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Residential

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

Carpet area is the area which can be covered by a carpet and is the wall to wall distance which makes for the net usable floor area of the house.

The built-up area is the area which is the sum of the carpet area and thickness of the walls of the housing unit.

Super  built up area is the area which is the sum of the built up area and the space occupied by common areas like lobby, staircase, elevator etc.

How is the maintenance charge calculated?

Maintenance charges primarily includes charges towards upkeep and maintenance of common areas and facilities, security services etc.

General

What is the meaning of market value of a property?

Market value of a property is an opinion of what the property would sell for in a competitive market based on the features and benefits of the property.

Are there any benefits in converting a leasehold property to a freehold one?

There are several benefits if you convert a leasehold property to a freehold one. You become a full fledged owner by getting the sale deed and having it registered. Also a freehold property has better marketability and can be sold, mortgaged or kept for a standing security which is not possible in the case of a leasehold property.

What is meant by valuation of a property?

The value of a house is determined by examining the prices of other similar houses in the neighbourhood. This method is most commonly used in the case of residential properties. The buyer collects relevant data for compatible properties.  Assets with similar characteristics like size, location, conditions, building regulations, neighbourhood and utility identified. Transaction characteristics like transaction date, means of payment and processing speed are considered.

What is the difference between a leasehold property and a freehold property?

Leasehold is the method of owning a property ( usually a flat) for a fixed term but not the land on which it stands.

Freehold is the method of owning the property and also the land on which it stands.

What constitutes the conclusion of the sale of a property?

An agreement of sale, along with actual possession of the property will be considered as a conclusion of the sale of the property. Usually, the full amount will be paid at the time of handing over the possession.

How is the stamp duty of property decided?

Stamp duty charges are calculated as a percentage of the total market value of the property. The older the building is the lesser the stamp duty will be charged whereas new buildings attract a high charge.

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