10 Real Estate Terms To Know Before Buying Property In Mysore

Mysore is a Tier 2 city in Karnataka that is well known for its heritage and is in fact commonly referred to as the ‘Heritage City’.

From rapid improvisation to infrastructure to the rise in the number of IT companies, Mysore is growing to be one of the most important cities in India. The real estate sector in Mysore is not as laid back as it used to be a few decades ago as the demand for property in Mysore is increasing by the day.

Mysore has a pleasant weather in all seasons and is one of the very few places where population of every age group will enjoy living. For jobseekers, there are many companies belonging to many industries that offer employment opportunities. This means that property in Mysore is constantly in demand. But before you invest in real estate in Mysore, be acquainted with these important real estate terms.

10 real estate terms to know before buying property in Mysore

1. Short-term capital asset

An asset or property that is held by one or more owners for period of 3 years (36 months) or less is termed as a short-term capital asset or STCA.

2. Long-term capital asset

An asset or property that is held by one or more owners for period of over 3 years (36 months) is termed as a long-term capital asset LTCA.

3. Capital gain

Capital gain is the gains or profit obtained by an owner when they sell an asset or property in Mysore, either a short-term capital asset or a long-term capital asset. While the capital gain for STCA is limited, the same for LTCA is valid for a long time.

4. Capital gain tax

Capital gain tax is the tax that is applicable on the capital gain. The taxable percentage depends on the type and value of the property in Mysore. While the tax for STCA is 15%, the same for LTCA is 20%.

5. Joint ownership or co-ownership

Joint-ownership or co-ownership of a property is when more than one owner shares equal or different percentage of that property. In a majority of cases, joint owners are different members of the same family.

6. Residential sites

When it comes to property in Mysore, residential sites are the sites that are ideally developed for the construction of homes. After the construction, owners or tenants can reside in these houses.

7. Commercial sites

When it comes to property in Mysore, commercial sites are the sites that are ideally developed for the construction of commercial buildings. These buildings are further used for sales, offices, etc.

8. RERA registration number

The registration number provided by RERA upon a property being registered on RERA is called the RERA registration number. It is mandatory for all properties that cover over 500 sq. m. Without RERA registration, promoters cannot promote the property in any way.

9. Real estate broker

A real estate broker or agent is one who mainly earns through commission on the sale of a real estate property. Rarely, a broker can also work for a fee.

10. Real estate consultant

A real estate consultant is a person or company that works on selling a real estate property for a fee for their services. Real estate consultants, especially renowned companies, are more reliable as they are well-learned and have relevant experience in the real estate sector.

If you want to consult a genuine real estate consultant in Mysore, your search ends at GSS Projects! The company has been around since 1995 and has made a great progress in the field of real estate. Contact us for help from an expert team, rest assured that you will get the best of services.