Aakar Realty Enterprises '_____ Realty Mediators

Series on SALE & PURCHASE OF  AGRICULTURAL LANDS Part I By: Sudhakar Dokhane (Past President PEATA (I) For last decade or two, higher income group people residing in urban areas are buying agricultural lands for the purpose of construction of farmhouse, gardening, farming & horticulture; mainly to spend some days in the company of nature. Some time agricultural lands are purchased for business income  out of cash  crop products, and  income tax exemptions  on such income. However very few people are aware of the revenue rules, regulations and provisions, and some time land in to troubles if such lands are purchased merely on advice of agents without proper investigations; and advice of  legal experts  in the field. Following information on the subject will give adequate knowledge while executing transaction of agricultural lands, permissible developments & uses etc.: - CLASSIFICATIONS OF AGRICULTURAL LANDS: The agricultural...

Electronic auction or e-auction of properties is picking up in the country as buyers and sellers are preferring this route to save brokerage fees, time and effort. Commercial banks in India are expected to sell over a lakh non-performing assets (NPAs) or properties in the financial year 2014 through the e-auction mode, according to NPAsource.com, a portal that specialises in resolution of NPAs. “E-auction is preferred by government organisations and departments. Some private companies are also active on this mode but they prefer the close/open bid process over the e-auction mode”, says Om Ahuja, CEO (Residential Services) at Jones Lang LaSalle India. In recent times, we have seen few private or public listed corporates preferring this route and the growth perspective looks good as buyers don’t have to pay any brokerage for such deals, he adds. E-auction is a process that provides complete confidentiality in terms of price discovery mechanism. DK Jain, CMD of Atishya Group, owner...

The Property Card will soon be replacing with a unique reference number assigned to each property. A property record is issued to those who own a property in the city comprehensive project taken up for the first time. It is an important change in securing the rights of property owners. This very document is primarily a paper at present, the Survey, Settlement and Land Records Department has plans to do away. This will be possible by linking the Department’s database electronically with that of the Registration Department banks and once permission is granted. Former commissioner V Ponnuraj said, this PR card is going to be property ownership document an instrument for any transaction of a property sale, mortgage, raising loan and it will also be an instrument of transfer in the land market. There are plans to establish a land market later as it does not exist today but is the need of the hour. As for now the PR card will be available both as soft copy as well as hard copy. Later w...

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...