A Cosmos Realty Corporation

Grant of Licence for Construction/ Reconstruction of any structure:

2014-01-07T23:21:00.002+05:30

Any person intending to erect,reconstruct,alter or modify any structure shall make an written application to the panchayat in accordance with the following order issued by the Government in this regard.
Order
30/3/DP-99
In order to simplify the procedure for the grant of permission for the construction of building, the government is pleased to issue the following instruction for strict compliance of the panchayat or the concerned authority.
1) Every person seeking permissiom for construction of the building shall prepare four sets of building plans and drawing and submit the same to the panchayat along with all necessary documents as required by the Goa Daman & Diu Village Panchayat, {Regulation of Building} Rules, 1971.
2) The Village Panchayat Secretary or any other person authorized by Panchayat in this behalf shall acknowledge the application. The Panchayat Secretary shall scrutinize the application and place the same before the Sarpanch. Within 2 days from the date of receipt of the application. In case if the application is complete in all respects, the Sarpanch shall forward the plains and drawing to the Town Planner of the concerned taluka in duplicate and simultaneously one set of plans & drawing drawing to the Assistant Engineer of PWD/Technical officer. In case the application is incomplete. The Panchayat Secretary shall return the same to the applicant within the week with the direction to resubmit the application after complying with the observation rased by the panchayat.
3) The Town Planner and the Technical Officer shall communicate their comments/views within two weeks from the date of the receipt of the plans and drawing from the panchayat.
4) The Town Planner shall scrutinize the plans and convey his comments on the following aspects:-
a} The area of the plot
b} The area allowed to be converted by the Dy. Collector
c} The permissible FAR
d} FAR proposed for construction
e} Height of the building.
f} Number of units allowed and their purpose.
g} Total built up area.
h} The area kept for car parking, open space etc.
i} Set back approved North, South, East, & West.
j} Area of the existing structure incase of reconstruction.
k} Access to the proposed construction
l} Whether any traditional access or footpath are existing
m} The zone in which the proposed construction falls and any other information which may be relevant.

Sale & Purchase of Agriculture Lands

2013-08-28T01:58:00.001+05:30

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 lands are mainly classified in three categories: -

Bagayeet (Wet Crop) Lands:
These type of lands remains under cultivation for all types of crops,
horticultural products, vegetable, nurseries etc. through out the year by using reserve water sources i.e. wells, rivers, canals etc.

Jirayeet (Dry Crop) Lands:
These lands are mostly dependent on monsoon for cultivation where other
water resources are not available. Such lands are mainly cultivated for Jawar, Bajari, Wheet, Dals and such crops once in a year.

Padik (Barren) Lands:
These lands mostly consist of rocky soil where cultivation is not possible
easily. In other words these are non-cultivable lands.

OWNERSHIP CLASSIFICATIONS:
Private Ownership:
Private ownership lands are divided in two categories: –

Kabjedar : -
The agricultural lands owned and cultivated by the holder are private ownership lands. The ownership of such land is permanent in perpetuaty and the holder is entitled to sale such lands. The owners under this category are termed as Kabjedar or Bhooswami in revenue records of 7/12 extract.
32-G Lands : -
Lands under this category are also private ownership lands, which are
allotted to kool for cultivation, against payment of yearly rent payable by the said kool to the land lord.
Under the provisions of (protected) Tenancy Act (Kool – Kayada) the lands under cultivation by such tenant as on 1-4-1957, such kool being statutory purchaser automatically becomes the holder of such land, had it been the said tenant has paid appropriate value (Nazarana), to the Govt. and have obtained a Sanad / Certificate under section 32/M of the Act and thereafter such land can be sold and not otherwise.
In some of the cases even today it is seen that the encumbrance i.e. 32-G is mentioned by way of mutation entry in the other right’s column of 7/12 extract. Which means that the said tenant (even in possession of land) has not paid appropriate value (Nazarana) to the Govt. and obtained necessary Sanad/Certificate under section 32-M of the Act, and to that extent the land is encumbered. In such circumstances the holder can not sale such land unless the appropriate value (Nazarana) is paid to Govt. and necessary Sanad/Certificate /Permission is obtained.

Note : It is advisable that the purchaser of such lands (32 – G) should verify the
compliance of above obligations by the holder before execution of transaction.

Govt. Ownership:
The lands NOT owned legally by any person as well as lands declared as forests,
and lands covered under sea bed, creeks below high water mark, rivers, nallas, lakes, tanks etc. are normally Govt. lands unless private ownership is mentioned in 7/12 extract.
The State Govt. can award their lands to private individuals on certain terms and conditions for cultivation; which are known as under:-

Inami / Vatan Lands:-
The lands awarded by the State Govt. to religious trusts, temples or to a
person for his distinguished services, for their use and occupation; are Inami / Vatan Lands, which can not be transferred by such person or body holding inami / vatan rights, without permission of the Govt. However this category is no more operative as the inami / vatan rights are abolished by law.

Khalsa Lands: -
The lands of which inami / vatan rights are abolished are known as
Khalsa lands, even though are in private possession. Such holder can not sale khalsa lands without prior permission of Govt. The State Govt. can permit sale only after recovering appropriate value (Nazarana) from the seller as determined by the Collector, and not otherwise.

