The net usable floor area in building/apartment. This includes the area covered by internal partitions.
Plinth area is also called as built-up area and is the entire area occupied by the building including external walls, balcony and parapet walls. Plinth area is generally 10-20% more than carpet area.
Super built-up area is the built-up area in addition to the proportionate share of entrance lobby, corridors, stair cases, lift shafts, lift lobby, generator rooms, club house, security room and any other common areas in the complex.
When an apartment is purchased a certain value of the land will also be allocated in the name of the buyer. This portion is called as 'Undivided Share of Land' (UDS). It is a part of the plot given to the owner of the flat in an apartment complex on which the entire structure is built.
Guideline Value is the Value of a Property fixed by the State Government. Normally the property cannot be registered below this value.
Patta is a document which shows the ownership entity of the property. It comes under the Revenue Department. Patta is issued by Dhasidhar in taluk offices. Patta should be important for the property owners for their entity and legal evidence.
A chitta provides the relevant detail of the ownership, area, size, etc. of the land. Most importantly it classifies the land into nanjai (wetland) and punjai (dry land).
A tax assessment determines the value of a piece of real estate. Tax assessment is usually conducted by a government assessor who uses the assessed value of a property to calculate the amount of tax due on it.
The Directorate of Town and Country Planning (DTCP) is consolidating data on real estate developed in private licensed colonies that have been sold or are being developed by realtors across the state. This authority is active outside Chennai Metropolitian areas. DTCP holds the authority of approving the layout of housing, industrial, institutional and other types of plots and houses.
Chennai area is governed by Chennai Mertopolitan Development Authority.
RERA stands for Real Estate Regulatory Authority came into existence as per the Real Estate (Regulation and Development) Act, 2016 which aims to protect the home purchasers and also boosts the real estate investments.
An Resident Association is a body of members comprised of residents living in a particular apartments or Group housing complex or as neighbour hoods in a particular area to function towards a common welfare cause. Associations are registered under the TN Societies Registration Act 1975. According to the Act, any seven or more persons associated for any literary, scientific, social cause or charitable purpose can come together to form an association. Thereby, an association is governed by the rules of the Constitution and should comply with it. Article 19 of the Indian Constitution empowers society with the right to form an association.
An association is registered at the District Registrar’s office. Memorandum and by-laws should be submitted at the time of registration. Memorandum includes the name of the association, objectives of the association, names, addresses and occupations of the members of the committee and should be signed by atleast five members of the association.
Corpus Fund for the Association: In general terms, Corpus Fund is defined as a capital fund; an amount kept aside for an organization/entity to operate, exist and maintain itself. These funds are not meant to be utilized for the attainment of any objectives and are accrued through voluntary contributions.
With respect to housing societies, it’s the responsibility of the developer to collect the corpus fund from the owners, in order to maintain the amenities and facilities. In other words, it’s a lump sum amount collected from the home buyers for maintenance purposes and is not included in the total sale amount of the property.
Among the many taxes that home buyers have to pay on property purchase is the Goods and Services Tax or GST on flats.
|Property type||GST rate till March 2019||GST rate from April 2019|
|Affordable housing||8% with ITC||1% without ITC|
|Non-affordable housing||12% with ITC||5% without ITC|
*ITC- Input Tax Credit
This is a fee that is levied by the state government on the documents you need to register your property. Stamp duty and Registration Charges differ from one state to another. You will have to pay Stamp duty while registering a property as it is mandatory under Section 3 of the Indian Stamp Act, 1899.
IN Tamil Nadu, the registration charges for undivided share of land is calculated at 11% (7% stamp duty + 4% Registration fee) on the land value based on guideline value. This charges are to be borne by the purchaser of the property.
The registration of construction contracts between builders and buyers of new homes was made compulsory in Tamilnadu with effect on 1 October 2013. ... The construction contract is registered according to the legal provisions with a stamp and a registration fee of 2 percent (1% stamp duty + 1% Registration fee) on the value of the contract value.
This charges are to be borne by the purchaser of the property
Affordable residential apartment is a residential apartment in a project which commences on or after 01-04-2019, having carpet area upto 60 square meter in metropolitan cities and 90 square meter in cities or towns other than metropolitan cities and the gross amount charged for which, by the builder is not more than forty five lakhs rupees. GST to be charged at 1% of the sale value.