PARAMETERS FOR OBTAINING AN IDEAL PROPERTY

PARAMETERS FOR OBTAINING AN IDEAL PROPERTY

Every person would wish to own a house, whether spacious or a small house according to his or her financial status. A person desires to own a house since it is not only a concrete structure but also involves an element of emotional bonding towards the same.

Nevertheless, it is not easy to either buy a new house/apartment or to construct on the plot. If a desire of a man is to buy an apartment, then it is necessary to identify the right location and a reputed builder and if the desire is to construct a house, then a reliable and right person, is very necessary.


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Selection of a location

Before acquiring any property, more impetus should be on the location since it plays a paramount role in almost all aspects of the real estate. However, the process of identifying the location for owning any property depends upon the purpose for which such person intends to invest, which could be either for residential or commercial, since the priorities differs according to the purpose for which the property is intended to be purchased.
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The following are some of the guidelines required to be considered while choosing the desirable location are mentioned below:

• The first and foremost thing that should be kept in mind at the time of identifying the property is that the property intended to be purchased should not be located within the vicinity of slum area or place of worship or in close proximity to a drainage line. It is better if the location is populated with people having diverse culture with cosmopolitan outlook and free from anti-social elements and anti-social activities.


• If the person wants to own a house or a flat for his own occupation, it is advisable to prefer a purely residential area than a commercial one.
• It is always appreciated to opt for purchase of an apartment built on a Layout approved by the competent authority, since it would ensure better amenities to such occupants. 
• It is also important that such layout should also comprise of well-laid roads with good sewerage system, along with regular garbage clearance.
• It is advisable to avoid owning a house in the low-lying areas since such property often runs under the risk of inundation of water during heavy monsoon.
• Care should also be taken to ensure that the location is not very far from the work place, Market place, Educational institutions, hospitals, Bus stand, Railway station or other basic and important destinations.
• Apart from the above, it is also necessary banking facility, ATM’s, public conveyance, public telephone booths, Internet Centers and others are also not very far from the property.
• Last, but not the least that the location must also be free any kind of pollution or congestion.
• Needless to say, the area should have good and regular supply of water, power and in case of bore-wells, then good ground water table is also necessary.
• To ensure good sleep and less pollution, pick an area, which is free from any factory or workshop (especially night working) in the precincts of your location.
• As regards maintenance of good health is concerned, it is also very important to inculcate the habit of jogging or walking regularly, for which Public Parks or gardens having jogging track is necessary. in such circumstances, it is preferable to own a house or a flat wherein such parks or gardens are easily accessible.


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 • Further, it is also seen that the concept of Vaastu has gained much momentum now-a-days, which is subjective. In such circumstances, importance should be given to the size of the plot and the Floor Area Ratio along with the price tag than banking upon the Vaastu alone.
• One thing that always concerns everyone is the parking and other logistic issues, which we should be ascertained before purchase. The infrastructure facilities should be good in all respects. 


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INVESTMENT IN REAL ESTATE IS A GOOD OPTION

INVESTMENT IN REAL ESTATE IS A GOOD OPTION

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It is the general trend in a civilized society that people do earmark a portion of their income for meeting unforeseen circumstances and for meeting the future needs of self and family during the lean period including old age. Financial management if adopted in a scientific way would bring in attractive returns on the investments made. The investor should be prudent enough to select a proper scheme from out of various options keeping in mind the safety for his investment with assured good return.


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Till recently, bank deposits, stocks, mutual fund, insurance policies and bullion were the most opted options by the people. Presently, Bank deposits, insurance policies, mutual funds have become unattractive because of low returns while the stock market is unpredictable and volatile. Moreover, the investment avenues in stock market need close monitoring. With the globalization of the business, many more options for investment have unfolded and the investment strategies have become very complex. This has led to the emergent of specialized investment advisers. According to many investment advisers, investment in real estate is safe and high yielding. But, the investment in real estate is a long-term investment needing considerable capital.

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The liberalized scheme adopted by the Government of India has awakened the hitherto dormant Indian economy and many multinational companies have set up their offices providing employment to a large number of people. The Foreign Direct Investment in real estate and the creation of Special Economic Zones have also given a fillip to the real estate sector.

Reverse Mortgage


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As a welfare measure, Government is considering introduction of a new banking system called Reverse Mortgage system to facilitate the elderly persons to get housing loan upon mortgage of their immovable property to meet expenses of certain specified categories such as medical expenses, repairs to the dwelling house etc. on the security of his dwelling house. The borrower can repay the money borrowed along with interest during his life time in installments or allow the debt to accumulate to be realized on the death of the borrower. The amounts outstanding will be a charge on the property. Thus, investment in immovable property would not only help the investor to have shelter over his head till death, but also get financial assistance without any commitment of repayment of amount borrowed during his life time. The manifold increase in the pay packets of the staff of multi-national companies and the migration of rural people to urban centers in search of assured income jobs and the desire to have shelter of their own have given a boost up to the real estate market. It is now the desire of every young person to have a house of his own in metropolis like Bangalore as a matter of pride and also to avail I.T. rebate available on investment in immovable properties. Since investment in property is huge, the investor should be cautious and consider various factors before making any investment in real estate.

Determining Factors

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 The yield in the realty market has to be calculated on the capital invested and the annual rental returns less property tax, income tax and annual maintenance charges. This return varies according to the type of property: residential, commercial or office space. In Bangalore the returns are about 6% for residential, 12% for office and commercial space.

Selection of a proper location is a primary determining factor in property investment. There is equal demand for all types of space in metropolitan cities. The demand and supply position of each sector such as residential, commercial and office space need to be carefully examined. Residential property calls for smaller investment. Commercial and office space need higher investment. In metropolitan cities the market trends are transparent on account of competition and frequent dealings. In smaller towns there could be higher returns because of shortage of accommodation with limited transactions. Local Government politics also plays a role in determining the returns from the investment in properties.