Note: It is essential for purchaser that where the charge of Govt. is mentioned as Khalsa in 7/12 extract, he should verify & confirm that the permission for sale
& transfer is obtained from the Collector and appropriate value (Nazarana) is paid to Govt., prior to transaction.

Tribal (Adivasi) Lands: -
The lands allotted by the Govt. to adivasis for cultivation known as Trible
Lands. Sale & transfer of such lands in any manner whatsoever in favour of non-tribal, is strictly prohibited unless specifically permitted by the Govt.
Any transaction of adivasi/tribal lands, without permission of Govt. is illegal and will not be entertained by court of law. Even no pleader or advocate can appear or represent before collector/commissioner on behalf of non-tribal purchaser.

WHO CAN PURCHASE AGRICULTURAL LAND ?
ONLY an Agriculturist of any state of India can purchase agricultural land/s in
state of Maharashtra. (Non-Agriculturist is prohibited from purchase of agricultural land by law).
The purchaser agriculturist has to produce proof of he being an agriculturist by submitting 7/12 extract in his favour, to the land revenue officer – Talathi of the respective village, without which ownership of such purchased agricultural land/s can not be transferred.

Note: If wife or husband prior to her or his marriage, either of is an agriculturist the other automatically becomes agriculturist and there after their children by succession.

LAND USES:
The agricultural land can be used for the following purposes:

Cultivation & Farming.
Producing dry or wet crops.
Horticulture-for growing fruits, vegetables, flowers, nursery, ornamental & medicinal plants etc.
Construction of wells, tanks, or such water reservoirs.
Construction of cattle & storage sheds for crops and agricultural instruments.
Construction of house for self & servants’ use.

Note: i) Above users are not treated or considered as Non-agricultural.
ii) No agricultural land or its part is allowed to be used for non-agricultural (N.A.) purpose i.e. for housing, commercial or industrial use; without specific permission from the Collector.
iii) The Collector can issue N.A. permissions provided such lands are covered by the development plan approved by the appropriate authority of the Govt.; for the respective users permitted in the said development plan.

WHAT IS FARM HOUSE AND HOW IT CAN BE USED ?
Any holder of land, which is assessed or held for the purpose of agriculture is
entitled to construct residential accommodation on agricultural land, popularly known as “FARM HOUSE”; which can be used for following purposes :

Residence of family, servants & tenants.
Storage sheds for agricultural products.
Cattle Shed/s.
Storage sheds for instruments and accessories required for cultivation.

6) WHERE CONSTRUCTION OF FARM HOUSE IS PERMITTED ?
In rural areas the farmhouse can be permitted on agricultural lands by the permission of appropriate local revenue authority.
In urban areas local planning authority can permit farm house in the following manner:
Within city limit or beyond 8 kms. of peripheral areas of Pune, Nagpur, and Gr. Mumbai Municipal Corporation limits.
In rest of A, B & C class Municipal Councils, within city limit and beyond 3 kms. peripheral area.
Following table shows the minimum area of land/plot where farm house can be constructed with its plinth area & height of structure permissible thereof : -

SR. NO. AREA OF PLOT/LAND NUMBER OF FARM HOUSES PERMITTED MAXIMUM PLINTH AREA PERMITTED MAXIMUM HEIGHT OF STRUCTURE AND FLOORS PERMITTED
1 Minimum 4000Sq. Mtrs.
&
Maximum 6000Sq. Mtrs.
ONE
150 Sq. Mtrs.
5 Mtrs. above Plinth

Single Floor House.

2
Above 6000 Sq. Mtrs.
More than ONE
1/4 of the plot area or maximum 400 Sq. Mtrs.
Note:
If Farm House is to be used for Owner & tenants’ residence then plinth area shall be restricted to 150 Sq. Mtrs.

5 Meters above Plinth

Single Floor House.

WHERE FARM HOUSE IS NOT PERMITTED ?
Farm House will not be permitted by the authority in the following cases: -
If area of agricultural land is less than 4000 Sq. Mtrs.
If height of structure proposed is more than 5 Meters.
If number of floors are more than one.

SUB-DIVISION OF AGRICULTURAL LANDS:
In rural areas large agricultural lands can be sub-divided for the purpose of sale or
for family partitions. Minimum area of sub-divided plot in respective type of lands is shown in the following table: –

TABLE

SR. NO. TYPE OF LAND MINIMUM AREA FOR SUB-DIVISION
1 Rice / Paddy Fields 1 Acare.
2 Bagayeet (Wet Crop) Land 1/2 (Half) Acare
3 Jirayeet (Dry Crop) Land 2 Acres.

Note: The above minimum areas for sub-division is not applicable for the agricultural lands in urban areas.

