Real Estate News
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Here is how Property gets Divide after Divorce
According to the current Hindu Marriage Act, the women do not have any claim on her husband’s property after they get divorced. She can claim for monthly maintenance, but that’s it. The claim on ancestral property is out of the question. So what can a woman do under such condition? Not all marriage end up being a happy marriage. Some end up in divorce due to irrevocable differences that cannot be overlooked. In 2010, the UPA government passed an amendment that protected the rights of women in case of divorce. But the amendment fell through when the government was overthrown. Now the question arises, what are the rights of women in c...
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Don’t let these Questions take away the Joy of Being a Homeowner
Buying a house is the most significant purchases for most of us. When we make a massive investment like this, it is normal for our brains to second guess our choices. However, it is not an excellent choice to delve in the thought as it can be potentially harming. We decided after looking into the property and its pros and cons, the financial burden that will be for the buyer. There is no need to entertain any thoughts of whether you made the right decision or not, or if there was another property you could have invested into or if you could have negotiated a bit harder for a lower price. We discuss the potential thoughts one should not ent...
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The New Rule Makes it Mandatory to RERA Register Retirement Homes
Since 2001, the number of senior citizens has increased, and it is expected to rise further. The demand for retirements homes has also increased. The real estate developers are taking the opportunity of the high demand and are investing in the projects that are specifically retirement homes. Anyone who is above the age of 60 can buy and invest in these homes. To make sure there isn’t any delay or foul play with these projects, the government has made it mandatory for the developers to RERA register the retirement homes. We discuss the rules and codes that the developers will have to follow while constructing retirement homes: No...
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Keep these in Mind while Preparing to Register your Property
According to the Registration Act, 1908, it is mandatory to register the sales deed of the property when buying it. Without the registration of sales deed, the entire process of name and title transfer is of no use. Sales deed is the proof that you have paid your dues, stamp duty and registration charges when buying the property. As a buyer, the entire process of buying a property can be really exciting. You might have made all the preparations, got all your documents ready. We make a list all the things you need to keep in mind before going to register your property. Documents: Keep all your documents handy. From the documents r...
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How Vital is PAN Card for a Property Purchase or Resale
PAN (Permanent Account Number) card is required for every transaction in our country. And when it comes to transactions in the real estate, which generally involves a vast sum of money, PAN card is a must. But how will the absence of a PAN number affect your deal for the real estate property? We discuss it further below: For buying or selling of the property: When buying or selling the property which costs more than Rs 5 lacs, the sub- registrar will ask the parties involved in the deal to submit their PAN card details. The same must be mentioned in the sales deed as well. If either of the party involved does not have a PAN nu...
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Everything you need to know about Collector Passing Property
On March 5th, the Maharashtra government allowed the conversion of collector’s land given for housing and non-housing projects into freehold land. Earlier to get the land converted for housing purposes, the premium owner had to pay ready reckoner rate of 50 percent which is not reduced to 15 percent. Last year, the government hiked the fees for the conversion of collector’s property, which was immediately criticised by the landowners. The move was made to get more revenue for the state. Although, the move did fuel the age-old debate of how collector’s properties are different from any other property. Before we proceed further, let...
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Lost Your Copy of Sales Deed? Get A Duplicate One
Sales deed is the most significant proof of your ownership on the property. If not kept carefully, one can lose it. But what can one do if the sales deed is lost? In such a case, one can apply for a duplicate sales deed. As soon as you have found out that you have lost your sales deed, it is a good idea to apply for a duplicate one immediately at the sub- registrar’s office. There are a few simple steps that need to be followed for the same. But before approaching the sub- registrar’s office, one will have to put efforts to find the lost document. First being, lodging an FIR and secondly advertising in the daily newspaper. We dis...
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Myths about Property Ownership
When it comes to property ownership, there are a lot of myths. Buyers and property owners generally prefer asking their friends families and peers for the advice. While some crucial information is gathered, some myths are passed on to as well. Falling for such myths cannot be in your favour, especially if you are waiting to get into the property market. We bust the myths related to property ownership: Being a co- owner means being liable to pay the tax: It is one of the most prevailing myths in the real estate sector regarding co- ownership. But contrary to the belief, you are only liable to pay the taxes if you have made a monetary co...
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Everything You need to Know about Gifting a Property
Gifting property is not new, but there is financial and tax implication that one must be aware of before gifting a property. We discuss everything that you need to know about transferring the property through a gift deed. Tax implication of the gifted property If you are transferring the property through a gift deed, then neither you nor the receiver is liable to pay any tax. Though one will have to pay the registration charges and stamp duty at the time of registration. Every state has a different stamp duty for gift deed. If husband if gifting his wife the property, then there is no stamp duty involved. If you are gifting the propert...
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Things You need to know before Buying a Property
Six things you need to know before buying your first investment property. Budget Evaluate the right budget that suits you. Location Location is a very important aspect for purchasing any type of property. This should be your second shortlisting criteria. Builder Reputation How many projects builders has launched till date, home many completed and how many delivered on time? Compare Amenities Make a list of must-to-have amenities for you and your family. Also, check the quality of amenity construction. Compare Authorized Banks and Payment Schemes Checklist of banks which have tied up with the builder and compare the interest...
