What are modular buildings?

Modular buildings and modular homes are sectional prefabricated buildings or houses that consist of multiple modules or sections which are manufactured in a remote facility and then delivered to their intended site of use. The modules are assembled into a single residential building using either a crane or trucks.

Modular buildings are considerably different from mobile homes. Off-frame modular dwellings differ from mobile homes largely in their absence of axles or a frame, meaning that they are typically transported to their site by means of flat-bed trucks; however, some modular dwellings are built on a steel frame (on-frame modular), which can be used for transportation to the site. Many modular homes are of multi-level design, and are often set in place using a crane.

Modular buildings are very affordable because of the factory construction of these buildings. They are a very cost effective compared to conventional construction

Source:wikipedia

Relocation scams

Shifting base is a hectic episode as one needs to relocate all the furniture’s and amenities from one place to another. There are people who can pack our things and transfer it to the desired location. They make our task easier and allow a safe haul.

The movers may charge you a little extra but it reduces the load that comes along with packing. Local moves are priced differently as compared to long distant moves.

Look out for moving scams that take place frequently. There are many fraudulent companies that pose as movers but are actually rogues. Hence one should carry out proper research before giving away your belongings. Hire reputable companies who have legal documents proving their existence and it is always safer to accompany the movers so that you can keep a check on your things.

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Staging your home

Home staging is presenting your home to the buyer in a way that attracts them towards it. It is accessorizing your home with flowers, candles, decorative items, linens, etc. It is the small things that the house offers, that allure the buyer.

Accessorizing does not mean cluttering every corner of the house. In order for the house to look spacious, there should be minimal furniture so that the buyer can visualize their own furniture in the same space. If the house is scattered, it gives out a negative impression. Also a cluttered house appears smaller as the contents take up all of the space.

Since buyers have many options to choose from, it is important to present it in the most enchanting manner. The house should look like a home that is nurtured with care and gives out a homely aroma. Things should be kept in place and any extra furnishings should be moved into to store room or a closet.

The kitchen, bathroom, bedroom should me neatly arranged. The walls should be painted well and the floors should be polished. Curtains should be dry cleaned and furniture’s should be sparkling. But one should keep in mind that the staged home should not look artificial. In order to stand out amongst many sellers staging your home is seems like a pleasing option.

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Go Green

Building a green home can be quite expensive and difficult affair but it ultimately aims at conservation of fuels with the help of natural elements like wind, water and sun.

A place is designed in a way such that it allows sunlight to enter the house directly so that electricity is conserved. Also this solar energy is trapped in order to run other electrical appliances.

Another criterion for having a green house is building a house according to the number of people in the family. When a family consists of 2 but is build to accommodate 10, it is sheer waste of resources.

If the house is located at a place which welcomes huge amount of pollution due to vehicles or industries, then it cannot be called as green home. The house should be established in an area away from the traffic and noise in a serene place surrounded by trees and natural elements.

Such houses are a rare site but it is an effective method to conserve energy and the depleting natural resources.

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Ways of advertising your property

In order to get the best deals on your property it is important to advertise in a way that attracts the most and best customers to choose from. The most contemporary way of marketing is carried out online. As more and more people are getting internet savvy, online real estate sites are becoming favourable. It is the easiest form of looking at a property and saves a lot of time. These sites offer a detailed report on the area, pricing, pictures, location, contact numbers, etc.

The more seasoned form of advertising is newspaper advertising. When giving ads in paper or online one must know that just one advertisement might not work. You will have to re-publish the add after a while. When it is online, delete your content and again post it so that it again takes the position of fresh arrivals and thus enhancing the number of clicks. The reader may not read the article on a particular day hence it is important to publish it again to increase the chances of readability.

If you do not have the time to propagate yourself, contact a real estate broker who will do all the exploration for you and get a buyer suiting your needs. This form is expensive as the broker can demand a share of the deal.

Apart from newspapers the ad can be printed in a magazine or distributed with the help of flyers. The ads can be printed in magazines related to real estate but readership of such magazines is limited hence it can also be printed in a general magazine.

If one does not wish to attract too many buyers, word of mouth is an effective technique. In this method the message only reaches some people who are related to your neighbours, friends or family and the procedures are closely knit.

Any of these methods or more can be applied depending on your essentials.

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Loan Modification

When banks provide home loans, one opts for the loan plan that gives more money but at low interest rate. The loan procedures are designed formerly by the bank and the borrower just selects from the multiple options. People are not aware that the loan plan can be modified according to your requirement.

One can avail better bargains over the terms and conditions of the loans. How should one pay? when can one pay back?, can be decided before signing the papers. A person with good credit history gets fast loan approval.

