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

The Registration Act, 1908, the Transfer of Property Act, 1882 and the Real Estate (Regulation and Development) Act, 2016 mandates the registration of an agreement for sale of an immovable property. By registering the agreement for sale of an immovable property, it becomes a permanent public record. Further, a person is considered as the legal owner of an immovable property only after he gets such property registered in his name

Capital Gains are exempt if a person purchases a new flat within two years of the date of sale of the original flat and invests the entire amount of capital gained into the new flat. However, the same is subject to the provisions of the Income Tax Act, 1961. Customers are requested to consult his/her Chartered Accountant in this regard.

The first course of action should always be to issue a letter in writing to the builder stating your grievance. Ensure that all assurances by the builder of giving you possession on such and such date are given to you in writing on the letterhead and under the seal of the builder. If it appears that the builder will not be giving you possession in an acceptable time period then you may approach CREDIA for mediation.

CREDAI regularly mediates disputes between buyers and its member builders and developers. A complaint can be lodged with CREDAI online at their online portal http://www.credai.org/. Since CREDAI has several regional chapters it would be best to file your complaint with the relevant CREDAI chapter. For example, a dispute over real estate being developed in the National Capital Territory should be referred to the CREDAI NCR chapter which can be found online at http://www.credaincr.org/. Filing the complaint online is a simple enough process and replies are prompt.

Stamp Duty is the tax paid for the legal recognition of property. It is paid by the home buyers. You can claim tax incentives of up to Rs 1.5 lakh on stamp duty and registration charges on a new property purchase or construction of a house. However, these benefits are available for only one self-occupied property.

Pradhan Mantri Awas Yojana (Urban), PMAY this scheme is primarily aimed at providing housing for all. Therefore, understandably, all those who already own a home or any of their family members own a home, are kept out of the benefits of PMAY.

The list of documents required to apply for a housing loan is as follows:

Completed Home Loan Application Form

Passport-size Photographs

Proof of Identification like PAN Card

Passport

Aadhar Card

Proof of Age: (Any one of the below)

Aadhar Card

Passport

Bank Passbook

Driving License

Proof of Residence:

Bank Passbook

Voter’s ID

Ration Card

Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill)

Income Documents:

For Salaried Individuals:

Form 16

Certified letter from Employer

Pay slip of last 2 months

Other investment proofs (like fixed deposits, shares, etc.) and his/her passport-size photographs.

Self Employed:

Income Tax Returns (ITR) of the last 3 years

Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a C.A.)

Business License Details (or any other equivalent document)

Registration Certificate of Establishment

Proof of Business Address

Property Documents:

NOC from Society/Builder

A detailed estimate of the cost of construction of the house

Registered Sale Deed, Allotment Letter or Stamped Agreement of Sale with the Builder (original document)

Occupancy Certificate (in case of ready-to-move-in properties)

Property Tax Receipts, Maintenance Bills and Electricity Bills

Payment receipt or bank account statements showing payments made to the Builder or Seller

Apply for a home loan once you have finalized the property to be purchased or constructed. Make sure you do the research about the type of loan you need and follow the checklist:- How much deposit do you have? What are the processing charges for the loan? What is the interest rate What's the best type of loan for you

Mortgage is a financing option in exchange of title for debtor's property, with the condition that if the person defaults on the loan then the mortgaged property will be taken over by foreclosure and upon payment of the debt, the conveyance of title becomes void.