• Call Us
  • Download Brochure
  • Virtual Tour
  • Enquire with us
  • Call us: India Toll Free: 1800 843 3456
    US Toll Free: 1888 723 9424
  • Download Brochure
Home Loan
  • Home loans are one of the most important prerequisites of buying a new home, however, the process of acquiring a home loan can be quite confusing and tedious. Here’s a comprehensive guide that offers information on home loans. Gain insights and make the right decisions

Real Estate FAQs

Here’s a list to the most common questions that you may have while buying a property.
  • Q1. What is the difference between Built-Up Area, Super Built-Up Area, and Carpet Area?
    Carpet Area: This is the area of the apartment that does not include the area of the walls i.e. the area of the apartment that a carpet can cover.
    Built-Up Area: This is the area of the apartment that includes the area covered by the walls.
    Super Built-Up Area: This includes the built-up areas such as the lobby, lifts, stairs etc. This term is therefore only applicable for multi-dwelling units, such as flat complexes.
  • Q2. What is the difference between the lease agreement and the Leave and License agreement?
    A Lease, defined under Section 105 of The Transfer of Property Act, 1882, is a transfer of the right to enjoy the concerned property for a pre-defined time period or in perpetuity. The lessor (owner of the property) gives the lessee (the one leasing the property) such consideration periodically, usually at the beginning or end of a lease agreement.
    License is defined in Section 52 of the Indian Easements Act,1882. License does not allow any interest in the premises on the licensee's part. It merely gives the licensee the right to use and occupy the premises for a limited duration.
    A lease deed needs to be stamped and registered. The amount payable towards the lease deed's stamp duty is more than that payable towards the Leave and License's. For a period exceeding three years, the stamp duty is same for both agreements.
  • Q3. What are the implications of entering into a lease agreement?
    There are various implications of entering into a lease agreement such as you have to pay the stamp duty, the lease agreement has to be registered etc.
  • Q4. Does a foreign citizen of non-Indian origin require permission from the Reserve Bank of India (RBI) for acquisition of immovable property?
    Yes. The RBI may grant permission to a foreign citizen of non-Indian origin/foreign companies if the property is purchased for residential use and the consideration is paid by way of foreign exchange.
  • Q5. What is the definition of Non Resident Indian (NRI)?
    NRIs can be defined as:
    • Indian citizens who stay in a foreign country for employment
    • Indian citizens carrying on their businesses or vocations
    • Indian citizens abroad for any other purpose in the circumstances indicating a definite intention to stay outside India for an indefinite period
    NRIs can also be:
    • Indian citizens working abroad on assignment with foreign governments or international agencies
    • Officials of central and state government and public sector undertakings deputed abroad on temporary assignments or posted to their offices abroad
    • Indians who have settled abroad permanently or gone abroad on immigration

