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FAQ

Why should I choose mymaduraiproperty.com?

1.QUALITY SERVICE AT YOUR DOORSTEP 2.MYMADURAIPROPERTY.COM IS THE ONLY MOST TRUSTED REAL ESTATE,RERA REGISTERED ONLINE SHOPPING WEBSITE AND MOBILE APP IN MADURAI 3.THE WEBSITE WILL LISTS THOUSANDS PROPERTIES FOR SALE AS WELL AS NEW PROJECTS IN AND AROUND MADURAI 4.EXACT PROPERTY VALUATION AND CLEAR LEGAL OPINION GUIDANCE FOR YOUR PROPERTY BY OUR EXPERT PANEL VALUERS AND PANEL ADVOCATES. 5.BEST OFFER FOR LOANS FROM LEADING BANKS AND FINANCIAL INSTITUTIONS 6.SPEEDY LOAN SANCTION AND COMPARE INTEREST RATE AND THE LOAN ELIGIBILITY 7.MINIMUM DOCUMENTS AND MAXIMUM LOAN DISBURSEMENT

In which cities do you offer your services?

Our focus is MADURAI ONLY. Our services are available in and around MADURAI district

What kind of properties are listed on your website?

We list a range of residential real estate properties and commercial properties including apartments, villas and plots through our web platform. Our listings include everything from new, resale, under construction and upcoming properties.

Who should I contact in case I face any issues?

We have a dedicated customer care service team, which is available at your service seven days a week from 9:30 am to 7:30 pm. You can call them on 8903909944 or mail customer service at support@mymaduraiproperty.com

I want to sell my property. How can mymaduraiproperty.com help me?

For selling your property, you need to fill an enquiry form, which is available on the home page of our website.

I want to sell my property. What are the documents a buyer would need from me?

A buyer could ask you for the original Sale Deed, Title Deed, relevant tax receipts and Encumbrance Certificate.

Who needs to pay the stamp duty? The seller or the buyer?

Only the buyer pays the Stamp Duty.

Is it mandatory to register documents for the sale of property?

Yes. You can get it done at the sub-registrar's office of the concerned district.

When is the sale of a residential property formalized?

The sale of a residential property is said to have been formalized if the seller has received the entire consideration amount, registration of the documents has been carried out and actual possession of the property has been granted to the buyer.

How soon would I receive a call from you after posting my property for sale?

You would receive a call back from us within 10-45 minutes of placing your enquiry with us, provided you have posted your requirements between 9am and 7 pm. Otherwise, we would be reaching you the next day.

Do you offer home loan services?

Yes. We have tie-ups with some of the leading banks in the MADURAI such as the LICHFL,HDFC ,ICICI ,SBI,CANARA BANK,GIC HFL,SUNDARAM FINANCE,ADHAR HOUSING FINANCE,YESBANK.

How many properties can I own?

You can own as many properties as you want.

How can I qualify for exemptions on the Capital Gains Tax?

Buy or construct a new house: If you build a new house or buy one from the money you receive from selling a property, you are exempted from paying the tax on Capital Gains. However, the new purchase should be done either one year before or within two years of sale and the construction should be completed within three years from the date of transfer. The new property bought or constructed should not be sold within three years from the date of its purchase or date of completion of construction.

What is the difference between long-term Capital Gains and short-term Capital Gains?

If the house is held for less than three years prior to its sale, it is termed as a short-term capital asset and any gain arising from the sale is treated as a short-term Capital Gain. There are no tax exemptions for short-term Capital Gains and one needs to pay it according to the applicable tax slab. However, if the property is sold after holding it for more than three years, it is treated as a long-term capital asset and the gain arising from it is called the long-term Capital Gain. Such gains attract a flat exemption rate of 20%.

What are Capital Gains on property purchase?

Property is considered a capital asset and Capital Gains Tax is levied on the gains arising from the sale of property. Such gains are calculated after adjusting the inflation rate, transfer and renovation charges.

Do I need to pay stamp duty if the property is transferred or is a gift?

Yes. Generally, the stamp duty on the gift deed ranges from 5% to 12% in all states. In few states like Haryana, Rajasthan and Delhi, concession of 1 to 2 per cent is given to female transferors.

What is Stamp Duty? Who is liable to pay Stamp Duty? Do I get tax benefits on Stamp Duty?

Stamp Duty is the tax paid for the legal recognition of property. It is paid by the home buyers. You can claim tax incentives of up to Rs 1.5 lakh on stamp duty and registration charges on a new property purchase or construction of a house. However, these benefits are available for only one self-occupied property.

