Buying a new home? Do the due diligence | mydigitalfc.com By Kumar Shankar Roy Jul 31 2011 , New Delhi Tags: Personal Finance When you buy a home, you are investing precious resources in an asset. Most potential new homebuyers live on rent and the home financed by a bank loan leads to an outgo of an equated monthly instalment (EMI). In most cases, this EMI ends up being higher than the amount spent on monthly rent. So, it’s essential that homebuyers conduct as much due diligence as possible before signing on the dotted line. With the recent cases of housing projects turning turtle, experts advise most homebuyers to go through a checklist. Here’s how: Under-construction means under lens: An under-construction property will invariably come cheaper than a ready-for-possession property. Depending on the stage of construction and also the response that the project has already elicited from other buyers/investors, the rates can be from anywhere between 15-30 per cent lower. To begin with, i...

Now, land acquisition trouble in Punjab Mansa, Punjab: The notice board has recently come up in the village Gobindpura of Mansa district in Punjab, the site of thermal power project being built over 860 acres of land. Already more than 700 acres of land has been acquired by the state government, but farmers owning the rest of the land are now resisting. There are around 40 families not willing to accept government compensation of R s. 23 lakh per acre. With tears in his eyes, 75-year-old Amarnath says he will never give away his 4 acres of land; his two sons were arrested by police for protesting. "Police picked up my sons as they were protesting; I can't give my land. They are just paying R s. 23 lakh. What will I do with it, my land was very fertile," said Amarnath, farmer. Those who have accepted the money say they had no option, as they never wanted to fight with the state government, but are complaining that the compensation is less than the market rate. "I d...

तीन साल से ज्यादा पुराने घर को बेचने पर कैपिटल गेन्स टैक्स- Navbharat Times जिगर साइया पार्टनर एमजेडएस ऐंड असोसिएट्स कोई भी मकान खरीदने या बेचने से पहले उस पर लागू होने वाले टैक्स के बारे में जानना समझदारी होगी। हम यहां किसी मकान की खरीदारी पर लगने वाले टैक्स/फायदे और उसे बेचने पर होने वाली आमदनी पर लगने वाले कर के बारे में चर्चा करेंगे। मकान पर मालिकाना हक भारतीय आयकर कानून 1961 (आईटी एक्ट) में आवासीय मकान को आमदनी का जरिया माना गया है। आयकर कानून के तहत 'हाउस प्रॉपर्टी से इनकम' मद के तहत मकान से होने वाली आमदनी पर मकान की सालाना वैल्यू के हिसाब से टैक्स लगता है। घर से होने वाली आमदनी या वाजिब किराए (उसी इलाके में समान साइज की प्रॉपर्टी के लिए अनुमानित सामान्य किराया) में से जो अधिक हो, उसे मकान की सालाना वैल्यू माना जाता है। मतलब अगर घर को किराए पर लगाया जाए, तो स्टैंडर्ड रूप से उससे जो कमाई हो सकती है, वह घर की सालाना वैल्यू होती है। ऐसे घर में जहां, मकान मालिक खुद रहता है, वहां प्रॉपर्टी की सालाना वैल्यू शून्य हो जाती है। हालांकि, अगर एक से ज्यादा प्रॉपर्टी हो, तो सिर्फ एक ...

Why you need to write a will - Times Of India Why you need to write a will Priya Kapoor, TNN Jul 25, 2011, 05.27am IST For the past six months, Delhi-based Padma Malhotra and her three children have been struggling to access what is rightfully theirs. They have been unable to lay hands on the financial assets of Malhotra's husband, who passed away in January. The emotional trauma of losing him was followed by despair at not being able to withdraw the money lying in his bank account or access his other investments. This upheaval has been sparked by a single act of omission on the part of Malhotra's husband-writing a will. "My husband didn't leave a will and had not named a nominee," she says ruefully. So, she and her kids have been running around to prove that they are the only legal heirs. Malhotra's husband has a substantial amount of money in his bank account, but it cannot be withdrawn till the bank is satisfied that there are no other claimants. "We h...

Cabinet approves new act to deal with benami transactions - Times Of India NEW DELHI: The government on Thursday approved a proposal to bring a new legislation for stricter control over benami transactions amid the UPA regime facing heat over the black money issue from various quarters. The decision was taken at a Cabinet meeting chaired by Prime Minister Manmohan Singh here. It was decided that subsequently, a new Benami transactions (Prohibition) Bill 2011 will replace the existing Benami Transactions (Prohibition) Act, 1988. "The new bill contains elaborate provisions dealing with the definition of benami transaction and benami property, prohibited benami transactions, consequences of entering into a prohibited benami transaction and the procedure for implementing the benami law," information and broadcasting minister Ambika Soni told reporters here. Under the proposed new law, anyone violating the rule can be jailed for not less than six months, which may be extended to t...

