Here are 3 different terms that you should know about
- Carpet area: This is the total area of all the floors excluding the area taken up by the walls. It is basically the area where the carpets can be laid out.
- Built-up area: This area includes the carpet area plus the area that is taken up by your walls and balcony
- Super built-up area: This is the built-up area plus the area taken up by common areas such as community halls, lobby, elevator, stairs etc.
When you see property listings, you see the carpet area and super built-up area listed. If you only see one area listed, then it is the super-built up area.
You can buy an apartment as a foreign citizen in Mangalore. However, you need to obtain express written permission from the Reserve Bank of India and the government of India.
When you register the transaction for buying an immovable property, it becomes a public record. If you want to rent, lease, or license the property, then the registration is a necessary process.
If you sell the smaller apartment less than two years after buying it in order to buy a bigger apartment, you will need to pay a capital gains tax. On the other hand, if you have owned the current apartment for more than 2 years, you will not need to pay any tax. However, taxation laws are subject to changes.
There are no set rules that will determine the rent for your apartment. However, you can contact us for any help if you want to find out about the current rate in the city for rent in your area.
If you are employed or self-employed abroad, and otherwise live outside India, you are categorized as an NRI. In order to qualify for a home loan, you must have lived in India for 100 days or more in all. You can read more about qualifying for a loan in our NRI section.
If you were born in India, but have been living abroad for a long time, then you are considered a Person of Indian Origin or PIO. However, if you live in Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran or China, you do not qualify as a PIO. If you have held an Indian passport at any point in time, you are eligible for home loans as a PIO.
If you fall under the category or NRI or PIO, you do not have general permission to buy such land in India. While purchasing agricultural land is not forbidden for NRI/ PIO, you need avail permission from the Reserve Bank of India in writing to do so.