Tuesday, March 15, 2016

ARRANGING A NEW LOCALITY

ARRANGING A NEW LOCALITY

Individuals invest the greater part of the energy in their homes. The area in which they live requires to be happy with fulfilling their day by day community necessities. Such territories were arranged before in Delhi and afterward in Chandigarh.
Area :
The site to be chosen for another area ought to be helpful to achieve the downtown area. The site ought not prompt urban sprawl but rather empower to give minimization in the city structure for lessening the expense of administrations including the length of streets. The site ought to be suitable as per land highlights for giving water supply, tempest water stream, and underground seepage (UGD). The site ought not be low misleading abstain from flooding amid stormy season like; HSR Layout Viveknagar, a piece of Shivajinagar, and so on.
Arranging :
The populace to be obliged may be around 50,000, i.e., around 10,000 families. Lesser populace than this won't bolster the administrations including business sector. The approach of framing BDA expansions with just autonomous locales requires to be checked on. The advancement ought to be for low ascent lofts in a noteworthy bit, skyscraper flats confronting the principle streets along the region's peripheries, and around 20% of the region zone with destinations of 12mx18m ( 40'x60') and 15mx 24m( 50'x80') confronting the inside streets. Least number of autonomous destinations is recommended in perspective of the high land values in Bangalore and the pattern for elevated structures changing over the old lodge locales in Malleswaram, Basavangudi, Indiranagar, cantonment ranges, and different zones with enormous destinations.
Primary streets 24 m(80') or 30m(100') wide, as indicated by the network on either side of the territory, ought to be just along the limit to see that through movement does not go through the region. This will maintain a strategic distance from danger to people on foot by speeding vehicles, annoyance by unapproved business utilizes, and so forth. Minor streets 18m (60') wide one each from every side of the region to achieve the focal part where the group focus is proposed. Access streets to be of least 12m (40') wide to permit two movement paths, administration lines, and tree planting.
Metro Amenities :
Group Center is proposed in the focal point of the area for accommodation to the inhabitants in all parts of the territory. The offices recommended in the group are as per the following :
  • Shopping complex with a departmental store, eateries, shops, and market for vegetables and natural products, lamb, chicken and fish slows down.
  • An office complex with branch workplaces of BBMP, BESCOM, BWSSB, Telecom Department., post office, banks, advocates workplaces, counseling specialist's facilities, littler private division workplaces. and so on.
  • An open division wellbeing focus with maternity offices.
  • Main park for senior citizens strolling and running, play ground for adolescents, and a club. Number of trees may be planted in the parks.
  • Smaller stops and play grounds in different parts of the area as lung spaces and play spaces for kids. On the off chance that a characteristic valley goes through the region, valley edges according to zoning regulations is to be furnished with tree planting and strolling tracks.
  • Schools for nursery, essential, and auxiliary classes by open or private part.
  • A transport end for BMTC transports, with auto/taxi stand, and stopping of vehicles. No transport stop is vital along the streets as the transport end is inside of strolling separation in the focal point of the region.
Improvement Control :
As all the municipal luxuries and administrations incorporating shopping is given in the territory inside of strolling separation, no adjustment in area utilization may be allowed permitting business exercises that aggravate the occupants. On the off chance that they require real shopping, religious circles, and recreational offices, the occupants may go the downtown area and different spots. We have seen the fomentations and open interest prosecutions by the Residents Welfare Association of Koramangala and different regions where business exercises all around is irritating the inhabitants.
BBMP and BDA may uphold the procurements as proposed in the area arrange entirely to see that serene territories are accessible to the occupants in future for better personal
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Friday, March 11, 2016

