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Showing posts from May, 2017

What type of property should I buy? Ready to move in house, An under-construction property or an upcoming property?

What type of property should I buy? Ready to move in house, An under-construction property or an upcoming property? In India, buying a home means investing your hard-earned money for a lifetime.

Owning a dream home is the biggest achievement of any individual’s  life. If you are a “Rich Dad Poor Dad” fan, you will recognize this quote, “your home is the biggest investment you will ever make”.
From the first decision to invest in a property to actually buying a house, there is a lot of work to be done. We often come across a few choices, whether to buy a ‘Ready to Move in Apartment‘ or an ‘Under Construction Property‘ or a property where the ‘Construction has not begun’. In the back of our mind, one constant question keeps triggering, “Is this the right decision?”. Hence, to pull you out of this dilemma, in this article we have discussed in detail how to compare different types of properties, their numerous benefits, and risks involved with respect to the various stages of construction.
S…

Implement RERA in Karnataka, say home buyers

Implement RERA in Karnataka, say home buyers
BENGALURU: A forum of home buyers, Fight for RERA, staged a protest at Town Hall on Sunday demanding that the state government implement the Real Estate (Regulation and Development) Act, 2016. The Karnataka government is yet to frame the rules for the Act, without which it cannot be implemented.
While as many as 13 states in the country have implemented RERA, there has been a delay in the state. Apart from finalising the rules at the earliest, members of the forum have insisted that the government should not dilute the Act and include all ongoing projects as part of the rules.  M S Shankar, Convener, Fight for RERA—Karnataka Chapter said, “The forum is requesting the state government to come out immediately with undiluted RERA rules and appoint unbiased Regulatory Authority to take forward implementation of RERA in Karnataka and consider all our demands.” Some of the demands placed by the forum includes— physical handover of the apartment shoul…

10 situations where you can say NO to your landlord

10 situations where you can say NO to your landlord


A relationship between a tenant and a landlord is documented in a lease agreement. It is therefore important to pay attention to the length and breadth of the lease in case of misconduct.
Most of us at some point of their lives have lived in a rented home, be with friends or as a family. But how much do we know about rights as tenants? A relationship between a tenant and a landlord is documented in a lease agreement. It is therefore important to pay attention to the length and breadth of the lease in case of misconduct. We have compiled 10 basic rights every tenant has and can lawfully say no to if breached: 1. Oral Agreement If the landlord insists on an oral agreement for tenancy instead of a written agreement, say no. It's important to note that under the tenancy laws all the agreements for tenure of 12 months or more, has to be made in writing and registered in order to avail recourse under these laws.  2. Peace of living Your landlor…

Store your property documents online- Top 3 benefits of moving to a Digital Platform

Store your property documents online- Top 3 benefits of moving to a Digital Platform



BENEFIT #1: Quick and Easy Access Have you wasted hours trying to find the one document you need? Searching for documents through a library of file cabinets is tedious and involves a lot of energy. On the other hand, documents stored digitally can be easily tracked and retrieved immediately during an emergency. Digitized documents can also be shared with anyone who needs it in real-time, which is usually not possible with the paper documents.
BENEFIT #2: Enhanced Security and Greater Reliability Who can you turn to for help and aid, if your property papers have been misplaced, lost or stolen? Property documents are important and having adequate security and control is imperative. Hard copies have a high probability of being damaged either by a flood, fire outbreak, or any other force majeure meaning Act of God. With digital archiving as a backup, documents are protected from any kind of disasters. Digit…

Subverting RERA: States are not raring to go, but real estate development depends on this

Subverting RERA: States are not raring to go, but real estate development depends on this
Purchase of a house is the single largest investment an Indian often makes in a lifetime. Unfortunately, in an otherwise over-regulated country, real estate is singularly under-regulated and home owners have little legal protection. Consequently, buying a house is often fraught with risk and breaches of contract by the builder are common. To overcome this lacuna, last year Parliament passed the Real Estate Regulation and Development Act (RERA) to regulate transactions and protect consumer interests. It was the most consumer friendly real estate development in a long time. But events since then suggest that vested interests are out to stymie reform.
Land use comes under the purview of state governments in India. Therefore, they were to use last year’s central legislation as a guide to enact subordinate legislation to flesh out details and also establish a real estate regulator by end April. However,…

4 Reasons why the Goods and Services Tax bill will impact the Indian Real Estate Sector

4 Reasons why the Goods and Services Tax bill will impact the Indian Real Estate Sector

Currently in India, there are many direct and indirect taxes imposed on goods/services,  right from its manufacture to its sale and eventual consumption, both at central and state levels, thereby unrealistically increasing overall cost to the end user. To mitigate this burden, the Central Government proposed the Goods and Services Tax (GST). GST combines central excise duty, additional excise duty, service tax, state VAT & entertainment taxes under one banner. Goods and Services Tax (GST) was introduced as a Constitutional Amendment bill in the Lok Sabha on 19thDecember 2014 and passed by the house on 6th May 2015.  However, it took more than a year for the Rajya Sabha to pass this on 3rd August 2016. The bill after ratifications by the states received the Presidential assent on 9thSeptember 2016. GST is expected to come into force by 1st July 2017. Implementation of the Goods and Services Tax (GST…

Why RERA?!!

WHY RERA?! India has a vast population with needs regarding food, house and jobs on an ever-increase mode. The housing among these fields is one of the major ones. Thousands of people have grown to be rich and as many of them have made loss in real estate business. It is the one of the leading revenue generators for the government. Even though it has such strong presence in the country, it never had a regulating body. Due to the failure of the government to observe this, many people have become the victims of some scheming people doing the real estate business. We are not saying that every real estate project chooses unethical manner to sell their units, but lately, and lately here should be seen as a few years, this has increased manifold with the economy growth of India. The buyers who come from a middle-class background have time and again fallen prey to such petty real estate developers. There was a growing need to bring a transparent government body which can check the developers. …

10 Steps to Buying a Home

10 Steps to Buying a Home Understanding how to find and finance the perfect home for you Buying a house requires a lot of time and effort, but these 10 steps can help make the home buying process manageable and help you make the best decisions possible.
Step 1: Start Your Research Early As soon as you can, start reading Web sites, newspapers, and magazines that have real estate listings. Make a note of particular homes you are interested in and see how long they stay on the market. Also, note any changes in asking prices. This will give you a sense of the housing trends in specific areas.
Step 2: Determine How Much House You Can Afford Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt. But you should make this determination based on your own financial situation. Use our Affordability Calculator to see how much house you can …

What is RERA? What are it's salient features? How does it protect the buyers and what is the difference in scenario before and after it?

What is RERA? What are it's salient features? How does it protect the buyers and what is the difference in scenario before and after it?This bill was passed by the Parliament on March 15, 2016, and the Act came into force on May 1, 2016. From a common man perspective, it was meant to address some of the pain points of a typical property buyer: What is the recourse when a project hand-over is delayed by the builder/ pro-motor?How does one verify that a specific property meets the statutory norms as set by the local civic bodies?
Hence the Real Estate Regulation and Development Act was introduced to help the common man. Its primary goal is to bring tighter regulations into the system, thereby bring transparency and accountability to the whole home-ownership experience. The Act applies to both residential and commercial real estate projects. The basic principles and vision for this Act were drafted by the Center, and then for each of the states to individually set up a Real Estate Regula…