News Highlights

What are the charges to be paid while gifting property?

When a gift of property is made, a gift deed needs to be made by a lawyer. Stamp duty on the market value of the property also needs to be paid, as well as the necessary registration charges.

How is a lease agreement created?

A lease agreement can be reached in either of two ways, depending upon each case:•In cases where the lease contract is from year-to-year / exceeding one year’s rent / reserving yearly rent, then a registered instrument can be created, which both the lessor and the lessee must execute.•In cases other than the above, an oral […]

Why do Co-operative Housing Societies collect a Sinking Fund?

Co-operative Housing Societies have a statutory obligation to collect a Sinking Fund. This is done so that in case the building needs to be repaired or reconstructed in the future, the society has sufficient funds to carry out the work. The amount to be contributed is decided by the General Body of the society; it […]

When there are apartments of different sizes in a complex, how is the maintenance charge calculated?

Legally, the actual area owned by the individual is the basis for calculation of maintenance charge.

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 […]