Modification can be carried out if one can prove that they are in crisis. Late payment on mortgages, proof of wages, etc act as proof of a catastrophe and on the basis of this the loan application is modified or the dates can be extended.

Modification can lead to lowering of monthly payment, increase in the tenure for foreclosures, decrease in the rate of interest and extension in the date of submission.

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Is auctioning a safe option?

Auctioning is a process where several people bid on a particular good or service and the highest bidder can take away the item. Real estate auctioning is carried out to acquire a quick owner. Bidding can be initiated by a trust to gather some funds. When a property goes to trust, the trust can use it the way they want and to sell it seems like a valuable option hence the process of bidding is commenced.

The pros of bidding are that a property can be procured within a short interval of time. Within a day you see the property and process the transactions. Also if the percentage of bidders is less the property can be procured at lower value than the market price. Thus it is also a good investment option.

The cons of auctioning is that one has to pay some amount of deposit after the procedure to grab hold of the property. Rest of the payment has to be effectuated within a stipulated amount of time. If one is unable to do so he/she may not only lose the property but also the down payment.

One needs to have their finances in place and before going for the auction some amount of money should be available for the down payment. Also take a tour of the property before investing. You may find out the drawbacks after paying the amount. Hence check for any flaws formerly.

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Double Closing

Real estate is an investment option that can help double your money within a short span of time. Though one requires huge amount of funds to begin a real estate transaction, once the money is invested at the right place, the returns could be bountiful.

Closing is when the deal is finalized and the title is transferred to the buyer from the seller. A double closing occurs when there is third party involved in the transaction who benefits from the process. When a person purchases a plot and finds that another buyer is ready to buy it at an appraised value, then the first buyer would be willing to sell the property to the second buyer with enormous profit margin. Simultaneous closing is effectuated where the middleman buys the property and sells it at the same time.

Double closing is also done when the buyer or seller do not wish to reveal their identity. The buyer and seller never come in contact with each other instead an investor (middleman) helps in the transactions and completes the legal formalities.

The catch here is that the buyer and seller may find out about the double closing if the contract is read accurately and that may stop them for signing it. When the seller finds out that someone is willing to pay more for his/her property then why would he/she sign. And if the buyer finds out that the property is available at lower costs, then why would he/she pay more? Double closing thus needs a lot of skill, knowledge and luck.

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Short sale before foreclosure

Short sale is when the amount of a real estate is depreciated by negotiation or is sold by a financially crippled seller. During times of financial crisis one has to let go their property in order to pay the debt and cover the losses. In such a circumstance immediate barter becomes a requirement hence the price is reduced to gain quick buyers.

This kind of bargain can be termed beneficial for both the seller and buyer. The buyer benefits if an esteemed property is available at low price and the seller benefits because he/she can pay away the debts.

In order to negotiate, the buyer can do some research on similar properties and in neighboring areas to find out its worth. If the buyer finds that the property is over priced, he/she can show some comparisons to the seller and lower the price.

The whole procedure can take a long time to effectuate and can turn out to be risky if the seller does not keep the buyer informed. Hence the buyer should ask for proofs of the financial documents like the bank papers pertaining to the property before making a decision.

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The rules of down payment

Down payment is some amount of money provided to the seller before buying a property to guarantee your commitment towards the property. A part of the property price has to be paid from your own pocket after which one can take a home loan or personal loan.

Down payment varies depending on the investment plan or the sellers demands. Heavy down payment may reduce the interest rates while interest rates soar on minimal down payment.

The down payment you pay also affects your ability to qualify for a loan. Banks provide loans depending on your capacity to fulfill the down payment needs and a fixed monthly income. If one is unable to pay the down payment then the loan application may get rejected.

Make sure that the loan programme allows you pay a particular amount of down payment. The loan is designed in accordance with the down payment. Hence decide on a loan provider before finalizing a property and paying the down payment.

If one is unable to pay the down payment themselves then there are other ways to retrieve it. For example one can get money by surrendering some assets like a life insurance policy, shares, etc.

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Chain of title and Insurance

A property may be transferred from one hand to other and in the whole transaction the property goes through many alterations. The registrar office maintains the records of these transfers and it is known as chain of title. A document that gives the history of ownership of land along with the current owner is known as chain of title.

It is important to maintain a record of land transactions so that all the legalities can be met with. A system known as Torrens title system is used for this purpose that helps in tracking the past and present ownership.

Since the property switches hands several times it can get dilapidated or internally damaged. The damages may be foreseen by the new owner but he/she may have to face the brunt of repairing the damages. To avoid this situation the concept of title insurance was introduced. Insurance of buildings was made mandatory in 2001 but not everybody follows this rule.

