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Architectural FAQ | Legal FAQ
Here are the most recent questions concerning issues that some of our readers have asked recently Browse through to find answers to similar questions you may have. These have been answered by our expert panel.
Should you have any further queries, you may fill the form below and submit it to us. We will try and address it personally.
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Queries :
What is the procedure to buy a property?Do all properties on sale have clear and marketable title?Isn’t it risky to buy property under construction?When buying a property under construction, what should one check?Can a foreigner purchase a property in India?Does a foreigner need approval of the Reserve Bank of India to purchase a property?What is meant by a person resident in India?Can a foreigner buy an agricultural property?Can a foreigner form a private company and buy property to conduct business in India?Can a foreigner lease residential property in India?What is the expenditure involved, besides the property price? What is the stamp duty payable on the Agreement for Sale?Can a company registered in India by a foreigner own agricultural land in Goa?Can a person resident outside India hold any immovable property in India acquired by way of inheritance from a person resident in India?Can a NRI or PIO acquire agricultural land/plantation property/farm house in India by way of purchase?What documents are needed to sell a property?How can I value my property?How do I settle with tenants of my property?Can I sell a property with an agreement for sale?Can a foreigner sell his property?If a foreigner, who had formed a private company, wants to wind up business, can he/she repatriate the sale proceeds?What is an inventory Proceeding?Why does the price of a property differ from agent to agent?Which transactions attract stamp duty?What is the difference between a built-up area, super built-up area and carpet area?Is Form I & XIV a title document?Who determines the residential status of a person resident in India for the purpose of purchasing property in India?Who is a Tenant?Who is a caretaker?What is Mundkarial Right?I have a bungalow for rent in Calangute. What documents should I executed with the lessees?
A. As per FEMA 1999 the company formed by foreign nationals cannot buy agricultural land in India.
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A. No. A foreigner cannot buy an agricultural property inresident in India India.
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A. Yes.
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A. Yes, if the lease does not exceed five years.
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A. Yes, a foreigner can purchase a property in India on condition that: a) you become a person resident in India as per FEMA regulations and b) the property is meant for residential use only.
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A. Yes. If you purchased under FERA, you will need permission from Reserve Bank of India and if you purchased under FEMA you need permission from state authorities.
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A. NRI or a PIO cannot acquire agricultural land/plantation property/farm house in India by way of purchase.
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A. Yes. A person resident outside India can hold immovable property acquired by way of inheritance from a person resident in India as per the provisions of Section 6(5) of the Foreign Exchange Management Act, 1999.
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A. Yes. However, the owner has to be present at the time of sale deed as you will be a confirming party.
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A. Many of the properties you see on sale are yet to have clear and marketable title report from advocates. Especially, if you are looking for an old house, rarely if ever, you get a title report upfront. Most of the owners (vendors) start title search only after getting a serious buyer. Here in Goa, which follows Portuguese laws, sometimes a title search takes quiet long.
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A. No. However, you will need approvals /NOC (no objection certificate) from state government when you register the sale deed.
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A. Government has fixed minimum property rates. To find out the actual market value, you have to take into consideration factors such as location, view, road access, size of property and character of the property.
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A. Each tenant is entitled for 300 sq metres or a value thereof.
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A. You need to execute a Leave and License Agreement for 11 months incorporating various terms and conditions. You also need to inform the local authorities such as Panchayat, pay taxes, etc. You also need to fill form C furnishing details of the Lessees and give it to the nearest police station.
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A. Yes, but you need prior approval from the Reserve Bank of India.
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A. Form I an XIV is only a document evidencing possession and it cannot be used as Title document.
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A. Sometimes yes, but if you proceed with the help of a reliable property consultant you are safe and can also expect a better deal when the project is in its initial stage.
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A. I & XIV form, Land Registration Certificate/Matriz Certificate (Inscription & Description), Survey Plan, Title Deed/Sale Deed/Gift Deed, Deed of Succession or any other Deed, Court order of Inventory proceeding, Will, Zoning Certificate, Conversion Sanad, Nil Encumbrance Certificate, House Tax, Electricity Bill, Water Bill, Power of Attorney, Approved Plan (New Structure), Occupancy Certificate (in case of new structure), Agreement if any, Construction License (New Structure), P.D.A N.O.C (in case property is in City) and Title opinion from the lawyer stating that the property is marketable. If you need any advice on how to make the documents in order, send us an email at legal@homesgoa.com.
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A. Inventory Proceeding is the devolution of inheritance from the deceased owner of an estate in favour of the present heirs.
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A. Any person who has stayed for more than 182 days in India for a financial year (April to March) and for uncertain period and his/her purpose /intention of stay.
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A. The Mundakarial Rights are generally for the Homeless so as to provide them with a roof over their Head. The Mundakar having been a given a fixed habitation by the landlord in his property cannot supersede the rights as to claim the ownership to the said dwelling house in the property belonging to the Owner and therefore a person whose service are engaged specifically to look the premises on payment of salary on a time bound contract cannot claim rights of Mundkarship.
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A. A built-up area includes walls, a super built-up area includes built-up area plus common area, lobby, stairs, lift, etc and the carpet area does not include walls.
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A. Presently the expenditures involved are: stamp duty 2%, Registration fee 2%, legal fee Rs. 25,000/- approximately (depending upon the work involved and the time spent by the lawyer on the deal) and in case the agent is involved for the purchase or sale of property, the standard fee of 2% plus taxes. Government of Goa is considering hiking the stamp duty. For further details contact us at sales@homesgoa.com.
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A. First, make your requirement and budget clear. You may visit a property agent (showroom) to get maximum information on properties, and ongoing rates, etc. You can also refer to Homes & Estates magazine. Then, if you decide to purchase a particular property, check its title. You may need an advocate, architect, property value, surveyor, translator, etc to protect your interest. Through a reliable property consultant the transaction could go much smoother as they have contacts of related field.
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A. If the property is worth Rs. 1,00,000/- it is Rs. 100/-, above 1,00,000/- it is Rs. 500/- per lakh upto 5,00,000/-. For every 1 lakh above 5 lakhs it is Rs. 1000/- per lakh.
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A. Title of land ownership, building licence, approved plan, specifications, reputation of the builder, water and electricity connections and occupancy certificate.
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A. Transactions that attract stamp duty are: power of attorney, and all deeds and agreements.
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A. Under FEMA, Reserve Bank of India does not determine the residential status of the person resident in India. It is determined by operation of the law. The onus is on an individual to prove their residential status.
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A. Caretakers are paid wages for their services rendered to the employer for maintaining the property/or House Premises in habitable condition.
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A. Law requires that to be a tenant of the premises the person entitled should hold the premises on lease and pay consideration/rent for use and occupation of the said premises.
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A. Price depends on how much an agent wants to earn. Utilize services of an agent who takes two per cent commission and does not pass on any hidden, extra cost.
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