Yes, the value of partitioned and unpartitioned land varies as partition land fetches a better price at the time of sale.
Archives: FAQs
How is the share of individuals divided in the case of joint property?
The ownership rights of all the owners are equal in the case of joint property. The shares in the property are partitioned through a department or court of law, as the case may be.
What is a partition suit?
A suit instituted for the purpose of getting the joint property divided into separate portions according to the rights and share of co-owners is referred to as a partition suit.
What is the meaning of partition of land?
Partition of the land refers to the division of individual shares in joint property. In other words, through a partition, the joint property is divided into separate portions on the basis of the share of co-owners.
Can NRI/PIO transfer immovable property in India?
Yes, they can acquire or transfer immovable property in India on a lease not exceeding five years.
Is there any timeline for the registration of an instrument?
Yes, an instrument that requires mandatory registration shall be registered within four months from the execution of the said instrument. However, if the said four months expire, one could avail an additional four months to register the said instrument.
How can one calculate stamp duty on a particular instrument?
The Schedule under the Indian Stamp Act governs the stamp duty collected on a particular instrument. Furthermore, each state may have its amendment in the said Act.
What is the purpose of registration?
Registering a document is for the purpose to give information on particular properties by getting the document executed. The said documents require mandatory registration, which will provide legitimacy to rights and can be further presented as evidence before the Court of law. The courts of law rely heavily on such records for deciding property disputes.
Is there a restriction on the number of residential or commercial properties an NRI / PIO can purchase?
No restrictions are there on the number of residential /commercial properties that NRI/PIO can purchase; moreover, no special permission is required from RBI for the same.