Q 1  What is meant by Carpet Area, Built-Up Area & Super Built-Up Area?

Commercial premises throughout India are measured on three different bases as follows :

Carpet Area
This is a total internal area of a premises measured from the internal walls. This would broadly equate to a standard BOMA net lettable area calculation.

Built Up Area
This is the total area of the premises measured from the external perimeter wall surfaces and incorporates an allocation of common areas on the same floor excluding lift, core and fire stairs (this is usually 20% - 25% larger than carpet-area).

Super Built Up
This incorporates built up area but also includes a proportional allocation of all common areas including stairs, lift cores, ground floor lobby, and caretakers office/flat etc. throughout the entire building and therefore usually represents an increase of 35% to 40% over and above carpet area. The convention is for all premises to be leased relative to their Built up area. However, as values have risen, some developers are now equating lettable area in Super Built up terms to reduce the effective rate per ft2. As such, prospective tenants need to carefully verify which measurement standard is being utilized.

 

Q 2  What is the list of documents to verify before booking a property?

  1. Confirm the approved plans from the appropriate authority are in place.
  2. Check that all other permissions from various authorities are in place. E.g. Utility Companies, Environment clearance, Airport Authority, etc.
  3. Confirm that the Land title is clear and there is no disputes/litigation (Title Certificate).
  4. Confirm Builder has the Intimation of Disapproval (IOD) and commencement Certificate (CC) to start construction.
  5. Have the agreement evaluated by an Advocate. Check possession date promised and provide for penalty if Builder does not deliver as agreed.
  6. Check and negotiate the payment schedule.
  7. Do not book in Pre-launch without executing and registering the agreement. In Maharashtra, it is mandatory for Builder to do both at inception stage itself.

 

Q 3  What is the list of documents to verify at the time of registering a property?

  1.  Approved plans
  2. Title Certificate from Advocate of current date
  3. Copy of IOD/Commencement Certificate
  4. Stamp duty paid receipt
  5. Demand Draft for payment of Registration fees.
  6. Property Card showing CTS No. of plot
  7. PAN cards of Sellers and Buyers

 

Q 4  What all documents should you have at the time of possession?

  1. All original chain of agreements form part of the title documents and must be obtained by the buyer.
  2. Do remember to obtain the original registration receipts and the original stamp duty receipts.
  3. A letter of possession duly witnessed by two witnesses confirming the physical handover of the premises.
  4. In case of a Society, the original share certificate together with all transfer forms duly executed.
  5. Proof of payment of all dues such as maintenance, electricity, phone, water, property taxes upto the date of handing over possession.
  6. A limited power of attorney from the Seller(s) authorizing the buyer(s) to sign all documents and applications etc. pertaining to the said premises.
  7. An NOC from the Society or other body confirming that they have no objection to the transfer.

 

Q 5  Who can buy property in India other than resident Indian?

General Permission is available to purchase only a residential / commercial property in India to a person resident outside India who is a citizen of India (NRI) or who is a person of Indian origin (PIO).

 

Q 6  Who is NRI?

For the purpose of acquisition and transfer of immovable property in India, a PIO means an individual (not being a citizen of Pakistan or Bangaladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who (i) at any time, held Indian passport, or (ii) who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).

 

Q 7  Can foreign citizens of Indian origin acquire commercial properties in India?

Yes. Under the general permission granted by Reserve Bank properties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in from IPI 7 within period of 90 days from the date of purchase of the property/final payment of purchase consideration

 

Q 8  Do foreign citizens of Indian origin require permission of Reserve Bank to purchase immovable property in  India for their residential use?

Yes. However, Reserve Bank has granted general permission to foreign citizens of Indian origin whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose.

They are therefore, not required to obtain separate permission of Reserve Bank.

Purchase of Immovable Property in India by Foreign Citizens of Non-Indian origin/Foreign Companies

Foreign citizens of Non-Indian origin (whether resident in India or not) and foreign companies including trusts, societies and associations incorporated/ registered abroad will be permitted by Reserve Bank, on application, to acquire immovable property in India, provided the following conditions are satisfied.

The property to be purchased is for residential use only.

The consideration for purchase of the property is met out of foreign exchange remitted from abroad in any convertible currency through normal banking channels

Income accruing by way of rent from the property purchased, or the sale proceeds of such property/income arising out of investment of such sale proceeds at any future date shall be credited only to the Ordinary Non-resident Rupee (NRO) account of the non-resident purchaser.

Applications for necessary permission for purchase of immovable property in India should be made in form IPI 1 together with the documents indicated therein to the Chief General Manager, Exchange Control Department, (Foreign Investment Division-III), Reserve Bank of India, Central Office, Mumbai.

 

Q 9  What is the checklist for NRI home loan In India

Being an NRI, you can avail home loans in India? The RBI norms have made the home loan process and tax deductions simple in order to increase more investments in India.

The process to avail a home loan is simpler these days. It requires the applicant (NRI) to produce certain documents, proofs and meet the eligibility criteria.

       Home Loan Eligibility

  • The minimum age to avail a loan is 21 years
  • NRI looking for a home loan should be a graduate
  • He/She should have a stable job and should have a minimum income of US $2000 (Rs 1,21,210)
  • His/Her EMI (Equated Monthly Installments) cheques have to be routed through his/her Non-Resident External (NRE) or Non-Resident Ordinary (NRO) Account. A savings account in India cannot be used.
  • Assets, liabilities and number of dependents are also taken into consideration.
  • An NRI can avail a loan ranging between Rs 5 lakhs to a crore depending on the cost of the property and his repayment ability. This requirement may vary as per the home loan institution. A maximum amount of 85% of the construction cost and 75 per cent in case of a plot can be availed as a loan amount.
  • The tenure for loan repayment will differ as per the loan amount.
  • Tax Rebate: You can claim a tax rebate of Rs 1.5 lakhs on the income or rent amount and another Rs 1 lakh on principal amount of the loan.

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