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Thursday, February 15, 2024
Six Ways To Improve Your Financial Health In 2024
Saturday, February 10, 2024
These areas are poised for growth in 2024
YOU NEWLY LAUNCHED SUPPLY (IN UNITS) | ||
Micro Market | Year 2022 | Year 2023 |
Pallikaranai | 129 | 2702 |
Manapakkam | 134 | 2252 |
Sholinganallur | 464 | 1583 |
The three areas are bound to witness growth in the coming year and the number of launches is proof of the same. “As per Anarock Research, these three localities remained most vibrant and witnessed the highest new supply in 2023. The three areas saw a total new supply of nearly 6,537 units between January and December period in 2023 in the wake of growing demand by prospective buyers. The average price in the three localities remained between Rs 6,497 per sq ft and Rs 7,328 per sq ft. Going ahead, these markets continue to remain promising in 2024 as well because of their growing demand.
Saturday, February 3, 2024
Legal Checklist To Follow Before Buying A Property
The seller should provide you with the original title deed for verification purposes and not a photocopy;
The title deed needs to be in the name of the seller. You can ask for identification proof as well from the seller to ensure that he is the person he claims to be;
Check whether he is the sole owner of the property or not. In case of joint ownership, you will need proper legal approval of all the co-owners of the property. It is advisable to get the current, as well as previous title deeds properly scrutinised by your lawyer to ensure that there are no loopholes.
Thursday, February 1, 2024
பணி நிறைவு சான்று இல்லாத வீட்டை வாங்குவதில் கவனம் தேவை
புதிதாக வீடு வாங்குவோர், அடுக்குமாடி குடியிருப்பு திட்டங்களை நாடுகின்றனர். இதில் அதிக வீடுகள் உள்ள திட்டங்கள், குறைந்த எண்ணிக்கையில் வீடுகள் உள்ள திட்டங்கள் என இரண்டு வகை உள்ளன.எத்தகைய திட்டத்தில் உங்களுக்கான வீட்டை தேர்வு செய்வது என்பதில் முதலில் ஒரு முடிவுக்கு வர வேண்டும்.
அதன் பின் அதற்கான திட்டம் எது என்பதில் தெளிவான முடிவு எடுக்க வேண்டும்.இதில் அதிக வீடுகள் உள்ள பெரிய அளவிலான குடியிருப்பு திட்டங்களில் பிரச்னையும் அதிகமாக இருக்கும் என்ற எண்ணம் நிலவுகிறது.
இதனால், சிலர் குறைந்த எண்ணிக்கையில் வீடுகள் உள்ள குடியிருப்புகளில் வீடு வாங்க முற்படுகின்றனர். இவ்வாறு, குறைந்த எண்ணிக்கை வீடுகள் உள்ள திட்டங்களை தேர்ந்தெடுப்போர், சில விஷயங்களில் கூடுதல் கவனம் செலுத்த வேண்டும்.
குறிப்பாக, கட்டட அனுமதி, பணி நிறைவு சான்று உள்ளிட்ட விஷயங்களில் கவனமாக இருக்க வேண்டும். அந்த குடியிருப்பு திட்டத்தில் தற்போது வீடுகள் கட்டி முடிக்கப்பட்டுள்ளதா அல்லது இனிமேல் தான் முடிக்கப்பட உள்ளதா என்று பாருங்கள். கட்டுமான பணி நடக்கும் நிலையில் வீடு வாங்குவதாக இருந்தால் திட்ட அனுமதி ஆவணங்களை ஆராய வேண்டும்.வீட்டை ஒப்படைக்கும் முன் பணி நிறைவு சான்றிதழ் இருப்பது அவசியம். பல இடங்களில் இது போன்ற சிறிய திட்டங்களை செயல்படுத்துவோர் பணி நிறைவு சான்று வாங்குவதில் அலட்சியமாக இருக்கின்றனர்.
வீடு வாங்குவோர் கேட்டாலும், அதெல்லாம் பெரிய திட்டங்களுக்கு தான், சிறிய குடியிருப்புகளுக்கு வராது என்று மழுப்புகின்றனர். அரசின் பொது கட்டட விதிகளின்படி, மூன்று வீடுகளுக்கு மேற்பட்ட திட்டங்கள் அனைத்துக்கும் பணி நிறைவு சான்று பெறுவது கட்டாயம்.
இதை சரியா புரிந்து வீடு வாங்கும் நிலையில் செயல்பட வேண்டியது அவசியம். அப்போது தான் அந்த கட்டடத்தில் விதிமீறல்கள் இல்லாததை உறுதி செய்ய முடியும். இதில் கவனக்குறைவாக இருந்தால், கட்டட விதிமீறல்களால் எழும் பிரச்னைகளில் சிக்க வேண்டி இருக்கும். வீடு வாங்குவோர் பணி நிறைவு சான்று விஷயத்தில் அலட்சியம் காட்டக் கூடாது என்கின்றனர் நகரமைப்பு வல்லுனர்கள்.
Monday, January 29, 2024
The guide to non-occupancy charges
The rationale behind this charge is that the society ought to get a small part of the earnings for its maintenance and upkeep. Nowadays, the quantum of charges is governed by law.
