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Saturday, April 6, 2024
பிழை திருத்த பத்திரத்தை பதிவு செய்வதில் கவனமாக செயல்படுங்கள்!
Thursday, March 21, 2024
Keep these nine documents handy during homebuying process
Aadhaar card
Passport
Voter ID card
Driver’s license
Any one of the following documents can be used as proof of address:
Aadhaar card
Passport
Voter ID card
Utility bills (electricity, water, gas, or telephone) in the applicant’s name
Bank account or post office account statement
Property tax receipt
Rent agreement
Salary slips (last three-six months) for salaried individuals
Income tax returns (ITR) for the last two-three years
Form 16 or Income Tax Assessment Order
Business income proof for self-employed individuals (balance sheets, profit and loss statements, and tax returns)
Wednesday, March 13, 2024
Is it possible to sell your under-construction apartment after registering it?
However, take note that it is not going to be a simple process and it involves complex paperwork due to the unusual situation of selling a house. It is advised that you seek legal advice to manage the complexities and ensure a smooth transaction without any legal hurdles.
However, you do have the option to give it back to the developer if he agrees, but it will probably be a loss-making deal for you. Ram Naik, director, The Guardians Real Estate Advisory shares, “Start a conversation with the developer and look over the contract for a cancellation clause. If a refund is agreed upon, follow the steps described, maintaining clear and documented communication throughout the process. In case of cancellation of the deal, refundable policies provide flexibility by allowing full or partial repayment within a given duration. However, keep in mind that GST is non-refundable, resulting in a loss of 10 to 12 percent of the property cost if the booking is cancelled. Developers often charge cancellation fees of roughly 10 percent of the property cost. Moreover, as buyers, you have already covered the cost of stamp duty and registration fees. For instance, in Mumbai, the stamp duty rate is set at six percent, and the registration charges amount to one percent of the property value.” This means that cancelling the property and returning to the developer will mean that you face around 20-25 percent of the total property cost loss.
Let’s understand this with the help of an example. Suppose you bought a house for Rs one crore and now you are unable to take possession. You have already paid 15 percent of the amount, i.e. Rs 15 lakh as booking and registration charges. You will have to find a buyer who can give you the remaining Rs 85 lakh before possession. Suppose the buyer is also not in the position to arrange such a huge amount but can manage Rs 35 lakh, you will have to take a home loan of the remaining Rs 50 lakh in your name and take possession. Once you get possession, you can transfer the Rs 50 lakh home loan to the buyer and sell it.
In all such scenarios, you will have to ensure that the buyer is trusted and that proper paperwork is carried out. As it is such a huge amount, it is preferred that both, the buyer and seller share a good mutual understanding on top of air-tight paperwork.
Naik concludes, “Maintain transparent communication with the developer, seeking guidance and viable solutions to unanticipated problems. Conduct extensive market research to identify a reasonable selling price, increasing the chances of a successful resale. Carefully assess your options, keeping in mind the volatile character of the real estate market, and seek professional guidance to make informed decisions.”
Monday, February 12, 2024
பவர் பத்திரங்களின் உண்மை தன்மையை அறிந்தால் நில மோசடி பிரச்னையை தவிர்க்கலாம்!
Monday, January 29, 2024
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.
Thursday, December 7, 2023
இன்சூரன்ஸ் வேண்டுமா? - காரை ஆன் செய்யாதீர்கள்!
இன்சூரன்ஸ் வேண்டுமா? - காரை ஆன் செய்யாதீர்கள்!
Friday, December 1, 2023
Have you inspected the property before signing on the dotted line !!
When you’re out and about exploring the property (for end-use or rent), a broker or sales executive will likely join you. They’ll guide you through the property, and discuss the costs and all, but in this whirlwind, you get a limited chance to properly check out the house yourself.
