CREDAI prescribes certain norms and standards to be followed by all its members. As a majority of builders and developers are members of CREDAI, the norms prescribed by CREDAI go a long way in bringing uniformity in the practices and policies adopted by builders and developers throughout India. For example, builders and developers who are members of CREDAI are not allowed to impose exorbitant penalties for late payments made by buyers. CREDAI carries out several other functions such as mediating disputes between end buyers and builders/developers. CREDAI is also responsible for representing its members before government authorities on policy matters affecting the real estate business.

A lease deed is a contract wherein the lessee (tenant) agrees to pay the lessor (landlord) periodic rent for the use of a property.

The lease deed or rent agreement must clearly state the rent amounts and when they are required to be paid. They should also provide a notice period (usually one month) for terminating the lease. The lease should provide a security deposit. The lease should also require that any damage caused to the property may be deducted from the security deposit taken.

An ancestral property is a property acquired by your great grandfather which has been passed down from generation to generation (your grandfather and father) up to the present generation (you) without being divided or partitioned by the family. Therefore, the property should be four generations old and should not have been divided or partitioned by the previous three generations for the property to qualify as your ancestral property.

When a person dies without leaving a will, the rules of succession (or inheritance) have to be followed to distribute the deceased person's property among his legal heirs. The rules of succession determine who the heirs of a deceased and what their share would be in the inheritance. Note: The term 'property' refers to immovable property, unless stated otherwise.

When a person dies without leaving a will, the rules of succession (or inheritance) have to be followed to distribute the deceased person's property among his legal heirs. The rules of succession determine who the heirs of a deceased and what their share would be in the inheritance. Note: The term 'property' refers to immovable property unless stated otherwise.

In India, the rules of succession differ between religions. Therefore succession works differently for Hindus, Christians, Muslims, Jews and Parsis. However, the rules of Hindu succession are also applied to Buddhists, Jains, Sikhs and any other person who is not a Muslim, Christian, Parsi or Jew by religion. Note: The rules of succession detailed here apply specifically to Hindus unless stated otherwise.

When a person dies without leaving a will, the rules of succession (or inheritance) have to be followed to distribute the deceased person's property among his legal heirs. The rules of succession determine who the heirs of a deceased are and what their share would be in the inheritance. Note: The term 'property' refers to immovable property unless stated otherwise.

Property of all forms can be inherited by your legal heirs. This would include not only your self-acquired property but also your share in the ancestral property of your family.

Self-acquired property is the property that you have purchased from your own income. As far as your self-acquired property is concerned, you are free to dispose of it in any manner you like.

Your right to a share in your ancestral property is given to you by the mere fact of your being born. Your share in your ancestral property cannot be taken away. This is unlike other forms of inheritance, where inheritance opens only on the death of the owner of the property. For example, your father may exclude you from the inheritance of his self-acquired property. However, he is barred from doing this as far as your share in the ancestral property is concerned.

A mortgage is a financing option in exchange for the title for the debtor's property, with the condition that if the person defaults on the loan then the mortgaged property will be taken over by foreclosure and upon payment of the debt, the conveyance of title becomes void.

Indian Laws allow six types of mortgage loans-

• Simple MortgageThe possession of the mortgaged property is not transferred to the mortgagee.
• Mortgage by Conditional Sale'The mortgagor sells the property to the mortgagee under certain conditions- on the failure of repayment before the due date or repayment of the mortgage amount; the sale will remain invalid or the mortgagee shall retransfer the property to the mortgagor after repayment.
• Usufructuary MortgageThe possession of the mortgaged property is transferred to the mortgagee. The mortgagee gets the income from the property till the repayment. However, the title deeds remain with the owner.
• English MortgageThe mortgagor transfers the property to the mortgagee and binds himself to repay on a
• certain date, subject to the condition that the property will be retransferred on payment before the due date.
• Mortgage by deposit of title of deedsThe mortgage delivers the title deeds with the mortgagee to create a security.
• Anomalous MortgageAn anomalous mortgage is a combination of different types of mortgages.

If the mortgagor fails to repay the loan, the lender has the right to sell the property and recover the amount from its sale. This mortgage system is called a simple mortgage. In this system, the possession remains with the mortgagor (borrower).

A mortgagor is a person who borrows money for the purpose of purchasing a real property while a mortgagee is an entity that lends money to the borrower against the security of property.

Registration of the mortgage deeds is necessary. A mortgage by deposit of title deeds is exempt from this rule.

In order to have a valid mortgage instrument, the following conditions should be fulfilled:-

• The mortgage deed should be signed by the mortgagor
• The mortgage deed should be attested by at least two witnesses
• Registration and stamp duty should be paid as required.

If you own a home, you will be expected to pay property tax to the urban local authority under which the property lies. If your property is in Delhi, for example, you will have to pay taxes to the Municipal Corporation of Delhi (depending on which subdivision of the trifurcated MCD you belong to). Even though paying property tax may sound inconvenient, paying property tax on time will allow you to benefit from discounts for early taxpayers. Moreover, paying late will invite a fine. If you default on property tax payments, it may even invite punishment. But, this is less of a hassle than you seem because property tax in India is unusually low by global standards.

The owner of the property pays this tax. A person in possession of the property might or might not be the owner of the property. The owner is usually the registered owner of the property.

A property owned by a person and occupied by him and his family for residence is considered to be a self-occupied property. However, if with respect to any property following conditions are satisfied then it is treated as a self-occupied property- 1. The property is owned by the taxpayer. 2. Such property is not let out to any person and generates no benefit to the taxpayer. 3. Taxpayer cannot occupy or reside in such property owing to his employment, profession or business carried on at some other place and he has to reside at that other place in a property which does not belong to him.

Yes, even though you are not liable to pay tax on income from property you are still liable to pay house property tax for that property. The basis for taxation under the head house property is not the actual income generated by the property but its potential to generate income. Hence, it's irrelevant whether that property generates any actual income or not. Suppose you own two properties and both of them are occupied by you and your family, then for the purpose of income tax only one of them will be exempted from taxation and the fair rental value of the other will be considered your income from that property.

The final output of a property transaction is a document. The registration of property documents is a crucial facet of property transactions. A property document will be invalid and essentially useless if the document was required to be registered and registration was not done. When a document is registered, a copy of the document is kept with the registration office. Registration serves a very limited but crucial function in property transactions.

An application with the requisite fee has to be made at the Sub-Registrar's Office (SRO) of the concerned district. You may engage a lawyer to coordinate with the SRO to help expedite the process.

If you are purchasing a property then having the title document registered will not be sufficient. The registration office is not responsible for verifying the title, ownership or possession of a property. It is the purchaser's responsibility to ensure that the property document has been drafted appropriately and that the seller's ownership of the property has been verified. This can be done with the help of an advocate who specialises in such matters by engaging one to draft and/or vet your property documents and further conduct title searches.