In most property transactions, the paperwork falls into three categories. Some of them need to be provided by the builder to show that the project has all the necessary approvals. The other two categories are for the buyers who need to submit documents for identity verification and loan approval. A few of them also are generated during the purchase process and become a part of your ownership record. 

Whether you’re buying yourself a home for the first time or adding another property to your portfolio, knowing what each document is for makes the process much easier. In this blog, we will cover the key documents you should verify before buying a property in Noida Extension, along with the paperwork you’ll need to keep ready at every stage of the transaction. 

Why Documentation Matters Before You Buy a Flat in Noida Extension

It’s easy to get caught up in things like the location, floor plan, or launch price of the project. But before you pay the booking amount, spend a few minutes checking the paperwork. The documents behind the project are just as important. 

It tells you whether the project has the necessary approvals, whether the builder is legally allowed to develop the land, and whether there are any obvious issues that could create problems later.

For buyers considering apartments in Noida Extension, a quick document check will help you avoid delays in possession, ownership disputes, or investing in a project that hasn’t received the required permissions. 

Another important step is checking whether the project is registered with the UP RERA. Under the Real Estate (Regulation and Development) Act, eligible residential and commercial projects must be registered with the authority. 

Documents to Check From the Builder/Developer

Before booking a property in Noida Extension, ask the builder to share the key project documents. A reputed developer is usually transparent about these approvals and should be able to provide them when requested. Taking a few minutes to review these documents can help you understand whether the project has met the necessary legal and regulatory requirements. 

1. RERA Registration Certificate

Check the project’s UP RERA registration or verify the registration number directly on the official UP RERA portal before you decide anything else. Enter the registration number on the official UP RERA website to verify the project’s approvals, construction status, and other key details. If a project isn’t registered where required, treat it as a red flag. 

2. Approved Building Plan/Layout Plan

This document shows whether the project has been approved by the relevant authority. It also helps you check if the actual construction matches what the builder is advertising. 

3. Completion Certificate (CC)/Occupancy Certificate (OC)

For any ready-to-move property, ask for these documents:

• Completion Certificate (CC): Confirms the building has been constructed according to the approved building plan. 
• Occupancy Certificate (OC): Certifies that the building is ready to be occupied and has essential services such as water and electricity. 

If the builder cannot provide an OC for a ready-to-move project, ask why before making a decision. 

4. Title Deed/Chain of Title Documents

The title deed confirms who legally owns the land. The chain of title (where available) shows how ownership has changed over time. Both help establish that the builder has the legal right to develop and sell the property. 

5. No Objection Certificates (NOCs)  

Builders need approvals from different departments before construction can begin. These may include fire, environmental, airport, and other statutory clearances. Ask whether the required NOCs have been obtained. 

6. Encumbrance Certificate

An Encumbrance Certificate helps verify whether any registered financial liabilities or legal encumbrances exist on the property. It is a useful document for checking that the property has a clear legal record before you proceed. 

Documents You (The Buyer) Need to Arrange

Once you’ve verified the project’s paperwork, keep your documents ready. These are required for identity verification, loan processing, and property registration.

• PAN Card & Aadhaar Card

These are the basic identity documents required for KYC and almost every property transaction.  

• Income Proof

If you’re taking a home loan, the bank will ask for documents such as salary slips, bank statements, Form 16, or Income Tax Returns (ITRs) to assess your repayment capacity.

• Bank Loan Pre-Approval/Sanction Letter

While not compulsory, a pre-approved or sanctioned loan helps speed up the buying process and gives you a clear budget before booking. 

• Passport-Size Photographs

Keep a few recent passport-size photographs; they are usually required for loan applications, KYC formalities, and registration documents. 

• Address Proof

Documents such as a passport, driving licence, voter ID, or utility bill may be accepted as proof of your current address, depending on the lender or registration authority. 

Documents Generated During the Purchase Process

As the purchase moves forward, you’ll receive several important documents. Keep them safely, as they serve as proof of the transaction and ownership. 

• Allotment Letter

Issued after booking, it confirms that the flat is allotted to you along with the payment schedule and booking details. 

• Payment Receipts

Collect a receipt for every payment you make. They serve proof of payment if any issue comes up later. 

• Agreement to Sell

This document records the agreed sale price, payment terms, possession timeline, and the responsibilities of both parties. The Agreement to Sell outlines the terms of the transaction but does not transfer ownership. Ownership legally transfers only after execution and registration of the Sale Deed.

• Sale Deed

It is the legal document that transfers ownership from the seller to the buyer after registration.  

