039
Anna Nagar 600 040
Tiruvanmiyur 600 041
Velachari 600 042
Palavaram 600 043
Chrompet 600 044
Tambaram HO 600 045
Tambaram ICF 600 046
Tambaram Sanatorium 600 047
Vandalur 600 048
Villivakkam 600 049
Padi 600 050
Madhavaram Milk Clny 600 051
Redhills 600 052
Ambattur Ho 600 053
Avadi Camp HO 600 054
Avadi IAF 600 055
Poonamallee 600 056
Ennore Termal Stn 600 057
Ambattur Indl.Estate 600 058
Tambaram East 600 059
Madhavaram 600 060
Nanganallur 600 061
Sathyamurthi Nagar 600 062
Srinivasa Nagar 600 063
Chitalapakkam 600 064
CRP Camp Avadi 600 065
Pozhal 600 066
Sholavaram 600 067
Manali 600 068
kunnathur 600 069
Anakaputhur 600 070
Kamaraj Nagar 600 071
Pattabiram 600 072
Selaiyur 600 073
Polichalur 600 074
Pammal 600 075
Korattur RS 600 076
Tirverkadu 600 077
K.K.Nagar 600 078
Sowcarpet 600 079
Korattur 600 080
Tondiarpet 600 081
Jawahar Nagar 600 082
Ashok Nagar 600 083
Flowers Road 600 084
Kottur 600 085
Gopalapuram 600 086
Alwarthirunagar 600 087
Adambakkam 600 088
Nandabakkamudiyiruppu 600 089
Besant Nagar 600 090
Madipakkam 600 091
Virugambakkam 600 092
Saligramam 600 093
Choolaimedu 600 094
Jafferkhanpet 600 095
Perungudi 600 096
Ekkaduthangal 600 097
SIDCO Estate 600 098
Kolathur 600 099
Thrisulam Village 600 100
Anna Nagar West Extn 600 101
Anna Nagar East 600 102
Manali New Town 600 103
Madras High Court 600 104
C-in-C Rd.(Ethiraj Salai) 600 105
Arumbakkam 600 106
Koyambedu 600 107
Broadway 600 108
Rly.Car Shed Avadi 600 109
Ponniamman Medu 600 110
Ayyappanagar 600 111
Choolai 600 112
T.T.T.I.Tharamani 600 113
Pazhavanthangal 600 114
Velachari Rd 600 115
Porur 600 116
Keezhakattalai 600 117
Minjur 601 203
Ponneri 601 204
Pulicat 601 205
Kavarapettai 601 206
Arambakkam RS 601 207
Thirupalai Vanam 601 208
Thirumullaivoyal 601 209
Perumbadu 601 210
Elavur 601 211
Iguvar Palayam 601 212
Jothi Nagar(Minjur) 601 213
Devampattu 601 214
Padappai 601 301
Gowrivakkam 601 302
Old Pallavaram 601 303
Thiruninravur 602 024
Mangadu 602 101
Maduravoil 602 102
West porur 602 104
Nazareth Pettai 602 107 POST FREE
Indian Railways
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STD Codes
Call Taxi
KNOW CHENNAI
-General ..Chennai Discotheques ..Chennai Water Sports ..Chennai Cinema Halls
- History .. Chennai Shopping Malls ..Chennai Entertainment ..Chennai Excursions ..Pulicat
- Dos & Don'ts ..Amusement Parks ..Crocodile Bank ..Mahabalipuram ..Muttukadu
- Important Facts ..Thanjavur
- Must Know- Weather/Climate - Things To Do - Embassies- Tourist Offices - Airports
- Bus Stations - Central Railway Station - Egmore Railway Station
KNOW CHENNAI BY PLACES
West Chennai
- Ambattur - Anna Nagar - Ayanavaram - Kilpauk - Porur - Vadapalani
North Chennai
- Ennore - Perambur - Pozhal - Purasavakkam - Tiruvottiyur - Tondiarpet
South Chennai
- Adyar - KK Nagar - Kotturpuram - Meenambakkam - Mylapore - Saidapet - Tambaram
- Teynampet - Thyagaraya Nagar - Tiruvanmiyur - Velachery
Central Chennai
- Egmore - George Town - Nungambakkam - Royapettah - Triplicane
Around Chennai - Kanchipuram - Tiruvallur
Others ..Chennai Monuments
.. Airport ..Bus Station .. Freemasons Hall
.. Central Railway Station ..Fort St. George
.. Egmore Railway Station ..Kamaraj Memorial House
A big thank you to the author of this site for providing all information regarding Chennai.
ReplyDeletewe wish that you will continue with this effort.
Best Wishes for a prosperous new 2009.
Wonderful blog & good post.Its really helpful for me, awaiting for more new post. Keep Blogging!
ReplyDeleteResidential Villas in Chennai