Aakar Realty Enterprises '_____ Realty Mediators

Purchasing an immovable property generally involves running from pillar to post. Now, a home buyer (and seller) will need to run to the bank to deposit TDS. The FM has proposed TDS on transfer of immovable properties (other than agricultural land) at the rate of 1% where the sale consideration exceeds the specified threshold. The threshold is an amount of over Rs 50 lakh in an urban area and Rs 20 lakh elsewhere. This has been done to collect tax at the earliest point and also to have a reporting mechanism of transactions. For better compliance, it is also proposed that a registering officer will not register the transfer of any immovable property where taxes are required to be deducted unless the buyer furnishes proof of deduction and payment of TDS. For reducing the compliance burden on the buyer, a simple one-page challan for payment of TDS is proposed. This amendment will take effect from October 1. Source: The Times of India,

Investing in land Identifying a piece of land that is in close or reasonable proximity to future market drivers is the first important step in investing in land. Depending on which city one has chosen, it is possible to identify the future location of scheduled infrastructure projects, educational institutions,  hotels  /resorts, townships , residential and business complexes. Inquire into the legal status of the land and establish if it is for sale. Locate the owners and make a purchase proposal. For maximum future returns, its important to make one's investment while entry costs are low. Location is equally important if one wishes to buy land to use in a retail venture or a manufacturing unit, since such ventures are dependent on the immediate access to a customer catchment and manpower sources. Things to keep in mind while buying land The piece of land may be under litigation or may be earmarked for a government project. It may be categorised as forest land or can be in a ...

By Accommodation Times Bureau 35 (3) The following shall be counted in FSI i) Covered  parking spaces  as provided under Regulation no. 36 (5) (e) ii) Area of  fire escape  balcony as provided in regulation 44 (5) iii) Area of Sanitary block for the use of domestic servants engaged in the premises, other than at staircase mid-landing level, Stilt level, parking level. iv) Part / Pocket / Covered terraces, for whatever purpose, except open terrace above the top most storey and the part terrace at top most storey due to planning constraints but accessible from common staircase. v) Area below open to sky swimming pool, clearance exceeding 1.5 mtr. from floor level . vi) Air condition plant room / Air handling unit room, meter room, D.G. set room except provided in basement. vii) Fire check floor / service floor of height exceeding 1.8 mt. viii) Area of blaconies a provided in sub regulation 22 of Regulation 38. ix) Niches below  window s...

A first-quarter survey of homebuyers and sellers done by HomeGain.com, a real estate services website, revealed that 76 percent of homeowners believe their home is worth more than the list price recommended by their real estate agent. Homebuyers usually have a better grasp of current market value in the area where they're looking to buy than do sellers who own and live there. Buyers look at a lot of new listings. They make offers, know what sells quickly and for how much, and what doesn't and why. HomeGain reported that homebuyers still think sellers are overpricing their homes. Your home is worth what a buyer will pay for it given current market conditions. This may not be the same as your opinion of what your home will sell for, or what you hope it's worth. Relying on emotion rather than logic when selecting a list price can lead to disappointing results. The prime opportunity for selling a home is when it's new on the market. This is when it is most marketab...

All residential  properties  are built up on land only besides taking all necessary legal precautions sometimes the faults and past claims related to  property  could not be corrected as all property have previous owners. Nowadays people indulging in property transactions are more aware and concerned about the legal issues related to the  real estate  market. Title transactions offers safeguard to property transactions and helps in protection against the loss that arises from legal proceedings. The title insurance concept was first introduced by USA to alter the confusion which is based on property registration  deeds. For assuring the legality and credibility of property insurance policy is a helpful concept. As per laws of state government insurance of building has been mandatory since 2001. Title insurance has been practiced in India by foreign  invest ment companies but the result has not been desirable. In a study it has been observ...

By Dr. Sanjay Chaturvedi The Maharashtra Regional and Town Planning Act of 1966, employs the Term Development Plan and indicates a variety of things, but is a mere land-use plan. It also contains the Development Control Rules (DC Rules). Which regulate the Character of buildings and density of population allowed in a specified area. The City’s godfathers who approved the Draft plan perhaps sincerely believed that the Plan would improve the quality of life but some of the prescriptions of the Plan have had the opposite. The prescribed density ceiling for ordinary housing was 200 tenements per net hectare. The FSI concept was based on the land price level and the population potential as assessed by the planners in pursuit of the decongestion concept. The high prevailing FSI in the Island city was reduced in the late seventies to 1.33, while it was fixed at 1 for the suburbs, and 0.75 and 0.5 for certain areas in the M, N, P (North) and R wards. Now since the situation is changed the...