• Registration & Stamp Duty Receipt

Once the Sale Deed is registered, you’ll receive the registration record and stamp duty receipt. Since stamp duty differs from one state to another, always check the applicable rate before registration. 

Quick Verification Checklist

FAQs

• Is RERA registration mandatory for flats in Noida Extension?

Eligible residential projects must be registered with UP RERA. Before booking a property, buyers should verify the project’s RERA registration number on the official UP RERA portal. 

• What if the builder does not have an Occupancy Certificate?

For a ready-to-move property, an Occupancy Certificate is important because it confirms that the building is approved for occupation. If it’s unavailable, ask the builder for the reason and seek clarification before proceeding.

• How long does sale deed registration take?

The registration process is usually completed on the day of registration if all documents are in order. However, the time required to receive the registered documents may vary depending on the local sub-registrar’s office. 

• Can I book a flat without a home loan sanction letter?

Yes. Buyers can book a property without a sanction letter if they meet the builder’s booking requirements. However, obtaining a loan pre-approval or sanction beforehand can make the purchase process smoother, especially when buying through home financing.  

Takeaway

Every home purchase comes with paperwork, and it’s worth taking the time to go through it before signing any document. A few checks today can save you from unexpected issues later, whether it’s related to approval, ownership, or project status. If a document isn’t available or something doesn’t seem clear, ask questions before moving forward.

If you’re planning to buy property in Noida Extension, choose a developer who is open about project approvals and other information. Projects like ACE Han’ei and ACE Divino are both UP RERA-registered projects. 

Buyers can independently verify the registration details of these projects through the official UP RERA portal before making an informed decision.  

ACE DIVINO – RERA REG NO. UPRERAPRJ6734 | www.up-rera.in/projects 

ACE HAN’EI – RERA REG NO. UPRERAPRJ677887/10/2024 | www.up-rera.in/projects 

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This blog discusses everything you need to understand about capital gains tax and tax exemptions. 

How Much TDS Must an NRI Seller Pay on The Sale of Property in India?

TDS stands for Tax Deducted at Source. According to the law, the resident buyer must deduct 20% TDS as Long-Term Capital Gains Tax while purchasing a property from an NRI Seller if it has been held for over two years. 

However, NRIs have to pay a TDS of 30% if they sell their property in India within two years of buying it. It should be noted that this tax is deducted as Short-Term Capital Gains Tax. Don’t forget that the deduction also includes TDS plus surcharge, education cess, and health. 

The tax an NRI is liable to pay on the gains is determined by whether it’s a short-term (under 2 years) or long-term (over 2 years) capital gain. Interestingly, NRIs also need to pay the tax if they inherit property in India. 

In that case, you can backdate the property to when it was purchased by the original owner to figure out if it’s a short-term or long-term capital gain. 

Also Read: How Can NRIs Manage Indian Properties With Power of Attorney? 

How To Pay Less TDS? 

You can ask for a refund if the tax deducted at source exceeds your total tax liability, or you can simply apply for a certificate to pay a lower TDS rate for efficiency. However, you must apply for this certificate before executing the sale agreement. 

The TDS is determined after calculating the capital gains. As a result, you wouldn’t have to file for a refund and would get money in an instant. You are advised to consult a lawyer in this regard to seek expert counsel. 

Exemptions Under The Law  

An NRI may be able to reduce tax liabilities by availing certain exemptions under Sections 54, 54F, and 54 EC. Let’s take a quick look. 

Section 54

You can get tax exemption by reinvesting the capital gains earned from the sale of the property into purchasing another one in India. 

That’s right; if you take the capital gains you made by selling a property and reinvest them to buy another one in India within 2 years of finalizing the sale, you become eligible for an exemption. 

Here, it is paramount to note that you don’t have to invest the entire sale receipt to buy another property. You only need to reinvest the capital gains to get a tax exemption. Of course, if the price of your new property exceeds the capital gains, you would only get an exemption for the profit you reinvested. 

You may also invest the capital gains to construct another property, but the construction needs to be completed within 3 years from the date of sale. 

Section 54F 

Tax exemptions under section 54F can be availed of in case there is a long-term capital gain on the sale of a capital asset apart from a residential property. All an NRI has to do is buy one house property within a year before the transfer date or 2 years after the transfer date. 

You may also construct one house property within 3 years following the date of the transfer of your capital asset. However, you cannot sell this property for 3 years after buying or constructing it. Plus, the property should be located in India. 

Most importantly, you are supposed to reinvest the entire sale receipt you received after selling your capital asset for complete exemption on capital gains. Otherwise, the exemption will be done proportionately.  

Section 54 EC

Under Section 54 EC, an NRI can get an exemption by investing the capital gains earned from selling property in Capital Gains bonds within 6 months of finalizing the sale. 