UID to streamline and organise outdated land records - Economic Times NEW DELHI: Property holders across India may get a unique identity number, or UID, for their real estate, as a working group set up by the ministry of urban development has suggested doing away with the current system of registration and transfer of property. Such a move is expected to not only streamline and organise India's outdated land records, but also reduce the burden on courts by enabling faster resolution of property disputes. "The current system of property registration is based on who pays the tax on the land or property," said an official with the Planning Commission. "When property is transferred, the deed doesn't define the title and the extent of rights of the owners. This leads to most of the disputes and problems." Under the proposed system, the government will insure the property owner, or the one with the title certificate, against a legitimate counter claim of ownership...

इन डॉक्यूमेंट्स की रजिस्ट्री है जरूरी- Navbharat Times प्रॉपर्टी की खरीददारी से जुड़े कई कागजों का रजिस्ट्रेशन कराना जरूरी होता है। इंडियन रजिस्ट्रेशन एक्ट, 1902 में यह स्पष्ट है कि किन कागजात को रजिस्टर्ड कराना जरूरी है और किन्हें नहीं। इस एक्ट के अलावा कुछ कागजात का रजिस्ट्रेशन 'दि ट्रांसफर ऑफ प्रॉपर्टी एक्ट 1882' के अनुसार भी किया जाता है। 'इंडियन रजिस्ट्रेशन एक्ट 1902' के सेक्शन 17 के अनुसार, निम्नलिखित कागजात को रजिस्टर्ड कराना जरूरी होता है : - अचल संपत्ति को गिफ्ट के रूप में देने से जुड़े कागज। हर मूल्य की प्रॉपर्टी की गिफ्ट डीड रजिस्टर्ड कराना जरूरी है। - गैर वसीयत वाले ऐसे कागजात, जिनसे फिक्स्ड असेट्स में अधिकार, दावा या रुचि साबित हो, इनका हनन हो या इनके संबंध में किसी लेनदेन के बारे मंे बताया जाए। - ज्यादातर मॉर्गेज डीड। 'दि ट्रांसफर ऑफ प्रॉपर्टी एक्ट 1882' के सेक्शन 54 के अंतर्गत अचल संपत्ति को बेचने पर डील के कागजात रजिस्टर्ड कराने पड़ते हैं। हालांकि 100 रुपये से कम कीमत में प्रॉपर्टी बेचने पर सेल डीड को रजिस्टर्ड कराने से छूट दी गई है। वास्तव में, ...

लोन लेना है तो फ्री होल्ड कराएं- Navbharat Times निर्भय कुमार आप अगर डीडीए , एमसीडी या लैंड एंड डेवलपमेंट ऑफिस (एल एंड डीओ) की कोई लीज होल्ड प्रॉपर्टी खरीद रहे हैं, तो लोन लेने के लिए उसे फ्री होल्ड कराना जरूरी है। याद रखें कि सिर्फ एलॉटी को ही लोन मिलता है, वह भी फ्लैटों पर। अगर आपके पास कोई प्लॉट है तो उस पर घर बनाने तक के लिए न तो एलॉटी को लोन मिलेगा और न ही जीपीए (जनरल पॉवर ऑफ एटॉर्नी) होल्डर को। दिल्ली में जो इलाके डीडीए या अन्य एजेंसियों के हैं, वहां पुरानी संपत्तियां लीज पर ही हैं। इसलिए मालिक बनने (टायटल अपने नाम करने) के लिए लीज होल्ड प्रॉपर्टी को फ्री होल्ड करवाना अहम हो जाता है। किसी भी प्रॉपर्टी के लिए लीज होल्ड और फ्री होल्ड शब्द काफी अहमियत रखते हैं। सबसे बड़ी बात यह है कि जब तक आपकी संपत्ति लीज पर रहती है, आप उसके मालिक नहीं होते, सिर्फ इस्तेमाल करने के अधिकारी होते हैं। संपत्ति के फ्री होल्ड होने के बाद ही आप उसके मालिक बनते हैं। दोनों शब्द प्रॉपर्टी के टाइटल से जुड़े हैं। खाली प्लॉट, उस पर बनी बिल्डिंग, अथॉरिटी के फ्लैट, ग्रुप हाउजिंग सोसाइटी फ्लैट या फिर इंडिपेंडेंट फ...

