Questions we get asked most

Grey Beard is a private client real estate advisory practice based in South Delhi. We handle residential transactions from ₹10 Crore — independent houses and builder floors — across all South Delhi colonies. We are not a listing portal and we do not operate in Gurgaon, NCR, or commercial real estate.

Ashutosh Bhogra is the founder of Grey Beard Real Estate. He has over twenty years of experience in South Delhi residential real estate and runs the @ashutoshbhogra-greybeard YouTube channel, with 300K+ subscribers. Every Grey Beard mandate is handled directly by Ashutosh, not a junior team member or a call centre.

Three things. First, we take a limited number of mandates at any time, so each one gets real attention — not a database entry. Second, we operate from a proper commercial office in Panchsheel Park, with a registered firm (KRC Liaison Pvt Ltd) behind us. Third, twenty years in one market produces a depth of colony-level and block-level knowledge that cannot be replicated by an advisory working across NCR.

South Delhi is not one market. It is many. Each colony has its own pricing dynamics, buyer profile, plot size patterns, and transaction characteristics. Block-level pricing in Greater Kailash, an understanding of which interior lanes command premiums in Gulmohar Park, and the difference between Defence Colony and Safdarjung Enclave builder floors require one-market focus over many years.

No. The first conversation costs nothing. It is a consultation to understand your situation and advise whether Grey Beard is the right fit and what to expect. No pressure, no listing pitch.

Building No. 17, Second Floor, Panchsheel Park Commercial Centre, New Delhi 110017.

The practice is deliberately small. Senior people handle every transaction. The team covers field work and inventory, documentation and deal finalisation, content and media — supported by a network of legal counsel and banking partners. Every mandate is led directly by Ashutosh Bhogra.

A listing broker may focus on introducing a buyer. An adviser on a written mandate works across pricing, documents, buyer qualification, negotiation and execution. The important question is what the person takes responsibility for, and whether that is recorded before work begins.

Start with a conversation. Tell us the area, size, budget, timeline, and purpose of the purchase. Ashutosh will advise on what is realistic at current market conditions, which colonies fit your requirements, and whether the timing makes sense. From there, we screen properties, coordinate viewings, handle negotiation, and manage the transaction through to registration.

Residential only. Independent houses (kothis and bungalows) and builder floors in South Delhi. We do not handle apartments in group housing societies, commercial property, or plots outside South Delhi.

Grey Beard works on transactions from ₹10 Crore. At the top end, several properties in South Delhi now transact above ₹100 Crore, and the segment continues to expand.

A builder floor is one unit in a multi-floor building where each floor is independently owned — typically a Stilt+3 or Stilt+4 structure. An independent house (kothi) is a complete property where one owner holds the entire plot and all built-up area. Builder floors are the more active transaction format in South Delhi because they are more liquid and more accessible. Independent houses are larger, less liquid, and priced significantly higher — with the plot itself being the dominant value driver.

The complete chain of title deeds from the original allotment of the plot down to the current seller. The approved building plan. Completion certificate where applicable. Freehold or leasehold status. Outstanding dues on property tax, water, and electricity. Any pending litigation. Whether the construction matches the sanctioned plan. For builder floors, the land share percentage and whether terrace rights are included. We manage all of this as part of the mandate.

Natural light at the time of day you would actually be using the space. Cross-ventilation and air flow. Ceiling height — it affects the feel of a floor more than most buyers expect. Construction quality: flooring, kitchen, bathrooms, electrical fittings. The condition of the building's common areas and staircase. Parking arrangement. Signs of water seepage or structural stress. And once you have done the formal visit, drive through the colony late at night or very early morning — this is the most reliable way to understand the parking situation, which in many South Delhi colonies is severe and affects daily life meaningfully.

A token amount is a modest sum paid to the seller at the time of agreeing on a price — before the formal sale agreement is signed. It signals genuine intent and effectively takes the property off the market. Without a token, sellers rarely give you their final price, and a deal is rarely considered concluded. The token is paid subject to verification of the title papers — communicate this clearly at the time of payment. If the title is found deficient, the token is refundable. If you withdraw without cause, it is typically forfeited.

