A Builder Buyer Agreement (BBA) is a legal document or a contract between home buyers and builders. This mandatory agreement lists all the transaction details between a buyer and the builder, with both parties bound to comply with the terms and conditions specified therein. The BBA safeguards homebuyers against any time delays, project specifications, price and area changes, interest on delayed payments and violations in contracts. Buyers are advised to have the agreements fully vetted by an experienced lawyer before signing the dotted line for reference.

A Builder Buyer Agreement (BBA) is a legal document or a contract between home buyers and builders. This mandatory agreement lists all the transaction details between a buyer and the builder, with both parties bound to comply with the terms and conditions specified therein. The BBA safeguards homebuyers against any time delays, project specifications, price and area changes, interest on delayed payments and violations in contracts. Buyers are advised to have the agreements fully vetted by an experienced lawyer before signing the dotted line for reference.

Stamp Duty is usually between 5% -7% of the property’s market value or guidance value as per circle rates, whichever is higher. The circle rate is the minimum value at which the sale or transfer of a property can occur, set by the local development authorities or State Governments. The exact amount you pay as Stamp Duty depends on the property’s market value, the type of property with the number of floors, its location, and whether it is intended for commercial or residential use. The gender of the buyer also influences the calculations.

Stock Holding Corporation of India Ltd (SHCIL) is responsible for user registration and e-Stamping application operations and maintenance. You can pay stamp duty online and print e-Stamp certificates for yourself. You can also get them at the SHCIL-appointed Authorised Collection Centres (ACCs), which issue certificates to the clients at their counters.

All property transactions, such as sales, leases, transfers, or gifts, must be registered with the local sub registrar’s office. Registration is mandatory and ensures conservation of evidence, fraud prevention, and property title assurance. The Seller, Buyer and two witnesses should be present at the sub registrar’s office, along with the mandated property documents, Proof of Identity and Proof of Payment of Stamp Duty.

An applicant for a home loan must approach a financial institution with the following details: Name and Contact Details, monthly or yearly income with employment details, educational information, and the property details for which the loan is applied. The estimated cost and any present means of financing the home property must also be included.

An applicant’s eligibility for granting a home loan depends on the educational qualification, age, experience, current employer, type of job, and the nature of their business. The most important factors are their income and ability to repay the loan amount with interest. You can club your spouse’s income or your parents’ income as a co-applicant to better your chances of approval of the loan.

RERA stands for Real Estate Regulatory Authority. This Act was established to enhance accountability and transparency in housing transactions and real estate. Boosting real estate investments, RERA has brought several benefits for the buyer, the promoter, and the real estate agents. RERA provides for the regulation of the real estate sector and acts as an adjudicating body for speedy dispute resolution between any of the parties involved.

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