At the time of property purchase, many people are not aware that flat they are buying is from landowners share. Recently one of my client came to know only on the day of property registration that his flat was landowners share. Builder kept him in the dark. He was shocked but didn't have any choice but to go ahead with the registration. Though its a complex topic and each case is different from another. I thought of writing a separate post on same. Majority of the under construction property disputes are between Builder and the landowners. One of the most common reason for dispute is ... Read More
Property Search – Do it Yourself to Save Money
Property Search is one of the most painful exercise while finalizing a property. Its very tiring and mentally exhaustive if done properly. At the same time proper Property Search can help to save not few thousand but few lakh rupees. You will not believe that i saw 50+ properties before finalizing my dream home and saved approx 20% after thorough research. Many people outsource Property Search activity to 3rd party like Friends, Agents / Brokers or Online Search. I am not saying that we should not discuss, search or take opinion of others but decision should be ours. Property Search is 360 ... Read More
How Real Estate Sector is Highly Profitable?
Real Estate Sector is in bad Shape or Real Estate Sector is under huge debt. You might come across these news paper headlines on regular basis. You must be feeling very pity for people in Real Estate Sector. I do agree that Real Estate agents or Real Estate brokers are struggling to survive but story is completely different on other side. Yes, i am talking about Promoters, Builders or Investors of Real Estate Projects. Recently i met senior executive of very reputed builder in Mumbai. Privately he admitted that Profit margins of any project is between 15% to 20%. Surprisingly the margins of ... Read More
Property Negotiations – Avoid These 5 Mistakes
Property Negotiation is an ART and is normally misunderstood as only price negotiation. Reason being, any property purchase decision mostly revolve around "Value of the Property". Property purchase is overall deal which require negotiations on Legal, Compliance's, Property Maintenance, Amenities, Taxation, Payment Terms and of-course most important among all is "Price of the Property". In my earlier post on How to Negotiate Property Deals, i discussed mainly price negotiations. This post is focused on Property Negotiations. Let's take example of one of my client Mr. Sathish from Hyderabad. He ... Read More
Home Furnishing – A Waste of Money?
Home Furnishing is one of the critical and final step to realize the dream of owning a home. Home Furnishing is aspirational in nature and there is no end to the amount being spent on the same. Marketers sell it as a dream package to convert your home to a premium property. It is highly profitable business as people don't bargain in this. Only condition is that the perceived value should be high. I have seen my clients bargaining hard for property deal for months but don't mind over spending savings from bargain on Home Furnishing. Common discussion while finalizing a property is around Home ... Read More
Encumbrance Certificate
Encumbrance certificate or most popularly known as EC is one of the most critical document for property purchase. In my post on Checklist of Property Documents i briefly discussed about EC but considering the importance of same, it deserves a separate post. Encumbrance Certificate certify that there are no dues on property both Mortgage and Legal & the title of the property is clear and marketable. It contain all the transactions in respect of the said property. Encumbrance is basically a Charge / Liability / Lien which is created on the property, which is held as a collateral or security ... Read More
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