In a freehold property, the owner holds full rights to both the land and the building and can sell, lease, gift, or bequeath it freely. In a leasehold property, the land belongs to the government — typically L&DO or DDA — and is leased to the owner for a term, commonly 99 years. Leasehold properties can be sold, but any transfer requires the lessor's approval. Many leasehold properties in Delhi can be converted to freehold.

The Land and Development Office administers leasehold land across several prime Delhi colonies. From January 2026, L&DO adopted Delhi government circle rates for leasehold-to-freehold conversions. For some properties this changes the conversion cost; for others it provides pricing clarity that was previously missing. If you are buying a leasehold property, the conversion cost needs to be factored into your overall budget. Grey Beard can advise on whether a conversion is worth pursuing on a specific property.

Stamp duty, registration charges, legal fees, Grey Beard's mandate fee, and any outstanding dues on the property at transfer. We provide a complete cost breakdown before you sign the agreement to sell.

We do not publish current price numbers on the website because prices move, and stale numbers mislead more than they inform. Current, property-specific pricing is shared in conversation — it takes two minutes to get an accurate range for the colony and plot size you are considering.

Start with a conversation. We visit the property, assess it against live comparable transactions in that colony, and give you a realistic price with reasoning — not a number designed to win the mandate. If it is a fit, we sign an exclusive mandate, inspect the documents with legal support where needed, and work a plan: quiet off-market approach, targeted outreach to our buyer network, or a broader campaign. You receive regular updates. You do not have to chase us.

It depends on three things: pricing, property condition, and colony. Correctly priced properties in high-demand colonies can sell within weeks. Mispriced properties or properties in slower markets take months. The single biggest predictor of sale speed is whether the property is priced at the market — not above it.

Accurately. This sounds obvious, but it is the hardest part of selling. Sellers consistently overprice based on what a neighbour claims they got, a number another broker promised to win the mandate, or an aspirational figure. Overpriced properties sit. Correctly priced properties sell. Grey Beard's pricing is based on actual recent transactions in your specific colony and block — not listing prices, not asking prices, actual closed deals.

The complete chain of title deeds from the original allotment of the plot down to the current owner is the core requirement. In addition: approved building plan, completion certificate where applicable, mutation records, property tax receipts, electricity and water bills paid to date, PAN and Aadhaar of the owner, and any conversion deeds if the property was moved from leasehold to freehold. For inherited properties, succession certificates or probated wills. The title inspection is done before the property is listed under a Grey Beard mandate — a title deficiency discovered mid-deal does not just kill that deal, it damages the seller's position in the market.

It depends on your goals. A collaboration (joint development agreement) with a builder means you give up the land, receive one or two floors back plus cash consideration, and the builder redevelops the plot. This can work well if you want to retain a stake in the property and the plot supports a Stilt+3 or Stilt+4 construction. It does not work if you need a clean cash exit or if the builder's track record is weak. Grey Beard advises on partner selection — work only with established, top-tier developers with a proven track record in premium South Delhi colonies.

Location is the biggest factor — always. Colony first, then block position within the colony, then the specific lane or road, then proximity to the colony's nicer pockets, main road frontage versus interior, corner versus middle, and facing. After location, the other drivers are construction quality, natural light and ventilation, ceiling height, whether terrace rights are included (critical for top floors), and the land share percentage. Two builder floors of similar size in the same colony can trade at very different prices purely on location within the colony.

Location is the biggest factor — always. Which colony, which block within the colony, road width, facing, corner versus middle plot, and proximity to the colony's most desirable pockets. After location, the value driver is the land itself — plot size, frontage, and shape. Construction usually matters much less for an independent house in South Delhi, because most independent houses are bought either by end-users who will redevelop them or by builders for collaboration. The land value typically dominates the building value by a large margin.

Within every South Delhi colony, specific blocks command premiums over others. In Greater Kailash I, certain blocks are more active than peripheral ones. In Panchsheel Park, blocks closer to the commercial centre command premiums. In Defence Colony, proximity to the market matters. These premiums are not published anywhere — they exist in transaction data. Understanding them requires having observed transactions across the colony over years.

