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Who is a real estate consultant?

A real estate consultant is the one who helps you in buying your dream property.  He will first understand client requirements, map his needs and suggest options across the city from different builders that will suit client need. Also, he is involved from arranging loans, liaisoning with builders and he stands by customer to guide him through the deal.

Why should I take the service of Real estate consultant?

Consultant tie-up with builders to sell bulk properties and are better informed about market rates and development.  They will provide you with advice and guidance that meets your requirement without charging extra rate. While internet has opened up a world of information that wasn't previously available to homebuyers; the data on listings available is not current and you will need the most current information about the project.

What should a purchaser keep in mind while purchasing a residential flat?

Locality: Proximity to workplace, educational institutions, hospitals, shopping areas, entertainment centres, transportation, pollution levels.
Cost components: Price, stamp duty, registration charges, transfer fees, maintenance charges, any other payments
Quoted area of the flat i.e. Carpet, Built Up Area and super Built Up Area
Car parking space and other amenities like club, swimming pool, etc
Quality of construction
Reputation of the builder and its history of projects completed
Sufficient water and electric supply, other utilities
Upcoming development in the area, connectivity network & prospects of price appreciation of the property for resale and rental

What is the difference between Built-Up Area, Super Built-Up Area and Carpet Area?

Carpet Area is the area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls. It is the actual used area of an apartment/office unit/showroom etc.
Built up Area is the carpet area plus the thickness of outer walls and the balcony.
Super Built Up Area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc. The plinth area along with a share of all common areas proportionately divided amongst all unit owners makes up the Super Built-up area. Sometimes it may also include the common areas such, swimming pool, garden, clubhouse, etc. This term is therefore only applicable in the case of multi-dwelling units.


Registration/Stamp Duty

How much is the Registration Fees on sale of immovable property?

The registration fee in case of sale of immovable property is 1% of the market value or Rs 30,000, whichever is lower. There could be some additional charges for scanning of documents were the office of the Sub Registrar has been computerised.

Who is liable to pay stamp duty?

Generally, the consumer i.e. purchaser or lessee of the property is liable to pay stamp duty unless there is any contract to the contrary then the stamp duty will be paid according to the terms of the contract e.g. the stamp can be payable in equal shares.

What is meant by Market Value?

Market value of the property as ascertained by the stamp duty authorities on the basis of a ''Ready Recknor'' which gives the per sq. mtr. value of each village, zone and sub-zone . But the ready recknor is not conclusive and is merely a guideline for the stamp office.



Do non-resident Indian citizen require permission of Reserve Bank to acquire residential/ commercial property in India?

No. An Indian citizen resident outside India does not require any permission to acquire any immovable property in India other than agricultural/ plantation property or a farmhouse.

Where can one find regulations/directions issued by Reserve Bank for acquisition and transfer of immovable property in India by a person resident outside India?

Regulations regarding acquisition and transfer of immovable property in India by a person resident outside India have been notified vide RBI Notification No. FEMA 21/2000-RB dated May 3, 2000 as amended vide Notification No. FEMA 64/2002-RB dated June 29, 2002 and Notification No. FEMA 65/2002-RB dated June 29, 2002 and relevant directions issued in the form of A.P. (DIR Series) Circulars.

Can a foreign national of non-Indian origin resident outside India acquire any immovable property in India by way of purchase?

No. Under section 2 (ze) of the Foreign Exchange Management Act, 1999 ‘transfer’ includes among others, ‘purchase’. Therefore, a foreign national of non-Indian origin resident outside India cannot acquire any immovable property in India by way of purchase.

Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift?

Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not, subject to compliance with applicable tax laws.

Can foreign citizens of Indian origin acquire commercial properties in India?

Yes. Under the general permission granted by Reserve Bank properties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchasers' NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration


Home Loan

How much loan can one get and can a Home Loan be Pre-approved?

You can get a Home Loan of up to 80% of the Total Consideration Value, or, your eligibility whichever is lower. Yes, you can avail for a pre approval from any financial institution. However all pre approvals has a validity period, which may be checked out with the concerned Financial institution.

What is the process for Loan application?

Application needs to be made in the prescribed Application Form of the Financial Institution, along with relevant documents and Processing Fees to the concerned Financial Institution.
On Approval/ Sanction of the Application the Financial Institution forwards a Approval/Sanction Letter to the Applicant & Co-Applicant.
On Receipt of the approval Letter, the property can be selected/ if selected the disbursement process can be initiated. .

What is the security provided for the loan?

The Property being financed is mortgaged with the Financial Institution as the Primary security. However other Co-Lateral security can be asked for based on the Applicants Financial Profile/ Others, which are solely determined by the financial Institutions.


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