Archive for June, 2009
Way Forward For Chennai Real Estate
The Tamil Nadu Housing Board TNHB has clarified that the upcoming satellite towns around Chennai would be selfdependent and schools healthcare centres parks and shopping complexes will be constructed all around with erection of basic infrastructure like roads electricity and drinking water. The developmental projects at these satellite townships would cost about Rs 500 crore and cover some 1500 acre of land sources from the TNHB informed.
These satellite towns around Outer Ring Road ORR Old Mahabalipuram and Poonamalli High Road would comprise of residential commercial and industrial real estate. And keeping in mind the availability of vast tracts of unutilized land in these towns there is a tremendous room for construction of new projects. This will also help in meeting future needs of housing commercial and industrial real estate in Chennai and also result in the development of road and rail transport.
Chennai Properties around the southwest part of the city are likely to enjoy a northward rally in the next couple of years. The business opportunities created by the modernization of airport would boost the property values in the areas around the facility.
Property investors might also be interested in locking properties around Inner Ring Road in expectation of earning handsome gains. The road connects the central city localities like Kodambakkam and Mambalam with the airport.
The market observers say that the capital values and rentals have already corrected by about 1020 per cent in the past 812 months and market is apt for investment purposes. As per the reports of MagicBricks reports the capital value for a residential apartment in Vela Chery hovers between Rs 2500 and Rs 3000 per sq. ft at present. Furthermore the residential land value of Chennai’s IT corridor ranges from 20100 ground. Places like Anna Nagar in Chennai which was about Rs. 70 lakhs per ground in 2002 are now quoting Rs. 1.53.0 crore per ground.
About the writer: George Gonigal provides you the best and latest information on Chennai Real Estate Developers if you want to Buy Apartments in Chennai. he suggest you log on to magicbricks.com
Vital Documents You Need To Buy Real Estate In India
Real estate is a part of every individuals life. Sometime or other you either decide on selling your existing property or plan to buy a new one. You should be very careful about proper documentation to avoid future troubles.
Sale Agreement:
Every important details like area number of the apartment cost payment modalities payment tenure and date of possession are mentioned in this document.
Title deed:
Title deed is extremely important as this is the only document that declares that the property really belongs to you. If you wish to avail some loan against your property the original title deed has to be produced. If you sale your property you must retain a copy of it. Every original paper related to the original title has to be given away to the new owner. But you should always keep copies of the entire set. You will be able to calculate your longterm capital gains with these papers.
But do not handover the original documents if you intend to sell part of your property. Here as you bought the whole property but selling it in parts you should retain the original documents. True and certified photocopies of the original papers are to be handed over to the purchasers.
Letter attesting property ownership:
There are many cases where the seller mortgaged the property but did not inform the buyer about it. You must ask for two very crucial documents to avoid such fraud.
The first document is the original copy of the title deed. The owner will not have it if it is being mortgaged. The second will be the letter attesting the property ownership. This document is given while buying land or when the transaction amount is high. Otherwise the lawyer of the buyer will have to investigate before the deal. This can be done either by confirming from the neighbors or by checking the records of the registrar of assurance’s office where record of all properties mortgaged are archived. If the buyer ever decides to mortgage the property he or she would need these two documents.
Certificate that attests payment of income tax dues:
A seller who has defaulted income tax can legally be prohibited from selling his or her property. The seller can be restricted to sell until all dues are cleared. The seller will have to get a clearance certificate from the Income Tax department stating that all dues are cleared. It can be procured within 7 to 10 days.
Memorandum of understanding:
A memorandum of understanding is to be signed stating all the payment terms and conditions if you are going to make the payments in parts. This single document would record the details regarding the amount and the tenure and therefore you should be very careful in checking the owed sum.
Form 37I:
If the property value is over Rs 7500000 for Mumbai Rs 5000000 for Delhi Rs 2500000 for cities like Ahmedabad Bangalore Calcutta Chennai and Pune and Rs 2000000 for Baroda Bhopal Bhubhaneshwar Chandigarh Cochin Coimbatore Cuttack Faridabad Ghaziabad Hyderabad Indore Jaipur Kanpur Lucknow Madurai Nagpur Noida Patna Surat Trivandrum Gurgaon property you would require government permission to carry out a transaction. The buyer and the seller both will have to file the document and it would take almost three months after the procedure is initiated.
Stamp duty:
Stamp duty is imposed by state governments on all propertyrelated agreement and therefore it varies from one state to the other. The amount of stamp duty will be decided on the basis of the value shown in the sale agreement. For example a purchase worth Rs. 1000000 in Maharastra would need Rs 38750 as stamp duty. For any amount over Rs 1000000 would need 8 of the value over Rs. 38750. Stamp duty is to be paid during the registration of the property.
Registration:
Registration is the process of official recording of the agreement which is done by a state governmentappointed Registering Officer. It is carried out after a certain number of days of the due execution date. The amount and date varies from state to state. In Maharastra it is four months from the execution date and the rate is 1 of the amount with maximum of Rs. 20000.
Fard:
For agricultural land dealing a document Fard has to be prepared that would have all the necessary details like ownership land quality mortgage details if any who is presently cultivating the land etc. You must procure the most recent copy of the Fard from the owner. Once the transaction is complete and the sale deed is prepared in your name meet the local Patwari to apply for the new Fard. Be sure the new document has your name as the new owner and cultivator of the land. For more details on real estate India visit MastGhar.com.
About the writer: Real estate agency in India. Visit us at MastGhar.com
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