Yes. Grey Beard regularly manages sales where the seller is abroad throughout the process. See the NRI section for detail.

Vasant Vihar, Defence Colony, Greater Kailash and Panchsheel Park are core redevelopment locations. The right answer depends on the plot, its documents, planning controls, family objectives and the builder proposal—not the colony name alone.

Yes. NRIs and OCIs can purchase residential property in India. All payments must flow through banking channels — typically from NRE, NRO, or FCNR accounts. The specific conditions and any restrictions under FEMA and RBI guidelines should be confirmed with your CA for your particular situation, as these can vary based on residency status and source of funds.

Yes. Grey Beard regularly manages NRI sales where the seller never travels to India during the process. In most cases a Power of Attorney is not required at the Agreement to Sell stage — we verify everything remotely, manage the negotiation, and structure the signing so it works across geographies. A PoA can be arranged when needed for the Agreement or for the final Sale Deed registration. If a buyer specifically requires the seller's physical presence at registration, we plan for that well in advance so it is not a last-minute disruption.

A Power of Attorney (PoA) is a legal document authorising another person to act on your behalf for specific transactions. For NRIs selling property in India without travelling for registration, a PoA is typically required at the Sale Deed stage. The PoA should be a Special PoA for the specific transaction — not a General PoA — and it must be drafted correctly, notarised in the country of residence, apostilled, and registered at the sub-registrar's office in India. A PoA to a blood relative usually works well for registration, subject to the buyer's agreement — which Grey Beard secures in advance. A poorly drafted PoA is one of the most common causes of transaction delays for NRI sellers.

When an NRI sells property in India, the buyer is required under Section 195 of the Income Tax Act to deduct TDS (Tax Deducted at Source) from the full sale consideration — not just the capital gain. For long-term capital gains (property held more than 24 months), the effective TDS rate is 14.95% — comprising 12.5% base rate + 15% surcharge (capped for LTCG) + 4% cess. This rate is uniform regardless of sale value. For short-term capital gains (held 24 months or less), the rate ranges from 31.2% to 42.74% depending on the seller's total Indian income. NRIs do not have the option to use the old 20% + indexation calculation — that choice applies only to resident Indians under Finance (No. 2) Act 2024.

TDS is a withholding mechanism — the government withholds tax upfront to ensure compliance. Your actual tax liability is calculated on the capital gain alone, not the full sale value. After filing your Indian income tax return, you can claim a refund of the excess TDS — but that refund process typically takes 6 to 18 months, during which a significant amount of money is tied up. This is why a Lower Deduction Certificate (LDC) is usually worth the effort.

A Lower Deduction Certificate (LDC) — is issued by the Income Tax Department. It instructs the buyer to deduct TDS only on your actual capital gains tax liability, not on the full sale value. Your CA applies for it using Form 128 (was Form 13) once the agreement to sell is signed — the application names the buyer, so it cannot go in earlier. It usually takes weeks, so the registration date must allow for it. For any significant NRI sale, this is essential: the difference between TDS on the full sale value vs. TDS on the actual gain can be several crore, locked with the government for 6–18 months until your ITR refund. Grey Beard coordinates this with your CA as part of the NRI mandate.

For purchases from NRI sellers, the buyer files Form 144 (the TDS return form for NRI property sales) (formerly Form 27Q (the TDS return form for NRI property sales), renamed under the Income Tax Act 2025 effective 1 April 2026) — the TDS return under Section 195. Until 1 October 2026, buyers must obtain a TAN to file this return; from that date (Budget 2026 change), buyers can use their PAN instead. The seller receives Form 16A (the TDS certificate the buyer issues to you) as the TDS certificate, needed to file the income tax return and claim any refund. Form 26QB (the TDS form for resident seller transactions) and Form 16B apply only to purchases from resident Indian sellers, not NRIs. Grey Beard coordinates with the buyer's side to ensure the correct forms are filed and certificates are obtained promptly.

