Builder NOC is one of the must crucial document for direct transfer of under construction property. Normally, Builder NOC is a standard format by a builder. As i keep highlighting that there is no concept of standard format except for legal and govt issued forms/documents. As i promised in my previous post, Direct Transfer of Under Construction Property to dedicate a post on Builder NOC. This NOC is also referred as a Resale NOC. As i explained in my previous post that buyers should prefer tri-party agreement instead of bi-party agreement with the seller based on builder NOC. If the situation ... 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
Buy Resale Under Construction Property
Resale Under Construction Property is most beneficial but least preferred option for a buyer. This is true for buyers who only want to buy Under Construction Property. Recently, one of my clients bought a property from leading builder of Mumbai. Price quoted by the builder was Rs 5999/- psf. Whereas Resale Under Construction Property in the same complex of same unit size was available for Rs 5350/- psf. Despite the direct monetary benefit of approx 9 lakh, my client decided against it. Honestly, i failed to understand the logic. As i keep highlighting that Rate card of a builder is always ... Read More
Loan Against Insurance Policy
Loan against Insurance Policy is not so very common in India. One of the major reason is that the most of the policyholders are not aware of this option. Secondly, the penetration of insurance is very low in India. In fact, i believe that if we remove Income Tax benefits attached to the Insurance Policy then penetration will be negligible. Insurance Premium is either considered as a waste of money or is paid for investment purpose. Both, India psychic and Insurance industry are responsible for this sorry state of Insurance products. By now most of my readers know that i have traditional ... Read More