The Real Estate (Regulation and Development) Act, 2016 (RERA) was introduced by the Government of India to promote transparency, accountability, and efficiency in the real estate sector. The Real Estate Regulatory Authority (RERA) is the apex body responsible for implementing the provisions of this law and ensuring its smooth functioning across the country. RERA has a significant role in regulating the...
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To calculate stamp duty and registration charges for property transactions in India, you need to understand the key factors that influence the rates in your specific state or city. The calculation typically involves the property value, circle rate, and applicable state-specific rates for stamp duty and registration fees. Here’s a step-by-step guide: 1. Stamp Duty Calculation Stamp duty is a...
When buying a property in India, several taxes and fees are involved in the transaction. These charges can vary depending on the location of the property, its value, and other factors. Here's a detailed breakdown of the various taxes and fees you need to be aware of when purchasing a property in India: 1. Stamp Duty What It Is: Stamp duty is a state-level tax levied on the sale and transfer of...
Obtaining a home loan from Indian banks or financial institutions involves several steps, from application to disbursal of funds. Here’s a detailed guide to help you understand the process for securing a home loan in India: 1. Check Your Eligibility Eligibility Criteria: Before applying for a home loan, it is essential to ensure you meet the eligibility requirements of the lender. These typically...
To check if a property has any pending legal issues or disputes in India, you can follow several steps that involve verifying various documents and sources. Here’s a comprehensive guide on how to check for legal disputes related to property in India: 1. Obtain the Encumbrance Certificate (EC) The Encumbrance Certificate (EC) is a crucial document that provides details about any financial...
Property registration in India is a legal process that formalizes the transfer of property ownership. To register a property, certain documents must be submitted to the local sub-registrar office. The documents required for property registration depend on whether you are buying, selling, or transferring property. Below is a comprehensive list of documents required for property registration in India: 1....
In India, the type of land ownership title a property holds is crucial for determining the rights of the owner and the legal status of the land. There are primarily three types of land ownership titles recognized in India: Freehold, Leasehold, and Conveyance. Each type of title has specific characteristics that dictate the rights and responsibilities of the property owner. Let's go over these types in...
Verifying the legality of a property’s title is one of the most important steps when buying a property in India. Ensuring that the property has a clear and legal title can help you avoid future legal disputes and financial losses. Here’s a detailed process on how to verify the legality of a property’s title in India: 1. Check the Title Deed The Title Deed (also called the Sale Deed) is the...
Yes, the Indian government offers several initiatives and schemes aimed at helping homebuyers, especially first-time buyers, to purchase properties. These schemes provide financial assistance, subsidies, and tax benefits to make homeownership more accessible and affordable. Some of the key government initiatives for homebuyers in India include: 1. Pradhan Mantri Awas Yojana (PMAY) The Pradhan Mantri...
Negotiating the best price for a property in India, or anywhere, requires preparation, research, and tact. Whether you're buying a home for personal use or as an investment, here are strategies to help you negotiate the best price: 1. Do Thorough Market Research Study Property Prices: Understand the local real estate market and check the prices of similar properties in the area. This will give you...