The Foreign Exchange Management Act (FEMA) governs all foreign exchange transactions in India, including NRI property purchases and sales. FEMA specifies which bank accounts can be used (NRE, NRO, FCNR), how much can be repatriated and under what conditions, and what documentation is required at each stage. All Grey Beard NRI mandates are managed in compliance with FEMA.

Repatriation depends on how the property was originally purchased. If it was bought using foreign currency remittance or funds in an NRE or FCNR account, the principal can generally be repatriated freely with the required documentation. If it was bought using rupee funds through an NRO account, repatriation is subject to the annual limit of USD 1 million per financial year. For receiving sale proceeds as a non-resident seller, funds flow into an NRO account first, and repatriation is structured from there.

Yes. Grey Beard manages the full buying process for NRI clients — property identification, due diligence, negotiation, documentation, and coordination. In most transactions, most of the process can be managed remotely. Registration itself requires either your presence or a valid Power of Attorney; Grey Beard will advise on the right approach for your situation. NRI purchases are a significant part of Grey Beard's practice.

This is common. Each owner executes their own documentation — in person if in India, or via PoA if abroad. The structure is planned at the start of the mandate so the transaction can complete cleanly regardless of where each owner is located.

A managed NRI sale typically takes 3 to 5 months from mandate signing to registration. The timeline depends on pricing, buyer response, Lower Deduction Certificate processing if applicable, and document readiness. Unmanaged NRI sales can take far longer — often held up by avoidable documentation gaps or TDS complications.

Yes. A PAN card is mandatory for any property transaction in India, whether buying or selling. NRIs who do not already hold one should apply before the transaction. Grey Beard can guide you through the process.

No. The fee structure is the same. NRI clients receive additional coordination on TDS, Lower Deduction Certificate applications, PoA structuring, FEMA compliance, and repatriation — all of which are part of the standard NRI mandate.

Stamp duty is a tax levied by the state government on property transactions to give them legal recognition. It is paid by the buyer. In Delhi, stamp duty is calculated on the higher of circle rate or transaction value — whichever is higher becomes the base for the calculation.

For property in the Delhi areas Grey Beard covers, stamp duty is 7% if the buyer is male (or a company, HUF, trust, or similar organisation) and 5% if the buyer is a female individual. Registration is an additional 1%. Duty is calculated on the higher of the circle-rate value and the declared transaction value. Rates are set by the Delhi government and can change — always verify with the Sub-Registrar before registration.

The Delhi government offers a concessional stamp duty rate for female buyers to encourage property ownership by women. On a ₹10 Crore transaction, the 2% differential translates to ₹20 lakh in savings — which is why many property purchases in Delhi are registered in the name of the wife or jointly.

For property above ₹25 lakh, Delhi stamp duty is 3% for a man and 2% for a woman. The Municipal Corporation adds transfer duty of 4% and 3% respectively; the 2022 revision raised each transfer-duty component by one point. Together, the rates are 7% and 5%. Some websites continue to show the earlier figures.

The process involves executing the sale deed on e-stamp paper, paying stamp duty and registration charges through SHCIL's e-stamping system, presenting the parties at the sub-registrar's office, biometric verification, and recording the deed. The buyer receives a certified copy at the end. The process is typically completed on the day of appointment.

Yes. Under Section 80C of the Income Tax Act, stamp duty and registration charges paid on a self-occupied residential property can be claimed as a deduction, subject to the overall Section 80C limit of ₹1.5 lakh per financial year. The deduction can only be claimed in the year the payment is made.

Yes. Physical stamp paper is no longer used for property registration in Delhi. All stamp duty is paid via e-stamping through SHCIL (Stock Holding Corporation of India Limited) and its authorised collection centres.

The circle rate is the minimum value at which the government permits a property to be registered. It is set by the Delhi government by colony and property type. The market rate is the actual price at which properties are currently transacting. In most South Delhi colonies the market rate is significantly higher than the circle rate. Stamp duty is calculated on whichever is higher.

