In my post, buying a property from landowner share I briefly discussed Joint Development Agreement. I keep receiving large no of queries on Joint Development Agreement. Most of these queries are directly or indirectly linked to the registration of the Joint Development Agreement. Based on the request of the readers, I decided to share my views through dedicated post on this topic. What is Joint Development Agreement? In layman terms, assume that I own a residential land and builder approach me to construct flats on my land. This arrangement is beneficial for both the parties. The reason ... Read More
Property Portal – Beware of Online Advertisement
A Property Portal is an open market place i.e. free for all. Though a property portal selectively verifies the listed properties. Practically, it is impossible to verify or certify each and every property listing. Similar to the matrimonial portal, it provides an opportunity to deceivers to trick the potential buyers. The real estate agents and builders misuse this fact and are using a property portal only for a lead generation. Here by lead generation, the objective is to bring a potential buyer to the property site. This type of marketing is FREE of cost and some of the real estate agents ... Read More
Direct Transfer of Under Construction Property
Transfer of Under Construction Property is one of the most complex topics in real estate. It is situational and there are no right or wrong answers. Transfer of Under Construction Property depends on multiple factors like Construction Status, Home Loan of a Seller, Builder or Landowner share etc. The buyer is in a dilemma on how to make payment and what is the right procedure to execute the deal. The situation is complex if the occupancy or completion certificate is issued, but the property is yet to be registered. Another confusion is who will bear the cost of VAT and Service Tax i.e. buyer ... Read More
How Builders Overcharge Property Buyers?
Let's accept the fact that Builders do overcharge Property Buyers. You must be wondering how, the answer is, by taking undue advantage of the multiple factors. These factors are ignorance of property buyers, loopholes in the legal agreement and lastly through Bullying. Though i have not observed any such incidences with very reputed builders. One of the reason is that reputed builders already include the brand premium in the cost of the property. The poor buyer has no other option but to oblige. In this regard, i like the English word "Standard". It is now a common practice to regularize ... Read More
8 Ques You Should Ask Home Loan Provider
Home Loan Provider in India is normally finalized based on the reference or word of mouth. There is no harm in taking references or feedback from friends and family members. It helps in better decision-making. In most of the cases, it is the builder who decides Home Loan Provider of a buyer. He has vested interest in this entire process as builder receive cut or commission to promote particular Home Loan Provider. Secondly, he doesn't want you to initiate Title Search or Legal Check Process again. Some of the common tactics of the builder to pressurize buyer are Documentation, Payment ... Read More