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SITE BUYERS BEWARE

SITE BUYERS BEWARE

Agricultural lands cannot be directly used for residential purpose. They need to be converted for using them for residential purposes by paying conversion charges. The Special Deputy Commissioner is the competent authority to permit conversion of agricultural land for non-agricultural purpose. No building can be constructed on agricultural land without obtaining conversion and other approvals from the concerned authorities. Residential sites are to be formed only in the residentially converted land and such a land should be in the residential zone as per zonal regulations for getting approval for such conversion. As per zonal regulation of comprehensive development plan, the green belt area is meant only for agricultural activities. 

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Non converted land continues to be agricultural land. There are various restrictions on sale and purchase of agricultural land. In Bangalore, only the Bangalore Development Authority (BDA) is the competent authority to approve the layout plan and to get this approval the layout should have specified road width, residential area, civic and other amenities. The Bangalore Metropolitan Regional Development Authority (BMRDA) is the competent authority to approve sites on the outskirts of Bangalore. It is very common that people in Bangalore buy house sites popularly known as “revenue sites” which are formed on the agricultural land without the approval of the competent authority for changed of land use from agricultural to non-agricultural purposes under the relevant provisions of Karnataka Land Reforms Act, Karnataka Land Revenue Rules and regulations without knowing the hassles involved in buying such sites. 

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Local agents aided by certain landlords misguide the buyers and market their revenue sites. Middlemen ride Middlemen and the local brokers who have mastered the art of marketing motivate the innocent people to buy the revenue sites keeping them in dark of the hassles involved in the purchase of revenue sites. These middlemen normally pay a nominal sum as a token advance to the landlord and a general power of attorney is obtained from them to deal with such properties. Thereafter, they search for the prospective purchasers. The middle men, like double edged razors, hike the price of the land depending upon the situation while, at the same time, they do not finally settle the account of the land owners. These middlemen who consider themselves as above the law form layouts on agricultural lands without land conversion, approved layout plan, from the competent authority. To increase the saleable area of sites in these layouts, they will narrow down the width of the roads. 


 These layouts are formed without civic amenities and other infrastructural facilities To attract the customers, these people make colourful brochures with photographs of certain parts of Bangalore and paint an attractive picture. Some of them even download the foreign photographs of houses from internet for their brochures. After the sale transaction is complete, the purchaser will have bitter experience. In certain cases, the land owners in league with brokers will register some imaginary sites formed on the agricultural land using their clout and influence.

Ancestral Property In the recital of a sale deed, it is customary to mention how the seller has acquired his title, interests and rights over the immovable property from origin to the end. In case of revenue sites, the brokers have devised a very ingenious method to hide this fact. They merely mention in the recital that the property is an “ancestral property” of the seller. In this way the property passes on from the GPA holder to the purchaser. There are several instances where the land notified for acquisition and the land granted for schedule caste people have been converted into sites, where the purchaser of such a site would not get any title of the property. Then the law stipulates that certain lands, when granted to the schedule castes, will revert to them if purchased by others.

GPA transaction
Generally, brokers will take GPA from the landowner for the entire land and register in favour of the purchaser; Most of the revenue sites are registered on the strength of GPA. Very few people will take care to check the legality of the GPA executed by the original vendor. Nobody bothers to find out whether the GPA is registered or not, whether the executor of the GPA is alive or not. If the executor of the GPA is not alive the GPA transaction is totally invalid. A joint GPA executed by two owners becomes invalid if one of them dies.

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LEGAL QUESTIONS AND ANSWERS ON PROPERTY MATTERS

PURCHASE OF FLATS

Apartment culture is gradually getting established in all metro cities and people are purchasing flats as they provide security and community living.

Purchase of flats/apartments is an altogether different transaction from that of purchase of an independent house. In addition to the multiple laws governing immovable property transactions, the Apartment Ownership Act and Rules play a very crucial role in the purchase of flats. In addition to the owner, the builder and promoter also comes in to the picture and purchaser also finds it difficult to understand the concept of super built up-area, carpet area, common area, amenities, undivided share, formation of housing Cooperative Societies etc.

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This book is a comprehensive one and deals in detail the property laws, taxation selection of a good builder, the Karnataka Apartment Ownership Act 1972. The Apartment Ownership Association Bye-laws etc., in a nutshell this book is a compendium for the purchase of flats/apartments, which deals with all the aspects concerning the Apartments/Flats in a comprehensive and simple manner.

PURCHASE OF PROPERTY

This book is a guide and reference book, for the benefit of those engaged in buying and selling, the students of law and the people at large. This book is unique in as much as that it covers important and useful topics for information and guidance of investors. This book elaborately deals with the intricacies involved in buying a property and it takes the readers who may be a layman, step by step in various procedures involved in buying a property. The various steps involved like selection of location, selecting the builder, care to be taken in buying sites, scrutiny of title deeds, various legal provisions in case of property, giving notice before purchase, availing finance tax aspects etc. Once a person goes through this book, it gives him a clear picture about the purchasing the property.

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LEGAL QUESTIONS AND ANSWERS ON PROPERTY MATTERS

The laws governing immovable property transactions are complex. There is a wide range of citations facing vider range of problems pertaining to property transactions. The doubts of each and every person are often unique and different and they expect an advocate to give competent advice and guidance to the clients. They don't need an elaborate legal commentary which often confuses them.This book is aimed at making the things simpler for the common man. It serves as a useful guide for those who have doubt about a particular problem and they can find answers to their doubts. This is in question and answers form and presents the property laws in simple understandable language, while dealing with the general areas of interest for the lay person. 

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