9) PRECAUTIONS FOR: PURCHASE / SALE, OCCUPATION AND
USE OF AGRICULTURAL LANDS
Do’s & Don’ts
Do not purchase agricultural land if you are NOT an agriculturist.
Visit & inspect the land before purchase.
Verify the title of land through legal expert.
Confirm whether the land sale is prohibited by the State Govt. for any reasons mentioned above; and purchase only after prior permissions are obtained from concern revenue authority of the State Govt.
Confirm & verify that the ownership of land so purchased is transferred in 7/12 extract & mutation entries are recorded in 6/12 extract in your favour.
Do not construct farmhouse without permission.
Use the land for the purposes mentioned herein above.
Collect / Obtain KHATE BOOK-LET from Talathi & get it updated every year.
Obtain fresh 7/12 extract every six months/year & check encumbrances if any.
Pay agricultural land revenue to the Talathi concern every year and obtain receipt of payment thereof.
Visit/stay on the site at least once a month and monitor the progress, and improvement of cultivation.
Do not produce perishable items without marketing arrangements.

SOME IMPORTANT TERMS COMMONLY USED:

7/12 Extract:
This is a revenue document of ownership consist of name of the holder, description of property (i.e. Survey No., Hissa No.) area of land, village, taluka, description of cultivation, and encumbrances if any.
ii) 6/12 Extract:
This is a extract of records of mutation entries of showing other rights which is, popularly known as “Pher-Far Patrak”.
iii) Survey Number:
This is an identification number given by the revenue authority to agricultural lands in the respective village where the property is situated.
iv) Hissa Number:
This is a sub-number given to portion of land when main survey number is divided due to partition of land. It is also an identification number allotted to respective piece land.
v) Kabjedar / Khudd:
Holder of the land, in whose name ownership vests; and who cultivates the land him self, or through his family.
vi) Kool:
Kool is a protected tenant of the agricultural land having her/his cultivation rights and such interest in the property. After the agricultural tenancy act came in force this category is abolished, as all such tenants became holders by statute.
vii) Pattedar:
Lessee of the landlord who is permitted to cultivate the land.
viii) Gaothan:
It is a village site with its peripheral boundary reserved for the residential purpose for the natives of the village and is free of assessment. The Govt. has powers to increase the boundary of the gaothan as and when required considering the population of the village.
Pot Kharaba:
It is a non-cultivable portion within a the cultivable land to which the land assessment is not charged.
Kharif Crops :
The crops totally depending upon monsoon and which are produced during June to October once in a year are known as Kharif Crops.
Rabbi Crops:
The crops produced mainly during November to March of the year with other water / irrigation resources are Rabbi Crops.

11) CEILING ON HOLDING OF AGRICULTURAL LAND IN THE STATE OF MAHARASHTRA

The State of Maharashtra by enactment has put up ceiling on holding of
agricultural land under “The Maharashtra Agricultural Lands (Ceiling & Holding) Act 1961; modified from time to time.

The Ceiling is decided on the class of land. The classification of land for this purpose as shown in clause No. (5) of section 2 of the act is as under: -

CLASS OF LANDS

Class of Land Description
(a) Type The lands with assured water supply for irrigation and capable at two crops in a year.
(b) Type The lands which has no assured perennial water supply for irrigation, and capable of one crop a year.
(c) Type The lands irrigated seasonally by temporary water supply under water sanction.
(d) Type Dry crop lands not falling under (a) (b) & (c) categories above; which are used mainly for paddy cultivation.
(e) Type Dry crop lands other than falling under (a) (b) (c) & (d) above; and irrigated by any water source & used for horticulture.

In all the districts of State of Maharashtra following is the ceiling Limit on holding agricultural lands: -
TABLE

Ceiling Area
Hectares Ares i.e. Acres
1 (a) Class 7 28.43 = 18 Acres
2 (b) Class 10 92.65 = 27 Acres
3 (c) Class 14 56.86 = 36 Acres
4 (d) Class 14 56.86 = 36 Acres
5 (e) Class 21 85.29 = 54 Acres

Notes: i) Above ceiling limits and classification of lands are as shown in the
Maharashtra Agricultural Lands (Ceiling on Holding) Act 1961 modified up to 15th December 1980, which are reproduced for information only.
It is advisable that the purchaser concern should make proper inquiries with revenue officer to decide his holding limit before purchase of new transaction

- See more at: http://www.accommodationtimes.com/legal/land-law/sale-purchase-of-agriculture-lands/#sthash.otusaBC6.dpuf

E-auction of properties gathers pace

2013-04-26T01:15:00.001+05:30

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 of NPAsource.com says, “E-auctions offer multiple advantages like lower cost, greater participation, saves time and allows better price realisation for banks. Any interested party from India or abroad can register themselves under the RBI regulations and participate in an e-auction of NPAs unlike the physical auction system where the interested parties have to travel to the venue where it is going to take place. This automatically leads to a significant increase in the number of participants, reduces cost and eliminates or curtails manipulation by small cartelised groups.” NPAsource.com had 23,000 plus registered properties worth over Rs 21,000 crore.

The Banking sector in India is currently under immense pressure as NPAs or bad loans are growing drastically. The focus of most of the banks now is on recovering these dues as it has started impacting their profitability and margins. According to NPAsource.com, the net NPAs of 40 listed banks which stood at Rs 61,558 crore as on March 2012, surged to Rs 92,398 crore as on December 2012.

