Month: April 2017

Legal Expert is a Must for Checking Documents While Buying a Home

Legal Expert is a Must for Checking Documents While Buying a Home

Buying a home, unlike most of our every day and often impulsive buys, entails bigger and long-term financial investment and commitment. Property transactions involve time, money and concern on part of the buyer. Property transaction in our country is a document-intensive exercise because of all the complex statutory, regulatory and legal frameworks involved in the process.

A legal expert in his/her professional capacity will be able to guide you – a buyer – into the right direction and help make a legal fool proof and informed decision while purchasing a property.

The following list of legal documents will give you a clear idea about the credentials you and/or preferably your legal advisor will check before finalizing the deal. The particular laws regarding the sale of a property might slightly vary from different states and case to case; however, in general, these documents and permissions remain mandatory and critically important.

Title deed / Sale Deed / Conveyance Deed / Mother Deed

The sale deed or title deed is ‘the’ most important legal property document. This document is the evidence and establishes the proof of ownership of the seller of the said property. It establishes whether the seller has the right to sell the property and the autonomy to transfer ownership. This mandatory document is required in original and if you are purchasing a resale property, all previous title deeds are required in the original. You will need to verify the authenticity of the owner and for availing a home loan. Unless you are familiar with legal parlance and their interpretation, it is always advisable to get the sale deed reviewed by a legal expert.

Intimation of Disapproval (IOD)

This set of documents include permissions that need to be obtained by the developer at different stages of construction. This would consist of approvals and No Objection Certificate (NOC) from at least 19 key government departments ranging from Pollution Control Board, Sewage Department, Electricity Department, Storm Water and Drain Department to Fire and Safety, among others. These documents are mandatorily required by the buyer to ensure that all Government approvals are in place.

Building and layout plan sanctioned by the Statutory Authority

To establish whether a particular property is authorized or not, the building plan must be approved by the statutory authority. The developer should have necessary permissions for construction of the building according to the rules and regulations. Appropriate planning authority also must approve the layout plans of the property. Homebuyers need these documents and exercise caution because there have been instances when developers differed from approved layouts, by reducing open area or adding the extra floor.

Commencement Certificate (CC)

A ‘Certificate of Commencement’ is mandatory for the builder to legally commence any construction of the property. This certificate is issued by the local authority of town planning and engineering department upon inspection of the primary foundation for the superstructure and building boundary.

Encumbrance Certificate

Obtained from the registration authority i.e., the sub registrar’s office, this certificate clarifies whether the property comes with any monetary or legal liability or has any litigation pending. The encumbrance certificate goes as far back as 30 years and confirms whether the property is in the name of the individual who is selling it.

Sale Agreement

This agreement includes contains all important details of the projects including tentative date of possession, payment terms, project specifications, etc. The sale agreement between the builder and first owner contain the builder’s liability to construct the project according to the plan and specification approved by local authority.

Unless you make sure to receive all pertinent and complete series of property documents during the time of purchase, you will struggle with necessary documentation if you ever plan to sell the property.

Champions Infratech: Transforming homes, Transforming lives

Champions Infratech: Transforming homes, Transforming lives

When it comes to investing in real estate, most of us tend to be cautious as it entails huge financial commitment. It is doubly so when we are planning to buy our dream home. When it is home, we always go that extra mile to find that perfect abode that promises to be our soul space. A space where hopes and happiness are cherished and cultivated.

There is simply no dearth of choices in residential real estate. However, the real catch lies in finding a home that best matches all our preferences, ranging from monetary, aesthetic, lifestyle to location. For instance, if you are searching for apartments in Sarjapur Road for sale, every choice that may come up in your search may not qualify your distinctive specifications.

Champions Infratech: The Home of your Dream

Unlike most premium and luxury real estate developers, Champion Infratech goes that extra mile to find the most convenient locations, innovative architectural concepts, out-of-the-box yet classy interior design, an expansive bouquet of recreational facilities and amenities all the while being environmentally conscious and responsible. A Champion home is that full of beauty, free of unnecessary clutter and most importantly, inspired by you and your individuality. Champions Infratech has been following an honest mission since its inception – making a difference in the way people live.