Finance Minister Pranab Mukherjee  rolled back the proposed 1% tax deduction at source (TDS) on transfer of immovable property. The Finance Bill had proposed that “every transferee of immovable property (other than agricultural land), at the time of making payment for transfer of the property, shall deduct tax at the rate of 1% of such sum”. The proposal would have increased the compliance burden on the part of the buyer, who would have had to deduct the amount and then submit it with the tax authorities. “This would have created a bottleneck for the buyer and increased the complexity of a property transaction,” said Samarjit Singh, managing director of Delhi-based property broking firm IndiaHomes. The buyer was required to provide personal details, details about the property and the seller in the tax deduction form. Experts say that the 1% TDS at the time of the transaction was also a way for the government to collect more information on the value of property transactions...

As anyone who just moved into their own house will know — it is a wonderful feeling to step into a freshly painted and furnished brand new home! Owning and moving into a new home can be a very fulfilling moment! Of course, most of the brand new home owners will also not forget the flip side of this nice feeling - the first three months and the new strain on finances in the form of the EMI! Although most people realise that this EMI amount will be taken away from one's account every month, some can end up making terrible blunders like covering monthly expenses quickly before the bank dips into the account for a big chunk of EMI. This can lead to a cheque or ECS bounce early in the tenure! To avoid this it is best to understand when salary credit happens and time the EMI withdrawal accordingly! An oft repeated grumble in such situations is of course the wish that one should have started saving more! Most households these days belong to the double income category and when y...

There’s always the debate whether to use paints or wall paper on those plain walls in the house. Paints were always the clear winner more for practical reasons than aesthetics. Wall paper tends to peel off quickly, especially due to the constant changes in the climate from time to time, and makes the walls look drab and ugly. This is no longer the case. Now, wallpaper comes in high-grade quality and has special weather-resistant features that peeling is just simply next to impossible! When the thought of wallpaper comes to mind, it is always delicate and dainty designs and floral backgrounds, especially well suited to very ‘English’ made homes. Wall papers have come a long way from there. Although, floral designs do exist and are a favourite in many homes, there is a whole new range of textures, colours and patterns that are available in wall papers. Today, most of it is imported from countries like the UK, Germany, France, Belgium and Italy and comes in attractive stripes, checks...

Life has become really easy and comfortable in 21 st  century. Today you can sit at the corner of your home and get everything from anywhere within a click of the mouse. So is your  real estate   invest ment. You can easily hunt for home and flat on internet. Internet is a store house for information. All you must do is use it wisely and get your dream home  to live in. Do check through different real estate websites. Select a place first. This is very important, if you do not have fixed spot and you are into traveling job, you may face trouble in settling down. Therefore identifying a city or town becomes very important. Once you have fixed on the town or city, you can now search through the website and check the various real estate  projects  that town offers you. Next, plan out the design and structure of your house. For this activity also you can flip through various pages of websites and finalize on the most suitable one. Discuss with your famil...

The government is concentrating on a ‘vacant land tax’ to check large scale hoarding of land and generate revenues to facilitate suffering infrastructure sector in several cities. The Planning Commission suggested the new tax system will be based on “ready reckoner capital value” and be charged at 0.5% of the total value of the land. According to the proposal the group has suggested that government vacant land also have to be taxed. Several developers are using vacant land for tentative purposes, sources said. According to the senior official of the urban development ministry, the developers are buying land and keeping it vacant for long time till the prices are rising. The official further said that, funds through this tax system will generate the more revenue and would help to the municipal authorities to fund crumbling infrastructure Source:. http://www.accommodationtimes.com

The commissioner of Mumbai Metropolitan Region Development Authority (MMRDA) planning to introduce flexible Floor Space Index (FSI) norms to developers in order to enable them to construct with viable rental housing tenements. FSI defines the permissible built-up area on a plot. According to the commissioner of MMRDA Rahul Asthana, “usually developers found the FSI of 4 obligatory in the rental housing scheme which is not suitable in several areas. While reviewing the rental accommodation schemes Asthana spearheaded the experts panel had proposed to the state government in a bid to improve the project. The board is planning to make more flexible and effective to rental housing plan. Whereas, state government is planning to build around 5Lakh affordable rental housing units which ranges from Rs 800 and Rs 1,500 per month. “Approx 30, 000 housing units measuring 160 sq ft each are under construction, but the scheme has run into a hurdle. “Under the scheme, 15 to 20% of the units shoul...