WOMEN'S PROPERTY RIGHTS

WOMEN'S PROPERTY RIGHTS

Prior ladies did not have any rights in the property and they were helpless before the male individuals from the crew. Joint Hindu Family, extraordinary foundation, went about as displaced person home of numerous ladies and dowagers and with the Joint's vanishing Hindu Family, the situation of ladies intensified.
Progressive governments have instituted different laws going for enhancing/presenting property rights to ladies. Hindu Women's Rights to the Property Act, 1937, manages the privileges of Hindu dowager, on her spouse kicking the bucket without making any will. In such cases, the dowager or dowagers are qualified for the property's offer as that of a child. Be that as it may, her enthusiasm for the property, Hindu Women Estate, is constrained hobby.
Karnataka Hindu Law Women's Rights Act, 1933, gives constrained rights in the property to any ladies. This restricted right is called constrained home, where ladies don't have right to transfer of the property by deal or by will. Ladies had full bequest rights i.e. total force including that of transfer by deal/will in Stridhana property. Stridhana incorporates trimmings, clothing, blessings got and property procured by her reserve funds.
The Hindu Succession Act, 1956, got out progressive changes the property privileges of ladies. Segment 14 of the Hindu Succession Act gives outright rights to a female in any property controlled by female Hindu. The rights are of full nature including liberated privileges of transfer of property.
Area 14 of the Hindu Succession Act covers both portable and unfaltering property obtained by legacy, devise, segment, in lieu of support, back payments of upkeep, blessing, property gained by her own ability, buy, remedy, or in some other way furthermore incorporates Stridhana held by her before the initiate of this demonstration. This supreme right works reflectively, since Section 14 alludes to the properties gained before or after the demonstration's beginning.
Another zone which was enhanced was the Co parcener's property. Co-parcener's property is a Hindu unified family property. The individuals from Hindu Undivided property are called co-parceners who are identified with the family's leader and accomplish the right in the property by conception. The Co parceners incorporate relatives inside of four degrees including Kartha. Prior females were not individuals from co-parceners subsequently were denied progression to the genealogical property. Numerous States, for example, Karnataka, Andhra Pradesh, Maharashtra, Tamil Nadu, Kerala and so forth altered the Hindu Succession Act 1956.
Correction to Hindu Succession Act in Karnataka became effective on 30-07-1994. This demonstration gives measure up to status to ladies as that of a Male. She turns into an individual from Co parcenary by conception in the same way as that of a child.
On segment of the co-parcenary property ladies is qualified for equivalent offer as that of a child. The property so procured is equipped for being arranged by her through will or whatever other testamentary demeanor.
In specific cases the tribal house may be the co-parcenary property. Such houses are for the most part, completely possessed by the individuals from the Joint Hindu Family. In such cases, the female part can't compel a segment of such tribal house unless other male individuals in control of the house select allotment. Yet, the unmarried little girl, a wedded girl abandoned or isolated from her spouse or a dowager is qualified for a privilege of living arrangement in that.
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Thursday, March 10, 2016

REAL ESTATE SECTOR NEEDS ADDED INCENTIVE

REAL ESTATE SECTOR NEEDS ADDED INCENTIVE

Amongst the measures taken by the Reserve Bank of India in recent weeks, a special importance has been placed on the real estate sector as an engine of economic recovery. Concessions have been given on the interest charged on home loans below Rs 20lakh and repayment terms made more liberal for developers who had borrowed from banks. The price initiatives and regulatory forbearance have evoked a market response; some banks have recently lowered its interest rates on new home loans. This should be welcome news to policymakers, who will be keenly watching for signs that the stimulus measures are translating into lower costs for borrowers and, consequently, greater incentives to spend.
On the evidence so far, however, these steps have not improved the scale of transactions in the real estate market. Most buyers continue to hold back in the hope of further drops in prices, while developers find that financial succors give them the power to withhold price cuts. The result may, therefore, prove to be the opposite of what was intended, by delaying the price adjustment that is essential if demand and supply are to balance once again. The continuing uncertainties in the job market would also be holding back potential buyers, who would not like to make substantial long-term payment commitments.
A revival in the real estate market is, therefore, linked to confidence spreading that the worst of the downturn is over. Also, new homes are bought on trust; the buyer pays the seller for a promise of future delivery. The market depends heavily, therefore, on the credibility of the seller.
Even with low borrowing costs, buyers will be wary of making commitments to sellers who show signs of not being able to live up to their commitments. Unitech, a prominent Delhi-based developer, has been trying to raise large amounts of cash to keep its operations going, even as its share price tumbles. And IFCI, to whom Unitech had pledged shares against a loan, decided to sell the shares because falling prices were eroding their collateral value.
As the uncertainty about its ability to complete projects due to funding constraints increases, people will be even less willing to either buy from it or lend to it. Similar stories are being played out across the sector with small and large developers. The prospects of the market reviving in these conditions are grim.
There is a clear need for further selective intervention. Projects that are close to completion should be encouraged with funding. Some of the funds being raised through special purpose vehicles like IIFC could be made available to developers who qualify on this basis. Simultaneously, moves to consolidate fragmented projects to increase their viability should be explored, once again with strict conditions on the rationalization of prices.
From the macro economic perspective, construction is far too important a sector to be left unattended in today's difficult environment. Targeted action is needed to get buying and selling back on track.
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Wednesday, March 9, 2016

