Who is the appropriate authority for knowing the market value of the property?
The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property.
What exactly do we mean by a Free Hold flat? What are the advantages and disadvantages, if any?
A freehold property (plot or a flat) is one where there is a whole and sole owner(s), ownership is full and unconditional (within the provisions of the laws of the land) and there is no lessor / lessee involved.
What is the difference between built up area, super built up area, and carpet area?
Carpet Area:This is the area of the apartment/building which does not include the area of the walls.
Built up Area: This includes the area of the walls also
Super Built up Area: This includes the built up area alongwith the area under common spaces such as the lobby, lifts, stairs, etc. This term is therefore only applicable in the case of multi-dwelling units.
Which documents are to be verified before purchase of a Flat?
There are a number of documents to verify including approved layout plan/ approved building plan, ownership title documents for land, Encumbrance etc. You should engage a competent advocate for a formal advise before you purchase a property.