With the Finance Ministry making it mandatory for all commercial banks to move from physical auctions to e-auction mode for all NPA cases under the Debt Recovery Tribunal, there will be a spurt in e-auctions in the financial year 2014.
Divestments by corporate and government institutes are the key drivers in this space. However, the e-auction mode is not easy for a common man to participate and requires good understanding of processes that involves legal complexities.

Property Rate card to be replaced with a unique number

2013-04-26T00:48:00.002+05:30

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 we could also create a DEMAT format of the PR card. It will pave way for hedging, insuring the property.

Need for home buyers and sellers to deposit TDS at banks

2012-11-22T22:37:00.002+05:30

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,

Planning to invest in land? Here's a checklist

2012-10-27T01:57:00.001+05:30

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 coastal regulation zone.

It may also lack basic facilities such as water and power supply, or fall in a politically or socially challenged sector. It may also be in a zone notorious for encroachment.

Any or a combination of these factors can subtract from or nullify its investment potential. All negative possibilities should be covered before the purchase.

One should also consider the total cost of acquiring the property, whether the space the land provides is adequate, what other businesses are active around the site, transport options, shopping etc. and the history of the site.

Documents to be checked in land purchase

1) The title deed (a legal document proving a person's right to the property).

2) The encumbrance certificate (which proves that the land is not under some sort of legal dispute).

3) The release certificate (in case the land was previously pledged to someone else).

4) The surveyor's report (to establish its exact dimensions ).

5) If the owner is an NRI, the power of attorney that gives his representative the legal rights to act on the NRI's behalf.

Profitability

Profitability depends entirely on one's choice of the location, the entry level (cost of the property) and one's holding capacity.

The market in most known growth sectors will improve within 2-3 years, so the holding period should be at least that long.

Items Counted in FSI Calculations in New DCR in Mumbai

2012-09-27T21:12:00.002+05:30

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 sill.

x) Area of one public telephone booth and one telephone exchange (PBX)
room per building.

xi) The ornamental projection, including the voids, flower beds, etc. projecting
from the face of the building except at the terrace level.

xii) Ornamental projection, flower bed etc. over a balcony or gallery

xiii) Area of one room for installation of telephone concentrators as per
requirements of Mahanagar Telephone Nigam Limited.

xiv) Area of a separate letter box room on the ground floor of residential and
commercial buildings.

xv) Covered areas required on top terrace for antenna / dish antenna /
communication tower used for Telecom (basic cellular or satellite telephone)
or ITE purposes, V-Sat, Routes, Transponders or Similar IT related structure
or equipment, in excess of 20.00 sq. mts.

xvi) The parking floor in excess of required parking under these regulations
[35(2)(vi)]. Deck parking inclusive of Car lifts and passages thereto on
habitable floors.

xvii) Driver’s room / sanitary block on podium and or parking floor.

xviii) Covered swimming pool.

Add the following new regulation

D.C. Regulation 35 (4)

Compensatory Floor Space Index (FSI):-

Notwithstanding anything contained in the D.C. Regulations 32, 33 & 34, the Commissioner may, byspecial permission, permit fungible compensatory Floor Space Index, not exceeding 35% for residential development and 20% for Industrial/Commercial development, over and above admissible Floor Space Index, by charging a premium at the rate of 60%, 80% and 100% of the stamp Duty Ready Reckoner Rate, for Residential, Industrial and Commercial development respectively.
Provided in case of redevelopment under regulation 33 (7), 33 (9) & 33 (10) excluding clause no. 3.11 of Appendix-IV of Development Control Regulation 1991, the fungible compensatory F.S.I. admissible on rehabilitation component shall be granted without charging premium.

Provided further that redevelopment under D.C. regulations no. 33 (5) and redevelopment proposal of existing buildings in suburbs and extended suburbs by availing TDR, the fungible compensatory F.S.I. advisable on F.S.I. consumed in existing structure shall be granted without charging premium.
Provided further that such fungible compensatory FSI for rehabilitation component shall not be used free sale component and shall be used to give additional area over and above eligible area to the existing tenants / occupants.
Provided, that this regulation shall be applicable in respect of the buildings to be constructed or reconstructed only.

Explanatory Note:-

i) Where IOD/IOA has been granted but building is not completed, this regulation
shall apply only at the option of owner / developer,

ii) For plots / layouts, where IOD is granted for partial development, this Regulation
will apply for the balance potential of the plot,

iii) The fungible FSI is usable as regular FSI,

Provided, further, the development in Coastal Regulation Zone (CRZ) areas
shall be governed by the Ministry of Environment & Forests Notification issued
from time to time.

Note: The premium amount collected shall be kept in a separate Account to be
utilized for infrastructure development.

Price your house to sell quickly

2012-08-29T02:06:00.003+05:30

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 marketable. Buyers wait for the new listings. Usually, listings receive the most showings and have the busiest open houses during the first couple of weeks they are on the market.