GUIDANCE VALUE OF PROPERTIES

GUIDANCE VALUE OF PROPERTIES 


For registration of properties before introduction of Guidance Value by Government, the stamp value fixed was on the basis of discretion by the Sub-Registrar. This discretion power was misused and corruption was rampant for undervaluing property. There was also a procedure for appeal to the deputy registrar on the value fixed by the sub-registrar, which power was again misused for reasons known. Government used to lose lot of revenue by undervaluation of properties by the property owners in collusion with the officials of the registering authorities.
It was a good proposal of Government in fixing the guidance values for both lands and buildings avoiding the discretion power of registering authorities and under valuation by property owners. Another advantage of the guidance value was arriving at the property tax in the Self- Assessment Scheme of the BBMP / local body on the basis of guidance values fixed for various areas of the city.
Guidance value is also useful in Akrama -Sakrarna Scheme for fixing the fine amount for regularizing unauthorized sites and buildings, and violations from building sanctions. This scheme was withdrawn after agitations from the residents welfare organizations and law abiding citizens against the scheme, and agitations also by property owners involved to reduce the fme amounts which were heavy. There is also a case pending in the High Court against the scheme. The bill sent by the Government was returned twice by the Governor. The first time it was returned stating that the scheme will encourage unauthorized developments and building violations. The observation second time was to submit the bill only after disposal of the case pending in the High Court. BBMP / BDA which are responsible for allowing unauthorized constructions and building violations are keen to introduce the scheme to get huge amounts as fine for regularization.
Periodical revision of Guidance Value may be done once in two years to update the values according to the increase in market values, latest trend in potential for development ,etc., and to get more revenue. The aspects mentioned in this article may be considered while revising the Guidance Value. As far as possible, there should be no element of discretion by the officials of the registering authorities to avoid corruption and under valuation. The details of Guidance Value should be clear to the investor to plan the investment. The procedure for appeal should be simple and quick.
Hope the Revised Guidance Value will be clear and simple, the values are almost equal to the market values, and useful to the investors in real estate.
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Tuesday, March 8, 2016

