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REAL ESTATE FAQS

You can use this guide to familiarize yourself with rules, laws and other important information relating to your property.

WHAT IS CARPET AREA?

As per Real Estate (Regulation and Development) Act, 2016, “Carpet Area” means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.

  • Why is it considered necessary to register Agreement for Sale?
  • What is the purpose of registration?
  • 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?

BUYING TIPS

The first step towards buying a property starts from being able to identify the one that suits your needs and fits your budget. With best rates and best quality homes, Shoolin Group offers you a perfect home. However, it is important to select the property depending on the following criteria:

PARAMETER
QUESTIONS
Location of Project
Where is the Project located?
RERA Registration
In case of new and ongoing projects, whether the project has obtained RERA registration
Title
All buyers should examine the Developer’s title to the land on which the Project is being constructed.
Approvals
Whether all approvals are in place with respect to the Project
Residential / Commercial
Whether the Project is a residential or commercial, or comprises of both?
Amenities
What are the amenities that the Developer is offering in the Project?
Under construction/ completed Project
Whether the Project is an under construction or a ready possession Project?
Encumbrances / Litigation
Whether there are any encumbrances/ litigation with respect to land on which the Project is being constructed?
Connectivity from the location of the Project
How far is your office from the desired location? Where is the nearest market, school? Are buses/trains easily available from the location? Are Hospital/ Medical services available easily from the location?

FLAT/APARTMENT/UNIT

Carpet Area, Type of Flat/Apartment/Units
What is the Carpet Area of the Flat/ Apartment/Unit? What are the types of Flats/ Apartments/Units available in the Project?
Payment Plans/ Schemes
What is the Payment Plan for the sale consideration towards the Flat/Apartment/Unit? What are payment schemes
Affordability
offered by the Developer? Which banks are associated with the Project?
Possession Date
Does the Flat/Apartment/Unit fit in your budget?
Availability of water and electricity
In case of ongoing/ new projects, when will the possession of the Flat/Apartment/Unit be given by the Developer?
Society expenses
Is there a steady supply of both?
Security
Is the monthly outgo on the society and maintenance a strain on your budget?
Parking
Are the security systems in place like a professional guard or electronic systems?
Is parking facility available in the Project?

IN CASE OF A READY/RESALE PROPERTY, YOU NEED TO BEAR THE FOLLOWING ADDITIONAL POINTS IN MIND WHILE SELECTING A PROPERTY

Chain of title
It is important to have all the proper registered documents from the proposed seller that declares his ownership. These documents are important for you to garner a loan from the bank.
Maintenance
Check the internal as well as the external condition of the building.
Water leakages
A flat with water leakages should be repaired as it can adversely impact the overall condition of the building.
Condition of the flat/apartment/unit
Is the paint peeling off or concrete crumbling?
Occupation Certificate
Whether the building/tower in which the flat/apartment/unit is located has received occupancy certificate.
Society transfer charges
What are to society transfer charges, in case they are too high then you need to consider that in your budget.

DISCLAIMER

These Frequently Asked Questions (FAQs) / material have been published for general information purpose only. You are advised to take specific legal/financial/tax advice on the above mentioned matters. The terms and conditions for the purchase of the apartment/unit/plot shall be as specified in the final agreement for sale executed between the buyer/consumer and the real estate developer. The FAQs discussed/provided herein are subject to amendments by the appropriate Government from time to time and interpretation by the Courts and concerned authorities. We including our subsidiaries/affiliates/employees do not claim any expertise in advice on the same. We including our subsidiaries/affiliates/employees shall not be responsible for any reliance placed on the materials contained herein.