Interesting Facts About Property

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Enlighten yourself with authentic real estate facts, BBMP rules, important property paperwork to buy/sell, property tax payment, real estate trends in Bangalore and all the formalities involved to obtain property paperwork

Did you know #1

Did you know #1 : As per BBMP regulation, you cannot apply for a Khata until your property taxes are paid up-to-date

 

Did you know #2

Did you know #2 : A sale deed alone does not guarantee clear titles to a property. A lot of other documents are required.

 

Did You Know #3

Did You Know #3 : The 5% rebate BBMP offers is to encourage you to pay your property tax on time (before 30th April)

 

Did You Know #4

Did You Know #4 : When buying a property, it is advised to acquire an Encumbrance Certificate for a minimum of 15 years

 

Did You Know #5

Did You Know #5 : A Sale Deed has to be registered within 4 months from the date of execution (Signature)

 

Did You Know #6

Did You Know #6 : A completion certificate is a document acquired by a builder only if the conditions laid by the government such as water, sewage, fire systems and electric meters etc., are met. Paying the builder without a Completion Certificate will attract service tax

 

Did You Know #7

Did You Know #7 : Bangalore sees a higher demand for apartments as compared to villas and independent houses

 

Did You Know #8

Did You Know #8 : There is only one type of Khata. An ‘A’ Khata. ‘B’ Khata is only common parlance for a provision made by the BBMP to collect property taxes even from unauthorized properties. These details are entered in a ‘B Register’ and therefore came to be called as a ‘B’ Khata

 

Did You Know #9

Did You Know #9 : While in Delhi, landlords charge three to six months rent as security deposit, in southern cities of Bangalore and Chennai, ten months rent as deposit is the general rule.

 

Did You Know #10

Did You Know #10 : As per the new Real Estate Regulatory Bill, Developers are to maintain a separate bank account for each project, to prevent diversion of funds from one project to another.

 

Did you know #11

Did you know #11 : You can update your property ward number, geo-tag it and view its spacial dimensions on the BBMP portal under a new Property Identification Scheme (PID)

 

Did You Know #12

Did You Know #12 : A Gift Deed is a document used while gifting or transferring a property ownership without any exchange of money. It is mandatory to register the Gift Deed with the sub-registrar of assurances.

 

Did You Know #13

Did You Know #13 : Although laminating property documents will keep them secure, banks will not accept laminated documents at the time of seeking a loan.

 

Did You Know #14

Did You Know #14 : A ‘double document’ situation occurs when a buyer applies for a duplicate copy of a Sale Deed even though the original Sale Deed is with the owner. Creating a double document is a punishable offense and can be traced very easily.

 

Did You Know #15

Did You Know #15 : Carpet area is normally defined as the actual net usable floor area of a residential unit. Built up area is normally defined as the carpet area plus the thickness of the outer walls and the balcony of a residential unit.

 

Did You Know #16

Did You Know #16 : The new Real Estate Regulatory Bill defines the sale of property by ‘carpet area’ and not ‘super-built up area’ or any other terminology.

 

Did You Know #17

Did You Know #17 : Pre-Launch prices are offered when real estate firms begin selling a project ahead of a formal launch, before they get all the civic approvals and clearances. They are generally discount prices because the risk factor is higher.

 

Did You Know #18

Did You Know #18 : In Bangalore, an Apartment Owners Association can be formed and registered with a minimum of seven members who are not less than 18 years, under the Karnataka Societies Registration Act, 1960.

 

Did You Know #19

Did You Know #19 : When a land being purchased belongs to more than one owner, the buyer should seek the consent of all the owners and take a release certificate from each of them.

 

Did You Know #20

Did You Know #20 : There is no tax for inheriting property, but the sale, lease or renting out of such property thereafter is taxable as income.

 

Did You Know #21

Did You Know #21 : A Mother Deed is a legal document that traces the property ownership when it is being purchased or offered as security.

      
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