Real Estate News
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How Vital is PAN Card for a Property Purchase or Resale
PAN (Permanent Account Number) card is required for every transaction in our country. And when it comes to transactions in the real estate, which generally involves a vast sum of money, PAN card is a must. But how will the absence of a PAN number affect your deal for the real estate property? We discuss it further below: For buying or selling of the property: When buying or selling the property which costs more than Rs 5 lacs, the sub- registrar will ask the parties involved in the deal to submit their PAN card details. The same must be mentioned in the sales deed as well. If either of the party involved does not have a PAN nu...
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Everything you need to know about Collector Passing Property
On March 5th, the Maharashtra government allowed the conversion of collector’s land given for housing and non-housing projects into freehold land. Earlier to get the land converted for housing purposes, the premium owner had to pay ready reckoner rate of 50 percent which is not reduced to 15 percent. Last year, the government hiked the fees for the conversion of collector’s property, which was immediately criticised by the landowners. The move was made to get more revenue for the state. Although, the move did fuel the age-old debate of how collector’s properties are different from any other property. Before we proceed further, let...
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Lost Your Copy of Sales Deed? Get A Duplicate One
Sales deed is the most significant proof of your ownership on the property. If not kept carefully, one can lose it. But what can one do if the sales deed is lost? In such a case, one can apply for a duplicate sales deed. As soon as you have found out that you have lost your sales deed, it is a good idea to apply for a duplicate one immediately at the sub- registrar’s office. There are a few simple steps that need to be followed for the same. But before approaching the sub- registrar’s office, one will have to put efforts to find the lost document. First being, lodging an FIR and secondly advertising in the daily newspaper. We dis...
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Myths about Property Ownership
When it comes to property ownership, there are a lot of myths. Buyers and property owners generally prefer asking their friends families and peers for the advice. While some crucial information is gathered, some myths are passed on to as well. Falling for such myths cannot be in your favour, especially if you are waiting to get into the property market. We bust the myths related to property ownership: Being a co- owner means being liable to pay the tax: It is one of the most prevailing myths in the real estate sector regarding co- ownership. But contrary to the belief, you are only liable to pay the taxes if you have made a monetary co...
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Everything You need to Know about Gifting a Property
Gifting property is not new, but there is financial and tax implication that one must be aware of before gifting a property. We discuss everything that you need to know about transferring the property through a gift deed. Tax implication of the gifted property If you are transferring the property through a gift deed, then neither you nor the receiver is liable to pay any tax. Though one will have to pay the registration charges and stamp duty at the time of registration. Every state has a different stamp duty for gift deed. If husband if gifting his wife the property, then there is no stamp duty involved. If you are gifting the propert...
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Things You need to know before Buying a Property
Six things you need to know before buying your first investment property. Budget Evaluate the right budget that suits you. Location Location is a very important aspect for purchasing any type of property. This should be your second shortlisting criteria. Builder Reputation How many projects builders has launched till date, home many completed and how many delivered on time? Compare Amenities Make a list of must-to-have amenities for you and your family. Also, check the quality of amenity construction. Compare Authorized Banks and Payment Schemes Checklist of banks which have tied up with the builder and compare the interest...
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Renovating your Home? Follow these Steps
Getting your home renovated is an expensive process as well as time taking process. Coordinating with the various workers and contractor is a tiring task while not to mention the number of days where one will have to deal with dust and the noise of the construction especially if one is living in the house that is getting renovated. But if the renovation of the house is to be done on the property that you plan to move into, then it can speed up quickly. We discuss all step by step procedure to get you home renovated quickly and without much hassle. Point out the areas for renovation: Where be a single wall or a significant structural ...
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Make Your Investment Property More Valuable to Fetch More Returns
Second property generally is the investment property. One invests in second property either to put it on rent and enjoy the monthly rent or to eventually sell it on some years to gain profits in the investment. Whatever may be the reason to invest in the property; there are ways with which the investor can make sure that the property fetches a good return in future. Let’s discuss everything that one can do to get better returns and don’ts that one must avoid. Dos on the property: Buying a property for investment purpose must be kept as simple as it can be. You want the buyer or the tenant to look at the property in their own way...
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GST Council gives a Significant Boost to the Realty Sector
In a recent move, the GST Council in its 33rd meeting slashed tax rates for affordable as well as non-affordable segments, while providing a significant reason to cheer to the real estate sector and home buyers. The council has agreed to reduce the GST rate on under-construction properties in the normal category to 5 percent from 12 percent and affordable housing to 1 percent from 8 percent. The prices will be in effect from April 1, 2019. However, after the tax rate cut, the real estate players will not be able to claim the input tax credit(ITC), making the issue of passing benefits of ITC to the home buyers irrelevant. As a result, The u...
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The Changes in Agreement to Sell
When a buyer thinks of taking a plunge in the property market and investing in real estate, most of the time they are clueless about the terms used in the agreement of in general the sales of the property. For instance, most of us have an impression that sales deed and agreement to sell is the same thing. But in reality, they are very different. The agreement of sell lists down all the terms and conditions that are required to complete the sales of the property. While the sales deed is the document that specifies that the sale is complete. One thing to note is that the India constitution does not mention anything about the written sales...