Collecting Funds 

You have to fill out and submit forms 15CA and 15CB in order to repatriate the proceeds from the sale of the property. Plus, Form 15CB must be accredited by a chartered account. However, you can fill out the form 15CA yourself. An NRI can transfer USD 1 million a year from India to another country.

While you can learn plenty of information from the web and other sources, it’s always better to seek legal counsel to confirm the details based on your specific circumstances. 

If you are looking for luxurious, modernised, and best-located residential properties for investment in India, get in touch with ACE Group. Get to know more about our latest projects that meet every buyer’s needs and wants fully.

The post NRIs: Income Tax Rules To Know When Selling Indian Property appeared first on Blogs.

In this blog post, we are going to help you learn everything you need to know about power of attorney, along with its incredible usefulness. 

What is A Power of Attorney?

For those who may not be aware, power of attorney or POA is an official document that gives a person listed as the principal or donor the right to choose another individual to represent them. The selected representative is often known as an attorney, donee, or agent. 

People in India utilise the power of attorney to appoint a legal representative to help them with the smooth execution of transactions in case they are buying a house, taking out a mortgage, or selling a property. 

So, how does a power of attorney prove helpful for Non-Resident Indians or NRIs? 

POA comes in handy if an NRI buys a place in India but cannot visit the country to carry out the registration process. In such a situation, the NRI can utilise a registered power of attorney to ask a trustworthy friend or family member to handle the legal obligations on their behalf. 

Also Read: Why Is Noida Expressway Property A Great Investment?

Types of Power of Attorney 

There are three types of power of attorneys that prove valuable for NRIs. Here’s a list to help you understand more about them; 

• Special Power of Attorney: 

This exists for specific transactions and becomes invalid after serving its sole purpose.

• Standard Power of Attorney:

With a standard or general power of attorney, the agent is free to make decisions on behalf of the principal without any limitations.

• Durable Power of Attorney:
  

A durable POA remains valid until it is revoked by the principal. The attorney is allowed to take over the entire management of the property in case the principal becomes mentally challenged or passes away.

It’s pretty common for NRIs to utilise a special power of attorney to sell or purchase a property in India through someone else. What’s important to note here is that a person who uses general power of attorney should possess the registered sale deed as well as the physical property. Plus, the POA needs to be registered in India after paying the stamp duty. 

Uses of Power of Attorney 

NRIs manage properties in India with the power of attorney because it is the ideal tool for overseas Indians who have valuable possessions and cannot visit the country for different reasons. Below are mentioned some of the main usages of POAs:

• Take out a mortgage
  
• Rent out a property
  
• Buy or sell a property
  
• Exchange assets
  
• Finance the acquisition of an asset through a loan
  
• Manage and overcome any disputes
  
• Pay taxes
  

How Can NRIs Execute POA From Overseas?

If an NRI is unable to come to India, they can execute a POA by going to the Indian Embassy or Consulate in the country where they are living. Here’s how NRI POAs are executed; 

1. For starters, a qualified professional drafts a POA.
   
2. Next, you have to get it notarized by Notary Public with two witnesses.
   
3. Now you have two options; either choose legalisation or apostilization. Once you have completed the second step, the notary stamp has to be verified by the duly accredited representative of the Indian Embassy or Consulate. After legalisation, you have three months to get your NRI POA stamped in India. Moreover, the stamp duty is payable as per the Indian Stamp Act at the time of registration in India.
   
   As far as apostilization is concerned, you need to get your POA apostilled by relevant state officials if it is meant for commercial purposes. An apostilled copy is a certificate to verify that your notarized POA is valid. Having an apostille POA means you do not have to get it attested in India, but you are required to pay the stamp duty on it.
   
4. After getting your POA authenticated, you can send it to your attorney in India.
   
5. In this step, your attorney is responsible for getting your power of attorney registered at a sub-registrar office by paying the necessary registration charges. The fees may be different for every state.
   
6. Finally, your NRI power of attorney can now be used for the desired purposes. 

Revoking A Power of Attorney 

There are various reasons for revoking a power of attorney. For instance, it can become feasible for the principal owner to manage the operations concerning the property by themselves after a while. Moreover, power of attorney can be revoked if the principal thinks the agent is abusing the authority granted to them. 

Power of attorney is revoked in the same manner as it was given. Therefore, if it was initially registered with the sub-registrar, you have to ask the same office to cancel the POA. Moreover, everyone involved in the execution of the POA should be properly informed when it is revoked. 

It should be noted that power of attorney can only be revoked once. Some POAs, such as the special POA, are automatically revoked after the transaction they were designed for is completed.

