| 1. What should a buyer keep in mind while buying a residential flat?
Some of the factors to consider while purchasing a flat are :
a. Locality i.e. transport, schools, hospitals, market, business district, entertainment centres, hotels, restaurants, pollution levels.
b. Quoted area of the flat i.e. Carpet, Built Up Area and super Built Up Area.
c. Car parking space.
d. Quality of construction.
e. Reputation of the builder or seller.
f. Sufficient water and electric supply, other utilities.
g. Cost components : price, stamp duty, registration charges, transfer fees, monthly outgoings and society charges, costs of utilities.
h. Potential for resale or renting out of the property.
i. Any other distinguishing features or advantages of the property.
2. Checklist for buying a residential property?
a. Market Trends about prevalent rates of property in the vicinity and last known transactions.
b. Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable.
c. Check for approved layout plan and approved building plan with number of floors.
d. Clearance from Municipality, Electricity, Water, Pollution, Lift authorities.
e. Check the building bye - laws in that area to verify any issue with setback, side setback, height, etc.
f. Confirm transfer fees, stamp duty and registration charges to be paid on purchase of the property as well as outgoings to be paid for the property i.e. property tax, water and electricity charges, society charges, maintenance charges.
3. Do NRI's require permission of Reserve Bank to acquire immovable property in India?
No. NRI's do not require any permission to acquire any immovable property in India other than agricultural/plantation property or a farm house. Refer to the table below for a comprehensive list of transactions possible.
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