Businessman duped of seven lakh rupees, IBN Live News Ghaziabad, Jul 20 (PTI) A businessman was allegedly duped of seven lakh rupees by property dealers in  Sahibabad area of the district, police said. Businessman Surendra Pal Goyal lodged a police complaint against property dealers Surendra Mittal  and Subhas Mittal, both brothers, yesterday and alleged that the brothers went missing after he gave them  seven lakh rupees for the registration of a property in his name. The incident happened on July 11. Meanwhile, in a separate incident, motorcycle borne assailants today looted four lakh from a stock broker in broad daylight in Nehru stadium area here, police said.When Prabhu Dayal, the victim, tried to stop the motorcyclists, they fired in the air and sped away, they added. Police is investigating both the matters.

Stay on construction of flats by private developers - Hindustan Times Two days after a building collapse in Shalimar Garden, the Ghaziabad Development Authority (GDA) has decided to stay the construction of flats by private builders until officials make sure they are following regulations. “We are directing our engineers to carry out a thorough survey of the single-unit housing plot constructions in the city and ensure that building by-laws are adhered to,” GDA vice-chairman Narendra Kumar Chaudhary said. A preliminary investigation into Saturday’s building collapse, in which four persons were killed and 14 injured, showed the builder constructed 48 flats on four floors. He had permission to build six flats on two floors. Single-unit housing plots are meant to have single owners. But in many cases, builders obtain GDA’s approval for constructing more floors. The GDA allows construction of up to three floors on single-unit housing plots. However, builders construct individual flats on ...

Real estate is for investors, not speculators - Indian Express Sanjiv Bajaj The role of real estate, as one of the best avenues to create wealth, can certainly not be ignored. Investing in real estate has always been a lucrative venture because of its ever increasing importance given its value, and especially in the present scenario, where it has become more important than ever. This holds true not only when you are purchasing your primary residence, but also when you are looking at property as an investment. Logically, if you have more than one property, you could rent one out and earn a good amount. A growing number of population is investing in realty; there must be some benefits naturally. This is especially true for all those who do not get pension benefits. Those dependent on loans for buying a second or third property should focus on it early in life. For example, one should start thinking of buying a second property before reaching the age of 50. In that case, you would get en...

Let lenders compete to give you a home loan - Indian Express Harsh Roongta Now that you have made up your mind to buy that home, the next step is to obtain finance. But hold on, before you write out that cheque. As a prospective borrower, you should take care and avoid the common mistakes that most people make while taking a home loan. Most home buyers would want to know the loan amount they will be eligible for, before they finalise the property. There is nothing wrong with this approach, except that there is no need to finalise the lender just to get the loan eligiblility approved. If you are below 40 years just multiply your and your spouse's annual gross income by four and to give you an approximate figure of the loan amount you should be able to obtain. The second point to note is whether the lender you have in mind would finance the purchase of the property. While most banks do finance ready-to-move-in properties, some do not readily finance properties under construction or o...

पहाड़गंज की सिंगापुर जैसी पार्किंग अटकी-बिजली-सड़क-पानी-एविएशन-रेल-दिल्ली-दिल्ली-Navbharat Times नई दिल्ली।। आधुनिक स्टैक (ऑटोमैटिक) पार्किंग के लिए दिल्ली वालों को और इंतजार करना पड़ेगा। सिंगापुर की तर्ज पर पहाड़गंज में बनी इस पार्किंग को अब तक फायर सेफ्टी विभाग का अप्रूवल नहीं मिल सका है। विभाग का कहना है कि नियमों में इस तरह की पार्किंग के बारे में कोई प्रावधान नहीं है। एमसीडी की यह स्टेट-ऑफ-द-आर्ट-पार्किंग दिल्ली की अपनी तरह की पहली है। पहाड़गंज स्थित शीला सिनेमा के पीछे बनी इस पार्किंग पर 4.8 करोड़ की लागत आई थी। यहां 90 गाडि़यां पार्क करने सुविधा है। इसे कॉमनवेल्थ गेम्स से पहले ही शुरू करने की योजना थी, मगर काम की गुणवत्ता से संतुष्ट न होने की हालत में एमसीडी ने इसका निर्माण रोक दिया था। पिछले साल दिसंबर महीने में यह बनकर तैयार हो गई थी। इसके बाद कई बार आवेदन के बावजूद पार्किंग को फायर विभाग का एनओसी नहीं मिल पाया। यह उम्मीद जताई जा रही थी कि अप्रैल तक पार्किंग शुरू हो जाएगी, लेकिन अब यह टारगेट भी पीछे छूट गया है। पहाड़गंज का यह इलाका काफी भीड़भाड़ वाला है। नई दिल्ली रेलवे स्टेशन...