Power of attorney or POA is not just for NRIs. People living in India who own several properties and holdings also use power of attorney to execute transactions if they cannot be present due to any reason. 

But it goes without saying that NRIs find the usage of power of attorney particularly beneficial as they are able to finalise deals without ever having to spend money on expensive cross-country travelling. We hope you found the information on all about how NRIs are able to manage their properties in India.

Contact ACE Group for more information, and secure your chance at investing in the best Noida Expressway property before it’s too late. 

ACE STARLIT – RERA REG NO. UPRERAPRJ677294 | www.up-rera.in

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Those who are eligible for this scheme can acquire a 6.5% subsidy on home loans according to the Credit Linked Subsidy Scheme (CLSS). 

Indian citizens can apply for this scheme by visiting the nearest Common Service Center managed by the state government and filling out the application form. They can submit the completed form to an authorised official by paying the charges of Rs 25 + GST. 

Eligible citizens can also apply online by logging on to the official website of PMAY and following the necessary steps to submit their application for the Pradhan Mantri Awas Yojana housing scheme.

Also Read: WHY IS OC CERTIFICATION IMPORTANT?

Eligibility Criteria For Pradhan Mantri Awas Yojana 

Before we take a look at the documents you require for the PMAY, let’s talk about the eligibility criteria for this scheme. 

Here are the applicant groups that can apply for the PMAY scheme; 

• EWS or economically weaker section earning less than Rs 3 lakhs annually
  
• Low-income groups with an annual income of up to Rs 6 lakhs
  
• Mid-income groups who have an annual income of up to Rs 12 lakhs or Rs 18 lakhs 

Nowadays, different eligibility calculators for the PMAY scheme are available online. You can simply fill in the required fields with your personal information, such as income, age, etc., and confirm your eligibility before gathering all the necessary documents.

Confirm your PMAY scheme eligibility, gather all the required documents, and double-check them for any errors or updates before submitting your Pradhan Mantri Awas Yojana housing scheme online application.

Documents Required For Pradhan Mantri Awas Yojana 

You must realise that the documents checklist for the Pradhan Mantri Awas Yojana is not a straightforward one. An eligible applicant must provide various documents as proof of their identity, address, income, and other information. 

But don’t worry, as we have divided the entire checklist into specific categories to help you develop a better understanding of the required documents and the purpose behind their submission.  

For Identity Verification: 

For starters, you have to provide the following documents to prove your identity, irrespective of the fact that you are an employee or self-employed:

• Driving licence
  
• Aadhar card
  
• Voter card
  
• ID card with photo issued by the government
  
• Passport
  
• Verified letter with photographs issued by a government official 

For Address Verification:

When it comes to submitting documents for address verification, there are slight differences between the documentation that needs to be completed by an employee and a self-employed individual. 

An employee or a salaried person has to submit the following documents:

• Electricity bill

• Notarized rent agreement

• Voter ID card

• Utility bill

• Passport

• Ration Card

• Driving licence 

• Telephone bills

• Aadhar card
  
• Property tax paid receipt

• Verified letter from a government official with a photograph

• Bank Statement from post office saving account

• Documents issued by the government department of a foreign jurisdiction or a letter issued by any foreign embassy

• Credit Card Statements

• Leave and licence agreement from employers allocating official accommodations

• Company letterhead
  
• Copy of the deal while purchasing the property

• Copy of Life Insurance Policy certificate

• Self/Family Pension payments orders Letter provided by your employer on a company letterhead
  
• Bank Statements showing your address

On the other hand, a self-employed individual has to provide the documents listed below: 

• Driving Licence
  
• Electricity bill
  
• Aadhar Card
  
• Copy of the deal while purchasing the property
  
• Verified letter from a government official with a photograph
  
• Passport
  
• Voter ID card
  
• Leave and licence agreement from employers allocating official accommodations
  
• Utility bill
  
• Telephone bills
  
• Notarized Rent Agreement
  
• Ration Card
  
• Documents issued by the government department of a foreign jurisdiction or a letter issued by any foreign embassy
  
• Property tax paid receipt
  
• Bank Statement from post office saving account
  
• Credit Card Statements
  
• Bank Statements showing your address
  
• Self/Family Pension payments orders Letter provided by your employer on a company letterhead

• Copy of Life Insurance Policy certificate

For Income Proof:

Next, the applicants are required to complete the documentation for income verification purposes. 

