Benefits of hiring a Property Lawyer

Owning a home is a cherished desire of every person, but along with it come a huge pile of paperwork that one needs to go through. The papers and documents are mostly legal in nature, while some of them are city and state disclosures. A real estate lawyer would come in very handy to help you go through these documents rather than just muddle through it.

Real estate lawyers are very helpful when it comes to contracts during closing sale of property. A property lawyer can check to make sure that the property titles are correct, house documents are registered appropriately, and check that all paperwork related to the house is legal. Sometimes if it is necessary, the property lawyers can also consult with your financial institutions to assess financial formalities making your house buying experience trustful and peaceful.

The real estate lawyer being experienced in the buying and selling of property can make sure you are always on the safer side during the property transaction. Sometimes, a brief history report needs to be run on the property just to check if there is any tax liens associated with it. These scenarios arise when there are several owners to the property.

However, while choosing your property lawyer, make sure that he or she is a certified and licensed lawyer. In the market there are many people who offer similar services without a proper license which is not a positive sign as they cannot work with you in the courts. A licensed lawyer is most assuredly to work with the highest standard of ethics.

The lawyer is knowledgeable in terms of working with your financial institutions and make sure that all financial paperwork and terms are right and adjust them if necessary for your benefit. He can always ensure that you are on the safer side on purchase of the property.

The real estate lawyer is worth the money as they perform duties and responsibilities everything related to your house property buying. Some of them include bargaining price with the sellers, reviewing property agreement documents, helping you make sure that the property sale proceeds smoothly and ensuring the property deed is worded correctly to avoid any concerns in the future.
Apart from all this, lawyers can also help with respect to your financial transactions.

The information in this article can help you realize how important it could be to hire the right property lawyer to make your house buying experience a time saving and peaceful one.

To know more in buy property in India, Visit: www.realtycompass.com
Source: http://www.realtycompass.com/blog/advisory/benefits-property-lawyer/

Property Issues and Real Estate Lawyers

To Buy house India is one of the major decisions in your lifetime as it requires a huge investment. After you have set forth to buy your new home make sure that you can make all the necessary payments. Before that, make list of your requirements about the exact kind of housing that you are looking for. Once you know what you are looking for it would make things simpler for the realtor to help you offer housing solutions. The real estate lawyer would play an important role too in finalizing and approving all legal documents associated with the house property.

The realtor can show you all the available houses in the locality that are a close match to your housing needs. But, however the real estate lawyer would come by very handy in helping you sort out any kind of property related issue. The lawyer could make sure that all the documents pertaining to the property is intact and legal, plus a variety of services.

One of the primary duties of the property lawyer is to help you understand the contract of the property. Since, the contract is a highly technical document with lot of terminologies, the lawyer can help you to understand the document easily. Also the sale deed of the property is another important document where both parties sign to acknowledge the selling of the property. This property document needs to be thoroughly checked and made sure that no other claims are made on the said property. So, you do not have any problems of someone claiming your property once you have moved in. So your property lawyer can help you to make sure that everything is done legally and you are on the safer side.

The real estate lawyers not only deal while purchasing a property but are adept in solving situations when you want to sell your property too. It is always advisable to consult your lawyer when you have come down to sell your property to, do it in a legal and appropriate way. The property lawyers know the nuances of the trade and can make your life ordeal much simpler. Since most of the property documents contain a lot of technical jargon, they can quickly review it and inform you if the documents are safe and can be approved. You should make sure that your lawyer gives a go at all the property related documents, so that you can be at peace concerning the sale of your property.

Whether you want to buy house India or sell one, real estate lawyers will come as a boon to help you in all ways to make sure that everything is legal and you are on a safe bet.

Source: http://www.realtycompass.com/blog/legal-consultation/property-issues-lawyers/

Beautiful Buildings in Bangalore

Bangalore, often called as the garden city has much to offer in terms of beautiful architectural buildings. It brings to you a perfect mix of traditional and modern style. It is one of the main reasons why a lot of people move into Bangalore for a living these days. When it comes to architectural sites, Bangalore has some of the most beautiful buildings in the country. Prominent businessmen of Bangalore have tied up with the real estate companies to create excellent infrastructure in this charming city. Here’s a look at some of the beautiful buildings in the city of Bangalore.

