Frequently Asked Questions
CARPET AREA:
According to Real Estate Regulatory Authority (RERA), Carpet Area means an apartment’s net usable floor area, excluding the area covered by external walls, areas under services shafts, exclusive balcony or Verandah areas, and exclusive open terrace areas. Still, it includes the area covered by the internal partition walls of the apartment.
Formula to calculate Carpet Area:
Carpet area = Area of bedroom
+ Living room
+ Balconies
+ Toilets
– Thickness of the inner walls
BUILT-UP AREA:
The built-up area is measured from the external perimeter wall surfaces. It is the Carpet Area plus the wall thickness and other unusable areas within the apartment, such as the dry balcony, terrace, flower beds, etc. It is always more than the carpet area.
Built-Up Area = Carpet Area
+ Area of Walls
+ Area of Balcony
SUPER BUILT-UP AREA:
According to Real Estate Regulatory Authority (RERA), the carpet area, built-up area, and the share of the common area, like stairs and lobbies, that the entire building can use, is defined as a Super Built-up area. Builders include amenities like a pool, clubhouse, and garden. Builders use the loading factor on the carpet area to arrive at the super built-up area.
Super built-up area = Built-up Area
+ Common Areas (stairs, lobbies, lift, pool etc.) or Loading Factor
Super built-up area = Carpet area * (1 – loading factor)
Timing is key when it comes to real estate investing. It is important to know and identify the market cycles and economic situation before putting in the money. Real Estate is a smart choice as a long-term investment and alternative asset class for the investors as it provides a steady income stream via rentals and diversification to the portfolio. Capital Appreciation generates capital returns and offers tax benefits. Brix N More Realty can help you guide and advice the right timing to invest in real estate.
With a number of projects coming up, it can be confusing to choose the right real estate. The amenities on offer, the history of the construction company, the materials used, the area in proximity can all play a role in determining the returns you get on your investment. The team at Brix N More Realty having years of experience and requisite knowledge will help you choose the right property for you as per your requirements.
There are a few exemptions available for long term Capital Gains, if you:
Buy or construct a new house: If you build a new house or buy one from the money you receive from selling a property, you are exempted from paying the tax on Capital Gains. However, the new purchase should be done either one year before or within two years of sale and the construction should be completed within three years from the date of transfer. The new property bought or constructed should not be sold within three years from the date of its purchase or date of completion of construction.
Capital Gain Account Scheme- Through the Capital Gain Account Scheme (CGAS), you can save the received money in designated banks. CGAS helps you in buying time to look for suitable investments as it serves to inform the Income Tax department that you plan to invest the money received; but at a later date.
Invest in Bonds- You can also invest in financial assets or bonds to save tax. Such bonds are issued by the Rural Electrification Corporation and the National Highway Authority of India and should be bought within six months of transferring the property. You can invest a maximum of Rs 50 lakhs through these bonds.
A building completion certificate is a document that both developers and owners of standalone properties submit to the authorities before applying for a water and electricity connection. It’s a document which is given to a developer after the completion of the project and inspection has been conducted by authorities stating that it has been built according to the approved plan and meets the necessary standards set by the municipal corporation. This certificate also contains all details about the building, including its location, the land identification markers, details about the developers, among many other pertinent points.
A very common question often that first time home buyers have to make for themselves is whether to invest in a builder floor or a flat in a multi-storey apartment. In simple terms, a builder floor apartment is an independent floor unit in a low rise building either with or without common facilities. Usually, they are low-rise buildings with two to four floors and are constructed on smaller plots of land in a residential colony and each floor is an independent residence. On the other hand, a multi-storey apartment has many flats on one floor. A typical multi-storey apartment usually has around 5-8 floors or more and have common amenities like clubhouse, parks, and swimming pools, depending on the availability of space.
A. A leasehold property is a piece of land or house whose ownership and control are for a limited time period and when you buy such a property, you are entitled to reside there only till the lease period expires, after which the ownership of the property is transferred to its original owner. A majority of leases are roughly for a period of 99 years and can be extended after paying an amount for lease extension. In case, you are looking at a leasehold property, the tenure of the lease will influence the value of the property.
A freehold property, means that the property is yours for perpetuity and is free from the hold of any entity. In such a case, whoever owns the property has absolute control and can use the land for any purpose like buying, selling or renovating it further, while keeping the local regulations in mind. Furthermore, if the owner wants to sell his property, he/she can do so at will and does not require government consent, which means that there is less paperwork attached. That said most buyers usually prefer freehold properties given that the chances of an increase in its value are high as compared to a leasehold property. However, in the end, it’s important to understand that irrespective of what option you choose, you must be aware of your responsibilities and legal rights for each type of ownership.