    Non-resident Indians become residents of India once they come back to India to engage in employment, for carrying on any business or vocation, or for any other purpose indicating a definite intention to stay in India for an indefinite period.
  • Q6. Why is it considered necessary to register a property? What is the purpose of registration?
    By registering the transaction of an immovable property, it becomes permanent public record. Title or interest can be acquired only if the deed is registered.
  • Q7. I have a flat which I want to sell and buy a new flat bigger in area. What are my tax implications with regard to capital gains?
    If you purchase a new flat within two years of the date of sale of the original flat and invest the entire amount of capital gained into the new flat, you will not have to pay any capital gains tax.
  • Q8. With reference to the Bombay Rent Act, is there a prescribed percentage of tenants willing to form a society?
    For instance, 70 per cent tenants out of a total of 32 tenants are ready to form a co-operative housing society.
  • Q9. Are there any new provisions?
    There is no new provision in the new Rent Act regarding the prescribed percentage of tenants willing to form a society.
  • Q10. Who does a group of tenants of an old building approach to be able to form a society without the concerned landlord's permission?
    Approach the Registrar of Co-Operative Societies and file the various relevant documents.
  • Q11. In case a tenant is not protected by the Rent Act, what is the procedure to ask him to vacate and what is the notice period that is required to be given?
    A notice is sent to the tenant, failing which a court case may be filed. It usually takes 10 to 20 years to reach a verdict.
  • Q12. With reference to the Bombay Rent Act, can tenants of an old building that was repaired by all the tenants in the year 1995-96 form a co-operative Housing Society without the landlord's permission?
    Yes, tenants of an old, repaired building can form a co-operative housing society without the landlord's permission. Assume there is a lease agreement for 6 years for a shop with a built-in escalation clause at the rate of 20 per cent after 3 years. The lease expires on a specified date say, March 31, 2000 and the concerned landlord has sent a written letter. It is always advisable to make a new agreement with the landlord.
  • Q13. How is the market rent determined?
    There is no prescribed norm for determining the market rent rate though it can be easily found out by approaching individuals such as brokers, registration authority, etc.
Buying Tips
Here are a few tips that would help you select the right property that fits into your needs and budget:
Parameter Questions to be asked
Location Of Site While choosing the location, you need to keep the following parameters in mind like proximity to the main roads, bus stops, railway lines, transportation services, civic amenities like educational institutions, park, police station, temples, community hall, hospitals, and auditorium within reach.
Affordability Does the location fit your budget?
Place of work How far is the office from the desired location?
Market place Where is the nearest market?
School Where is the nearest school?
Public transport Are buses/trains easily available from the location?
Builder Does the builder have a good reputation in the market?
Builder Does the builder have a good reputation in the market?
Availability of water and electricity Is there a steady supply of both?
Residential/ commercial Commercial areas face traffic jams during working hours and level of noise is rather high
Hospital/ Medical services Are they available easily?
Society expenses Is the monthly outgo on the society and maintenance a strain on your budget?
Security Are the security systems in place, like a professional guard or electronic systems?
Parking If you own a vehicle, you will need space to park it
Type of ownership In some areas, property is available only on a power of attorney or "pugree" basis. Getting funding for such properties is a problem.
Self constructed property (SCP) SCP is a situation where you buy a plot of land and construct a house there. All banks may not fund such projects
Under construction property at an early stage Many banks may not prefer to fund such projects. But if the builder is well reputed then it should not be a problem

In case of a ready / resale property, you need to bear the following additional points in mind while selecting a property
Parameter Questions to be asked
Chain of title It is important to have all the proper registered documents from the proposed seller that declares his ownership. These documents are important for you to garner a loan from the bank.
Maintenance Check the internal as well as the external condition of the building
Water leakages A flat with water leakages should be strict no as it adversely impacts the overall condition of the building.
Condition of the flat Is the paint peeling off or concrete crumbling?
Neighbours Grumpy neighbours can make life very unpleasant.
Society transfer charges If they are too high then you need to factor that in your budget.
NRI Corner

At KMV Vivaan, we aim to help you resolve every concern and doubt. We have compiled basic legal information to help you buy a house in India. Read through the following points and get in touch with us if you have any more queries.
Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable property for bonafide residential purposes.

Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO/ NRE/ FCNR account.

Get a copy of the title report by the solicitor of the property. Make sure that there are no conditions written in fine print and that there are no specific reservations by the state government.

Look for specific clearance reports.
For instance, if the construction is near a seafront, you will need to check for a Coastal Regulation Zone (CRZ) clearance.
If the project is being constructed over or in the close vicinity of a heritage building, you must check for any heritage reservations for the premises.
The idea is to ensure that you do not get stuck with a property that is or may get caught in any sort of disputes. Lack of clearance of titles also means that you will not be able to avail home loans.

Loans For NRI’s

The Non-Resident Indians (NRIs) are recognized under the Foreign Exchange Regulatory Act, 1973. Every bank and housing finance companies follow the RBI guidelines to define NRI - "An Indian citizen who holds a valid document like Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI."

Broadly categorized, Non-Resident Indians qualifying for NRI housing loans are:
• Indian citizens who stay abroad for employment or for carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad;
• 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;
• 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);
• Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad



NRI FAQs
At KMV Spaces, we strive to maintain global standards for quality and customer satisfaction. As the India success story unfolds, we cater to a lot of customers from around the world who place their trust in our projects. To make the process of buying a property easier for our ever growing NRI customer base, we have compiled a comprehensive set of facts, rules and requirements in one place which makes investing in our properties a breeze.
    • Call Us:
      +1800 843 3456
    • Address:
      New 100 Feet Road, Survey No. 20, Beside Kamineni Hospital, Poranki, Vijayawada - 521137, Andhra Pradesh, India.
    • Email:
      spaces@kmvgroup.com
    Call Us:
    India Toll Free: 1800 843 3456
    US Toll Free: 1888 723 9424
    © 2017, KMVVivaan. All Rights Reserved