Getting insurance on chain of title can be quite beneficial. An insured property increases the confidence of a new buyer and can also aggrandize the bank formalities as an insured property seems more dependable. Insurance can increase the cost attached with the property but it ensures that the owner is investing in a secured estate.

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Concept of Land Trust

A piece of land that has limited access to the public comes under the land trust. Land that needs conservation is under the ownership of the government or private party so that the resources are not hampered. Usually land used for agricultural purposes or wild-life conservation are owned in this manner. Land trust is either under a non-profit organization or one party holds its ownership for the benefits of another.

For the administration of the land monetary assistance is provided by the government with the help of grants or donations. The taxes attributed with these lands are lowered as it is not for commercial use.

A way of donating for these lands is through bargain sale. In a bargain sale the landowner sells the property to an organization at a lower rate than its actual worth. The remaining amount is considered a donation to the organization. Hence the donation may not be in tangible form but the organization saves money on its investments.

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A promissory note

A promissory note is issued in writing by the borrower stating that he/she will repay the money within a specific time and with certain amount of interest. Promissory notes are usually drafted for small amounts as it has some restrictions. In case of a real estate loan, a lien or mortgage is much preferred over promissory note.

The note includes the amount that needs to be repaid, the date of sanctioning and the last date of submission, names of the lender and borrower, reason for taking the loan, the rate of interest, terms of the loan, clauses leading to late payment, etc.

The promissory note is a part of negotiable instruments act of 1881 as the amount or time for the payment is negotiable depending on the promisor and promise. An unsecured money market instrument issued in the form of a promissory note is called Commercial paper. This was introduced in the year 1990 with a view to enabling highly rated corporate borrowers/ to diversify their sources of short-term borrowings and to provide an additional instrument to investors.

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Home Registration

The registration process in India can be exasperating as it takes immense amount of time and money. Depending on the time availability between the buyer and seller, a time is affixed with the registrar. Registration formalities take place in the sub registrar’s office.

Registration of home or land is carried out to ascertain the property rights to the owner. Once the house is registered under a particular name, that person becomes the owner of the house. It is thus important to carry out these formalities in presence of an advocate and solve all the legal issues pertaining to land registration.

The property location, legal ownership document, date of purchase of the title, property transfer and inheritance issues, if transferred the legal authority of the transferee, clearance certificate from urban land ceilings authorities, payment of all dues like property taxes, electricity and water bills and any previous alterations in the property registration are the points that require careful scanning. All the documentation and negotiation procedures cannot be met with without the presence of a lawyer.

Home Registration ensures that the right person gets hold of the property and is the sole owner of the land.

(ref.www.indiahousing.com)

Tenancy for years

Tenancy for years

Tenancy for years is allotment of tenancy for a fixed amount of time hence it is also known as fixed term tenancy. This fixed term can range from a few days to a few years though the term ‘tenancy for years’ seems like it lasts for years but the period varies.

Termination can be effectuated by mutual agreement between the landlord and the tenant or it can be terminated by the landlord due to breach of contract or it lasts until the occurrence of an event.

The mutual agreement is signed when the landlord needs to acquire the property or the tenant needs to shift. A notice is issued post which the tenant needs to vacate the place. This kind of agreement is known as ‘surrender of the lease.’ Breach of contract like failure to pay rent or using the property for illegal activities can lead to termination by the landlord.

Tenancy for years can terminate after a specified event. For example if the contract says ‘until the crop harvests’, the agreement automatically terminates after the event has occurred. It can be further extended depending on the requirement of the tenant and landlord.

The fixed term tenancy comes to the rescue of the landlord as it assures that he/she gets their monthly due on time. Even if the tenant leaves the property without mutual consent the landlord has the right to claim rent payments until the agreement expires.

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Land banking

Banking into a land by identifying its worth well in advance is the key to great investment. Developers today buy land in remote areas and at low prices but the land value sprawls due to urban development and the re-sale value aggrandizes.

Land value can also augment due to development of residential building on an arid land. In this case the land gets distributed amongst several hands and the profit gets appreciated.

Application of farming on dry land makes it fertile and a fruitful land can give bounteous profits when the crop is harvested. Thus farming is another way of initializing land banking.

Price hike is subject to inflation. When the market graph moves upward, the real estate prices also climb a hill.

The concept of land banking is beneficial for the local landlords as well as the developers. The landlords sell a plot at profitable margins though it does not have an esteemed worth whilst the developer develops it in a way that it benefits the developer as well.

A starter house

The first home that you buy takes a lot of effort though it might not correlate with your dream home. A starter home can be described as a place that costs less and probably is smaller in size taking into account the affordability. When the finances are low and yet one needs to procure a house, they can opt for a starter house.

