Property Investment is a big craze in India among all asset classes. One of the factors which boost Property Investment is income tax deductions on Home Loan. It is one of the reasons for very high property prices in India. In my opinion, Home Loan Tax deductions are more of a subsidy. If you are buying a property for self-occupation, then you should buy without giving 2nd thought. It makes perfect logical and financial sense. In this post, we will discuss the scenario wherein buyer purchase property for PURE investment purpose, i.e., the property is let out. Few years back, Property ... Read More
Possession of Property – 7 Points to Check
The happiest moment during property purchase is when a buyer receives a letter from builder to receive possession of property. A buyer is so enthusiastic that he receives possession of property without going through the basic checklist. These days due to the slowdown in the real estate market, almost all the projects are getting delayed. I highlighted the reasons for delay in my post, Why under construction projects gets delayed?. A buyer is so frustrated over a delay that he accepts possession of property on as is where is basis and what is there is basis. This approach may land a buyer in ... Read More
Hiring a Real Estate Agent – 5 Points to Check
A Real Estate Agent is an integral part of any property transaction, be it buying, selling or renting. In fact in cities like Mumbai, a property transaction cannot be completed without Real Estate Agent. One of the reason is the lack of trust factor between the buyer and the seller. Rarely i found a case in which property transaction is closed directly by the buyer and a seller or rented. Hiring a Real Estate Agent has its own advantages and disadvantages. In my personal opinion, it is advisable to route a transaction be it sale/purchase or renting through Real Estate Agent. I do agree that ... Read More
Builder NOC – 11 Important Points to Check
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
What if Circle Rate is more than Market Value?
"Circle Rate is more than Market Value" A Typical Buyer's Dilemma what should i do?. Circle Rate is minimum value at which the property can be sold or purchased. Whereas market value is the rate at which actual transaction takes place. Circle Rate is also known as Guidance Value, Ready Reckoner Rate, Govt Value, Floor Price etc. Whereas Market Value is also known as Consideration Value. In layman terms, Circle Rate is Market Value of the property as per local state government. Few years back the situation was reverse i.e. Market Value was much higher compared to the Circle Rate. For example, ... Read More
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