Helping you Make your investment Decision easy
Property Buyers Guide
If you have decided to buy an apartment in Udupi, for investment or for own use. It’s the biggest investment decision of your life and will take up most of your savings. Therefore, it becomes all the more important to make sure your investment is safe. It would be a good idea to check up on the quality of construction visit completed projects before you go in for a particular project. You need to check up on the reputation of the builders.
This is the first and important criteria you need to consider before buying an apartment. Requirement of home buyers differ from one buyer to another depending on their lifestyle, family size, preference, usage etc. Defining your preference or requirement helps to save time on unyielding and time consuming visits to inappropriate properties.
To judge the value of property, it is based on information of recent sales or purchases of similar properties in that area as well as other factors like type of property, construction quality, location, the local infrastructure available, transport facility are all taken into consideration before the market value is decided.
The price that a property can command in the open market is known as its market value. Stamp duty is based on the market value or the agreement value of the property, whichever is greater.
An deed of sale, with actual possession of the property would be considered as a conclusion of the sale. Usually, the entire amount is paid at the time of handing over possession.
Carpet area : It is the actual usable area of an apartment minus wall thickness. Carpet area is the area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls.
Built-up area : It is the carpet area plus the thickness of outer walls and the balcony.
Super built-up area :It is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc. The plinth area along with a share of all common areas proportionately divided amongst all unit owners makes up the super built-up area.
Before purchasing a property, there are a number of enquiries that need to be done to confirm that the land has a clear and marketable title. The following documents to be checked.
- Land Ownership Documents.
- Conversion Certificate.
- Encumberance Certificate.
- Single Site Approval
- Building License.
- Approved Drawings
- Deed of declaration
- Bank pre-approval letter.
- Fire NOC (if applicable)
Go to the different institutions providing housing loans and ask them to calculate and give you the “net” amount of money you will have to pay over 10-Yrs and the “net” amount of money you will have to pay over 20-Yrs. When we say “net” we mean that the money includes everything, the administration, processing and all other possible fees. Note all the different rates that all the different organizations give. This will give you the best idea about the different rates.
Yes, a non-resident Indian can buy either a residential property or a commercial property in India. Further, there is no limit on the number of residential or commercial properties that an NRI can purchase in India.
Property held by NRIs in India can be sold. No permission is required from the Reserve Bank of India.
Payment for the purchase of property can be made either by way of funds remitted to India from abroad through regular banking channels or through the balance in the NRE, NRO or FCNR Account.
NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account. Subject to changes from time to time.
The Reserve Bank of India allows NRIs to take home loans for buying property in India. You can also take a loan for repairs and renovations of your home.
Yes, in fact experts recommend that you give a PoA to a person resident in India so that he or she may complete formalities such as registration, possession, execution of agreement of sale etc. A PoA can be given to execute all contracts, deeds, mortgages, lease, sell and all matters relating to managing the property. However, at any given time, it would be better to give a specific power of attorney to any person, restricted only to a single action such as only purchase or only for lease. The power of attorney should be executed on a stamp paper or as per the requirement of the country where the PoA is executed. You must then get the PoA attested by any authorized official of the Indian Embassy/Consulate/Trade commissioner in that country.