The advantage of starter house is that its maintenance charges are reduced and every month you would not be burdened with heavy bills. It can be bought as an investment at low price and sold when the market prices rise.

At the start of ones career it is difficult to make a decision whether you should invest in a house that you always wanted but is out of your budget or buy a temporary house until your finances are secured. It is a complicated decision that needs to be given immense time.

If one needs to restructure and re-model the starter house after buying it such that the costs can augment then it may not serve the purpose. If you are residing in a house for temporary purpose then spending on renovation may not be a wise decision. Thus when checking into a starter house, check for the minute details so that you do not have to over-spend.

Starter house may not be fruitful for an expanding family. As the house is small, accommodating many members would be difficult. On a long term basis it would be advisable to opt for a better place that can satiate all your needs while a starter house is appropriate for short term basis.

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Real estate developer

A real estate developer starts building an asset from scratch. Right from procuring the land to establishing a property is on the shoulders of the developer. The developer is assisted by engineers and architects to make the dream a reality. A land is modified to generate revenue from it. If certain requirements that attract the customer to the property are not met with, all the efforts and money may get wasted.

The developer helps increase the land value. But there are several factors that augment the land worth. The location should be such that it tempts the buyers to acquire the property. Facilities like market and connectivity with other areas are important and on the basis of this, the value ascends hence before purchasing the land these daggers should be taken care of.

The amenities that are attached with the property also matter. The furnishings, accessories, etc. helps in price appreciation. The developer takes care that the costs are managed well. A plan to accommodate the construction cost within the desired budget is under the developer’s supervision.

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Is there a right time to buy property?

The best time to buy a property is when the market descends and the home loan procedure becomes less stringent. The property market dwindles and it is difficult to know when the prices will soar or come down. If the prices fall immediately after you have invested, you are at loss. Hence it is important to understand the market with the help of a broker or builder and only then invest.

One can verify the per square feet rate with the adjacent property before taking a decision in haste. A new property may galvanize the buyer to a great extent and it may look exactly like the dream house and in this excitement the buyer fails to compare the rates with other similar properties. It is always wise to look into different properties before finalizing one. Chances are that the second or third property that you analyze could be better than the first.

Home is where one longs to go at the end of the day. It is a place that solely belongs to the owner and if one decides to spend a long time in that particular house, one should think twice whether the house fulfils their needs and then invest.

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Online Real Estate

Internet as a medium to buy and sell property has been beneficial as it gives a host of options to choose from. You may acquire your dream property with just a click.

One can type the details like location, budget, size and amenities and find a home of their convenience. The sellers mention their contact numbers for negotiations and approval.

Also one can view the property as pictures are uploaded for better understanding. It saves time as you do not have to physically map different places. Once you find the place you are looking for, then you can go to that place and have a look.

One more advantage of online dealings is that it saves money. The broker takes some amount of commission from either the buyer or seller and this can be avoided if one uploads their property on the internet.

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Careers in Real estate

As the demand for real estate aggrandizes, employment opportunities also increase. More and more people have started investing on real estate. New products are launched each day and a huge amount of manpower is required for its functioning.

Civil engineers and architects are required to draft a plan and actualize the whole concept. They design on the basis of several factors like budget and space available. They build a product such that it suits the needs of any buyer and at the same time look appealing.

A financing expert is hired to make sure that the expenditure does not exceed the expectation and every penny is put to good use.

The land developers can transform a barren land into profitable business. They decide the kind of property that needs to be built on a particular area so that the land is rendered useful.

Several workers are lined for the project, who put the bricks in place. The technical staff takes care of minute details to verify the progress of the project. The facility management team ensures that all the requirements are met with and takes good care of the building once it’s developed.

Sales and marketing professionals are appointed who generate back the money invested along with profits. They bring potential customers who would like to invest in a property.

Then there are brokers and counselors who guide the clients and provide erudite about real estate so that they can spend the right amount of money.

Customer executives or hospitality management is another field that is dependent on real estate. Thus real estate generates employment opportunities in numerous fields.

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Negotiating Fixtures

Fixtures are attachments that are connected to a particular property and can be taken away by the seller before selling the property to a buyer. Thus fixtures always lead to disputes if not discussed before signing the contract.

While designing a space there are certain areas that are created specifically for a particular amenity or appliance and if this space is left void, the space cannot be used for load other essentials.

There are buyers who buy a house because of these prominent fixtures that make the house worthwhile but when these amenities go missing it can infuriate the buyer. For example if the house has a well equipped bathroom which is elegantly furnished it may please the buyer. But while moving into the place the buyer finds that all these amenities have been pulled out. In such a scenario the seller can argue that these amenities come under fixtures hence the seller has the right to take it with him/her.