If home lacks features of recent comps, it's time to subtract value

Property transactions easier with title insurance

2012-06-09T16:06:00.002+05:30

All residential properties are built up on land only besides taking all necessary legal precautions sometimes the faults and past claims related to property could not be corrected as all property have previous owners. Nowadays people indulging in property transactions are more aware and concerned about the legal issues related to the real estate market. Title transactions offers safeguard to property transactions and helps in protection against the loss that arises from legal proceedings. The title insurance concept was first introduced by USA to alter the confusion which is based on propertyregistration deeds. For assuring the legality and credibility of property insurance policy is a helpful concept.

As per laws of state government insurance of building has been mandatory since 2001. Title insurance has been practiced in India by foreign investment companies but the result has not been desirable. In a study it has been observed that almost 95% housing societies in India are not insured. Incorporation of title insurance in real estate bill will make property ownership much more secure and trustworthy. This step of the state will built up confidence in buyers and will boost the real estate market. An assurance will be given to buyers by this that property that they are purchasing is safe for purchase.

Revise Land Use Plan

2012-06-06T12:02:00.000+05:30

By Dr. Sanjay Chaturvedi

The Maharashtra Regional and Town Planning Act of 1966, employs the Term Development Plan and indicates a variety of things, but is a mere land-use plan. It also contains the Development Control Rules (DC Rules). Which regulate the Character of buildings and density of population allowed in a specified area. The City’s godfathers who approved the Draft plan perhaps sincerely believed that the Plan would improve the quality of life but some of the prescriptions of the Plan have had the opposite. The prescribed density ceiling for ordinary housing was 200 tenements per net hectare. The FSI concept was based on the land price level and the population potential as assessed by the planners in pursuit of the decongestion concept. The high prevailing FSI in the Island city was reduced in the late seventies to 1.33, while it was fixed at 1 for the suburbs, and 0.75 and 0.5 for certain areas in the M, N, P (North) and R wards. Now since the situation is changed the plan and provisions must the reviewed.
There is much meaning in the claim that the city’s housing problem is not so much due to physical shortage of land, as unhelpful building regulations and an unresponsive urban government, that constrained the supply of available land in the market and precluded the construction of affordable housing. The Kerkar Committee, appointed by the state government in 1981, pointed out that the state government owns about 8088 acres of open land (about 5886 acres in the western tip of Borivli, 156 acres in the western suburb of Andheri, and 2046 acres in the eastern Kurla), of which 6400 acres are marshy land, and 1272 acres are hilly, and most of the land has been placed in the no-development zone owing to the difficulty of development. About 3000 acres of land belonging to the government and public bodies are reported to be under encroachment, and about 5000 acres of land are in the ownership of private individuals, but can technically be acquired. About 7000 acres of land are lying vacant, mainly in the suburbs, having been placed in the industrial zone, and some of this can be developed for housing the industrial workers.
The initial estimate of vacant land under the Urban Ceiling Act was around 20,000 acres, though it must be lesser area now after all the exemptions and scrutiny of returns. These land are now have become No Men’s Land since no political will nor regulations allow them to develop. Salt Pan Land should be used for habitation if not for public utility purposes. After all, these can be relocated for want of expansion of the city.
In additional to this, the Central government agencies are in possession of vast areas of land in both the Island city and suburbs. These include: 1) the Bombay Port Trust, with some 2000 acres or a third of the Central Bombay area; 2) the Defence Department with over 1000 acres of prime land in South Bombay, and smaller areas in the suburbs, all held apparently for security reasons; 3) the Western and the Central Railways, holding land in the suburbs, usually near the railway tracks; 4) the Internal Airport Authority holding a lot of land in its jurisdiction in Western suburbs; and 5) the Salt Department with over 200 hectares of land under slat pans, much of which can be converted to residential purpose. Their development would, of course call for the recasting of the development plan and for planning the extension of infrastructure of water supply, sewerage, electricity, roads, and social facilities to additional vacant lands in the suburbs.
We need urgent upgradation on Land use pattern. Even after century, Salt Pan Land and Land belongs to Port Trust remain unused. When we have shifted Port to Nahva Seva, why need dockyard in the city. Many land is locked in No Development Zone. After scrapping ULC, land being the sacre commodity and Raw Material for Real Estate Development, must be given a second thought for release for residential purposes.

TDS on property deals withdrawn

2012-06-01T03:10:00.000+05:30

Finance Minister Pranab Mukherjee rolled back the proposed 1% tax deduction at source (TDS) on transfer of immovable property.
The Finance Bill had proposed that “every transferee of immovable property (other than agricultural land), at the time of making payment for transfer of the property, shall deduct tax at the rate of 1% of such sum”.

The proposal would have increased the compliance burden on the part of the buyer, who would have had to deduct the amount and then submit it with the tax authorities.

“This would have created a bottleneck for the buyer and increased the complexity of a property transaction,” said Samarjit Singh, managing director of Delhi-based property broking firm IndiaHomes.

The buyer was required to provide personal details, details about the property and the seller in the tax deduction form. Experts say that the 1% TDS at the time of the transaction was also a way for the government to collect more information on the value of property transactions in the country.
Property transactions are at times used to park and generate black money.

