Tag Archives: Mumbai houses

Is resale residential property a better option-II

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Dr. Fixit, Mumbai houses, water damage in mumbai buildings, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyTrack2Realty Exclusive: There are certain precautions one must take in documentation when going for a resale property. Om Ahuja, CEO–Residential Services, Jones Lang LaSalle India says all the documents that are applicable for a primary residential property sale would be required for a clear resale flat transaction, as well. The seller should be able to produce all original documents.

“The buyer should establish the existence of a proper Society. The original sales deed and the Society share certificate are most important, since the transaction cannot proceed without them. Also, the buyer should bear in mind that in the case of a resale property, proper transfer and re-registration is necessary,” says Ahuja.

The check list of documents required for registration of residential flats, apart from the sale deed, include a letter from the Society that reflects details such as the number of floors in the building, the construction year, the apartment’s built-up area and the number of lifts in the building.

The buyer must demand for an assessment bill to the Society from the municipality in question, a NOC from the Collector if the building exists on Collector’s land, a copy of the property card, and a receipt for the payment of registration fees. In addition, the buyer of a resale flat should ask for a clear ownership history if the residential property has changed hands before.

The local registrar will establish the authenticity of these documents. If one is buying the property via a home loan, the bank will also run a routine due diligence.

Om Ahuja has a word of caution when he says there are certain challenges that a buyer of a resale flat may face. This could include lack of proper chain of documentation, especially in cases where the property has changed hands more than a couple of times in the past. If the property is over 18-20 years old, it is possible that it was never formally registered in the first place. Registering it at the current point in time would put the onus of paying the stamp duty in arrears on the buyer.

“There may also be additional expenses for repairs to masonry, plumbing, electrical wiring and fittings. Obtaining a home loan for a property which is anywhere close to 50 years of age can also be a challenge. Finally, one should bear in mind that the Indian residential property market is in a constant state of evolution. One is unlikely to find the facilities and amenities that are available in the newer projects on the market in an older building,” says Ahuja.

Government consults realtors to cut home prices

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Delhi NCR real estate, Mumbai Real Estate, Bangalore Real Estate, Pune Real Estate news,Track2Media, Track2RealtySpiraling property prices and slump in home sales have forced the Union Housing Ministry to think out-of-the-box solutions. After the decision to set up a high-level committee to recommend policy interventions to facilitate creation of rental housing stocks, the ministry has now sought views from private developers and builders to evolve a strategy for reducing the time taken in approval of real estate projects that can help bring down the cost of houses.
The ministry, which has set up a committee to suggest ways to streamline approval procedures for real estate projects, estimated that a consumer could end up paying 25%-40% less if the timing of granting approval is reduced to only six-eight weeks.  Concerned about the growing housing shortage, the ministry wants to develop an acceptable fast-track approval for realty projects executed by private developers to bridge the huge accommodation deficit in the country mainly for Economically Weaker Sections (EWS) and Low Income Groups (LIG).

The ministry has been pushing for promoting affordable housing by streamlining guidelines on public-private partnership. According to latest estimates, housing shortage stands at around 27 million units, and at least half of that are for people who cannot afford to own a house. The ministry hopes that once the approval time is cut, developers and builders will pass on the reduced cost in construction of houses to consumers.

Moreover, poor home sales in the past few months, the inventory overhang of unsold units, high interest rates and a slowing economy have hit the realty markets of the National Capital Region (NCR), the Mumbai Metropolitan Region (MMR) and Bangalore, as the three metro markets reported a sharp fall in sales in the January-March period, according to Gurgaon-based real estate research firm PropEquity.
The ministry expects suggestions from developers and public about type of reforms for streamlining project approval process for real estate projects without interfering or jeopardizing the existing development control norms.

Realty experts say, now around 70 approvals are needed for a housing project, and the entire process takes between two and three years. Housing Minister Kumari Selja has said that the government was looking at a single-window clearance for building houses.

There is realization in the ministry that the target of affordable housing cannot be met without supporting private players and forging viable partnerships among the Centre, state governments and urban local bodies.