I own a freehold residential plot of land and building (constructed on the plot) in Delhi. Now I want to take a loan from a bank for purchasing a new house. I want to take this loan against my existing house by creating an equitable mortgage. What is the amount of stamp duty that I will be required to pay for the property?
- Akhil Narayan For creating an equitable mortgage (ie mortgage by deposit of title deeds), it is sufficient to deposit the original title deeds /documents of the property being mortgaged with the bank/mortgagee. No stamp duty is payable in Delhi if equitable mortgage is created by depositing title deeds. I want to buy a flat in Delhi and the seller has informed me that the flat was allotted to him by DDA on leasehold basis. Later, he got the flat converted to freehold. What are the documents that I need to check before purchasing the flat?
Sangeeta Sharma You need to check the copy of conveyance deed and check that the property tax and other utility bills have been paid up to the date of purchase. Inspection/verification can also be carried out at the office of the sub-registrar to verify that no other transfers in respect of the flat is registered with him. You may even engage a lawyer to assist you in conducting due diligence. Since the government has now notified the low density residential area scheme, I want to invest in a plot in one of the villages where the scheme has been made applicable. Can I build more than one dwelling unit on a plot under this scheme?
Bharat Shah As per the low density residential area scheme, the minimum plot size should be 0.4 hectares. The notification issued originally mentioned that the number of dwelling units to be permitted on plot size of 0.4 hectares will be restricted by the FAR permissible. However, through a recent notification, the ministry has clearly mentioned that two dwelling units may be permitted with FAR of 20. It is further provided that for additional FAR of 10, one additional dwelling unit may be permitted subject to payment of requisite charges and observance of other terms mentioned in the notification. Harsh Roongta is CEO, Apna Paisa. He can be reached at firstname.lastname@example.org