A composite for sale of undivided share of Land & Construction of apartment is needed where the Land owner and developer are one and the same. This agreement provided for sale & Construction of an apartment at a particular price agreed between seller & buyer, including cost of land, construction cost, car parking charges KEB & KWA charges for the property. Normally the buyer shall bear the stamp duty & Registration charges.
The area of an apartment, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid. When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.
Before purchasing property from a company, it is necessary to verify with the Registrar of Companies that the property is not mortgaged or is not being used as a security against a loan, otherwise it is not considered a freehold property.