Carpet area is the area that is used by the owner of the house whereas the built up area includes the areas covered by walls or exclusive balconies and super built-up area casts the net wider to include common areas as well.
The abbreviation stands for Floor a Space Index; also referred to as FAR (Floor Area Ratio). In simple terms, FSI is the maximum permissible floor area, that a builder can build on a particular plot/piece of land. FSI is the ratio of building floor covered area to area available on the land.
Building plans are the set of drawings which consists of floor plan, site plan, cross sections, elevations, electrical, plumbing and landscape drawings for the ease of construction at site.
The building & land plan approval process relates to the issue of permission for the construction of buildings based on specific set of rules and regulations.
“Most lenders will not approve a loan without these documents. The title of the property could be clear. However, the construction activity may be unauthorised. The building plan establishes whether the property is authorised or unauthorised.
Although timeframes vary, a rule of thumb is that plan approval can take up to 30 days.
The fee for registration for a property is 4% of either the market value of the property or the sale agreement value. The stamp duty is 7%.
The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the guideline value of the property. This is also available on the internet https://tnreginet.gov.in
Regarding authenticity of documents, again, you have to take the help of an advocate to verify.
The legal opinion is meant to favor the buyer’s interest. These legal opinions can tell the buyer if the buyer is a worthy one or not. A good lawyer can provide the buyer with the best details of the paperwork. A competent lawyer also saves the buyer from future tangles that comes with the property investment.
Under Section 37 (1) of the Income Tax Act, you can get tax benefits on the interest paid for your loan against property. Under Section 24, you can get a loan against property tax benefits on the interest paid on your loan if the funds are used for financing your new home.