FAQ (Frequently Asked Questions)

This is the area of the apartment excluding the thickness of the walls. In simpler words, if a carpet had to be laid the area that the carpet would cover

This is the carpet area of the flat together with the area of the space occupied by the walls. The thickness of the walls would also be included.

This includes the built up area of the flat together with the area under common spaces such as the lobby, lifts, stairs, open space around the building etc.

FSI - means Floor Space Index - this is the ration between the total plot area to the total built- up area of the building.

Flats would be provided with open to sky area with access from within the flat. This is called private terrace and can be used only by the occupants of that particular flat.

Common area would include areas covered by stairs, lobbies, lifts, open space around the building, the terrace of the building etc.,

The proposed building set in the form of a drawing has to be submitted for sanction by the appropriate authorities. Once the sanction is obtained, it is called the approved building plan.

The city development authorities - for eq. The Chennai Metropolitan Development Authority CMDA is the appropriate authority for building sanctions in Chennai. This is a decentralized activity - the various panchayat union and municipal unions can accord sanction on behalf of the CMDA in respect of property located within their jurisdiction.

The universal rule is that the purchaser has to bear all expenses regarding registration. However if the seller and buyer mutually agree otherwise, then the seller would have to bear the expenses.

The non-judicial stamp papers are required to be purchased in the name of either the purchaser or seller. Generally it is bought in the name of the purchaser since he bears the expenses of registration.

The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the guideline value of the property. This is also available on the internet.

A property of which its owner is the absolute and full owner without any limitations to ownership is called a free hold title to the property.

Regarding authenticity of documents, again, you have to take the help of an advocate to verify.

• Approved plan of the building along with the number of floors.
• Ensure that the floor that you are buying is approved.
• Check if the builder has the right to put up structure over the land-Either as owner or as a contractor.
• If so, check the title of the land ownership with the help of an advocate.
• Check that the builder is building without any violation of front setback, side setbacks, height, etc.
• Check specifications given in the agreement to sell.
• Check the reputation of the builder.
• Ensure that urban land ceiling NOC (if applicable) has been obtained or not.
• Check for the Works and Planning permit.

There is restriction on transfer of immovable property under Section 269UC of the Income Tax act.

Under Section 88 of the income tax you can claim benefit for the principle repayment, interest on loan is deductible u/s 24 from income from House Property.