Hence it is advisable to discuss every piece of furniture or attachment before buying the house. The contract should include the fixtures along with the property and before signing the agreement, one should see to it that all their demands are mentioned in it.

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Furnished and Unfurnished apartments

A trend that has been suffixing the real estate market is the presence of fully furnished rental apartments. The idea clicks with rented apartments but when one owns the flat, he/she prefers designing it according to the personal needs.

Fully furnished apartments are a good option for businessmen who commute frequently or for a student who needs a house for some period of time. When one wishes to live alone in an unknown city, it is always better to rent a furnished apartment. The apartments are well equipped with basic amenities to suit the daily needs.

Not only the furnishings are taken care of but also the interiors are designed artistically by professionals. This gives the apartment a refreshing look that you may not be able to conceptualize. Also the tedious job of scrutinizing through numerous shops for furniture can be avoided and it also helps save your time.

It is preferable to live in a furnished apartment when you have the tendency of changing spaces as you do not have to carry the furniture’s along.

The con of these apartments is that it lacks the personalized touch. The owner restricts the tenant from renovating the apartment hence one has to accept the design the way it is. The second drawback is that the rent is much more than the unfurnished apartment and the third drawback is that it may not suffix all your needs as there are chances of some appliances missing.

Unfurnished apartments are a better option when you wish to stay for a long term or permanently while furnished apartments are ideal for a short stay.

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Investing in Real Estate

The real estate market is highly dependent on the consumer needs and fluctuates with the market trend. A buyer invests taking into consideration ones budget and does not wish to over sprawl their money. Hence the agent should first find the client expectation and then forward the proposal.

The market is affected by the wavering demand and supply. With the boom in IT industry, the real estate market gained fast pace and more people started investing in properties.

Also the real estate market offers variety of services that were not available formerly. Specialized buildings with exquisite infrastructure, malls that furnishes customer needs, amenities that allow a luxurious stay are all incorporated in these buildings.

With abundant choices in hand, real estate seems like an incredible investing option.

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The art of Landscaping

Landscaping is the artful conception of an area of land that makes it look exquisite. A change in some aspects of the land is implemented after careful scrutiny. One requires analytical skills to characterize these changes.

A landscaper needs to have knowledge of science which will teach him/her to plant the right seed with the right chemicals. He/she has to be an engineer who can build large constructions and terrains that blend with the natural environment and create an enormous space.

Architectural skills along with knowledge of horticulture helps in assembling a phenomenal structure. Landscaping blends the natural environment with artificial constructions. Care is taken that it does not hamper the existing panorama.

Landscaping is also conducted when the land requires restructuring or when it is dilapidated. It can make a barren land flourish by adding the adequate amenities.

Water fountains, artificial pools and lawns, blooming tress and flowers are some of the aspects of landscaping that add to its glory. Hence the architecture needs to have the expertise to actualize the plan.

Landscaping is a healthy option as it can welcome flocks of insects and birds towards the flora that keeps the rivers and streams sturdy.

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Tenancy Agreement

The tenancy agreement is signed between the tenant and the landlord and is mandatory if one does not wish to enter into a legal dispute. The agreement gives privileges to both the parties and is drafted in accordance to their needs.

The agreement should include the names of the individuals involved, the property address, the period for which the contract is valid, the appropriate rent and the ancillary services that come along with the apartment.

A written agreement is more reliable and safe than an oral agreement. It gives you a confirmation that can be presented as a proof. For implementing any changes, the contract can be amended if both parties agree to terms.

Paying of the bills generally fall into the owners shoulder but it is advisable to discuss it in advance. The Rental law defined by the government specifies all the clauses and draws the picture in transparent language. The Maharashtra Rent Control Bill, 1999 was passed with amendments by both the Legislative Council and the Legislative Assembly and discusses the above points.

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The 72hour Clause

A contingency clause that gives the seller an added advantage to sell his/her property according to the best offer put forward is known as the 72 hour clause. According to the clause if a buyer accepts a proposal given by a seller, but during the same period a new buyer bequeaths a better offer so the buyer has the right to accept the new offer if the first buyer is unable to complete all the procedures within a stipulated amount of time.

The term 72hour can be misleading as it is negotiable and can be changed according to buyer or sellers convenience. This clause can also be referred to as release clause or right of first refusal clause.

The second offer can be considered as the backup offer and the seller keeps the buyer well informed about his/her backup plan. The seller can notify the buyer about this escape clause and the buyer needs to fulfill all the requirements within this period in order to acquire the property.

It is a risk that the buyer accepts after signing the contract and the clause can be modified or deleted if the buyer wishes to.

