In real estate, especially in India, the terms built-up area, carpet area, and super built-up area are used to describe different measurements of property sizes. Here's the breakdown of each: Carpet Area: This is the actual usable area within the walls of the property. It includes the area of rooms like bedrooms, living rooms, kitchens, and bathrooms but excludes the walls, balconies, and common...
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Transferring property ownership in India involves a legal process that requires compliance with various formalities, including documentation, payment of applicable taxes, and registration. The process can vary slightly depending on the type of property, the method of transfer (e.g., sale, gift, inheritance), and the parties involved (individuals, corporate entities, etc.). Below is a comprehensive guide...
Property investment for Non-Resident Indians (NRIs) in India comes with specific tax implications, both for income earned from the property (such as rental income) and for the sale of the property (capital gains). These tax rules are governed by Indian tax laws, including the Income Tax Act and guidelines issued by the Reserve Bank of India (RBI) and Foreign Exchange Management Act (FEMA). Below are the...
Repatriating funds from the sale of property in India as a Non-Resident Indian (NRI) involves several steps, and it must be done in compliance with the regulations set by the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA). The process ensures that the money is sent abroad legally and within the specified limits. Below is a step-by-step guide to repatriating the sale proceeds...
Non-Resident Indians (NRIs) are allowed to own property in India, but there are certain restrictions and guidelines they must adhere to. These rules are primarily governed by the Foreign Exchange Management Act (FEMA), as well as guidelines from the Reserve Bank of India (RBI) and other government agencies. Below are the key restrictions on NRI property ownership in India: 1. Types of Property NRIs Can...
Purchasing property in India as a Non-Resident Indian (NRI) is a straightforward process, but there are specific regulations and requirements that NRIs must follow. The process involves several steps, ranging from selecting the property to completing legal formalities. Here's an outline of the process for purchasing property in India as an NRI: 1. Eligibility to Buy Property Types of Property NRIs...
Verifying the credibility of a real estate developer or builder is crucial when buying property in India, as it ensures that you are dealing with a reliable and trustworthy entity. Here are some important steps you can take to verify the credibility of a developer or builder before making a purchase: 1. Check for RERA Registration RERA (Real Estate Regulatory Authority) is a government initiative...
The Occupancy Certificate (OC) is a crucial document in the Indian real estate sector. It is issued by local municipal authorities or the relevant development authority once a building is completed and is ready for occupancy. The OC certifies that the building complies with all building regulations, zoning laws, and safety standards, and is fit for people to live or use the space. Without an OC, a...
Under the Real Estate (Regulation and Development) Act, 2016 (RERA), homebuyers are granted several rights to protect their interests and ensure they are not exploited by developers. At the same time, homebuyers also have certain responsibilities they must adhere to during a property transaction. Here’s a breakdown of the rights and responsibilities of homebuyers under RERA: Rights of Homebuyers...
To check if a real estate project is registered under the Real Estate (Regulation and Development) Act, 2016 (RERA), you can follow these steps: 1. Visit the Official RERA Website Each state in India has its own RERA website where you can search for registered projects. The Central Government has also created a portal to provide a unified search facility, but individual state RERA portals provide...