Real Estate: Basics

What is the difference between the lease agreement and the Leave and License agreement?

Read on to know the difference between Lease agreement and Leave and License agreement. ......

What are the implications of entering into a lease agreement?

There are various implications of entering into a lease agreement such as you have to pay the stamp duty, the lease agreement has to be registered etc... ......

I have a flat which I want to sell and buy a new flat bigger in area. What are my tax implications with regard to capital gains?

If you purchase a new flat within two years of the date of sale of the original flat and invest the entire amount of capital gained into the new flat, you will not have to pay any capital gains tax. ......

Why is it considered necessary to register a property? What is the purpose of registration?

By registering the transaction of an immovable property, it becomes permanent public record. Title or interest can be acquired only if the deed is registered. ......

Real Estate: Did you Know

Does a foreign citizen of non-Indian origin require permission from the Reserve Bank of India (RBI) for acquisition of immovable property?

Yes. The RBI may grant permission to a foreign citizen of non-Indian origin/foreign companies if the property is purchased for residential use and the consideration is paid by way of foreign exchange. ......

Can Nepalese/Bhutanese acquire immovable property in India, without seeking any kind of permission?

No. individuals with Nepalese/Bhutanese nationalities are treated as foreign nationals of non-indian origin. ......

Are foreign passport holders of Indian origin allowed to purchase immovable property in India?

Yes. Foreign nationals of Indian origin whether resident in India or abroad, have been granted general permission to purchase immovable property in India for bona-fide residential purposes. ......

How many properties can be acquired by a foreign national of Indian origin in India without the permission of Reserve Bank of India (RBI)?

There are no restrictions on the number of properties that a foreign national of Indian origin can acquire for residential purposes. ......

Real Estate: News

Are any conditions required to be fulfilled if I want to repatriate sale proceeds?

Read to know the conditions required to be fulfilled if one wants to repatriate sale proceeds. ......

Can sale proceeds from the sale of a commercial property owned by a foreign citizen of Indian origin be remitted out of India?

Yes, sale proceeds from the sale of a commercial property owned by a foreign citizen of Indian origin can be repatriated out of India. ......

Can a tenant (old rental) of a property in Mumbai in a relatively good locality such as Andheri transfer the tenancy rights over to another individual? If yes, what amount of money can be demanded from the landlord for the transfer of tenancy?

Yes, the tenant can transfer the tenancy, with the permission of the landlord at the current market rate. ......

Is there a provision that binds the landlord to spend a certain percentage towards the maintenance of his property?

No, there is no such provision that binds the landlord to spend a certain percentage towards the maintenance of his property. ......

Real Estate: FAQs

Assume there is a lease agreement for 6 years for a shop with a built-in escalation clause at the rate of 20 per cent after 3 years. The lease expires on a specified date say, March 31, 2000 and the concerned landlord has sent a written letter asking to p

It is always advisable to make a new agreement with the landlord. ......

Who does a group of tenants of an old building approach to be able to form a society without the concerned landlord's permission?

Approach the Registrar of Co-Operative Societies and file the various relevant documents. ......

With reference to the Bombay Rent Act, is there a prescribed percentage of tenants willing to form a society? For instance, 70 per cent tenants out of a total of 32 tenants are ready to form a co-operative housing society. Are there any new provisions?

There is no new provision in the new Rent Act regarding the prescribed percentage of tenants willing to form a society. ......

With reference to the Bombay Rent Act, can tenants of an old building that was repaired by all the tenants in the year 1995-96 form a co-operative Housing Society without the landlord's permission?

Yes, tenants of an old, repaired building can form a co-operative housing society without the landlord's permission. ......

Decision-making Corner