About Buying FAQs
At Buildstone, we recognize that there may be things that you are unsure of in relation to buying a property. We aim, therefore, to provide you with all the information which you will find useful through a set of Q&A You will appreciate that these answers cover only a few of the possible questions you may have, so please contact us if you have any further questions.
The difference between a leasehold property and a freehold
property lies in its ownership. In a leasehold property, the
ownership remains with the concerned local authority or the
government (as the case may be). The lease period varies
typically between 30 to 99 years. But this does not prevent the
individual owner from selling or perform other transactions with
the property, provided the lease deed is registered.
In case of a freehold property, the owner of the
property is the legal owner and can sell/lease/rent the property
as per his/her wish.
- Sale Deed
- Title Deed
- Approved Building plans
- Completion Certificate (Newly Constructed)
- Commencement Certificate (Under-construction property)
- Conversion Certificate (If agricultural land is covered to non-agricultural)
- Khata Certificate (especially in Bangalore)
- Encumbrance Certificate
- Latest Tax Receipts
- Occupancy Certificate
Clear and marketable Title, Sale Deed, Encumbrance Certificate, latest tax receipts, Occupancy Certificate, Building Plan Approvals and Possession Certificate.
- Projects approvals can be verified from the corporation or the sanctioning authority's office
- Ownership documents can be confirmed from the Sub Registrar's office where they are registered
- Share certificate related to societies can be verified from the concerned Society itself
Stamp Duty is the tax paid for the legal recognition of property. It is paid by the home buyers.
The buyer needs to pay the following taxes:
- TDS or tax deduction at source on amount exceeding Rs 50 lakhs for the purchase of property excluding agricultural land. The TDS applicable rates differ depending upon the seller’s resident status.
- Stamp duty
- GST - Applicable if the property is being purchased from the builder who conceived and constructed the project before offering possession to the buyer. If a `ready to move in' property is purchased from the seller, GST is not applicable.
It refers to the registering of documents relating to transfer, sale, lease or any other form of disposal of an immovable property. Registration is compulsory by law for all properties under Section 17 of Indian Registrations Act, 1908. Once a property is registered lawfully, it means that the person in whose favor the property is registered, is the lawful owner of the premises and is fully responsible for it in all respects.
Registration of a property includes necessary stamping and paying of registration charges for a sale deed and getting it recorded at the sub-registrar's office of the concerned jurisdictional area. If a property is purchased from a developer directly, getting it registered amounts to act of legal conveyance. In case the purchased property is a second or third transaction, it involves a duly stamped and registered transfer deed. Nowadays, property registration process is computerized in most states.
Sale Deed, No Objection Certificate (NOC) from builder/society, NOC from banks, Building Plan approvals, Completion Certificate, PAN Card and Photographs.
Yes, you can execute Special Power Of Attorney to get your property registered by someone else.
- Original copies of the chain of title agreements and Building Plan approvals
- Original registration and stamp duty receipts
- Possession Letter
- Original share certificate (In case of societies)
- Proof of payment of all dues like maintenance charges, electricity bills, phone, water and property taxes up to the date of handing possession
- NOC from the Society or other concerned body confirming no objection to the transfer