VICTIMISATION OF INNOCENT BUYERS OF FLATS

VICTIMISATION OF INNOCENT BUYERS OF FLATS          


Many buyers of flats face problems due to mistakes committed by the builder. Recently, a friend wanted to buy a flat  in North Bangalore in an apartment nearing completion.He produced a brochure given by the builder.The brochure contained elevation of the apartment building with basement, ground and four floors. It is mentioned in the brochure that BBMP sanctioned the plan..But, when enquiries were made with BBMP, it was found that BBMP sanctioned basement, ground and two floors only.
It was also found out that the site is facing a road only 15 wide and additional floors requested by the builder is not being considered by BBMP. Several persons might have advanced considerable amounts to buy the flats.The builders may continue to build  additional floors as enforcement by BBMP  is not good or in collusion  with BBMP officials of that area.If any complaint is made about  unauthorized construction of floors, builder will obtain  stay orders  from the Court   and forget about the action by the BBMP. Such things are common in Bangalore especially if the builder is not a reputed firm.The builder may feel to get the violation of additional floor /floors regularized under “Akrama- Sakrama  Scheme “, when introduced.
The BBMP Revenue Department may collect property tax for that illegal built up area saying that property tax payment is not a commitment to regularize the unauthorized additional  area.
Buyers of such flats will have to face problems in the future. BBMP may claim betterment /development charges from buildings  which were  in  panchayat limits   before they are  included in the BBMP area. By then, the builder will not be available after selling all the flats in that apartment project. Even if available,  he may not be willing to pay the betterment charges/development charges  claimed by BBMP, which is a substantial amount. The owners may have to form an Association of Owners and collect contribution from the flat owners to pay betterment/development  charges to the BBMP.
Many of the owners may not be willing to pay contribution for betterment/development  charges saying that  they have paid  market  value to the builder and may  suggest that the builder may be forced legally to pay betterment charges to BBMP. The builders  escape such expenditure later by including a condition in the sale deed  that for all future payments to the agencies, builder is not responsible and should be borne by the buyer/buyers.The problem will continue and sewerage connections will not be provided. They may manage water supply from the bore well. But, BBMP services like; garbage removal, road maintenance, street lighting,  etc will not be available.
There is one more problem to the buyers of flats in that apartment in respect  of ‘Undivided Share of the Property’. In the beginning of the project, the undivided share is distributed to the sanctioned flats. The buyers of flats in the unauthorized floors later may not get undivided share for their  flats, or the builder may cheat  by calculating undivided share later on including the illegal flats. This problem will have to be faced many years after the construction of the building when it is decided to demolish the existing building to build a new modern building,  or when the building collapses during earth tremors  or  earth quakes. When a new building is to be  constructed in such a situation, the area to be given to each of the flat owners in the new building based on the undivided  share indicated by the builder will lead to disputes among the owners. Builder will not be available at that time or will not be willing to involve in this problem even if he continues to be in the building activity.
Advice to the flat buyers  is to verify the building  plan  sanctioned by BBMP or Appropriate Town Planning Authority  and other  points mentioned above to see that they do not have problems about the building in the future.
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Monday, March 7, 2016

BEAUTIFYING THE STAIRCASES

BEAUTIFYING THE STAIRCASES