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Life Estate

A land possessed by an individual until his/her death is known as Life estate and the owner is known as a life tenant.

A life estate is the right to use and possess a property during life. A life estate can only be revoked by the life tenant in writing but it cannot be transferred to their heirs. When the life tenant dies the life estate expires and the fee owners own the land free and clear of the life estate. Also if the Life tenant transfers the property by will, this will remains fixed and cannot be changed.

A right of occupancy is similar however the use of the property is only while the individual is actually occupying the property. Once the owner leaves the property can be sold to another individual or given for charity.

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Source: wiki.answers.com

Land Registration avoids legal disputes

When a land is registered it helps avoid cases of fraudulent and it can help the owner to avoid any land disputes. Dispute over land is a common episode as there have been abundant cases of deception and fake documents can be created by shelling out a few rupee notes.

Registration of land is usually done when there is a change in the ownership of the land and transaction needs to be processed. The owner willingly hand overs the land to the new heir, completing all the legal formalities.

The state administrative authority inspects the registration papers so that no cases of deception are witnessed. Since stamp duty is an integral part of registration, the issue of illegality does not exist. It assures that the tax has been paid to the government for the purchase, following all the procedures legitimately.

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Renting of Immovable Property

Immovable property consists of a piece of land or building along with the things attached to the land. Immovable property is sometimes referred to real estate according to the common law. The person in acquisition of this property can avail the benefits to arise out of that land and use it as per their wishes.

Renting of an immovable property is taxable. As per section 65 (105) of Finance Act, 1994, services provided or to be provided in relation to renting immovable property for use in business or commerce is a taxable service. The Supreme Court, in the case of ‘Doypack Systems [1988 (36) ELT 201 (S.C.)], has held that the expression ‘in relation to’ is a very broad expression. Moreover even the Section 67 (ii) of the Finance Act, 1994 relating to valuation considers money value of any consideration (where any service is provided for any consideration) as part of gross value of taxable service. Further maintenance services are also separately covered under the service tax net. (Source: Business Standard)

Recession and Real Estate

Property prices have faced depreciation owing to the current recession. The number of takers for the properties have drastically reduced hence the market has suffered.

Industries have stood and fought the downfall and slowly every sector is bulging out. Buyers are taking a feel of the market and are waiting for prices to go down further while builders are not mentally prepared to drop prices because they think it’s a temporary phase. This delusion has lead to a stagnant state.

The expectation is that the phase would slowly fade and the markets would flair in the second half of 2009.

Would like to know more about the effects of recession on real estate hence please share your views regarding this topic.

Commercial Property

Investing into a commercial property helps in procuring impressive returns. You can benefit with either capital gain or by rental income. Buying or renting of land to build commercial complexes, hotels, shopping centers, warehouse, industrial colony, and agricultural harvesting comes under commercial property.

Property prices do fluctuate hence some amount of risk is always involved. If one is unaware of the trends in real estate, consultation can come to their rescue. Numerous commercial agents’ provide assistance so that one can invest on the right piece of land.

The commercial real estate may be a great way to diversify your portfolio, offer tax benefits and build wealth.

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Gentrification-pros and cons

When the elite class inhabits the land belonging to poor class, a change in prices comes into effect. This change is termed as gentrification. A drastic change in the standard of living of the individuals is seen and a community consisting of poor individuals transforms into an aristocratic society.

Inhabitation by top-notch individuals inevitably causes the land and commodity prices to soar. The cost of living which must have been initially very low suddenly augments. This forces the destitute to shift base and look for homes elsewhere.

Majority of the land is procured for building houses and thus the land for industrial use is diminished. Gentrification thus leads to unemployment. In the state of Kerala, as the education scenario transformed, the no. of individuals suitable for high end jobs increased. As the facilities were not available in Kerala, migration was scheduled. The ones who could not move into better prospects had to suffer unemployment as the job opportunities in Kerala were minimalist.

The IT sector is blooming and has helped middle class and lower middle class to enjoy amenities provided to higher class. Overseas trips, five star accommodations and facilities, introduction of new and advanced gadgets, etc. is bequeathed on the employees thus allowing them to live an aristocratic lifestyle.

Gentrification is beneficial for the affluent society as they can procure land at low cost but it adversely affects the lives of the impoverished who cannot afford to pay soaring land rates.

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The concept of Housing Cooperative

A Housing cooperative is a legal entity and 90% of the societies in Mumbai fall under this category because of the limitation of the options involved in managing of affairs of the building. When under a cooperative the rates are comparatively low and the flats fall under affordable hosing.

National Cooperative Housing federation of India is a nationwide organization that was founded in 1969 and works for the promotion, development and management of various cooperative housings.