Vidhan Soudha

Vidhan Soudha is one of the earliest built structures in Bangalore. The construction of this site was completed during the year 1956. It is a massive structure of space exactly 700m X 350m. It serves as the legislative assembly for the state of Karnataka. This is one of the few buildings that have the status of world class structure. Infact it is one of the biggest legislative assemblies in the world.

There has been an annexure building called Vikhas Soudha similar in design on the other side which was opened recently and inaugurated by the then chief minister S.M. Krishna. Today, the Vidhan Soudha stands impeccable and represents the pride of India.

UB Tower

There is a lot been happening in the city of Bangalore at every front. It is fast becoming a more urbanized city lately. The culture of Bangalore and its lifestyle is quite evident of this fact. One of the most fascinating things that happened to Bangalore was the construction of the UB city. The UB tower infact marks this UB city.

This is a venture of Vijay Mallya group on a sprawling campus in association with the Prestige group. This project has most definitely added prestige to the city of Bangalore. It has been a great boon to the corporate sector with great improvement towards the infrastructure sector.

Oracle Financial Services

The building of the Oracle Financial Services deserves a special mention. It is one of the most innovative structures in the office buildings category. This beautiful building is housed within the Bagmane Tech Park in CV Raman nagar.

This building is most assuredly to catch bypassers eyesight with its trendy design and structure.

Want to buy a property in Bangalore i.e., in beautiful architectural building’s City. Visit: RealtyCompass.com and own a beautiful house in here.
Source: http://www.realtycompass.com/blog/blog/beautiful-buildings-bangalore/

Columbuzz – Ask the Real Expert

Buying a house is one of the most fulfilling experience in one’s life.

At one end, you are anxious to take the decision asap, but at the same time you struggle with tough choices you have to make in the process.

As a consumer you have umpteen questions in your mind and you look forward for suggestions from your friends & relatives before you make this crucial decision of your life.  Your constant fear of ending up with a wrong house makes you postpone the decision !!  You look forward for the validation by discussing it with your acquaintances!!

Well you, no longer need to do that in this hyper-connected & social world……

You simply need to logon to Columbuzz from your Facebook. You can now ask questions on everything related to your home and have them answered by REAL EXPERTS.   Further, you can search through 100′s of questions based on the relevant tags and browse through the answers posted by experts.  The users can also vote the answers & questions and the good content gets bubbled up based on quality ( number of votes)

Columbuzz presents a very refreshing approach to REAL ESTATE FORUMS with its simple and intuitive user interface, social voting and most importantly questions being answered by real experts.

So what are you waiting for !

Get on to Columbuzz and ask questions to your favorite experts now.

Real Estate Scenario in Chennai

In the last decade, one of the great metropolitans of India, literally, Chennai has witnessed a changeover in the field of real estate. Our global economy has recovered corporate wise and the preference goes to real estate, where people look for their best choice of flats or homes. Chennai has become one of the popularly growing metro cities for owning a large number of IT and ITES corporate. Even if you are an IT-ian, you might have evidenced a splendid change in real estate sectors. Moreover, a great number of professionals and their families have migrated here for reasonable rents to lead a stress-free life.

Mortgage lenders have gone by and the new trend that arose in people minds is real estate investment. Chennai has offered more than surplus in the domain of real estate investment when compared with some major metro cities of south India. A cumulative rise of buyers has paved way for the real estate owners to construct hi-tech luxury flats that are in demand.   Once when you make a visit to the real estate scenario in Chennai, déjà-vu of your past entering a fictional IT valley will strike your brain.  Interestingly, you can plan your luxury condos in any segments of Chennai real estate.

Real estate have plunged the rise of economical growth in any cities. However, the increasing demand for real estate has made few heads turn around for the past five years. Sriperambadur, Sholinganallur are some of the great examples of IT-occupied land that stand at top for tech-infrastructures. The capital value of real estate market in Chennai has changed overtime and is expected to be optimistic for the upcoming years. Real estate is now solely dependent on Chennai for its rise in demanding land value.

One will get too many apartments for sale in Chennai, If you wanna own one visit for latest property listing in Chennai: RealtyCompass.com

Source: http://www.realtycompass.com/blog/blog/estate-scenario-chennai/

Home Buying Calculations Simplified – Home Value Calculator

Frustrated staying in a rented house? Still confused whether to buy a house by taking loan now!!