Salaried individuals are supposed to submit the following documents: 

• Salary slips for the last 2 months
  
• Bank statements for the last 6 months
  
• Latest Form 16/ITR
  

People who are self-employed are supposed to give the following documents for proof of income; 

• Balance sheet and income statement, also known as the profit and loss statement
  
• Statements of their current account for the last 6 months
  
• Income tax returns for the last 2 years 

Property-Related Documents 

For property-related verification, both salaried and self-employed individuals have to submit the copies of the following documents: 

• Allotment letter
  
• Receipt of payment
  
• Agreement to sale
  
• Complete chain property documents 

Now, you may also be asked to provide your marriage certificates or the death certificate of your late spouse if you are a widow. It all depends on the requirements. 

You need to submit all the updated documents to avoid rejection. Moreover, it is important to ensure that the information you provided on your PMAY application is the same as the details mentioned in your documents.

So make sure to follow this checklist before you submit your application. 

For more informative content, visit our YouTube channel where we bring you helpful content on everything related to real estate and homes. 

The post Pradhan Mantri Awas Yojana – Documents Check List appeared first on Blogs.

Most importantly, a lease agreement allows the tenant to live in a rental property for a predetermined amount of time. Quite often, the lease is for six to twelve months until it is renewed at the landlord’s discretion.

Make sure to sign a lease agreement if you are interested in renting out a flat, house, or commercial place because it will protect your rights as a tenant. The same applies to the landlord.

In comparison, leasing a commercial property is a lot different than a residential one. For instance, the rent of commercial premises is higher, and the tenure could exceed for as long as five years. The terms and conditions of a lease agreement for a commercial property vary significantly. Moreover, tenants of commercial premises must verify several things before finalising any agreement to avoid unpleasant consequences in the future. 

If you want to know more about commercial lease agreements, keep following us, as we will soon be coming out with an informative and detailed blog to solve all your queries and help you learn.  

Did you know that in most cases, the validity of the lease agreement is for 11 months? You would be right to think that there must be a reason behind this because there is a very good one to note here.

A) The provisions of section 17 of the Registration Act of 1908 imply that a landlord and tenant can sign a lease of less than a year without registering.

B) In order to register a lease agreement, stamp duty is paid. Therefore, not registering the agreement by keeping its length limited to less than a year exempts the landlord and tenant from paying the fees. 

Read More: COMMERCIAL LEASING: A GUIDE FOR ENTERPRISE

In case you are wondering, the stamp duty is determined by the length of the lease agreement and the rent. Registration fees increase if a property is rented for a long time. All parties involved in the transaction of rental property do what’s mutually beneficial. 

What Is Included In A Lease Agreement?

In case you are about to become a tenant, or you are a landlord giving your place for rent to someone, don’t forget to ensure the lease agreement contains the following information: 

• For starters, monthly rent and its due date must be mentioned in the lease agreement.
  
• The amount of the security deposit, which is usually equal to the rent of one or two months must be stated. Plus, the agreement should also have the date for the deposit’s refund.
  
• Next, the agreement should clearly mention all the expenses that the tenant will be bearing, such as maintenance, water, electricity, gas, etc. The contract should also inform readers if the tenant is allowed a separate metre for utility connections.
  
• The lease agreement must have information about the entire area rented by the tenant, including the number of bedrooms, bathrooms, kitchens, gardens, etc.
  
• Tenure agreed between the tenant and landlord must also be included in the agreement. Moreover, the lock-in period, i.e., the time in which no party is permitted to cancel the lease, should also be mentioned.
  
  NOTE:
  
  If the tenant leaves during the lock-in period, the landlord gets to retain the security deposit.
  
  If the landlord asks the tenant to leave before the lock-in period, the former must compensate the latter for an early notice to vacate the area.
  
• If there are any restrictions that the landlord wishes to impose on the tenant, include them in the lease agreement. Being upfront saves everyone from the trouble of having to take legal action against one another in the future. It keeps all parties involved in a lease agreement satisfied. 

Do not leave out even a minor detail about the agreed terms and conditions between a tenant and a landlord. 

Read More: ALL YOU NEED TO KNOW ABOUT GIFT DEED

Should You Register A Lease Agreement?

By now, you must have realised why people do not prefer registering the lease agreement before signing it. It helps in saving a great deal of money for everyone. However, there’s a drawback to this cost-saving technique commonly used by a lot of tenants and landlords.

The court may not consider an unregistered agreement as evidence in a dispute. This ultimately beats the whole purpose of having a rental agreement, i.e., to protect the rights of the tenant and landlord. The court is going to ask you to submit other documents for proof of your claims, leaving you helpless since a lease agreement is often the only binding contract between a tenant and landlord. 

So, what do you think is better? To pay the stamp duty or to avoid it at the expense of losing a future dispute with your tenant or landlord?