Circle rates are updated infrequently — sometimes with gaps of several years. Market rates move continuously with demand and supply. In established colonies, the market rate is often well above the circle rate.

No. Registration below circle rate is not permitted. If the transaction value is below the circle rate, stamp duty is still calculated on the circle rate — the higher of the two always applies.

Yes. The Grey Beard website has a circle rate calculator that estimates government circle value, stamp duty, and registration charges for South Delhi builder floors and bungalows. It covers the major colonies, floor configurations, depreciation for older construction, and the gender-based stamp duty rates. It is a planning tool — final figures should always be verified with your legal advisor before closing.

A builder floor is an independently owned residential unit on one floor of a multi-floor building. The typical South Delhi builder floor sits in a Stilt+3 or Stilt+4 structure — stilt parking at ground level plus three or four residential floors above, with each floor sold to a different owner. Each owner holds a proportionate share of the underlying land.

A DDA flat is built by the Delhi Development Authority under a group housing scheme — a large complex with many units, shared amenities, and a housing society structure. A builder floor is built by a private developer on a single plot in a residential colony, with only three or four owners in the building. Builder floors generally offer more privacy, larger individual unit sizes, and better finishes. DDA flats are cheaper but carry group housing constraints.

In most South Delhi builder floors, the ground floor commands the highest price, with the first floor next. Second and top floor pricing depends heavily on whether terrace rights are included — a top floor with terrace rights can match or exceed the first floor, while a top floor without terrace rights is typically the most accessible price point. The floor premium varies by colony and specific building, and Grey Beard advises on current premiums on a property-by-property basis.

Terrace rights determine who owns and can use the terrace above the top floor. In older South Delhi construction, terrace rights typically went with the top floor by default. In newer construction, terrace rights are often retained by the builder or sold separately. A top floor with terrace rights is significantly more valuable than one without. Always verify terrace rights in the sale deed — verbal assurances do not hold.

Stilt+3 means a building with stilt parking at ground level and three residential floors above. Stilt+4 means stilt parking plus four residential floors. The Delhi Master Plan and colony-specific bye-laws govern what can be built on a given plot — most South Delhi colonies now support Stilt+4 construction on plots above a certain size.

The complete chain of title of the underlying plot. The approved building plan. Completion certificate where applicable. Whether the construction matches the sanctioned plan. The land share percentage on the sale deed. Terrace rights where applicable. Parking allocation. Construction quality. Age of the building. Any outstanding dues. For new construction, also verify the builder's track record on previous projects.

Land share is the undivided percentage of the underlying plot written in the sale deed. A common pattern is 22.5% for each floor, 10% for a basement, 32.5% for basement plus ground and 45% for a duplex, but the deed for the particular building decides.

Parking should be described clearly in the sale deed and checked against what is shown at the property. Confirm the bay, whether it is independent or stacked, and whether the right is exclusive, allotted or common before relying on a site-visit assurance.

It depends on the colony. Some South Delhi colonies are on leasehold land administered by L&DO or DDA. Others are freehold. Some properties have been converted from leasehold to freehold and others remain leasehold. This needs to be verified property by property before purchase — the status affects transfer costs, resale, and long-term rights.

The complete chain of title deeds from the original allotment of the plot down to the current seller. This is the foundation of any South Delhi transaction. Supporting documents include mutation records with the municipal corporation, property tax receipts, the approved building plan, completion certificate where applicable, and any conversion deed if the property was moved from leasehold to freehold. For inherited properties, a succession certificate or probated will is required.

Mutation is the process of updating municipal records to reflect the new owner's name after a property is sold, inherited, or transferred. Mutation is separate from registration — registration creates the legal transfer, mutation updates the government's record of ownership. Without mutation, the new owner may face issues with property tax, utility connections, and future transfers. Mutation should be completed within weeks of registration.

An agreement to sell is the preliminary contract between buyer and seller outlining the terms of the transaction — price, timeline, conditions, and consequences of default. It is signed before the final sale deed is executed, typically at the time an advance payment is made. A sale deed is the final conveyance document that transfers ownership, and is registered at the sub-registrar's office. A well-drafted agreement to sell is critical to protect both parties during the gap between agreement and final registration.

