FAQ

Faqs

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When gift of property is made, a gift deed needs to be made by an authorized lawyer. Stamp duty on the property’s market value also needs to be paid, along with the necessary registration charges.

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Yes. Reserve Bank has granted permission to non-resident Indians and foreign citizens of Indian origin to acquire or dispose of immovable properties other than agricultural land/plantation property/farmhouse by way of gift from or to an Indian citizen, NRI or PIO.

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Yes. Reserve Bank grants general permission for sale of such property. However, when another foreign citizen of Indian origin purchases the property, funds towards the purchase should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India.

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Yes. Reserve Bank grants general permission for letting out any immovable property in India. The rental income of such properties is eligible for repatriation.

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No. NRI(s)and POI (s) do not require any permission to acquire any immovable property in India other than agricultural land/plantation property or a farmhouse.

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The general permission covers only purchase of residential and commercial property for the below categories:

  • Non-Resident Indian (NRI) - A citizen of India residing outside India
  • Person of Indian Origin (PIO) - An individual (not being a citizen of Pakistan / Bangladesh / Sri Lanka / Afghanistan / China / Iran / Nepal / Bhutan), who either at any time, held an Indian passport, or whose father or grandfather was a citizen of India by virtue of the Constitution of India.

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An Indian citizen who is living abroad for employment/carrying on business outside India or stays abroad under circumstances, which indicatethe intention for an uncertain duration of stay abroad is a non-resident. (People posted in U.N. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents).

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The valuation process is carried out to evaluate the market value of a property. The factors like type of property, its location, the local infrastructure available, quality of construction, maintenance along with the demand and supply forces operating in the market are all considered before the market value of a property is decided.

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Stamp Duty is the tax incurred on your property documents during the sale or transfer of the property.Stamp duty is calculated based on the market value or the agreement value of the property, whichever is greater.

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When the ownership rights for a piece of property are transferred to the buyer for a certain price that property is referred to as Freehold Property. There are no annual lease charges in case of freehold property and it can be registered and/or transferred in part(s).

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When a piece of property is given or 'leased' to an individual (referred to as the 'Lessee') for a specified period of time, by the owner of the property (referred to as the 'Lessor'), the property is known as Leasehold Property. A particular amount is fixed by the Lessor to be paid as lease premium and annual lease of the property. The ownership rights of the land remain with the Lessor. Transfer of property is the subject to the permission of the owner.

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Legally, maintenance charges of a property are calculated on the basis of the actual area owned by the individual.

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A. The area of a residential or commercial space, which excludes the area covered by the external walls, exclusive balcony or veranda area and open terrace area, but includes the area covered by the internal partition walls of the apartment is known as the Carpet Area.This is the actualarea that can be used. When the area of the walls including the balcony, veranda, open terrace area or area under service shafts is computed along with the carpet area, it is known as built-up area.

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A. You can reach us at a dedicated e-mail address ------------. You can also call us on our toll free number 1800 3002 9797 seven days a week from 10 AM to 7 PM.

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In general, banking financial institutions pay around 75 to 85 percent of the cost of the property bought. The remaining amount is paid up front, which is popularly known as the down payment.

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You would receive a call back from us on the same day of placing your enquiry with us. In exceptional cases, we would be reaching you within the 24 hours.

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A. To buy a property through Elite Landbase, you need to follow the following steps:

Check out our website www.elitelandbase.com and select the property that meets your criteria.

Drop an enquiry for the same via the website and our sales representative will reach you.

Visit the selected property with our property expertsand make your decision Book the property with any payment plan – Our property experts handle all the legal paperwork and manage all documentation work with the builder.

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A. Our services are available across Gurgaon and Pune at present. We plan to expand to Dubai, Mumbai and Bangalore in near future.

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A. Founded in 2011, Elite has served and has approx. 5,000 happy customers to its credit. Withthe focus on prime and upmarket commercial and residential properties, Elite works for some of the top real estate developers and help people in securing their investments with reputed brands. Whether it’s an investor seeking yield generating assets or home buyers; a team of our dedicated property experts help with constructive inputs and the right solution after carefully weighing every aspect.

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