What are the current rates for the different property taxes that need to be paid?

TDS- 1% on immovable properties (except agricultural land) exceeding Rs 50 lakhs. Stamp Duty - Depending upon state and municipal laws Service Tax- It is a central tax paid for the services offered by the developer to you. From April 1, 2015 onwards, if the apartment is worth less than Rs 1 crore, or has a floor area less than 2000 sq ft, the service charge levied is 14% on car parking and preferential location charges (PLC) and 3.50% on the basic sale price. If the apartment is worth over Rs 1 crore, or has a floor area greater than 2000 sq ft, the service tax levied is 14% on car parking and preferential location charges (PLC) and 4.2% on the basic sale price of the flat.

What are the taxes that I need to pay before buying a property?

TDS or tax deduction at source on amount exceeding Rs 50 lakhs for the purchase of property excluding agricultural land.

How can I convert a leasehold property to freehold?

The property could be converted from leasehold to freehold if the local laws allow it. For example, properties under DDA can be converted to freehold by executing a Conveyance Deed but the same is not allowed if the property is owned by the Noida Authority.

What is the difference between leasehold property and freehold property?

The difference between a leasehold property and a freehold property lies in its ownership . In a leasehold property, the ownership remains with the concerned local authority or the government (as the case may be). The lease period varies typically between 30 to 99 years. But, this does not prevent the individual owner from selling or perform other transactions with the property, provided the lease deed is registered. In case of a freehold property, the owner of the property is the legal owner and can sell/lease/rent the property as per his/her wish.

What should be the language of the registration document?

The language of the registration document must be the one that is commonly used in your district. According to Section 19 of the Indian Registration Act, the Registering Officer or the registrar has the power to decline registration of your document if it is presented in a language which is not commonly used in the district unless it is accompanied with a true translation of the language in use.

Can I authorize someone else to register my property by granting him Power of Attorney?

Yes, you can execute Special Power Of Attorney to get your property registered by someone else.

What is Power Of Attorney?

Power of Attorney allows a person to authorize another person the right to make decisions regarding the person's assets, finances and real estate properties. There are two types of power of attorney. First, the 'General Power of Attorney' where a property owner confers 'general' rights. The rights include but are not limited to sell, lease, sub-lease etc. The second one is the 'Special Power of Attorney' where only a specific right is given by the owner to the chosen person.

How can I register my property?

Registration of a property includes necessary stamping and paying of registration charges for a sale deed and getting it recorded at the sub-registrar's office of the concerned jurisdictional area. If a property is purchased from a developer directly, getting it registered amounts to act of legal conveyance. In case the purchased property is a second or third transaction, it involves a duly stamped and registered transfer deed. Nowadays, property registration process is computerized in most states.

What is property registration?

It refers to the registering of documents relating to transfer, sale, lease or any other form of disposal of an immovable property. Registration is compulsory by law for all properties under Section 17 of Indian Registrations Act, 1908. Once a property is registered lawfully, it means that the person in whose favor the property is registered, is the lawful owner of the premises and is fully responsible for it in all respects.

What documents would I need at the time of possession?

1. Original copies of the chain of title agreements and Building Plan approvals 2. Original registration and stamp duty receipts 3. Possession Letter 4. Original share certificate (In case of societies) 5. Proof of payment of all dues like maintenance charges, electricity bills, phone, water and property taxes up to the date of handing possession 6. NOC from the Society or other concerned body confirming no objection to the transfer

How could I verify that the documents shown to me by the seller are genuine?

1. Projects approvals can be verified from the corporation or the sanctioning authority's office 2. Ownership documents can be confirmed from the Sub Registrar's office where they are registered 3. Share certificate related to societies can be verified from the concerned Society itself

What documents do I need to check if I am buying a resale property?

Clear and marketable Title, Sale Deed, Encumbrance Certificate, latest tax receipts, Occupancy Certificate, Building Plan Approvals and Possession Certificate.

What documents are required to get a resale property registered ?

New Sale Deed, PAN Card, Photographs.

What documents are required for registration of a new apartment/plot?

Sale Deed, No Objection Certificate (NOC) from builder, NOC from banks, Building Plan approvals, Completion Certificate, PAN Card and Photographs.

What documents are needed for registration of an independent house?

Allotment papers of the plot, Building Plan approvals, Transfer Deed (in case of multiple owners), Sale Deed, PAN Card and Photographs.

MADURAI PROPERTIES

No: 2A, First Floor, Ra-Gem Plaza Tallakulam. Madurai-625002
contact: 0452 2523435
890 390 99 44
890 390 99 55

  • support@mymaduraiproperty.com

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