Both the NRIs and the property market are attracted to each other. Thus, many people face a situation where the real estate agent talks about a property of an NRI which is for sale. As a result, the buyers also get a bit involved in this kind of property but there are certain things to consider before buying a property from an NRI i.e. the Non-Resident India. So, don’t fall for a wrong deal as we here list the essential things every home buyer should know before purchasing a property from an NRI:
Stamp Duty is the tax that buyers pays to the Government while purchasing property which may fall under Residential, Commercial, freehold or leasehold. This duty is a kind of direct tax which is levied on the property buyers and the percentage of this tax varies from State to State as there are several factors to be considered before finalizing the Stamp duty percentage. So, if you are also an aspiring home buyer then here are things to know about Stamp Duty:
The dream of being a property owner has become easier for almost every aspiring home buyer in India. The top reasons for realization of this dream are the unveiling of Pradhan Mantri Aawas Yojna [PMAY] Scheme that offers subsidy to the home buyers up to a limit and under certain conditions. Then the formation of Real Estate Regulatory Authority Act also known as the RERA Act.
This law started its full-fledged working from 01st May 2017. The guidelines of this Act help the home buyers in each aspect of the home buying procedure. The fool-proof working of the RERA Act leaves no loopholes from where the developer/builder can escape after selling a property via wrong ethics. A home buyer can keep his money and property safe by opting for a property purchase in the project registered under the RERA Act of that particular State.
In recent times, a new concept which has gained a rapid acceptance in the whole real estate sector is of Integrated Townships. They have become so popular among real estate developers that most of the projects which they are developing in current time are designed as integrated townships only.
An Integrated township spans around acres of land which include independent houses, apartments, offices, shopping malls, cinemas, schools, hospitals and all other facilities like police and fire stations.
Difference between Residential and Commercial Property
A residential building has capacious area, open spaces and dedicated parking arena. Whereas the commercial properties comprise of lesser space and won’t actually have a detailed structure of a washroom or a pantry. These two elements are separately constructed in the space you have for running a shop, coaching centre or any other business.