Residential

It is vital to check with the Registrar of Companies before purchasing a property from a corporation to ensure that the property is not mortgaged or being used as a security against a debt; otherwise, it would not be regarded as a freehold property.

The carpet area refers to the area of an apartment or structure that does not include the area of the walls. This is the actual area that is used and where a carpet can be installed.

The built-up area is computed by adding the area of the walls, including the balcony, to the area of the carpet.

The valuation procedure determines the property’s market value. Before determining the market value, demand and supply forces in the market, as well as other aspects such as the type of property, quality of construction, location, local infrastructure, and maintenance, are all taken into account.

The market value or the agreement value of the property, whichever is greater, is used to calculate stamp duty.

Entering into a lease agreement has a number of considerations including paying stamp duty, registering the lease agreement, and so on.

Commercial

Commercial

Using residential properties for commercial purposes is against the law. Service-based industries, on the other hand, are permitted to operate in residential neighborhoods on the condition that they depart the premises if other residents lodge a complaint.

It is vital to check with the Registrar of Companies before purchasing a property from a corporation to ensure that the property is not mortgaged or being used as a security against a debt; otherwise, it is not considered freehold property.