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, areas under service shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.

Stamp Duty is the tax paid for the legal recognition of property. It is paid by the home buyers. You can claim tax incentives of up to Rs 1.5 lakh on stamp duty and registration charges on a new property purchase or construction of a house. However, these benefits are available for only one self-occupied property

Pradhan Mantri Awas Yojana (Urban), PMAY this scheme is primarily aimed at providing housing for all. Therefore, understandably, all those who already own a home or any of their family members own a home, are kept out of the benefits of PMAY.

Depending upon the type of case it is, a rent agreement can be taken care of in two ways: When the rent contract is from year-to-year / exceeding one year’s rent / reserving yearly rent, then a registered document can be created, which both the landlord and tenant must execute. When an oral agreement followed by delivery of possession is considered to be enough.

Usually, if a real estate agent is asked to help you with the value of a piece of property, he would be able to do so based on information through recent purchases & sales of any similar property in that area. E.g. Let us believe that you need to use a piece of property as a security against a loan, then during such instances, the bank’s loan approval process would be faster and smoother if an official evaluator certifies the property. Nowadays, several banks insist on valuation certificates before issuing loans using properties as security. The value thus certified may also have chances of getting a higher amount of loan sanctioned. Besides, this official valuation will be a useful negotiating tool when selling the property. Such certifications are advantageous in situations where the correct value of the property has a legal bearing—such as a will statement, insurance papers, business balance sheets etc.