An NOC (No Objection Certificate) is a formal statement from an authority or stakeholder confirming they have no objection to the transaction. In South Delhi transactions, NOCs may be required from the lessor for leasehold properties, from banks if the property is mortgaged, and from certain authorities in specific cases. Grey Beard coordinates all required NOCs as part of the mandate.

Yes. Grey Beard works with excellent transaction lawyers and can recommend them, but buyers and sellers should have their own legal counsel for any significant transaction. A lawyer reviews title, drafts or reviews agreements, advises on legal structuring, and protects your interests. For transactions at Grey Beard's deal range, legal fees are a small fraction of the transaction value and are essential.

Capital gains tax is charged on the profit from selling a property. If the property was held for more than 24 months, it is a long-term capital gain (LTCG). For resident sellers, LTCG is taxed at 12.5% without indexation. For NRIs, the same 12.5% rate applies — but NRIs do not have the option to use the old 20% + indexation regime, even for properties purchased before July 23, 2024. That grandfathering clause applies only to resident Indians. Additionally, NRI TDS is deducted on the full sale value (not just the gain) at an effective rate of 14.95%, unless a Lower Deduction Certificate is obtained. Short-term gains (held 24 months or less) are taxed at slab rates. Consult a qualified CA for calculations specific to your situation.

Two common exemptions reduce long-term capital gains tax on a residential property sale. Section 54 allows reinvestment of gains in another residential property in India within specified timelines. Section 54EC allows investment in specified capital gains bonds up to ₹50 lakh within six months of the sale. Both have specific conditions. Tax planning should be done before the sale closes, not after — and always with a qualified CA.

When a resident Indian sells property to a resident buyer for more than ₹50 lakh, the buyer is required to deduct 1% TDS on the sale value under Section 194-IA. This is separate from the seller's final capital gains tax liability, and the TDS is claimed back or adjusted at the time of filing the income tax return.

No. GST is not applicable on the resale of a completed residential property. GST applies only on under-construction property purchased directly from a builder. Brokerage fees are subject to GST at the standard rate.

In South Delhi property transactions, "full cheque" means the entire sale consideration is paid through banking channels — cheque, NEFT, RTGS, or demand draft. The sale deed reflects the full transaction value and stamp duty is paid on the full amount. "Part cheque" or "part cash" means a portion of the consideration is paid in cash, undeclared, and not reflected on the sale deed, with the registered value lower than the actual transaction value.

The registered value becomes the cost of acquisition for the buyer's future capital gains calculation. If a property is bought at ₹20 Crore but registered at ₹14 Crore (with ₹6 Crore in cash), the buyer's future capital gains will be calculated on the lower registered value — increasing their tax liability whenever they eventually sell. For sellers, the unregistered component creates its own complications and income tax exposure. For NRI sellers, part-cheque transactions are particularly problematic because TDS is calculated on the registered value, and the Income Tax Department can scrutinise transactions where the registered value appears below market.

Grey Beard only participates in full-cheque transactions. Every rupee moves through banking channels, the sale deed reflects the full transaction value, and stamp duty is paid on the full amount. This is not a preference — it is the only structure we work within. If you need a cash component in the deal, we are not the right advisory. The full-cheque position protects the buyer, the seller, and the advisory, and it is the only way transactions at this level should be done.

Yes. South Delhi has been moving steadily toward full cheque over the past decade, driven by demonetisation, Income Tax scrutiny, and a generational shift in buyer preferences. Younger buyers, NRI buyers, and buyers with foreign exposure strongly prefer full cheque transactions. Sellers who insist on large cash components are increasingly limiting their buyer pool — which often produces a lower effective price even before legal risk is considered.

Yes, they still exist — but the pool is shrinking and the buyers willing to participate are shrinking faster. Full-cheque buyers now dominate the premium end of the market. A seller insisting on a significant cash component is effectively narrowing to a smaller, less qualified buyer set.