Suppose you decide to take the high road and pay the stamp duty compulsory for registering a lease agreement. In that case, the tenant and landlord can equally split the costs or agree to whatever’s best for both parties. Regardless, make sure to include the information regarding the payment of stamp duty in the lease agreement. 

Who Benefits More From An 11-Month Lease Agreement?

While an 11-month agreement is beneficial for all parties to different extents, it is more favourable for the landlord. Think about it; the contract allows the landlord to increase the rent after eleven months instead of waiting for a year or more. 

Furthermore, landlords opt for an 11-month lease contract to avoid any inconveniences and disagreements with the tenants, especially if the former finds the latter unsuitable for extending the agreement. 

What’s important to note here is that it is easier to revoke an unregistered lease agreement by giving a one-month notice period to the tenant for vacating the place. 

Conclusion

Don’t worry, we won’t conclude this blog before answering one of the most commonly asked questions by tenants. 

Is it possible to vacate a place without completing the tenure mentioned in the lease agreement? 

The short answer is yes, you can leave at your landlord’s discretion or if the agreement allows you to do so. 

There’s often a ‘break clause’ in the lease agreement that allows both parties to end the tenancy period before completion. If you have good convincing skills, talk to your landlord, give them a good enough reason, and leave. 

A registered and notarized lease agreement with transparent terms and conditions is advantageous for both the tenant and the landlord. So, don’t avoid registering it with the appropriate authorities only to save a few bucks. Secondly, don’t try outsmarting the other person by deceiving them at the time of finalising the lease agreement.

The post A Simple Guide To Lease Agreements appeared first on Blogs.

In this blog, we are going to discuss how you can transfer property in NOIDA. 

Here are the requirements if a plot or premises is being transferred at the request of the transferee;

• Original payment deposit challan for deposit of applicable transfer charges and processing fees of Rs. 1000. You have to make these payments in one of the authorised banks. 

• Secondly, a joint affidavit by the transferee and transferor in the appropriate format is needed on a signed non-judicial stamp paper.

• An affidavit in the correct format to confirm that the transferee is fully satisfied with there being no legal or monetary liability on the property is also required. 

• Then, two no-dues certificates are needed; one from the Project Engineer and the other from the concerned Account Officer. 

• In case the transfer permission is for any industrial or institutional premises, you are going to need a copy of the project report. In addition to this, you also require a No Objection Certificate from GM (DIC) Noida, along with a No-Dues Certificate from UPPCL, i.e., Uttar Pradesh Power Corporation Limited, in order to transfer industrial premises. 

• If the transfer is of residential plots, you need a copy of the Occupancy Certificate or Completion Certificate. For the transfer of industrial, commercial, or institutional premises, you require a Functional Certificate. Here, a copy of a valid extension letter issued by the appropriate authority could also work. However, this condition is not for industrial properties. 

• For the transfer of residential premises, you are going to need a No Objection Certificate from the concerned cooperative society. 

• Suppose a plot or premises is mortgaged. In that case, you will require a No Objection Certificate that permits transfer from the respective financial institution. 

• You also need No Objection Certificates from AFNHB, AWHO, and Builders while demanding the transfer of flats and houses. 

Read more: WHY IS OC CERTIFICATION IMPORTANT?

Transferring premises is an intricate process that requires you to have full knowledge of the process to avoid making unnecessary mishaps. After all, you are investing a huge sum of your hard-earned money to buy a new place.  

In order to transfer the property, you first need to get it registered by visiting the office of the sub-registrar. The office is in the same locality as the property you want to transfer. After registration, you need to go to the office of the Noida authority with the registration certificate and property documents. Here, the authority is responsible for reviewing all the documents and issuing the Transfer of Memorandum after you pay the transfer charges. 

Don’t forget to keep the Transfer of Memorandum safe since it is evidence that the ownership rights of a property have been successfully transferred from the seller to the buyer. The authority will also give you a receipt for the payment of transfer charges. 

There are multiple factors that determine the transfer charges for a property. What’s important to note is that transfer charges for flats, plots, and industrial premises vary accordingly. 

You can read more about the transfer fees and the rest of the process by visiting the Noida Authority’s official website.

The post How To Transfer Property in Noida? appeared first on Blogs.

As a result of this revelation, hundreds of people’s dreams of purchasing a home were destroyed. Unkept commitments on projects from some builders also disheartened the public and made them wary on real estate investments. All of this culminated in the introduction of a much-needed law and legal authority to oversee builders and track if the so-called real estate project is a scam in your name.

