Frequently Asked Questions

The area of an apartment is generally measured in one of the three below mentioned ways

  • Carpet area
  • Built-up
  • Super built-up area

The carpet area is the area that is covered by the entire floor in all the rooms of an apartment. Built-up area adds the area that is occupied by the walls horizontally and includes the balcony of your apartment. The super built-up area is that place that is added to the area of the collective properties such as the hallways, corridors, elevators, stairs, and more.

Most of the apartment listings that you see with Gold Palace are the super-built-up area, which is calculated in square feet. The rate of an apartment is calculated on this area and not on the carpet area.

Yes. Foreigners are allowed to buy apartments in Mangalore. However, there are a few procedures to be followed in property buying by citizens of foreign origin. In this case, you need to obtain written permission from the Reserve Bank of India. Also authorization from the Government of India is required.

Registration of apartments is considered to be a matter of public record by the Government of India. You need registered documents when you buy another apartment, sell your apartment, or rent or lease your house. It is a necessary thing to do before the ownership of the property is completed.

You can sell your registered apartment at any time, once the buying process has been completed. However, if you sell it at a higher amount within two years after its purchases then you to pay tax for the same at the applicable rates on the surplus. However, you wouldn’t be charged tax on the excess amount earned from the sales of the property, after 2 years from the time of its purchases.

Loan application processes for NRI’s buying apartments in Mangalore are the same as it is for PIO’s. You need to submit the same documents and the time frame for the completion of loan disbursement is the similar. The only difference is that if you are an NRI, you must have stayed in India for at least 100 days over your life time.

There are no official rates for renting and leasing an apartment. They fluctuate according to the state of the real estate market and also depend on the state of the apartment and the area it is located in. You can ask Gold Palace for help if you need to find out the most viable rate for renting your apartment to the third party.

You are considered to be Person of Indian Origin or PIO if:

  • You were born in India (even if you have been living in a foreign country for many years)
  • If you have an Indian passport or had it once
  • You live in india with an Indian passport

You are not considered a PIO if you live in one of these countries:

  • Bangladesh
  • Sri Lanka
  • Afghanistan
  • Iran
  • China

In this case, you may have to apply for a loan on a general basis or as a foreigner. Different documents and interest rates apply to PIO’s and foreign buyers.