While there are rules in place to monitor this fee, this was not the case earlier, which caused immense financial strain on homeowners. Sharing his views on the positive changes that have emerged in this regard, Jaatin Suratwala, the managing director and chairman of a real estate company, says, “The rationale behind this charge is that the society ought to get a small part of the earnings for its maintenance and upkeep. Nowadays, the quantum of charges is governed by law. Prior to the government verdict on this charge, most societies charged arbitrarily and exorbitantly. Now it cannot exceed 10 percent of service charges that a building levies on its members.”
It’s important to know that these charges are typically based on the actual expenses incurred by the society and must be reasonable and transparent. Residents should ensure that they understand the terms and conditions related to these charges before they agree to purchase or rent a property in the said society.
Suraj concludes, “ It’s important to know that these charges are typically based on the actual expenses incurred by the society and must be reasonable and transparent. Residents should ensure that they understand the terms and conditions related to these charges before they agree to purchase or rent a property in the said society.”
Legally Speaking: All You Need To Know About A Lease Deed
Conditions of a lease deed
The landlord (lessor) has to transfer the right to use the property being leased out to the tenant (lessee)
The landlord has to receive a monthly rent in exchange for transferring the right to make use of the property to the tenant
Both parties can enter into an agreement where the tenant could pay a share of crops, service or any other thing of value’ to the landlord besides cash payment
- Property description: This includes the type of property/structure, the area, location, address, furniture, and fittings, etc.
- Lease period: The specific tenure of the lease agreement must be mentioned. It can range from 12 months to more
- Lock-in period: This is the minimum period for which both parties should be in agreement about; they cannot terminate the agreement during the lock-in period
- Rent amount: The monthly/quarterly/ annual rent amount and the date on which it has to be paid
- Security deposit: The refundable deposit amount which the landlord will hold as security. The refund process should also be outlined
- Rent escalation: If both parties agree for an increase in the rent or want to keep it the same
- Terms of usage: The conditions for the use of the property must be detailed. These can include the tenant’s responsibility to maintain it, the maintenance fee, if any, sub-letting of the property by the tenant to another party, etc.
- Notice period: The lease agreement should contain the period of notice each party needs to give to end the agreement
- Termination: The reasons for which the lease agreement can be terminated must be mentioned. This can include the use of the property for any illegal acts, failure to pay rent on due date, tenant creating nuisance, etc.
- Dispute resolution mechanism: Description of the manner in which any legal dispute between the landlord and tenant arising out of breach of the lease deed will be dealt with, such as Alternative Dispute Redressal (ADR) processes like mediation or arbitration, which court will have the jurisdiction, etc.
- The rental agreement printed on stamp paper and signed by the landlord, tenant, and two witnesses
- Property documents of the property to be leased out such as a tax receipt
- The original proof of ownership of the property from the landlord
- Address proof copy of the landlord, the tenant, and the witnesses, such as bank passbook, passport, etc. While a lease deed is vital for both residential and commercial properties, it can be more detailed if it is a corporate lease. A qualified advocate can draft a customised lease deed as agreed upon by the landlord and the tenant.
Friday, December 8, 2023
Buying a home for the first time? Don’t forget to claim these benefits
“The Real Estate Regulation Act (RERA) ensures transparency and accountability in the real estate sector, thus protecting the interests of buyers by curbing malpractices. The Pradhan Mantri Awas Yojana (PMAY) is aimed at providing “housing for everyone” and benefits first-time home purchasers from lower and middle-income families. The subsidy rates on the principal amount vary based on the buyer’s income, with additional income brackets recently introduced to extend the benefits to a wider segment of the population. Moreover, the housing subsidy GST has been reduced from 12 per cent to eight per cent for residences acquired under PMAY, allowing eligible first-time homeowners to avail of a higher subsidy of up to Rs 2.7 lakh,” informs Pritam Chivukula, vice president, CREDAI-MCHI.
“Bigger loans, longer payback periods, or a weak CIBIL score may attract slightly higher interest rates. Remember, not all banks and financial institutions offer the same rates and terms for their loans. It’s essential to compare offerings from multiple lenders to get the best deal,” says Vickash Choudhary, founder of a real estate firm.
The one mistake that first-time homebuyers often make is that they focus mainly on securing lower interest rates, but they should also consider other terms such as prepayment charges and processing fees while comparing loan offers.
Developers often extend special reductions and benefits to attract first-time homebuyers and promote their projects. These benefits can vary depending on the developer’s marketing strategy and the property being offered. Common offers include discounts on the base price of the property, thus making it more affordable for first-time buyers. Some developers may also provide additional incentives such as free furniture or appliances, or free membership to gyms or clubhouses. Additionally, to ease the financial burden on first-time buyers, developers might offer flexible payment plans with staggered payments or lower initial down payment requirements. Developers may offer discounted prices to first-time homebuyers, especially in affordable housing projects. Some developers may waive off additional charges such as floor rise charges, preferred location charges, or clubhouse membership fees to attract first-time buyers. Developers may have tie-ups with specific banks or financial institutions, thus providing special home loan interest rates or processing fee waivers for buyers of their properties. Chivukula cautions, “Prospective homebuyers should thoroughly review all the terms and conditions of such offers before making any decisions to ensure they fully understand the benefits and implications.”
புதிய வீட்டுக்கு அலங்கார மின் விளக்குகளை தேர்வு செய்வதில் கவனிக்க
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Is it possible to sell your under-construction apartment after registering it? If you find yourself in a situation where you are unable to...