Frequently Asked Questions

General Property FAQs

1How does property valuation help?
Property valuation determines the fair market value, ensuring fair transactions, securing loans, and calculating taxes.
2How is a property’s stamp duty decided?
It is based on the market value or transaction value, whichever is higher, and varies by state.
3What do ‘Leasehold Property’ and ‘Freehold Property’ mean?
Leasehold: You own the property but lease the land for a specific term.
Freehold: You own both the property and the land permanently.
4What are the tax implications for selling and upgrading to a bigger flat?
Under Section 54, if the capital gains are reinvested in another residential property within 2 years, you can claim an exemption from LTCG tax.
5What constitutes the conclusion of a property sale?
The sale is complete once the sale deed is signed, payment is made, and registration is done.

Residential Property FAQs

1What is the difference between carpet area, built-up area, and super built-up area?
Carpet Area: Usable space inside walls.
Built-up Area: Carpet area + walls & balcony.
Super Built-up Area: Built-up area + common spaces like lobby & staircase.
2Why do housing societies collect a Sinking Fund?
It is collected for future repairs, maintenance, or reconstruction of the building.
3How are maintenance charges calculated in residential complexes?
Based on the size of the apartment (per sq. ft.), number of units, or fixed rate decided by the society.

NRI Property FAQs

1Can NRIs buy property in India?
Yes, NRIs can buy residential and commercial properties but not agricultural land, plantations, or farmhouses.
2What documents are required for NRIs to buy property in India?
  • Passport & Visa
  • PAN Card
  • Address Proof
  • Power of Attorney (if applicable)
  • NRE/NRO bank account details
3What is the tax treatment for NRIs selling property in India?
Short-term capital gains (<2 years): taxed as per income slab.
Long-term capital gains (>2 years): 20% tax after indexation benefits.
4What is DTAA (Double Taxation Avoidance Agreement)?
It prevents NRIs from being taxed twice (in India and their country of residence).

Legal & Documentation FAQs

1Which documents should be verified before buying a flat?
  • Sale Deed & Title Deed
  • RERA Registration
  • Encumbrance Certificate
  • Property Tax Receipts
2What is an Encumbrance Certificate?
It proves that a property has no legal dues or loans pending.
3What happens if a property is not registered?
Unregistered property sales are invalid in court and can lead to legal disputes.
4What is a 7/12 Extract?
It is a Maharashtra land record document that shows property ownership and transaction history.
5What is the difference between Lease and Leave & License agreements?
Lease: Long-term, transferrable rights.
Leave & License: Short-term, non-transferable.

Disclaimer

These FAQs are for general information purposes only for property buyers in India. Buyers must seek specific legal, financial, and tax advice. The terms of property transactions will be governed by the final sale agreement between the buyer and Rajvi Group.

These FAQs are subject to amendments by Local, State, and Central Government authorities and interpretation by Courts. Rajvi Group, its subsidiaries, affiliates, and employees do not claim expertise in legal or financial advice and shall not be liable for reliance on this information.