What is the meaning of a property’s market value? Is stamp duty payable on market value?  
The price that a property can command in the open market is known as its market value. Stamp duty is based on the market value or the agreement value of the property, whichever is greater.

How is the market value of a property evaluated?  
The valuation process evaluates the market value of the property. Demand and supply forces operating in the market, as well as other factors like type of property, quality of construction, its location, the local infrastructure available, maintenance, are all taken into consideration before the market value is decided.

How does property valuation help?  
Typically, value of a property is based on information of recent sales or purchases of similar properties in that area. Though this may give a fair idea of the property`s market value, an official property valuation would carry more weight. This is true incase you need to use the property as a security against a loan. The bank`s loan approval process would be faster and smoother if the property is certified by an official valuer. Many banks now insist on valuation certificates before issuing loans using properties as security. The value thus certified may also have chances of getting a higher amount of loan sanctioned. Another benefit of official valuation is that it is a useful negotiating tool when selling the property. Such certification also becomes essential in situations where the correct value of the property has a legal bearing-such as, a will statement, insurance papers, business balance sheets etc.

Are there any income tax considerations while transferring newly acquired property?
If the transfer takes place within three years of purchase, the income tax exemption under Section 54F of the Income Tax Act does not hold good.

What constitutes conclusion of sale of a property?  
An agreement of sale, coupled with actual possession of the property would be considered as a conclusion of the sale. Usually, the entire amount is paid at the time of handing over possession.

What is Carpet Area?
Carpet Area refers to the total usable area within the four walls of an apartment or a commercial space, as the case may be. In other words, it refers to the area for which a carpet can be laid if required by the owners.

What is  Plinth Area?
Plinth Area refers to the entire carpet area along with the thickness of the external walls of the apartment. It obviously includes the thickness of the internal walls and the columns, if any, lying within the four walls of an apartment. The commercial space is not taken into account in calculating the Plinth Area.

What is Super Built-Up Area?
Super Built-Up Area refers to the plinth area of an apartment or a commercial unit as added by the common areas like corridors, staircase, lift room, motor room, security room, meeting hall, clubhouse, swimming pool, gymnasium and areas reserved for indoor games, terrace and common balconies etc.

When there are apartments of different sizes in a complex, how is the maintenance charge calculated?
The actual area owned by the individual is the basis for calculation of maintenance charge.