SC upholds Greater Noida land verdict | Magicbricks.com Property Pulse Delhi/NCR The Supreme Court on Wednesday upheld cancellation of huge tract land allotted by Greater Noida Authority in Sahberi village to developers, whose glossy brochures had attracted thousands from middle-class to invest dreaming of a flat at cheap rate. Join us on Twitter | Join us on LinkedIn | Join us on Facebook A bench comprising Justices G S Singhvi and A K Ganguly severely criticized Greater Noida Authority for being in collusion with developers to illegally change land use from industrial to residential and imposed a cost of Rs 10 lakh on it. The money will be spent to assist poor litigants in Supreme Court, the bench added. It dismissed the appeals filed by the developers and the Greater Noida Authority and said there was no error in the Allahabad High Court order cancelling the acquisition of agricultural land in Shahberi village. The HC had said it was a colourable exercise of executive power unsus...

RBI advises banks to go slow on loans to commercial real estate | Track2Realty || India's real estate e-newspaper The Reserve Bank of India (RBI) has asked banks to go slow on lending to the commercial real estate projects. The central bank fears an asset price bubble. The RBI advisory comes in the backdrop of a sharp increase in lending to commercial real estate projects in the last one year and non-performing asset (NPA) growth in the sector staying higher than the growth in overall loan delinquencies. In the last two weeks, RBI has engaged with the top management of several banks. During these meetings, it also sought opinion on performance of the commercial real estate sector. “The central bank officials indicated that we should go slow on loans to commercial real estate due to an increase in NPAs amid slackening demand for such properties,” said the Chairman and Managing Director of a public sector bank. According to RBI data, bank lending to commercial real estate registered ...

Times Wire Service - Waqf Amendment Bill: Why the community needs to participate Muslims are probably the most talked about community right now. It is the community which is at the centre of different debates in different continents. Europe for example is debating immigration and social integration with its large immigrant Muslim population in mind. In the US debates around the issues of immigration, terrorism, Middle East, and many others focus on Muslims, because, whatever the specific nuances of specific debates, at their heart is the ‘Muslim question’. China, India, Russia, Sri Lanka and of course Pakistan, Afghanistan and Bangladesh, all have urgent problems which deal basically with this question. It is a question which wants to know what is to be done with this strange community, which is the second largest in the world, sits on a huge deposit of a commodity without which modern world cannot run, namely oil, and huge amounts of cash without which global banking institutions li...

Tenant asked to vacate rented flat for not staying there, IBN Live News Tenant asked to vacate rented flat for not staying there PTI | 06:07 PM,Jul 13,2011 New Delhi, Jul 13 (PTI) A tenant has been asked by a Delhi court to vacate his rented premises on the ground that he had not been residing there for over two years."The appeal is accepted and the eviction order on the ground of not residing is passed," District Judge-cum- Additional Sessions Judge O P Gupta said allowing the appeal of Safdarjung resident Gurdip Singh, challenging Additional Rent Controller's February 2011 order dismissing his plea for evicting his tenant from his flat in Rajouri Garden.Singh had sought the eviction of his tenant Gurbaksh Singh from his Rajouri Garden flat on the ground that he had neither been residing in nor maintaining it for long.Gurdip, in his appeal, told the court that his brother had let out the property to Gurbaksh in 1976 at Rs 250 per month excluding water and electricity cha...

Mushrooming `illegal` colonies leave home-buyers in the lurch - The Times of India BATHINDA: Move over Greater Noida realty scam. Real estate dealers and agents are duping home-buyers in southern Malwa region by developing colonies on lands whose legal status remains doubtful. The gullible buyers invest their hard-earned money in these housing schemes, only to be rudely awakened later that all their lifetime savings may go down the drain. To add insult to their injury, those who muster courage and approach the agents or Punjab Urban Development Authority (PUDA) to seek information about their plots are mostly turned away. To grab the fancy of the home-buyers, realty promoters and their agents put up enticing hoardings and banners. People fall prey to them and dole out huge sums to purchase the plots in colonies which are yet to get nod from PUDA. Even though in Bathinda, Faridkot, Muktsar and Moga districts over 100 residential colonies mushroomed in the last five years, PUDA has is...