A property where the ownership right of the land gets transferred along with the building, house, dwelling unit constructed on it. That means, the owner has complete ownership of the property and he/she can easily rent or sell it out to anyone else without much complications and permissions from anyone. When you buy a freehold property, you can construction work or changes in the existing structure like building additional rooms or floors or installing elements without worrying about your rights.

Whereas, Leasehold property is a property exactly opposite of freehold properties. These are properties you don't own but lease, as you don’t have rights over the land on which such building is constructed. So, you cannot claim rights on the land and you will have to seek actual owner’s permission to make any changes in the building every time.

A Power of Attorney is a legal document where one person grants the power to transact in property related dealings, legal matters, banking transactions,etc, to another person due to any reason. A Power of Attorney is an authorisation granted by the Principal or Grantor or Donor in written form duly registered, and authorises another individual termed, as the Attorney or Agent/ Donee, to act on his/ her behalf. A Power of Attorney is executed by someone who cannot perform his transactions himself or herself (in person) due to numerous reasons such as when the Principal is an NRI and is presently outside India or in case the Principal is ill or bedridden or if he is a senior citizen or any other valid reason on the part of the Principal for being unable to perform his duties on his own.

There is no such best time or day to buy or invest in Real Estate. Infact time is the most important factor in any investment. As early you board the ship the more beneficial you will be in that investment. However, it is always advised to do a due diligence with regard to the area, type of property, living standard in that locality, availability of amenities nearby and scope of that locality in the coming future.

Super Area is a term normally used in Multi-storey buildings where besides the builtup area a share of the society’s common constructed area is also included with your apartment’s size. Summing up all that area is your Super area. Whereas the Builtup area is the actual area on which your apartment/ flat/ floor is constructed which includeall the walls, balconies, Shafts etc. Finally, the carpet area is the floor area which can actually be used by the Buyer, which includes the drawing & dining hall, Kitchen, bedrooms and washrooms floor area altogether. 

Ascertaining the value of a property is required for many purposes likefor sale of property, for analyzing investment portfolio, for property insurance or fortaxation purposes. But the most common purpose of doing the property valuation is to ascertain the value for Sale-Purchase of that real estate.

Valuing a property is not that easy since every property is different from the other in terms of size, location, layout, age of construction, quality of construction and amenities. The property valuation is typically done by some authorized agencies who have the technical acumen to make an estimate of the value of the property in India and that valuation report is considered authentic for all purposes.
 

Market value depicts as to what a property would sell for in a competitive market based on the features and benefits of that property, the overall real estate market, supply and demand, and what other similar properties have sold for in the same condition and duration.

In other words, it is the worth of the property in the market at that point of time considering the above factors in mind.
 

Any profit or gain arising from the sale of assets such as property, gold/jewellery, shares or Mutual funds etc is called a capital gain. Capital Gains are divided into two categories: Long Terms Capital Gain (LTCG) and Short term Capital Gain (STCG). And the tax treatment is different in both these categories.

Profits or Gains arising out of the sale of any property after 24 months from the date of its acquisition, then such gain or profit arising out of it will be termed as Long Term Capital Gain(LTCG). Here the property can be a house, a land or a building. This holding period differs across capital assets. Before FY 2017-18, the holding period of such property was 36 months in order to consider it in LTCG. The tax applicable on LTCG on sale of property is 20.8% with indexation.

Profits or Gains arising out of the sale of a property within 24 months from the date of its acquisition is termed as Short-term capital gains (STCG) and are taxed as per the income tax slab rates applicable to the individual. For calculation of STCG, the Cost of acquisition, Cost of Improvement (if any), expenses incurred in the sale of such property is deducted from the Sale consideration.

a) You must do a physical survey and access to the property and check for its possession status.
b) Do an assessment of the value of property which will help you to negotiate with the Sellers.
c) Try to ascertain the identity of the Seller/ Sellers and try to understand the ownership from them.
d) Check for the complete chain documents along with final Sale Deed in the name of Sellers. And get it verified through a property lawyer.
e)You can also get an advertisement placed in the daily newspaper after consulting your lawyer.
f)Besides property documents, you need to check for the Layout/ Map, Construction approvals
g)Kindly check for Occupancy certificate (if applicable), Sanction Letter and Completion Certificate
h) Status of Utility Bills like Electricity, Water and Gas Bills along with House Tax payment receipts.
i) At the time of registration, kindly ensure to collect the Receipt of payments, Possession Letter, Original set of property documents with all utility bills along with Registered Sale deed and property keys.
 

When the sale deed is registered by the Seller in the name of the Buyer, the title is transferred in the new name. But then the buyer is required to get the mutation of the property done in his/her name in the records of the local municipal corporation after submitting required affidavits and the new sale deed document etc. After the mutation is complete in the Buyer’s name, the property is considered to be fully transferred in the name of the new party and they can apply for change in the names in the Electricity dept and other such offices.

To understand this, you need to check the benefits of buying or holding a freehold property.When you buy a freehold property, you can do construction work like building additional rooms or floors or installing elements without worrying about your rights. Whereas, in case of a leasehold property as you don't own the property hence you don’t have rights over the land on which such building is constructed. So, you cannot claim rights on the land and you will have to seek actual owner’s permission to make even minor changes in the building. Not all properties can be converted into freehold, infact wherever the Govt has given permission to get the conversion of the property done there only one can get it converted after payment of Freehold charges and stamp duty.

In Delhi, the permission is given for constructing Basement, Ground floor plus three more floors over it and that is the only permissible floor limits in Delhi. Any construction beyond that limit is illegal and the authorities can take action against such illegal portion.

There are few areas where the Govt after consultation with Municipal Corporation and various other departments have allowed for multi-storey level constructions.
 

Anyone who intends to buy a property can avail of the home loan facility from any Bank/ NBFC. But it will always be a definite percentage of the registered value / deal amount of the property.

The Banks generally offer home loanLTV of upto 80% (Loan-to-value ratio) and the rest of the balance needs to be arranged by the Buyer.
 

The amount of loan that can be given to an individual depends on his financial health and capacity to repay that loan. And to check that the Bank/ NBFC collects the financial and income statements from the individual. Besides that it also depends on the type of property, its market value (evaluated by the Bank itself), clear title, availability of all the necessary documents etc.

A sale deed is a legal document that needs to be executed at the Sub-registrar office between a Seller and a Buyer in case of purchase of a property. After its execution the title gets legally transferred from seller to buyer. A sale deed is made on a non-judicial stamp paper. It is governed by the Registration Act, 1908. The parties to it are also referred to as the ‘Vendor‘and ‘Vendee’ in legal documents.

A sale deed consists of the property details and sets out the rights and obligations of each party. The transfer of ownership from the seller to the buyer is done by this document. Ownership of the properties is an important thing so the drafting part has to be entered very carefully.

a)    Details of Sellers and Buyers
b)    Description of the property
c)    Details of Circle Rate of the property and its bifurcation
d)    Agreement to Sell
e)    Sale consideration Amount or the total Deal price
f)    Payment Details along with Date, Bank Name & Ref Number etc.
g)    Advance payment details (if any)
h)    Transfer of title clause
i)    Delivery of the deed
j)    Indemnity clause
k)    Liability clause of both parties in the case of default
l)    Registration and witnesses section
m)    Right to quiet enjoyment of property clause
n)    Warranty Clause
o)    Time is of the essence clause
p)    Right to call off the deal clause
q)    Dispute resolution clause
r)    Miscellaneous provisions
s)    Signatures Section of parties and witnesses.