What does carpet area of a flat refer to?
This is the area of the apartment excluding the thickness of the walls. In simpler words, if a carpet had to be laid, the area that the carpet would cover.

What does built–up area of a flat refer to?
This is the carpet area of the flat together with the area of the space occupied by the walls. The thickness of the walls is also included.

What does super built-up area of a flat refer to?
This includes the built-up area of the flat along with the area under common spaces such as the lobby, lifts, stairs, open spaces around the building etc.

What is meant by FSI?
FSI – means Floor Space Index – this is the ratio between the total plot area to the total built- up area of the building.

What does Private terrace in a flat mean?
Flats will be provided with open to sky area with access from within the flat. This is called private terrace and can be used only by the occupants of that particular flat.

What are the common areas referred to in a flat?
Common area includes areas covered by stairs, lobbies, lifts, open spaces around the building, the terrace of the building etc.,

What is meant by approved plan?
The proposed building set in the form of a drawing has to be submitted for sanction by the appropriate authorities. Once the sanction is obtained, it is called the approved building plan.

Who is the appropriate sanctioning authority?
The city development authorities – for eg.. The Chennai Metropolitan Development Authority CMDA is the appropriate authority for building sanctions in Chennai. This is a decentralized activity – the various panchayat union and municipal unions can accord sanction on behalf of the CMDA in respect of property located within their jurisdiction.

In a property sale, who bears the expenses of registration and stamps?
The universal rule is that the purchaser has to bear all expenses regarding registration. However if the seller and buyer mutually agree otherwise, then the seller would have to bear the expenses.

In whose name should the stamps/non – judicial stamp papers be purchased?
The non-judicial stamp papers are required to be purchased in the name of either the purchaser or seller. Generally it is bought in the name of the purchaser since he bears the expenses of registration.

Where can we get information regarding the guide line value?
The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the guideline value of the property. This is also available on the internet.

What exactly does Free Hold title to a property mean?
A property of which its owner is the absolute and full owner without any limitations to ownership is called a free hold title to the property.

How do we verify the documents of the seller?
You will need an advocate to verify the authenticity of the documents.

• Approved plan of the building along with the number of floors.
• Ensure that the floor that you are buying is approved.
• Check if the builder has the right to put up structure over the land- either as owner or as a contractor.
• If the builder does have this right, check the title of the land ownership with the help of an advocate.
• Check that the builder does not violate front setback, side setbacks, height, etc.
• Check specifications given in the agreement to sell.
• Check the reputation of the builder.
• Ensure whether the urban land ceiling NOC (if applicable) has been obtained .
• Check for the Works and Planning permit.

Is it necessary to obtain permission from Income Tax authorities for purchase of immovable property?
There is restriction on transfer of immovable property under Section 269UC of the Income Tax act.

Does the Indian Income Tax Act offers any special incentive for purchase of residential property by obtaining finance either from banks or other financial institutions?
Under Section 88 of the income tax you can claim benefit for the principal repayment. Interest on loan is deductible Under Section 24 from income from House Property.