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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