1. What is the difference between Built-Up Area, Super Built-Up Area, and Carpet Area ?

Carpet Area: This is the area of the apartment that does not include the area of the walls i.e. the area of the apartment that a carpet can cover.

Built-Up Area: This is the area of the apartment that includes the area covered by the walls. Super Built-Up Area: This includes the built-up areas such as the lobby, lifts, stairs etc. This term is therefore only applicable for multi-dwelling units, such as flat complexes.

2. What are the documents that should be verified before buying a residential / commercial unit ?

Ownership documents of land owner including title certificate. Development Agreement, if the developer is not the owner and has acquired the development rights. Intimation of Disapproval (IOD) and the building plan/s approved by competent authority. Commencement Certificate. Other permissions issued by the competent authority depending on the nature of plot/type of development.

If the construction is completed then Occupancy Certificate or Building Completion Certificate. Draft of Agreement for Sale and brochure for specifications, layout and amenities in the flat/complex/layout.

3. What documents are required to be executed if the intended purchaser wishes to proceed for purchase of premises ?

The Developer shall execute an Agreement for Sale as per the provisions of The Maharashtra Ownership Flats (Regulation of the Promotion, Construction, Sale, Management and Transfer) Act, 1963 ("the MOFA").

4. What is the procedure for execution of the Agreement for Sale ?

The procedure involved is three-fold:

Firstly, the payment of adequate stamp duty on the Agreement for Sale Secondly, Execution of the Agreement for Sale by the Developer/Promoter and the Purchaser and; Thirdly, Registration of Agreement for Sale.

We shall deal with the above aspect in detail as under:

  • Stamp Duty
  • Unless there is an agreement to the contrary, the stamp duty shall be borne and paid by the Purchaser as per Section 30 of the Maharashtra Stamp Act, 2013.
  • per prevailing laws, the stamp duty to be paid on the Agreement for Sale shall be an amount equivalent to 5% on the market value of the unit as per prevalent ready reckoner rates.
  • Market value means the price at which a unit could be bought in the open market on the date of execution of such instrument. This price is determined on the basis of the ready reckoner issued each year.
  • The Mode of payment of stamp duty is E-Payment through GRAS (Govt. Receipt Accounting System)
  • Execution
  • After the payment of stamp duty on the Agreement for Sale, the same shall be duly executed by all the parties, i.e. the Developer/Promoter and the Purchaser/s. All the pages of the document should be signed by all the parties. The Agreement should be witnessed by at least two witnesses giving their full names, signatures, and addresses
  • Registration
  • The duly stamped and executed Agreement for Sale should be presented at the office of the concerned Sub-Registrar of Assurances for registration within 4 (four) months from the date of execution of Agreement for Sale.
  • In case of delay in presenting within the stipulated four months from the date of execution of Agreement for Sale citing unavoidable circumstances by the Parties, the Registrar may condone the delay after collecting penalty under section 25 of the Indian Registration Act, 1908; provided the delay in presentation of the executed Agreement for Sale does not exceed 4 (four) months from the date of expiration of the aforesaid stipulated 4 (four) months (i.e. does not exceed 8 (eight) months from the date of execution of the Agreement for Sale).
  • Registration of the Agreement for Sale is compulsory as per Section 17 of Indian Registration Act, 1908.
  • The registration fees shall be an amount being 1% of the market value of the unit, subject to maximum of Rs.30,000/-.
  • The material contained in this section is for general information only and is not intended to be an advice on any particular matter. The reader should seek appropriate professional advice before acting on the basis of any information contained herein.
5. Do non-resident Indian citizens/ foreign citizens of Indian origin require permission of Reserve Bank to acquire residential property in India ?

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 permission of Reserve Bank.

6. In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of Indian origin under the general permission ?

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.

7. Are there any formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission ?

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration alongwith a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.

8. Can such property be sold without the permission of Reserve Bank ?

Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.

9. Can sale proceeds of such property if and when sold be remitted out of India ?

In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property.

10.  Are any conditions required to be fulfilled if repatriation of sale proceeds is desired ?

Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final installment of consideration amount, whichever is later.

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