Staircases are not just a transit connecting two floors. With creativity they could be transformed into the most appealing part of a home's décor. Staircases in their wide varieties of form and design become the cynosure of everybody entering a home. They look attractive because of the material used to construct them. At times the embellishments used to enhance their form cause astonishment. The extent of creativity in a mind reflects in the staircase and it gets transformed into an arresting and appealing piece of structure. The aspects of the staircase that could be creatively shaped are the risers and treads, the adjacent walls, railings and the ceiling.
The  Floor
Staircases are invariably built of strong and durable materials like reinforced cement and finished with aesthetic coverings like granite and marble. Sometimes, the steps can be surfaced with a less expensive alternative like mosaic, kota stone or kadappa and overlaid with carpeting for a luxurious look. Though carpets could be replaced easily, they are difficult for maintaining in cool climates.
The  Walls
In most of the cases, a staircase is built adjacent to a wall and getting support from it. This wall portion can be efficiently used to make the staircase cabin attractive by following some methods:
- The wall color can be a dramatic shade to draw attention to this area. Textured paint or wallpaper give depth and dimension to an otherwise monotonous stretch of flat surface.
- This wall space can be literally turned into a canvas where patterns using small painting could be created.  Pictures drawn or wall-hung sculptures could be placed.
- Lighting can be focused on the artifacts displayed on the staircase wall. A series of spotlights will enhance the appeal.
- During the planning stage of the house itself, niches could be created in the wall and they be lined with granite which can be used to display figurines or to light lamps and candles.
- When the staircase cabin has an external wall, interesting windows could be incorporated with etched and stained glass or even glass blocks.  These due to their translucent nature permit diffused light into this area.
- Above a level of 8 feet small glass, stone or wooden shelves supported on carved wooden or metal filigree brackets can be used to support miniature pots with trailing fern plants or vines.
The Mid-landing
Staircases invariably have a mid-landing as a structural necessity.This spot can be creatively altered into an interesting ambience. There is enough scope to that. If the landing is wide enough pot, statues, and lamps can be placed in the corners. The window opening can have a box planter on the outside to provide a colorful view of flowers from the staircase. The opening can be dressed with silk and organza blinds, scallops on pelmets and drapes till floor level.  Here also, focused lighting will bring out the best of the creative elements used.
The  Railings
The railings are the element that needs to have strength for support and beauty for visual impact. The markets have a variety of materials utilizing which a railing can be fabricated to suit any budget or any décor.
Railings comprise of a handrail or coping supported on balusters or vertical members running the length of the stairs.
The balustrade can be designed to complement the general ambience and it could be made of cast iron, mild steel, wood, aluminium or power-coated metal. Exclusive designs can be crafted from simple construction materials like exposed bricks.
The  Ceiling
The roof of the staircase cabin is usually sloped so as to reduce the volume of space created by its height.Normally painted, this roof area of the staircase can be treated in many ways.
Cladding
The soffit of the roof can be covered with wooden panels and rafters which creates warmth and only wood imparts this warmth.
Lighting
Hanging chandeliers and using up lighting will draw attention to this area. Proper use of lighting will remove the feeling of being inside closed and cramped spaces.
Cornices
The space of joint of the roof and wall can be made to look attractive by the judicious use of cement plaster, wooden and molded plaster of Paris cornices the run along the angle. These ornamental moldings could be highlighted by the enhancement of their carved profile with the use of textured paint and glazed tile mosaic.
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Saturday, March 5, 2016