Source: The Economic Times, The Times of India

How to plan your budget for your loan EMIs

2012-05-25T17:31:00.000+05:30

As anyone who just moved into their own house will know — it is a wonderful feeling to step into a freshly painted and furnished brand new home! Owning and moving into a new home can be a very fulfilling moment!

Of course, most of the brand new home owners will also not forget the flip side of this nice feeling - the first three months and the new strain on finances in the form of the EMI!

Although most people realise that this EMI amount will be taken away from one's account every month, some can end up making terrible blunders like covering monthly expenses quickly before the bank dips into the account for a big chunk of EMI. This can lead to a cheque or ECS bounce early in the tenure! To avoid this it is best to understand when salary credit happens and time the EMI withdrawal accordingly!

An oft repeated grumble in such situations is of course the wish that one should have started saving more!

Most households these days belong to the double income category and when you apply as co-applicants for your home loan, your loan eligibility also increases, helping you gain access to a good loan amount. However, the emphasis more often is on spending than saving resulting in procuring a higher loan amount than what was planned initially! It is best to wait till you save a considerable amount as down payment before opting for a home loan.

Saving helps you in two ways - you will understand the sacrifices involved in putting aside money and will become used to it and you will have the gratification of borrowing less which means a lesser EMI burden every month, which leaves with the ability to manage your money better!

However, the question arises — What now? You are already in a situation where you paid a minimum down payment and took a considerable amount as loan. How do you move forward?

First thing, acceptance

It is a good thing that you have invested in a house when otherwise you would have spent that money that goes out as EMI anyways in clothes, eating out and entertainment!

The brown envelope technique

Your grand mother probably used this system. You can put small sums into envelopes and label them as "vegetables", "Milk", "Rickshaw / Bus" etc. This requires diligence. It is an old fashioned but a very effective method of managing the monthly budget.

Ofcourse instead of brown envelopes you can use bank accounts, which you can use for your loans and savings! Additionally the salary accounts of you and your spouse can be utilised for monthly expenses and entertainment respectively.

Be vigilant on tracking and retaining money in these accounts for their allotted purposes. This will teach you discipline! Also top up your loan account with 1-3 months worth of EMI to help you manage in case of a sudden emergency. Divert a portion of your savings account to mutual funds, demat account and recurring deposits!

Remember to route some of your salary bonuses, sudden spikes in profits from the stock investments etc. to your loan account. So that you can prepay in small amounts from time to time, helping you close your loan early.

So, here is the secret to handling these loan EMIs:

- Save up a bit before taking the loan i.e. have at least 6 months EMI saved up apart from your regular savings and money set aside for down payment, stamp duty, registration etc. , so that your loan is manageable during interest hikes and also helps you borrow less.

- After the loan has been granted, take it seriously. The loan has to be paid come what may.

- Instead of mixing up your expenses, saving, investing, loan repayments, charity etc. in one account use the 'brown envelope' technique.

- Open a separate bank account that will service loans. Apart from you having control and discipline over loan payments, this account will also come in handy to establish your loan repayment history in case you want to take more loans.

- When you liquidate some investments or when you get a bonus or windfall, divert part of it to the loan account to be out of your debt much earlier than planned.

When you come down to it...it is a no brainer - Borrow, Leave it to the brown envelopes and Enjoy!

Wallpapers – new trend in home decor

2012-05-25T16:31:00.002+05:30

There’s always the debate whether to use paints or wall paper on those plain walls in the house. Paints were always the clear winner more for practical reasons than aesthetics. Wall paper tends to peel off quickly, especially due to the constant changes in the climate from time to time, and makes the walls look drab and ugly. This is no longer the case. Now, wallpaper comes in high-grade quality and has special weather-resistant features that peeling is just simply next to impossible!

When the thought of wallpaper comes to mind, it is always delicate and dainty designs and floral backgrounds, especially well suited to very ‘English’ made homes. Wall papers have come a long way from there. Although, floral designs do exist and are a favourite in many homes, there is a whole new range of textures, colours and patterns that are available in wall papers. Today, most of it is imported from countries like the UK, Germany, France, Belgium and Italy and comes in attractive stripes, checks and geometric designs. This gives an added advantage for the end user to choose from simple subtlety to casual cool to wacky wild material. There is a wide range of different textures to choose from too.

Wall papers are not just to be pasted on walls, although it is called wallpaper. It can be used in various other places and is quite effective. Using wallpaper on a headboard is one such example. You can try different textures and colours with the wallpaper and have a mix of designs as your headboard. This not only makes the headboard look attractive, but also makes the room stand out distinctively. Wall paper can also be used to hide or cover shabby looking storage boxes by making them look attractive and they can actually be displayed in your front room as a separate piece of décor. Other pieces of furniture like cabinets, book shelves or small stools can be decorated in wall paper. Don’t confine the wallpaper just to your walls.

The wallpaper can make decorating the home much easier and convenient. Simply choose a pattern or design and start the décor around it. One doesn’t even need to shop for paintings as wallpapers provide art in their own natural forms.