The Real Estate Regulatory Authority (RERA) Act of 2016 came into effect on May 1, 2016. Some sections took longer than others to complete, and legislators were notified on May 1, 2017. RERA is a fundamental law that establishes several standards for builders, promoters, brokers, real estate advocates, homebuyers, and others in order to provide transparency to the real estate purchase and selling process. 

Read more: HOW RERA HAS TRANSFORMED THE REAL ESTATE

The following are the payment provisions of the RERA Act of 2016:

• The rights and duties of homebuyers include making the proper payments to the builder as specified in the selling agreement.
• The homebuyers can be obliged to pay interest if they don’t make the needed payment on time as promised.
• The division of registration fees, municipal taxes, water and energy expenses, maintenance fees, ground rent, and other payments in accordance with the agreement is also required by the RERA new regulations 2022.
• Until the purchasers take ownership, the builder is liable for all outgoings such as water and electricity.
• According to RERA’s new 2022 regulations, the buyer may pay the builder no more than 10% of the total amount unless the agreement to sell is fulfilled. 

It should be noted that these restrictions are included in the center’s new RERA standards. Further criteria may be imposed by state/UT rules.

What Are The Recent HARERA  Rules Amendments?

High Court’s Decision Regarding Haryana RERA

The Punjab and Haryana High Court recommended that the owner and the proprietary company be treated as a single legal entity rather than as separate ones.

Real estate agents may be charged the same registration fee, regardless of whether they register as a proprietary firm or an individual, according to RERA Haryana. Prior to this change, there existed a cost difference between registering under the HRERA legislation as a proprietary corporation vs an individual agent.

Earlier, the HARERA has so far imposed fees of Rs 25,000 on people filing as real estate agents and Rs 2.5 lakh on “others” who listed themselves as proprietary companies. The renewal fees for individuals are Rs 5,000, while for private companies is Rs 50,000.

Following the HC judgement, the Indian real estate authorities will be required to charge agents who file as “Other than individuals,” such as proprietary companies, a standard fee. As trustworthy real estate builders in Noida, ACE Group offers our clients, RERA compliant projects, as we believe in maintaining transparency and confidence.

Contact us for more information on our RERA compliant projects.

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What is an Occupancy Certificate

Issued by a civic body or a local government authority, an Occupancy Certificate verifies that a project has been constructed according to the standard procedure for building and other relevant rules and regulations. This certificate demonstrates that a building complies with the construction protocol and is authorized for occupation. Without an OC a project is considered uncertified and the local governing body can take legal action. Therefore, you should make sure you get an OC before moving into your new property.

Read More: HOW TO RETRIEVE LOST PROPERTY PAPERS

Occupancy Certificate Vs Completion Certificate

A Completion Certificate is another document that a builder can obtain after the completion of a project. A ‘CC’ demonstrates information about a project such as the building plan and materials that are being used for construction. This document indicates that the building has been constructed according to the approved building plan. 

An Occupation Certificate verifies that the building has been constructed in compliance with the plan, and can be obtained once the construction has been completed and the building is ready for occupation. 

While a Completion Certificate can be acquired once the building is able to achieve the required standards of construction, including the building height, separation from the road, and drainage system.

A Completion Certificate will give you peace of mind by verifying that the project you are investing in is constructed according to the approved layout. For instance, you’d never want your apartments in Noida to be part of an unauthorised building. Therefore, you need to possess a CC. Additionally, local authorities issue the certificate after inspecting the building, so you can rest assured that your building has no construction flaws.

Importance of Occupancy Certificate

When you buy a property, you need to ensure that the building follows the rules issued by the local governing authorities for construction. That’s where an Occupancy Certificate comes in. With an OC, you can easily set up the utilities in your home by applying for gas, electricity, etc. 

You will also need the OC while selling a property, purchasing a property from its initial buyer, or when applying for a home loan. An Occupancy Certificate plays an essential role in the reliability of the property as, without an OC, you will not be able to find buyers when selling your property. 

How to Acquire an Occupancy Certificate?

After the completion of a project, the builder can apply for an Occupancy Certificate. You can obtain an OC from the builder of the project. Due to more transparent procedures in the sectors, real estate builders in Noida and other developing regions are acquiring Occupancy Certificates to ensure maximum reliability. ACE Group is proud to be one of the top builders in India and is well-known for offering reliable projects.

ACE Divino, one of the best residential projects in Greater Noida West has acquired the Occupancy Certificate while  ACE Parkway, one of the most premium luxury residential projects in Sector 150 Noida, soon will apply for OC as well. 

Contact us now and find a range of premium residential and commercial projects.

ACE DIVINO – RERA REG NO. UPRERAPRJ6734 | www.up-rera.in

ACE PARKWAY – RERA number UPRERAPRJ4514 | www.up-rera.in

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Why is Property Tax Important?