PURCHASE OF PROPERTY - POST REGISTRATION ACTIVITIES

PURCHASE OF PROPERTY - POST REGISTRATION ACTIVITIES


Post-registration activities are the steps to be undertaken by the Purchaser after registration of the sale deed. There are certain requirements to be fulfilled in order to get valid title and to exercise ownership over the immovable property by the Purchaser.
The following are the essential activities required to be carried out by the Purchaser after registration:
  1. Obtain Original documents:The first and the foremost activities to be performed by the Purchaser is to obtain all the original documents including link/connected documents of title from the Seller and to compare them with the Photostat copies which the Purchaser’s advocate would have scrutinized earlier. If the Advocate calls for the other original documents or certified copies, ensure production of the same. It is always advisable to apply for Certified copies of the sale deed.
  1. Encumbrance Certificates:It is also necessary to register the application for updated Encumbrance Certificate in the Sub Registrar’s Office on the day of registration itself, which shall be from the date of entering into an agreement to the date of execution of the sale deed.
  1. Possession of property:Physical possession of the property is of vital importance. It is advisable to inspect the property a day ahead of registration to make sure that the property is as per the sale agreement. One of the clauses to be incorporated in the sale agreement is that the Vendor shall hand over vacant possession of the property and the purchaser shall receive all the keys of the property at the time of registration. If need be, one may change the main door lock itself.In case of vacant sites, it is necessary to put up a display board with the wordings “This property is owned by “so and so”. Tresspassers will be prosecuted.” Fencing of sites or putting up compound walls, though expensive, is preferable. Periodical visits to the site are a must to detect any a kind of encroachment.
  1. Transfer of Khatha and Khatha extract of the property:After registration of the sale deed, the purchaser must ensure that the Khatha in the records of the local bodies like Gram Panchayat, CMC or the City Corporation is transferred in the name of the Purchaser. For such transfer, it is necessary that both the buyer and the seller have to sign the application for transfer of Khatha, which is done simultaneously while signing the sale deed. This is necessary to avoid unnecessary disputes and complications in future.
Duly filled Khatha Transfer applications have to be presented before the concerned Office, along with a copy of the sale deed and receive necessary acknowledgement.  At the time of execution of the sale deed, the Vendor has to sign certain documents, such as:
-Khatha Transfer application
-Letter for transfer in favour of the Purchaser of Statutory deposits for electricity meter
-Letter for transfer in favour of the Purchaser of Statutory deposits for water, sanitary connections
-In case of second hand sale of apartment, letter for transfer of Apartment Membership and Corpus fund has to be obtained by the Purchaser from the seller.
The following is the procedure involved for transfer of Khatha:
-To present an application in the prescribed form in the Office of the City/Town Municipalities or Corporation having jurisdiction along with the supporting affidavit giving all particulars required in the application. In the affidavit, it is necessary to declare that the Purchaser is the present owner.
-To enclose Certified copy of the sale deed with the latest tax paid receipt of the property.
-To furnish Khatha Certificate standing in the name of the Vendor.
-The sketch showing the locality giving particulars of the ward or zone and name of the street, etc., and deposit the fee prescribed.
Local bodies transfer Khatha in the name of the Purchaser after collecting a transfer fee, which is generally 2% of stamp duty paid on the sale deed and issue written confirmation of transfer in the name of the Purchaser.  While transferring the Khatha, local bodies reassess the property and issue assessment notice in the name of the Purchaser. Further, tax paid receipt should be in the name of the new owner/Purchaser.
For the properties falling within the jurisdiction of either BMP or BBMP, Computerised Khatha Certificate and Khatha Extract will be issued. Khatha Certificate is an authenticated document to prove the ownership and possession of a particular person over the immovable property. While Khatha Extract will be issued this reflects the actual site area and built up area, if the building is existing.  Further, property tax required to be paid will also be reflected in the Khatha Extract, which will be arrived at after reassessment.
  1. Building License and Plan: If you are planning to make any material alterations or propose to construct a new building on the property acquired by you, it is necessary for you to get the license and plan approved by the local body within whose jurisdiction your property falls. This can be obtained only after depositing the prescribed fees. In order to get the License with approved plan from the authorities, the Khatha of the property must stand in your name in the revenue records of the concerned local body and up-to-date taxes ought to have been paid.  The normal procedure for securing License with approved building plan is to obtain 10 sets of blue prints of plans from the licensed architect/building engineer.
Construction has to be commenced after the license is obtained and should be completed within 2 years from the date of obtaining the license and approved plan, which will be stipulated in the Plan itself. However, you can get an extension if the construction could not be completed within the stipulated period. Once the construction of the new building is completed, you must get such a house/building assessed afresh and pay taxes as assessed by the concerned revenue authorities.
  1. Electricity connection: After Khatha is transferred in the name of the present owner, he has to ensure whether the statutory payments/deposits in respect of the property including the electricity charges are paid within the stipulated time.
If fresh or new electricity connection is to be obtained, it is essential to enlist the services of a Licensed Contractor.The amount of deposit to be made depends upon the requisitioned load or number of kilowatts required.  In case the property is already serviced with the electricity connection, an application has to be presented by the Purchaser in the prescribed form before BESCOM (in Bangalore)/concerned Electricity department authority having competent jurisdiction, enclosing an affidavit declaring that you are the present owner and by filling up the particulars required in the application along with the consent letter of the previous owner for such transfer.  Subsequently, the electricity connection/meter will be transferred in the name of the present owner.
  1. Water and Sewage connection: The purchaser should also verify the statutory payments/deposits made by the previous owner and collect such deposit receipts from him. For fresh connections, it is desirable to enlist the services of a qualified plumber. In case your property is already has water connection/s, then same procedure as required for change of electricity connection has to be followed. However, the documents are to be presented before the concerned Municipal Administration authorities connected to Water and Sewage departments.
  1. Corpus fund and club membership: If the Purchaser is intending to purchase an apartment, it is also necessary that the Vendor has to issue a letter for transfer of corpus fund and club membership in the name of the Purchaser.
9. Bank Loan: In case the Purchaser wants to avail Bank loan, then the Purchaser is required to deposit all the relevant title documents in original with the Bank and to obtain endorsement to that effect from the concerned Bank. However, it is advisable to keep Photostat copies of all such documents intended to be deposited with the Bank for personal records.
Thus, mere execution of the Sale Deed does not automatically confer the title in favour of the Purchaser. A person can enjoy legal and peaceful possession and enjoyment over the Property only after ensuring that the post-registration activities are fully completed and satisfactory complied with.
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