DDA reduces time frame to convert property - Hindustan Times More than two lakh property owners in the city can heave a sigh of relief, with the DDA deciding to significantly reduce the time of converting a property from leasehold to freehold. At present, it takes 90 days for property owners to get their property converted. Under the new plan, it will take merely 45 days. According to Delhi Develop-ment Authority (DDA) officials, it has allotted more than three lakh flats so far out of which two lakh are on leasehold basis. This means that those who are in possession of leasehold DDA flats are the tenants and not owners. And by converting their property from leasehold to freehold, they become the owner of the property. “The DDA vice-chairman, GS Patnaik, had taken several meetings wherein he identified the components of the process through which a property is converted. Following this, each component was assigned a timeframe within which work would be done. Hence, the time has been...

MCD to make floor-wise approval of plans easy - Times Of India NEW DELHI: There is good news for people living on individual floors in Delhi. Now, you don't have to obtain a No Objection Certificate (NOC) from your neighbours for carrying out construction, as the Municipal Corporation of Delhi (MCD) is soon going to come up with guidelines for floor-wise regularizing and sanctioning of building plans in accordance with the Master Plan of Delhi 2021. The standing committee on Wednesday asked MCD commissioner K S Mehra to prepare the new guidelines within two months. So far, a person living in a flat was expected to obtain an NOC from all the occupants of the building before carrying out any new construction. "There were many complaints in this regard as other occupants of the building often used to refuse to give NOC. Earlier, we used to give floor-wise approval for building plans, but after the Lieutenant-Governor raised an objection last year in April, this procedure was ...

Which is beneficial, buying a property or staying on rent? In the absence of a robust and reliable tool, these decisions were traditionally taken with gut feel or with the guidance of a close relative / friend, leaving scope for error.  Makaan.com,  India ’s fastest growing real estate website  from People Group has launched  India ’s first Buy vs. Rent Index.  Christened Makaan.com Buy Vs Rent Index (MBRI)  the tool  aims to help property seekers make informed choice between buying and renting of property in top Indian cities / sub-cities. The launch of MBRI follows the launch of hugely successful Makaan.com Property Index (MPI) which has been disseminating valuable information regarding the movement of residential property prices in key Indian cities for over a year. MBRI is yet another step to empower the property seeker with tools and intelligence that helps them take informed decision based on in-depth research. MBRI, is a numerical value, ...

Renting a house? Here is your legal checklist! - MakaanIQ.com You often hear people say, “nothing like living under your own roof!” Of course this is applied in different contexts and living in a rented house is one of them. A good landlord who does not bother you much and who does the needful when needed is a blessing not many have. Neither is a good tenant, who takes care of the house properly is a frequently seen sight. However, there are certain things within your control when you find yourself scouting for a rented house. Here are some basic guidelines, which should keep you out of trouble. Rental laws again differ from state to state and hence these guidelines are restricted to some general laws. The verification of these documents are critical, though commercial establishments that take office premises have a legal team to handle the formalities often the lone individual in search of a comfy apartment does not often realize the significance of such things nor do they actu...

Investment in real estate is most profitable | Magicbricks.com Property Pulse The demand for housing has propelled, thanks to easy home loan options available to young professionals. These professionals with hefty pay packages want to invest in the housing sector by availing a loan in order to get income tax benefits. In this context, a home loan becomes a significant propeller of the real estate market. For the past decade or so, a home loan acts as a growth engine for the property market. A real estate investment normally appreciates about 4% or 5% in a year. By availing a home loan with a margin money of 20%, the rate of return on investment is about 25%, even though the annual rate of return is only 5%. Even after factoring for interest costs and property taxes, the rate of return on real estate investment is highly attractive because of the income tax benefits associated with home loans. The year ahead will throw open varied home loan options. With the Reserve Bank of India (RB...

Rent-Out property and make investment | Magicbricks.com Property Pulse The ideal way to make use of your property is to rent it out. Renting out enables you to earn a regular income, and at the same time helps you pay off your home loan comfortably. You can also think of investing in a second home while you get rental returns from your first home. However, you can make the rental income worthwhile by keeping in mind these factors before renting out your property: Join us on Twitter | Join us on LinkedIn | Join us on Facebook Location The location of your property can make or mar the chances of getting a good rent. Location is the most significant factor that tenants look for while they scout for homes. Proximity to the workplace, children’s school, medical facilities and shopping centres are often the essentials that tenants look out for.So having a home in areas close to the IT belt in the city, and with connectivity to the ring road and other major roads, will be an added advant...

Significant clauses in a Home Loan Agreement | Magicbricks.com Property Pulse One should go through the terms and conditions mentioned in a loan agreement carefully. Most loan agreements give the lender the right to revise the interest rate in case of change in market conditions. In case of floating rate loans, the bank already has such a leverage by default to vary the interest rates. This increase can be done unilaterally, at the option of the bank. The trigger for such a move is any unforeseen change in the money market conditions or the market interest rates. Prepayment penalty Another significant clause pertains to repayment of the loan before the due date or foreclosure of the loan. Some banks incorporate a clause regarding this issue. The conditions may range from seeking prior permission of the bank, the lock-in period during which the loan cannot be repaid and charges payable on foreclosure etc. Some banks levy prepayment penalty in case the loan is repaid before the full term...