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.