The Registration Act, 1908, the Transfer of Property Act, 1882 and the Real Estate (Regulation and Development) Act, 2016 mandates the registration of an agreement for sale of an immovable property. By registering the agreement for sale of an immovable property, it becomes a permanent public record. Further, a person is considered as the legal owner of an immovable property only after he gets such property registered in his name.
Carpet area is a term commonly used in real estate and property development, especially in India, to describe the actual usable floor area within an apartment or building. It refers to the space that can be covered by a carpet or rug and is typically calculated by measuring the inner walls of a room. Carpet area includes the space occupied by walls and excludes common areas like corridors, stairwells, lobbies, balconies, and shared spaces.
Property tax exemptions are essential for homeowners and businesses. These exemptions can vary by jurisdiction and purpose. In some areas, homeowners may qualify for property tax exemptions based on factors such as age, disability, or income level. Certain property uses, like agricultural or non-profit, can also lead to tax exemptions. Understanding these exemptions is crucial for property owners to manage their tax burdens effectively and make informed financial decisions.
Base Rate : It is the Standard lending rate of the bank , applicable to all retail loans, This rate subject to frequent changes on the basis of multiple inputs.
Mark Up : This component of a small percentage is added to the base rate to arrive at the EIR (Effective Interest Rates) for a specific type of a home loan and varies from one type to another.
Effective Interest Rate (EIR) = Base Rate + Markup
Rent Control Act , 1999 (Sec 55)
To regulate rental housing, the Maharashtra government passed the Maharashtra Rent Control Bill, 1999. Subsequently, the Maharashtra Rent Control Act, 1999, came into effect on March 31, 2000. The law aims ‘to unify and consolidate’ rental housing in the state and ‘for encouraging the construction of new houses by ensuring a fair return on investment by landlord’
Property Tax is an annual payment made to the local government to ensure the public infrastructure is taken care of.
Property Tax calculation employs a value based system for computing property tax. Property tax is a percentage of the Capital Value of the Unit . To Compute the tax , the civic body considers factors such as a Ward, Zone, locality, Property Usage, type of Occupancy, Carpet Area, Property Age, and Floor type.
Home loans are long term loans and it’s important to figure out our overall interest liability towards the loan in the first place.
1 . EMI Calculator – you can calculate the interest amount applicable to your home loan by simply using Home Loan Calculator. You will be required to fill up the fields provided on the calculator with the followings details –
EMI Calculation Formula :
EMI = [P x r x (1+r)^n]/[(1+r)^n-1]
Wherein , P is Principal , R is rate of interest and N is number of instalments or loan tenure in Months
Landlords are entitled to make an increase of 4% per annum in the rent of the property that has been let out for any purpose. Rents can also be increased, if repairs or alterations have been made in the rented accommodation, to improve its condition. However, the hike in the latter scenario should not exceed 15 % Per annum of the expenses incurred on account of special additions
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