The company holistically addresses various housing demands across different segments offering tastefully designed and artistically crafted apartments that are beautifully surrounded by plush green open spaces. The spacious apartments come with huge master bedrooms, large planned open spaces along with a series of world-class amenities and varied selection of entertainment featuring waterfront activities, colourfully themed gardens, poolside decks and luxurious club house. Building not just on technology, Champions Infratech builds on expertise and experience to deliver a number of superior quality projects in some of the advantageous locations.

Luxury Redefined: Your Home and Your Benefits

The earnest endeavour of a Champions home is bringing the finest modern homes to today’s choosy customers. Built on your trust, a Champions home uses only superior and premium materials, world-class fittings, and appealing designs to heighten the sophistication and elegance of your luxe home. Think luxury apartments in Sarjapur Road Bangalore, think a safe, secure, and stunning Champions home. Sturdy and durable to their core, these premium materials ensure the durability of your home, providing a hassle-free and safe living experience. With Champions Infratech, get ready to experience the best of real estate at your doorstep. Discover the many benefits and gains of living in a stellar and future-ready luxury home when you choose to reside in a Champions property.

Rediscover Recreation: A Pristine Landscaped Resort

An incredible resort with wide open landscaped garden and terrace adorning the luxury homes, recreation has never been this rejuvenating. These projects come with fun zones for you to enjoy and just laze around. The many pleasures of leisure can be best explored here when you can indulge in recreational activities, games and unwind with your family. Or simply soak in the solitude and splendour of nature. The whole gamut of fascinating things includes jogging tracks, garden terrace, viewing deck, walkway, kids’ play zone and much more.

Rediscover Entertainment: A Luxurious Club

An epitome of luxurious stimulation, the club promises to appease your senses with acres of lush green spaces and a grand lobby. The array of amenities include gymnasium, cafeteria, outdoor and indoor sports activities, conference room, banquet hall and much more.

A Champions home is truly one of a kind space offering a host of facilities, unending entertainment and plush choices for unwinding. Revel in the joy and luxury of your own home.

What’s in Store for the Real Estate Sector in Budget 2017?

What’s in Store for the Real Estate Sector in Budget 2017?

Finance Minister Arun Jaitley in his Union Budget 2017-18 has announced a series of forward-looking moves and fiscal incentives to boost real estate activities. Keeping in mind the ongoing slump in the sector, these moves will provide the much-needed thrust and fillip to the overall realty sectors which should ultimately create favorable environment for the buyers and result in improved revenue earnings for the exchequer.

The key highlights for the real estate sector in Union Budget 2017-18 include:

For Consumers:

  • ‘Affordable Housing’ has been granted ‘Infrastructure’ status
  • For affordable housing, the carpet area of 30 and 60 sq meters will be applicable instead of the existing built up area of 30 and 60 sq meters
  • No cash transaction above Rs 3 lakh to be allowed
  • Rs 20,000 crore loans to be refinanced by National Housing Bank
  • Pradhan Mantri Awas Yojana to receive Rs 23,000 crore
  • Indira Awas Yojana to be extended to 600 districts
  • By 2019, 1 crore rural houses to be developed
  • Holding period for capital gains tax for immovable property reduced from 3 years to 2 years

For Developers:

  • Real estate developers will get tax relief on unsold stock as liability to pay capital gains will arise only in the year a project is completed
  • For the unsold stock, tax break of 1-year post receipt of the completion certificate
  • Rs 2.41 lakh crore has been allocated to boost infrastructure for transportation
  • Allocation for National Highways is Rs 64,000 crore
  • Total allocation for the infrastructure sector to be at Rs 3,96,135 crore
  • New Foreign Direct Investment policy under consideration

The government has maintained its focus on ‘Housing for All’. The programs and policies of Ministry of Housing have successfully been supported by multiple budgetary interventions, resulting in a positive transformation in the realty sector. The Finance Minister underlined the need and importance of granting ‘Infrastructure’ status to the ‘Affordable Housing’ segment.