While comparing wallpaper and paint, wallpaper can be done up in a room in a single day, it could take two to three days to paint the same room. Painting is a very messy job to handle and if one’s home is being painted, one has to live with the strong smell of the paint long after the painting is completed. Wallpaper has no smell or mess. Instead, it can be easily wiped with a sponge or washed with a mixture of soap and water, if it is a fabric. With regards to paint, only some superior quality paints can be removed the same way. Wallpapers can last for a longer time, around seven years, while paint loses its shine within three years.

Possibly, the biggest advantage that wallpaper has over paint is: you see what you get. If one selects a pattern, you know that you’re getting the exact same design on your wall. With paints, the colour on the shade card might be much different from the final colour that appears on the wall after the job is done.

Don’t use the same pattern on all four walls of the room, try mixing designs and patterns to make the room look a more interesting, but still don’t overdo it too.

Source : http://content.magicbricks.com/wallpapers-new-trend-in-home-decor

Search your estate through internet

2012-04-14T17:14:00.001+05:30

Life has become really easy and comfortable in 21^st century. Today you can sit at the corner of your home and get everything from anywhere within a click of the mouse. So is your real estate investment. You can easily hunt for home and flat on internet. Internet is a store house for information. All you must do is use it wisely and get yourdream home to live in.

Do check through different real estate websites. Select a place first. This is very important, if you do not have fixed spot and you are into traveling job, you may face trouble in settling down. Therefore identifying a city or town becomes very important. Once you have fixed on the town or city, you can now search through the website and check the various real estate projects that town offers you.

Next, plan out the design and structure of your house. For this activity also you can flip through various pages of websites and finalize on the most suitable one. Discuss with your family members and then decide on the look and feel of the house. Your internet is there to help you once you have decided on the basic issues of the construction.

Source : http://www.india-real-estate-news.com

Vacant land is likely to be taxed, Govt to fund infra projects

2012-04-10T18:15:00.003+05:30

The government is concentrating on a ‘vacant land tax’ to check large scale hoarding of land and generate revenues to facilitate suffering infrastructure sector in several cities.
The Planning Commission suggested the new tax system will be based on “ready reckoner capital value” and be charged at 0.5% of the total value of the land. According to the proposal the group has suggested that government vacant land also have to be taxed. Several developers are using vacant land for tentative purposes, sources said. According to the senior official of the urban development ministry, the developers are buying land and keeping it vacant for long time till the prices are rising. The official further said that, funds through this tax system will generate the more revenue and would help to the municipal authorities to fund crumbling infrastructure
Source:.http://www.accommodationtimes.com

Flexible FSI rules for rental housings

2012-02-27T22:58:00.001+05:30

The commissioner of Mumbai Metropolitan Region Development Authority (MMRDA) planning to introduce flexible Floor Space Index (FSI) norms to developers in order to enable them to construct with viable rental housing tenements. FSI defines the permissible built-up area on a plot.
According to the commissioner of MMRDA Rahul Asthana, “usually developers found the FSI of 4 obligatory in the rental housing scheme which is not suitable in several areas.
While reviewing the rental accommodation schemes Asthana spearheaded the experts panel had proposed to the state government in a bid to improve the project. The board is planning to make more flexible and effective to rental housing plan. Whereas, state government is planning to build around 5Lakh affordable rental housing units which ranges from Rs 800 and Rs 1,500 per month. “Approx 30, 000 housing units measuring 160 sq ft each are under construction, but the scheme has run into a hurdle. “Under the scheme, 15 to 20% of the units should be handed over to the civic body since it was providing inputs,” Asthana said.

Development of Recreation and Tourism Zone in and around Gorai, Manori and Uttan

2011-11-17T23:11:00.001+05:30

The city of Mumbai has a reason to smile as the Mumbai Metropolitan Region Development Authority (MMRDA) is ready with the draft development plan for 43 square kilometers of recreation and tourism zone in and around Gorai, Manori and Uttan. “The development plan has been prepared keeping the environmental and heritage sensitivities in mind. The heritage culture of the area includes age old churches, temples etc. Fishing and fishing related trade is the livelihood of the locals and that was on top priority while preparing the plan”, said Mr.Dilip Kawathkar, Joint Project Director (PR), MMRDA.
The 43 square kilometer zone will provide for various environment friendly projects such as botanical garden, mangrove park besides recreational facilities. The monumental Global Pagoda will remain the key attraction for the tourists and the city people alike for its sheer size, glamour and the calming effect.
The mangrove park is certain to provide vital shelter belts to protect inland homesteads, livestock and other properties located in near-shore environments. It will also ensure improved fish catch to coastal communities and thus will be of great socio-economic value. The mangrove park is a habitat for spawning and nursery ground for various marine species like fish, shellfish, crustaceans and other invertebrates.
The MMRDA has now invited suggestions and objections, if any, to the development plan from people which should necessarily be received in the office of the Chief, Planning Division, MMRDA, Bandra-Kurla Complex, Bandra-East, within thirty days.
The draft development plan is available for inspection with the Chief, Planning Division, MMRDA; The Chief Engineer (Development Plan) Municipal Corporation of Greater Mumbai; Municipal Commissioner, Mira-Bhayendar Municipal Corporation; The deputy Director of Town Planning, Brihanmumbai and Assistant Director, Town Planning, District Collector, Thane.

http://www.accommodationtimes.com/real-estate-news/development-of-recreation-and-tourism-zone-in-and-around-gorai-manori-and-uttan/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+AccommodationTimes+%28Accommodation+Times%29

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Tenants given right to select own builder

2011-11-05T03:20:00.002+05:30

An amendment in the Development Control Regulation 33 (9) pertaining to cluster redevelopment has given tenants of old, cessed buildings in the island city the right to select their own builder. However, the ultimate power to sanction such schemes still rests with the landlords as without their consent no redevelopment can take place.

