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Most frequent questions and answers
The Real Estate Regulatory Authority (RERA) was established in each state and union territory under the RERA (Real Estate) Regulation & Development Act, 2016. In 2017, the RERA act came into effect in Assam, and is aimed at protecting the interests of buyers and to establish an arbitrating mechanism for speedy dispute redressal.
As per Real Estate (Regulation and Development) Act, 2016, “Carpet Area” means the net usable floor area of an apartment, excluding the area covered by the external walls,service shafts, balcony or veranda area and open terrace area, but includes the area covered by the internal partition walls of the apartment.
The saleable area, which includes the built up area and also the proportionate share of common constructed areas. The common constructed areas include corridors, balconies, swimming pool,clubhouse, the lift wells, etc. It may vary from project to project.
Built up area, covered area – are all the same. This means that the area from outer wall to outer wall. It includes all internal walls, plasters and skirting, etc.
Sanction plan, Agreement for sale, Latest Tax Receipt, title deed, agreement between the land owners and developer, Power of Attorney, etc.
It is a contract between the builder / developer / seller and the buyer, mutually agreeing on the terms and conditions for the sale of the property. It has all details of the project like – ownership clauses, facilities provided, late possession clauses, late payment clause, specifications to be provided, payment terms, etc.
It is the lawful process of name transfer of any property for the purpose of Taxation is known as mutation. The charges may vary municipality to municipality & CMC.
Those portion of building, land and amenities owned (or managed) by a planned unit development (PUD) or condominium project’s homeowners’ association (or a cooperative project’s cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance.
Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings and parking areas.
The ratio of the bulk area of a building to the land on which it is situated.Calculated by dividing the total square footage in the building by the square footage of land area.Also known as “plot area ratio” or “density”.
A certificate issued by the concerned local authority that the plans are in order and conform to the guidelines and rules in force. In other words, the authority concerned has NO OBJECTION to the commencement of construction.
A certificate issued by the local development authority certifying that all necessary works have been completed as per the sanctioned plans and that the property is fit for occupation. The OC is issued after clearance from the water, electricity, sewerage, fire fighting authorities etc.
Common Area Maintenance charges. Those charges levied on or the expenses incurred in maintaining the common areas of a building.
The benefits of buying a property include passive income, stable cash flow, tax advantages, diversification, and leverage.
Buildtech Developers don’t entertain brokers. Customers can contact us directly for the flat bookings and queries.
Since Assam and Northeast fall under high seismic zones, Buildtech Developers ensures that each of its projects is earthquake resistant to a high degree. Besides using earthquake-resistant steel, we also employ earthquake-resistant structural designing techniques to ensure maximum safety for our valued customers.
The standard documents which are required to enter the sale agreement are Address proof, Passport photo, Voter ID/ Passport and PAN card of all the applicants.
Stamp Duty is the tax paid for the legal recognition of property. It is paid by the home buyers.
The buyer needs to pay the following taxes:
- TDS or tax deduction at source on amount exceeding Rs 50 lakhs for the purchase of property excluding agricultural land.
- Stamp duty
- Service Tax – Applicable if the property is being purchased from the builder who conceived and constructed the project before offering possession to the buyer. If a ready to move in property is purchased from the seller, service tax is not applicable.
- Value Added Tax (VAT) – If applicable in the concerned state.
It refers to the registering of documents relating to transfer, sale, lease or any other form of disposal of an immovable property. Registration is compulsory by law for all properties under Section 17 of Indian Registrations Act, 1908. Once a property is registered lawfully, it means that the person in whose favor the property is registered, is the lawful owner of the premises and is fully responsible for it in all respects.
Registration of a property includes necessary stamping and paying of registration charges for a sale deed and getting it recorded at the sub-registrar’s office of the concerned jurisdictional area. If a property is purchased from a developer directly, getting it registered amounts to act of legal conveyance. In case the purchased property is a second or third transaction, it involves a duly stamped and registered transfer deed.
Yes, you as a customer would get to choose your preferred bank for your housing loan. However, we would recommend you to choose one of our banking partners where our project is already registered in order to ensure a quick and hassle-free availing of the loan.
If anyone chooses to cancel the booking, the booking amount shall be forfeited and the balance amount refunded to the buyer once the particular flat is booked by another customer. The booking amount differs from project to project.
However, if the booking is cancelled on account of non-payment of dues, then the developer has the right to claim the interest amount as well.