During a typical site tour, you might notice newly painted walls, yet it’s impossible to inspect the building’s structural quality. You’ll likely see a beautifully maintained home, but the possible presence of leaks or pests won’t be visible. Hence, it’s crucial to make a thorough home inspection your top priority.
Although it is not a popular practice in India, unlike Western countries where it is a regulated industry, there are still a few new-age companies that offer this service. Experts in the sector hope that some government guidelines are formed in India as well to aid homebuyers. “There should also be proper codes and tolerance limits set for the finishing aspects of building construction,” says Venkat, chief business officer of a leading home inspection company.
Wednesday, November 22, 2023
பொது அதிகாரம் பெற்றவர் புதிய முகவரை நியமிக்க முடியுமா?
உரிமையாளர், நிலத்தை மேம்படுத்த மட்டும் அதிகாரம் வழங்கினாரா அல்லது புதிய வீடுகளை விற்பனை செய்யும் அதிகாரம் கொடுத்துள்ளாரா என்று பார்க்க வேண்டும். சில இடங்களில் கட்டுமான திட்ட அனுமதி பெற்று, குடியிருப்பு கட்ட மட்டும் பொது அதிகாரம் வழங்கப்பட்டு இருக்கும்.
ஆனால், பொது அதிகாரம் பெற்ற கட்டுமான நிறுவனம் வீடு விற்பனையை மேற்கொள்ளும். இது போன்ற சமயத்தில், கட்டுமான நிறுவனத்துக்கு விற்பனை அதிகாரம் இல்லாமல் நடக்கும் விற்பனை செல்லாது.
இதில் இன்னும் சில இடங்களில், பொது அதிகாரம் பெற்ற நபர், அந்த சொத்தில் குறிப்பிட்ட சில பணிகளை மேற்கொள்ள இன்னொரு நபரை முகவரா நியமிக்க இயலாது. உரிமையாளர் வழங்கிய அதிகாரத்தை பயன்படுத்தி அவர் குறிப்பிட்ட வேலைகளை மட்டுமே செய்ய வேண்டும்.
அதற்கு மாறாக, பொது அதிகார முகவர், தனக்கு கீழே இன்னொரு நபருக்கு பொது அதிகாரம் வழங்க முடியாது. இத்தகைய சூழலில், உரிமையாளர் தலையிட்டு முதலில் வழங்கிய பொது அதிகாரத்தை ரத்து செய்ய வேண்டும்.
தேவைப்பட்டால் அது குறித்த பொது அறிவிப்பை பத்திரிகைகளிலும் வெளியிடலாம். இவ்வாறு செய்வதால், சொத்தின் மீதான உரிமை பாதுகாக்கப்படும். உரிமையாளரிடமிருந்து ஒரு நிலைக்கு மட்டுமே பொது அதிகாரம் செல்லுபடியாகும். அவருக்கு அடுத்த நிலையில் நானும் பொது அதிகார முகவர் என்று வேறு நபர்கள் வர கூடாது.
சில சமயங்களில், ஒரு கட்டுமான நிறுவனம் பெயரில் பொது அதிகாரம் வழங்கப்பட்டு இருக்கும். அந்த நிறுவனத்தின் பங்குதாரர் என்ற அடிப்படையில் ஒன்றுக்கு மேற்பட்ட நபர்கள் பொது அதிகாரத்தை பயன்படுத்தினால் குழப்பம் ஏற்பட வாய்ப்புள்ளது.
உரிமையாளர்கள், பொது அதிகாரம் வழங்கும் நிலையிலேயே, அதை யார், எப்படி பயன்படுத்த வேண்டும் என்பதை தெளிவாக வரையறை செய்ய வேண்டும்.
இதில் உரிமையாளர், முகவர் இடையிலான வரையறைகள் என்ன என்பதை தெளிவுபடுத்திக்கொண்டு சொத்து வாங்குவோர் செயல்பட வேண்டும் என்கின்றனர் சார்-பதிவாளர்கள்.
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