What are the charges to be paid while gifting property?
A gift deed must be made by an approved lawyer when a gift of property is made. It is also important to pay stamp duty on the market value of the land, along with the necessary registration charges.
Can PIO(s) or NRI(s) acquire or dispose of immovable property by way of gift?
Yes. The Reserve Bank has granted permission to non-resident Indians and foreign citizens of Indian origin to acquire or dispose of immovable properties other than agricultural land/plantation property/farmhouse by way of gift from or to an Indian citizen, NRI or PIO.
Can such property be sold without the permission of the Reserve Bank?
Yeah. Yes. The Reserve Bank grants general authorization to sell such securities. However when the property is purchased by another foreign person of Indian descent, funds for the purchase should be either transferred to India or paid out of balances in non-resident accounts kept with banks in India.
Can NRI's/PIO's rent out the properties (residential/commercial) if they do not require it for immediate use?
No. NRI(s) and POI(s) do not require permission to acquire any immovable property other than agricultural land/plantation property or a farmhouse in India.
Who Can Purchase Immovable Property in India?
The general permit protects only residential and commercial property transactions for the following categories:
Indian Non-Resident (NRI) - Indian person living outside India
Indian Person (PIO) - An individual (not a citizen of Pakistan / Bangladesh / Sri Lanka / Afghanistan / China / Iran / Nepal / Bhutan) who by virtue of the Constitution of India, holds an Indian passport at any time, or whose father or grandfather is a citizen of India.
Who is a Non-Resident Indian (NRI)?
A non-resident is an Indian citizen who lives abroad for jobs/carrying on business outside India or stays abroad under conditions that signify the intention to remain abroad for an uncertain period of time. (People posted on temporary assignments by U.N. organisations and officials deputed abroad by central/state governments and public sector undertakings are often regarded as non-residents).
What is meant by the valuation of property?
The appraisal process is carried out in order to determine a property's market value. Before a property's market value is determined, considerations such as the type of property, its location, the local infrastructure available, the quality of construction, maintenance, along with the demand and supply forces operating on the market are all considered.
What is the Stamp Duty?
Stamp Duty is the tax paid during the sale or transfer of the property on the property records. Stamp duty is measured on the basis of the market value or the value of the property under the arrangement, whichever is greater.
What does the term 'Freehold Property' mean?
If the ownership rights are passed to the buyer for a certain price for a piece of land, that property is referred to as Freehold Property. In the case of freehold land, there are no annual lease charges and it can be declared and/or sold as part(s).
What does 'Leasehold Property' mean?
The property is classified as Leasehold Property if a piece of property is granted or 'leased' to a person (referred to as the 'Lessee') for a defined period of time by the owner of the property (referred to as the 'Lessor'). The sum to be paid as lease premium and annual lease of the property shall be set by the Lessor. The land's property rights remain with the Lessor. The transfer of property is subject to the owner's permission.
How are the maintenance charges of a property calculated?
Legally, a property's maintenance charges are measured on the basis of the actual area owned by the person.
What is the difference between carpet area and built-up area?
The area of a residential or commercial space that excludes the area covered by the exterior walls, the exclusive balcony or veranda area and the open terrace area, but includes the area covered by the apartment's internal partition walls, is referred to as the Carpet Area. When the area of the walls is computed along with the carpet area, including the patio, veranda, open terrace area or area under service shafts, it is known as the built-up area.
What is a down payment?
Banking financial institutions typically pay about 75 to 85 percent of the cost of the purchased land. The remaining sum, which is widely known as the down payment, is paid up front.
How soon would I receive a call from Mega Realty after placing my requirement?
On the same day you put your enquiry with us you will receive a call back from us. In rare situations, within 24 hours, we can meet you.
How can I book a property through Mega Realty Landbase?
You need to take the following steps to purchase a property through Mega Realty:
Check out our www.megarealty.co.in website and choose the property that fits your requirements.
Drop an enquiry for the same via the website and you will be reached by our sales representative.
With our property experts, visit the chosen property and make your decision. Book the property with any payment plan-Our property experts handle all the legal paperwork and manage the builder's documentation work.
In which cities do you offer your services?
Our services are currently available in Gurgaon and Delhi. In the near future, we expect to expand into Dubai, Mumbai and Bangalore.
Why should I choose Mega Realty?
Mega Realty, founded in 2011, has operated and has approx, 5200 satisfied customers. Mega Realty works with some of the biggest real estate developers with an emphasis on prime and upmarket commercial and residential properties and assists people with reputed brands in securing their investments. Whether it's an investor looking for yield generating assets or home buyers, after carefully weighing every factor, a team of our committed property experts help with positive inputs and the right solution.
