| 1. Am I NRI? Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are: Indian citizens who stay abroad for employment or carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad; OR Government servants who are posted abroad on duty with the Indian missions and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources; OR Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organization (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP) OR Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad. 2. Who is a foreign citizen of Indian Origin? A foreign citizen is deemed to be of Indian Origin if : i) he held an Indian Passport at any time or ii) he or his father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955. However this does not apply to citizens of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal 3. What is the difference between carpet area, built-up and super built-up area? The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid. When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area. 4. What should a buyer keep in mind while purchasing a residential flat? Some of the factors to consider while purchasing a flat are: · Locality i.e. transport, schools, hospitals, market, business district, entertainment centers, hotels, restaurants, pollution levels · Quoted area of the flat i.e. Carpet, Built Up Area and super Built Up Area · Car parking space · Quality of construction · Reputation of the builder or seller · Sufficient water and electric supply, other utilities · Cost components: price, stamp duty, registration charges, transfer fees, monthly outgoings and society charges, costs of utilities · Potential for resale or renting out of the property · Any other distinguishing features or advantages of the property 5. Checklist for buying a residential property? · Market Trends about prevalent rates of property in the vicinity and last known transactions · Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. · Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. · The title of the Vendor to the property must be clear and marketable. · Check for approved layout plan and approved building plan with number of floors · Clearance from Municipality, Electricity, Water, Pollution, Lift authorities · Check the building bye-laws in that area to verify any issue with setback, side setback, height, etc. · Confirm transfer fees, stamp duty and registration charges to be paid on purchase of the property as well as outgoings to be paid for the property i.e. property tax, water and electricity charges, society charges, maintenance charges |