Last week in Nagpur, the state urban development department issued a notification amending the rules. According to the amendment, if 70% of tenants come together, they can select a developer of their choice. Once this process is done, the department would give them a letter of intent (LoI). Before this amendment, the right of selecting the developer rested only with the landlord. “It is possible that tenants would have been forced by the landlords to select the developer. The only reason to amend the existing rules was to give tenants a choice to select the developer,’’ said T C Benjamin, principal secretary, urban development.

According to the earlier rules, once the developer is appointed by the landlord, the administration used to give LoI for the project. After obtaining the letter, it was mandatory for the developer to get the consent of all the tenants within a period of one year from the date of the issue of letter.

Now with amendment, the developer selected by 70% of the tenants gets the LoI. However, in this case too, the developer has to get the consent of the remaining tenants and landlord within one year from the date of issue of the letter.

“This has not meant much change for the developers. Earlier, developers would get conditional LoI. The situation remains almost the same even today,” said Vikram Pillai, vice-president, Lokhandwala infrastructure.

Meanwhile, the Remaking of Mumbai Federation, which has been fighting for giving equal rights to the tenants in the cluster redevelopment has welcomed the state government’s decision. “This will help in changing the face of Mumbai,” said Lalit Gandhi, chairman of the federation.

According to the federation, there are nearly 32,000 dilapidated buildings and this change will help 25 lakhs tenants across the city. Property expert, Vinod Sampat, too said it will not make any difference to developers. However, he said it will give tenants more bargaining power.

http://content.magicbricks.com/tenants-given-right-to-select-own-builder

http://www.facebook.com/acosmosrealtycorporation

2011-09-23T00:54:00.003+05:30

1BHK Flat @ 3950/- psft. area 640 sq.ft.At Swagat Heights.(Near GCC Club)

IOD,CC recd.

Builders rate:4500/-

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Real Estate Lonavala - Sahara Ambey Valley 6000 Sq.Ft. Commercial - General land for Sale , Rs.18.00 Lac

2011-09-13T01:21:00.000+05:30

Real Estate Lonavala - Sahara Ambey Valley 6000 Sq.Ft. Commercial - General land for Sale , Rs.18.00 Lac

Offer for lonavala Plot

2011-09-09T00:23:00.000+05:30

Lonavala Amby vally touch bungalow plot 6000 to 11000 sq.ft.road touch with light & water.

Non agriculture Certificate ready for registration.

@ 300/- Rs.per sq.ft.

Special payment Plan 30% now & 70% in 12 month equal installment EMI. www.facebook.com/acosmosrealtycorporation

Real Estate Mumbai - Borivali (W) 1054 Sq.Ft. 2 BHK, Apartment-Flat for Sale , Price on request

2011-09-08T18:44:00.000+05:30

Real Estate Mumbai - Borivali (W) 1054 Sq.Ft. 2 BHK, Apartment-Flat for Sale , Price on request
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Pune is now safest haven to invest in properties

2011-09-06T02:17:00.000+05:30

The falling property market has urged to realtors to take shelter at the safest place at least where they can take sigh of relief from the crisis of real estate downturn. According to the several sector watchers and property market analyst Pune real estate market has witnessed of highest rise in the last 6months. “Pune property market records 78% sellout across the region”, Gera realty report said.
Whereas market experts said that at now we can’t anticipate the demand and supply in Pune is well balanced, we are now in wait and watch mode. However there are several anticipations from property market that in the third quarter of the current fiscal year condition will go up due to the festive season. We don’t really suspect any major change for the next six months. This economic crisis, however, will not be as bad as that of 2008-09,”

http://www.accommodationtimes.com/real-estate-news/pune-is-now-safest-option-to-invest-in-property-market/?utm_source=feedburner&utm_medium=email&utm_c

Real Estate Agent/Broker - Satish Shetty | A Cosmos Realty Corporation Mumbai | Profile on abodesindia.com

2011-09-04T02:13:00.000+05:30

Real Estate Agent/Broker - Satish Shetty | A Cosmos Realty Corporation Mumbai | Profile on abodesindia.com

Real Estate Mumbai - Borivali (E), White Spring 1254 Sq.Ft. 2 BHK, Apartment-Flat for Sale , Rs.1.04 Cr

2011-08-31T02:25:00.000+05:30

Real Estate Mumbai - Borivali (E), White Spring 1254 Sq.Ft. 2 BHK, Apartment-Flat for Sale , Rs.1.04 Cr
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