This certainly comes as a welcome move for the real estate industry and consumers alike and is likely to garner improved participation from diverse private players. It will add to the competition, result in better and varied options for a large consumer-base, and allow first-time homebuyers to invest in their dream homes. On the other hand, consumers can avail cheaper financing which was enabled by the banks and financial institutions, earlier this year, following the demonetization drive.

Focus on Consumer Centricity

Undoubtedly, affordable housing remains the core growth driver for the sector. The increased allocation of carpet area will encourage and attract more consumers to invest in a home in this emerging segment. Low-cost housing will do away with the entry barrier of owning a home for the economically weaker section.

This consistent focus on offering impetus to low-cost housing has been supplemented by the government’s decision to provide interest subvention in housing loan under Pradhan Mantri Awas Yojana. Combined with the recent Budget announcements, this will offer much-needed momentum to mass housing and kick-start markets in peripheral areas and outskirts around the metro cities like Bangalore, Hyderabad, Chennai, Mumbai, Pune, and Ahmedabad. For instance, if you have been planning to buy a flat for sale in Sarjapur Road near Wipro corporate office, a housing project with a block of affordable flats will make it easier for you to own a home without forking out staggering amounts.

The recent announcement will cheer consumers as the majority of lower and middle-income individual or families has no other choice but to live in rental apartments and in particular localities due to unavailability of low-cost housing. This initiative will play a significant role in the country’s economy.

Don’t Overlook These Points While Buying a Home

Don’t Overlook These Points While Buying a Home

You have decided to buy a home. However, there are some things you must keep in mind before feeling at home in your new pad.  Right from the process of searching a house, finalizing the perfect one till finance and finally registering it – homebuyers might be left feeling exhausted in the daunting process.

And then there are times when you simply fall for a house at the first sight. To make the entire process of purchasing a valuable asset like a home, here are the five key factors that you must not overlook while making your decision.

1. Legal aspect of purchasing a property: When you have set your eyes on a property that seems ideal as per your spending capacity and needs, there are several legitimate intricacies that must be addressed to complete the purchasing process.

It is highly advisable for you to seek legal advice while acquiring any property. The exercise of purchasing a property in India entails extensive documentation that calls for the legal knowhow’s and perseverance to deal with the legalities. Once you have settled on the price of the property, rest can be taken care of by the legal expert. A legal counselor can effectively identify the loopholes, if any, in the procedure.

2. Look for ‘the’ location: The key criterion to be considered before buying a home is the location of the property. Finding the perfect location is essential. This is undoubtedly a time-consuming process and requires an all-inclusive research. The convenient location is extremely significant because it determines the value of the property. While hunting for the house, you should keep in mind road connectivity, distance from primary amenities like hospitals, educational institutions, markets etc.

3.Register your property: After choosing and buying the property, you need to register it with concerned authority for you to legally assume proprietorship. Through enrolment of the sale deed, the property privileges can be secured from the date of execution of the final agreement.

Also, some research on finer details of engineer’s record like market feedback, aggregate square footage developed, and any possibility of project delay will only help you feel safer about your decision. Make sure that you look for any risks that may thwart the overall improvement of your property.

4.Variables in acquiring cost: The financing cost of a home is currently showing a positive trend with the recent interest rate reduction in home loans and welcome moves to boost affordable housing in Union Budget 2017-18. A blend of multiple factors including home credit rates, lower costs of housing, and favorable development in the urban areas, has made it encouraging for individuals to purchase a house in recent times.

Those purchasing properties for residential purposes or even as an asset should know that this is an ideal time to invest in a property as the future, with recent budgetary announcements, only looks positive where the value has the promise of appreciation.

5.Resale potential of the property in future: While buying a new property, you should also keep in mind the resale potential of the property. Even though you develop emotional attachment with your house, preparing for growth in our upwardly mobile economy is only intelligent. Considering the resale value of your house will help you stand in good stead in the coming years if you ever choose to move on. Will the house that you are purchasing currently draw potential buyers in the next four to five years? Think twice and ponder about the resale perspective while investing the property. An informed decision will save you a lot of headaches in future.

Happy home hunting!