Housing cooperatives are of four types, Open plot society is the one in which the members themselves build the building and reside in it. On the other hand when the builder constructs it and sells it to flat owners, then it is called flat owners society and when the tenants are the owners then it is called tenants society.

When a Society is formed by allottees of flats and the building is constructed by the Housing Board Authorities, then it is called Housing board society. The procedure that should be followed for formation of societies of the above said types is different for different types of Societies. Members who wish to form Co-operative Housing Societies are generally ignorant of the procedural aspects and as a result of the same they have to run from place to place and get entangled in bureaucratic delays.

Upon realizing the benefits of the housing cooperatives coupled with its enabling approach the national housing policy promoted their growth but because of the scarcity of affordable land a need arises for specific urban land regulation.

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Conservation of Historical buildings

The historic buildings stand tall and stand apart from the other contemporary buildings. Their architectural designs depict the era they were built in and is considered a marvel by onlookers. Is the material used to fabricate the building different from what we use now? Buildings like those are not built today though we know that they have more resistance and look much better.

In order to preserve these monuments the government has issued restrictions on demolishing, altering or repairing these buildings. A committee is appointed which decides whether a building needs alterations and to what extent.

Care is taken that historical evidences are not destroyed as they tell us the story of our ancestors and prove their existence. Every country has a story to tell and this story portrays the cultural association and resurgence of every country.

Restoration and re-integration of details and features occurs frequently and is based upon respect for original material, archaeological evidence, original design and authentic documents.

Replacement of missing or dilapidated parts should integrate harmoniously with the whole but it should be distinguishable from the original so that restoration does not falsify archaeological or historical evidence.

The heritage buildings laid the foundations of our existence and the rich cultural dynasty. People traveling from all over come and visit these picturesque marvels hence it is important to take appropriate encumbrance so that these buildings survive for the years to come.

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Adding value to your property

The real estate markets are uneven. Depending on the location, size, amenities and superiority, the value is assigned. In order to exaggerate prices any of these aspects can be remodeled.

With the boom in IT industry, several properties were built to suit the business needs and their construction created a marvelous view. As the markets went down because of the US recession, it caused mammoth impact on the Indian real estate as well.

New constructions for commercial purposes are on the rise. It has been a predominant trend to set up the world’s best business centers, often campus-style establishments bearing a distinguishing corporate stamp. Some of these locations are so distinctive that they are termed as the ’temples of new India’. It is just an indication of the extent to which the development of real estate has been taking place.

Remodeling your property by installing contemporary products and designs definitely adds to the value. But sometimes these investments hardly matter as it does not affect the rate by a great extent. Hence it is sometimes advisable to minimize the investments on a property you are about to sell. You can save that money to invest in your new home.

An undisputed piece of land that is a safe and propitious investment will have more buyers. Investors want to avoid any illegalities as it can pull them into long trials.

While buying a property, apart from the property, the buyer gains some knowledge about the neighbors. Hence if the neighborhood is congenial then it is more inviting. Home is where you come to relax and be yourself. If you are surrounded by bad neighbors, then it can causes interruptions in your serene life.

If the rates of the adjacent property rise, then even your property gains momentum. In the same manner if the adjoining property rates fall, even your rates fall though you have the best property. Hence one factor influences the other.

Value is added when you exemplify your services by giving the best property and at the best location.

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Encroachment-not a serious offence

Encroachment refers to entering or inhabiting a property without prior permission. The government officials have not been austere in this matter as breaking the encroachment law is a common scenario. We have seen shops which extend their premises beyond the boundary limit. When one person breaks the rule, several others follow.

The shop owners believe that by paying a little extra to the police officials they can conceal their illegalities and this practice has been prevalent from ages. An offender friendly legal system is designed so that one can ditch the officials and prove their property to be legal.

A recent issue that was sworn in by the media and the government is the encroachment of forest land to build residential buildings. The residents were flabbergasted to know that their house is on a forest land though they had no complications while acquiring the property. Some banks blocked the loan procedures leaving the individual handicapped and trapped. The government has passed out cautioning not to create third party rights on disputed lands.

Action has been taken but it is not contemplative or stern enough that it would stop others from doing the same.

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For Sale by Owner (FSBO)

When individuals chose to sell their property they either contact an agent or propagate themselves. When the owner decides to handle everything single handedly, the costs or commission that an agent demands is nullified.

Propaganda via internet or newspaper helps acquire multiple responses. You can find out the appropriate price of your land or apartment either from the internet or by collecting information about other properties similar to yours.

When both the buyer and the seller decide to work for a property on their own the expenses are highly reduced. If the buyer opts for an agent, the owner may or may not pay the agent depending on his own will. No agent can enforce the owner to pay commission. In such a situation, the buyer will have to pay all the commission that the agent demands.

