Real Estate FAQs

Buying a home is a big decision, and not without it’s share
of doubts and questions. Our FAQs attempt to make it
easier for you.

What is the difference between built-up area, super built-up area and carpet area?

Built-Up Area:

It is the area of an apartment that includes carpet area and the area covered by walls.

Super Built-Up Area:

It comprises of the built-up area along with the areas such as the lobby, lifts, stairs etc. Therefore, it is only applicable for multi-dwelling units such as flat complexes.

Carpet Area:

It is the area of an apartment that does not include the thickness of outer walls and the balcony, that is, the area of an apartment that a carpet covers.

What is the difference between the Lease agreement and the Leave and Licensed agreement?

Lease and leave and license are the two types of contractual relationships that can exist between the owner of the property and the person who desires to use that property for residential or commercial use.

Under Section 105 of The Transfer of Property Act, 1882: A Lease is an implied transfer of right to enjoy such property in consideration of a price, to be rendered periodically to the transferor by the transferee, who accepts the transfer on such terms. A lease may be made for a pre-defined time period or in perpetuity.

Under Section 52 of the Indian Easements Act, 1882: A license is defined as a specific right to a person or a certain number of other persons to do, or continue to do, in or upon the immovable property of the grantor, something which would, in absence of such right be unlawful and where such right does not amount to an easement or an interest in property.

So, the difference between the two is that the lease allows lessee to enjoy interest in the property and license does not allow licensee any interest in the property. It merely gives the licensee the right to use and occupy the premises for a limited duration.

What are the implications of entering into a lease agreement?

The implications of entering into a lease agreement include paying for the stamp duty, registration of the lease agreement and various other relevant things.

Does a foreign citizen of non-Indian origin require permission from the Reserve Bank of India (RBI) for acquisition of immovable property?

Yes, the foreign citizen requires permission from RBI. It mostly grants permission, if the consideration is paid in the form of foreign exchange and the property is bought for residential use.

Why is it considered necessary to register a property? What is the purpose of registration?

On registration of the transaction of a property, it permanently becomes a public record. Also, the deed must be registered to acquire the Title or interest.

I have a flat which I want to sell and buy a new flat bigger in area.
What are my tax implications with regard to capital gains?

You can avoid paying any capital gains tax by purchasing a new flat within two years of the sale of original flat and investing your entire capital gained in the new flat.

With reference to the Bombay Rent Act, is there a prescribed percentage of tenants willing to form a society?

If 22 tenants out of 32 tenants (i.e., 70% of them) are willing, then they can form a co-operative housing society.

Are there any new provisions in the new Rent Act on willingness to form a society?

There are no new provisions in the Act with respect to the prescribed percentage of tenants willing to form a co-operating housing society.

Who does a group of tenants of an old building approach to be able to form a society without the concerned landlord’s permission?

The tenants can approach the Registrar of Co-Operative Societies to form a society by filing the relevant documents.

In case a tenant is not protected by the Rent Act, what is the procedure to ask him to vacate and what is the notice period that is required to be given?

You can send a notice to the tenant, failing which you may file a court case against that tenant. It takes about 10 to 20 years to get a verdict from the court.

With reference to the Bombay Rent Act, can tenants of an old building that was repaired by all the tenants in the year 1995-96 form a co‑operative Housing Society without the landlord’s permission?

Yes. The tenants of an old building that was repaired by them in 1995-96 can form a society without the landlord’s permission.

How is the market rent determined?

There is no specific norm to determine the market rent rate. However, you can approach individuals such as brokers, landlord, registration authority, etc. to find out the rent rate.

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Frequently
asked questions

What is the difference between built-up area, super built-up area and carpet area?

Built-Up Area:

It is the area of an apartment that includes carpet area and the area covered by walls.

Super Built-Up Area:

It comprises of the built-up area along with the areas such as the lobby, lifts, stairs etc. Therefore, it is only applicable for multi-dwelling units such as flat complexes.

Carpet Area:

It is the area of an apartment that does not include the thickness of outer walls and the balcony, that is, the area of an apartment that a carpet covers.

What is the difference between the Lease agreement and the Leave and Licensed agreement?

Lease and leave and license are the two types of contractual relationships that can exist between the owner of the property and the person who desires to use that property for residential or commercial use.

Under Section 105 of The Transfer of Property Act, 1882: A Lease is an implied transfer of right to enjoy such property in consideration of a price, to be rendered periodically to the transferor by the transferee, who accepts the transfer on such terms. A lease may be made for a pre-defined time period or in perpetuity.

Under Section 52 of the Indian Easements Act, 1882: A license is defined as a specific right to a person or a certain number of other persons to do, or continue to do, in or upon the immovable property of the grantor, something which would, in absence of such right be unlawful and where such right does not amount to an easement or an interest in property.

So, the difference between the two is that the lease allows lessee to enjoy interest in the property and license does not allow licensee any interest in the property. It merely gives the licensee the right to use and occupy the premises for a limited duration.

What are the implications of entering into a lease agreement?

The implications of entering into a lease agreement include paying for the stamp duty, registration of the lease agreement and various other relevant things.

Does a foreign citizen of non-Indian origin require permission from the Reserve Bank of India (RBI) for acquisition of immovable property?

Yes, the foreign citizen requires permission from RBI. It mostly grants permission, if the consideration is paid in the form of foreign exchange and the property is bought for residential use.

Why is it considered necessary to register a property? What is the purpose of registration?

On registration of the transaction of a property, it permanently becomes a public record. Also, the deed must be registered to acquire the Title or interest.

I have a flat which I want to sell and buy a new flat bigger in area. What are my tax implications with regard to capital gains?

You can avoid paying any capital gains tax by purchasing a new flat within two years of the sale of original flat and investing your entire capital gained in the new flat.

With reference to the Bombay Rent Act, is there a prescribed percentage of tenants willing to form a society?

If 22 tenants out of 32 tenants (i.e., 70% of them) are willing, then they can form a co-operative housing society.

Are there any new provisions in the new Rent Act on willingness to form a society?

There are no new provisions in the Act with respect to the prescribed percentage of tenants willing to form a co-operating housing society.

Who does a group of tenants of an old building approach to be able to form a society without the concerned landlord’s permission?

The tenants can approach the Registrar of Co-Operative Societies to form a society by filing the relevant documents.

In case a tenant is not protected by the Rent Act, what is the procedure to ask him to vacate and what is the notice period that is required to be given?

You can send a notice to the tenant, failing which you may file a court case against that tenant. It takes about 10 to 20 years to get a verdict from the court.

With reference to the Bombay Rent Act, can tenants of an old building that was repaired by all the tenants in the year 1995-96 form a co-operative Housing Society without the landlord’s permission?

Yes. The tenants of an old building that was repaired by them in 1995-96 can form a society without the landlord’s permission.

How is the market rent determined?

There is no specific norm to determine the market rent rate. However, you can approach individuals such as brokers, landlord, registration authority, etc. to find out the rent rate.

Back

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back to you soon.

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Book a site visit

Please enter a valid name.

Please enter a valid phone number.

Please select a project you’re interested in.

Joyville Howrah

Joyville Hinjewadi

Joyville Virar

Joyville Gurugram

Comments

Book now

Cheers

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and will get in touch with you
soon.

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We’re facing an issue in catering to you request. Please try again after some time.

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