- It refers to land and any permanent structures or improvements attached to it, such as buildings, homes, or other properties.
- It is a tangible asset that serves multiple purposes, including living, commercial activities, and investment.
Guideline Value
- It refers to the minimum value assigned to a property or land for the purpose of calculating stamp duty and registration charges during a property transaction.
- It is determined by the government or regulatory authorities to standardize property valuations for taxation purposes.
Market Value
- It refers to the price it can fetch in an open market transaction, whereas the guideline value is typically lower than the market value, and it is fixed by the government.
- However, if the market value is higher than the guideline value, stamp duty and registration charges are often based on the market value.
Documents
Sale Deed Document
A legal document that serves as proof of the transfer of ownership of property from the seller to the buyer
- Details about the buyer, seller, and property.
- Terms and conditions of the sale.
- Signed by both parties and registered with the Sub-Registrar's office.
Encumbrance Certificate (EC)
- A certificate that provides details about any legal or financial liabilities (encumbrances) on the property, such as loans, mortgages, or disputes
- Reflects the property's transaction history for a specified period.
Patta (Land Ownership Record)
- A legal document issued by the revenue department of the state government, indicating the lawful ownership of a piece of land.
- It contains details such as the owner's name, survey number etc
- Applicable only for land (not buildings).
Chitta (Land Revenue Record)
- A revenue record that classifies land based on its nature and usage, such as Wetland or Dryland
- Provides information about the property type, area, and ownership.
- Important for agricultural land transactions.
Gift Deed
A legal document used to voluntarily transfer ownership of movable or immovable property (such as land, house, or money) from one person (the donor) to another (the donee) without any monetary consideration.
Types of Land in Real Estate
- Agricultural Land
- Government Land
- Residential Land
- Commercial Land
- Industrial Land
- Forest Land
- Vacant Land
- Special Economic Zone (SEZ) Land
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