If one is not well equipped with knowledge about properties, then it is advisable to first research and find out the righteous costs and then exhibit the value.

A definite way of increasing sale price is providing warranties. Home warranties reduce the concern that a buyer may have regarding the quality of land they are investing into. This gives them an assurance that their decision is unmistaken.

The concept of FSBO is highly rewarding as there is no involvement of a third party. The sole beneficiaries are the owner and the buyer.

-Ari Bakshi

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In-house notary public

By definition, a Notary Public is an impartial public officer, charged with administering oaths, witnessing signatures, and authenticating documents. He may not be a gazetted officer but is appointed by the government to supervise these legal formalities in order the curb illegalities and altercations.

Every company has to go through many legal formalities on a daily basis. The contracts that they sign need to be administered. A third party who can be unbiased while making decisions and support what is right according to the law is mandatory.

Certain companies have in-house notary public as it is more convenient. This economizes the costs as well as the company’s time. The in-house notary is more accustomed to a particular company hence he is aware of it s work culture. The pace of completion of a task is thus enhanced and you can get quick results.

The drawback of an in-house notary public is that he can be partial towards his own company. Falsified documents, notarizing documents not signed in the presence of the Notary Public, or notarizing incomplete documents can take place if the Notary public is prejudiced.

By using the services of an outside Notary Public who has no vested or financial interest in the transaction and is not employed by either part signing the documents, the appearance of impartiality on the part of the Notary Public will remain intact.

-Arti Bakshi

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Designing one’s Apartment

It is said that your home describes your personal characteristics. An elegant home portrays an aristocratic or organized nature of a person. A cluttered home says that the person is lazy, ignorant or having enough on their plate.

The words associated with ones home are relaxation, serene, stress-free, adulation and so on. One longs to get back to their home after a tiring day at work and the sight of returning makes every person happy. If your home is designed to suit your needs, then the level of connection and attachment is enhanced.

When you get the homes designed by an interior decorator, he/she studies the intricacies of your needs and interestedness and develops a project that will be appealing to one and all. By definition the trade of planning the layout and furnishings of an architectural interior is known as Interior Decoration. The decorator performs statistical analysis of the interior and sketches a picture that would be suitable to his/her client.

Depending on the budget the quality of products and services are chosen and a detailed bifurcation of funds is maintained. The drawback here is the immense amount of cost for developing a project and it can be repetitious and wearisome. The surroundings tend to look more of a hotel than home. Thus it becomes necessary to draw a plan that emits all these shortfalls and makes your home look like a home.

Characteristics of a deed

A deed is a signed and sealed legal document which can come into effect while transferring a property from a grantor to a grantee. It is a mutual agreement that ensures that both parties have willingly opted for a task.

A deed can be regarded as a deed if the document clearly mentions that “this is a deed.” It can be regarded as contract-like but some of its aspects differ from a contract. The basic difference is that it does not require a consideration. Considerations are certain elements that both the parties offer or demand before signing a deal.

A deed can also be used when an existing tenant leaves a property prior to the termination date and handles the property to a new tenant.

A third party beneficiary can be allowed to take undertaking in the deed. Thus the doctrine of privity cannot be imposed in this case. Another disparity is that the liability limitation period of a deed can be double that of a contract.

The deed includes the following characteristics:

-Presence of a witness and a competent officer is essential for the deal to come true.

-Also a seal to define the authentication of the document is embossed.

-Existence of outgoing and remaining tenants

-Address of the property under consideration

-Date and other obligations to be followed.

Corporate Stay

What is a service apartment?

- One longs to have the comfort ness of their home when visiting an unfamiliar and alien city. Our service apartments are a perfect solution to this problem. At Laurent and Benon we understand the difficulties of residing in a hotel and hence we have come up with an excellent option for corporate stay. Service Apartments are royally furnished accommodation facilities with features like modular kitchen, sitting area and bedroom.. It’s a perfect solution when it comes to lodging because the services that it provides are a much better alternative to hotels.

Constant commutation due to professional responsibilities contributes to a hectic work schedule hence one needs some time for relaxation and this is exactly what our service apartments provide. The fully furnished apartments are designed to cater the needs of our clients with the help of outstanding services and amenities.

The most striking feature of these apartments is that they are cost effective. The costs are reduced by 50-75% when compared with 5-star hotels. Hence it’s a preferred choice when it comes to long stay and when one requires to ‘feel at home’. Another important aspect is that you are provided with a modular kitchen. It’s seen that often people fall sick when they consume outdoor food. This option allows you to cook your own food or by a chef who cooks in your style.