It is a source of revenue for the government and local bodies and is invested in civil maintenance and betterment. Statista shows that the value of taxes on property and income in India was estimated to be over INR 13 trillion in 2022. This shows that property tax plays a significant role in the country’s development.

Dealing with property taxes can be daunting, but to make it easy and hassle-free, we have compiled an extensive guide that will walk you through all the crucial parts of property tax.

What is Property Tax and How Does It Work?

Property tax is an expense directly levied on property by government bodies. This tax is applicable when a property is purchased, during possession, and when it is sold. The property owner has to pay the government an annual amount. The tax amount is calculated based on the value of the property. 

All owners of physical assets must pay tax, be they residential or commercial property. The revenue generated from the tax is used for developing infrastructure and cleaning and maintaining roads and public places. 

How is Property Tax Calculated?

The method of calculation of property tax is different everywhere. We will be looking at the calculation of property tax in Noida and Gurugram.

Noida

In Noida, the monetary worth of the property is calculated and is called the assessed value of the property. Many factors are considered while calculating the assessed value, such as property location, size, area, age of the building, and usage (residential or commercial). A percentage of that annually assessed value is charged as tax.

Read more: HOW TO RETRIEVE LOST PROPERTY PAPERS

Gurugram

In Gurugram, the tax calculation depends on the property area and its usage. (residential or commercial). The Municipal Corporation of Gurugram (MCG) uses a tax calculation system that considers the size and usage of property to calculate the tax liability. 

How to Pay Your Property Tax

To pay your property tax, you can visit the civic body office in your area or pay online on their website. To pay your tax in Noida, you can visit the Noida Authority’s website or the municipal corporation’s office. In Gurugram, the Municipal Corporation of Gurugram (MCG) collects the taxes. You can visit their website and pay your property tax online.

Who Is Exempt From Property Tax?

In all the states, properties owned by the government and religious organisations are exempt from property tax.

Tax exemption is also offered to:

• Former army, navy, or any other personnel employed by defence services
• Owners of agricultural properties
• Senior citizens
• People who are disable
• Educational institution owners
• Families of martyrs from the Army, Police, BSF, CRPF, and Fire Brigade

Payment of property taxes plays a vital role in your journey of real estate investment. Not paying your taxes could result in heavy penalties and even obstruct opportunities for reselling your property. If you’re searching for investment opportunities or planning to purchase a new home, contact ACE Group for more information on residential apartments in Noida.

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First, don’t panic. We are giving you a step-by-step process to get your property papers.

File an FIR with the City Police

If you can’t find the papers after looking at all the places where you keep important documents, you must update the nearby police station. Similar to a case of loss or robbery of any other valuable goods, file a First Information Report (FIR). Get a copy of the FIR and keep it safe for future reference.

The Police will try to search for your apartment papers. Even after a reasonable time, if they are unable to trace the property papers, the police will issue you a non-traceable certificate that you will use at a later stage.

Publish a Notice in the Newspaper

After lodging a complaint with the police department, you must also publish an advertisement notice stating that you have lost the property papers in two different newspapers, one in an English national and another in a local language paper.

It must also include the contact details in case someone finds the property paper to return to.

We suggest you wait for at least fifteen days after the notice appears in the newspaper. This step is crucial to make the general public aware of the theft or loss. If you did not get the document after this waiting period, use the copy of this publication to file for a duplicate certificate.

Jot Down The Events in an Application

Detail the events as you recall them on a plain piece of paper as clearly as you can. You can mention if the document is lost or misplaced and all the specifics of your apartments during the time of purchase.

Write an Undertaking 

On stamp paper undertake the information concerning the lost property, as mentioned in the newspaper notice and the police certificate. Outline all the details specified in the newspaper notice and the police complaint number.

Submit the Application to Registrar

Submit the application along with the undertaking to the registrar’s office where the property was first registered. After paying the fees you will be able to acquire the duplicate selling deed once the documents for your apartments in Noida are verified.

After a waiting time of 15-20 days, you will get a duplicate copy of your property papers that you must keep safe.

The steps you will need to follow to get duplicate property papers in case of a loss or theft are stated above. There might be slight variations based on local rules and guidelines, but for the large part, the process stays the same.

Some Pointers

Keep these below pointers in mind as well if you have any confusion on these matters:

• The FIR can only be filed by the property owner claiming that the property papers have gone missing or are lost.

• If your papers go missing from a bank you have partnered with for safekeeping, the bank will have to compensate you for the loss.

• There is an option given by a few cities to submit an online application for the missing papers. You can make use of this facility to save time with hard application filing.

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