You would be grappling with lot of questions like whether the price will come down, whether the income tax benefit worth the investment, what will be the worth of my home in 20 years, should I put my savings in FD or invest in home??

We at RealtyCompass are committed to make the life of home buyer easy, by constantly offering innovative solutions. Here is an elaborate calculator which will answer all your questions.

1. Value of home you can afford, based on your salary and down payment capacity

2. Automatic calculation of loan potential and EMI

3. Projecting  rental saving / rental income over a period of 20 years

4. Income tax benefits of buying a house from payment of interest, payment of principal and being a new home buyer

5. Net worth of home in Present terms based on moderate appreciation on home value; and Return On Investment (ROI) on money invested and benefits arising out of it.

The calculator simplifies the complicated computations with few inputs and presents in lucid and interactive interface.

For inquisitive who seek for more explanation, the calculator is also supported by tool tips and FAQs.

Here is the link to Home Value Calculator !! Happy Home Search!!

Source: http://www.realtycompass.com/blog/advisory/calculations-simplified-calculator/

Chennai – Emerging Real Estate Trend

Property in Chennai has been picking pace in the real estate market lately. While, the residential properties of Chennai have reached a point where it is very difficult to purchase a residence in popular places, the home choices are also modifying with people’s preference.

Chennai brokers reveal that Chennai Property Costs have been on rise since long, especially the residential prices. The costs of residential homes are quite high in places like T.Nagar, Adyar, and Anna Nagar. The price ranges from Rs 50 lakh to Rs 5 crore based on the unit area. As a result to buy a property in Chennai or especially in these areas are getting more costly.

As these places have achieved high growth new sectors and software companies are arriving up at NH4, GST Road, and OMR. Especially, the new improvements are arriving in affordable boundaries and larger places.

Further, the growing professional section and increasing number of IT experts have forced the personal demand and costs to a new height in Chennai over the last few years. Now, with increase in house tax by the local govt the real estate property prices have increased multiple folds.

Moreover, with more contact with other western world and incomes going up, individuals all over the country desire for a high-class lifestyle. This pattern has also caught up with Chennai people as well, wherein individuals are looking for luxurious housing options.

Also residential apartments in Chennai are becoming more popular day by day due to its cosmopolitan nature and high comfort. Many popular contractors in Chennai are building apartments that includes luxurious homes, offering super modern amenities. With young experts going in more for leased models, the luxurious apartments are attracting huge investment from the NRIs.

Since, growing industrial sectors and other developments produce 100 % profit in the future; investment in the Chennai residence is considered a great idea by real estate experts.

Source: http://www.realtycompass.com/blog/blog/chennai-emerging-estate/

Chennai – The real estate trend

As the economic condition improves in India buyers are more confident in investing in real estate. A whopping 10 million square feet of land is needed for the IT/SEZ sector which indicates the kind of demand presently witnessed in the commercial sector. With the Indian economy getting back on its foot after the global meltdown, buyers have come forward towards investing in real estate property as an investment option.

Chennai city has witnessed a dramatic increase in the number of real estate investments. Developers are going with the stride in constructing new projects in prime parts of the town. The demand has been rising consistently and corresponding number of housing units are supplied to meet the demand. Thus, there is a balanced demand supply ratio in the city of Chennai.

However, there is an inconsistent proportion of demand supply in regions like GST road and OMR region. The housing units exceed the demand ratio leaving a pile of stock of housing complexes unused. The rest of the city is however maintaining a good trend with positive real estate scenario.

The real estate property prices have increased by 40 percent in certain areas which cause price sensitive buyers to be hesitant. The demand for quality homes in localities like Velachery, R.A. Puram, Nungambakkam, Annanagar and Adyar are on rise. An investment in these localities is most likely to bring in huge returns.

The city’s realty market has got a facelift through excellent social infrastructure, good transport connectivity, entertainment centers etc. The upper middle class segment and middle class are showing keen interest to invest. The property prices are also being corrected in places where the demand has been reduced. Overall, to buy a property in Chennai is a wise choice and one can expect good returns after a certain period of time.

To more about find property in Chennai, Visit: http://www.realtycompass.com/real-estate-in-chennai

Source: http://www.realtycompass.com/blog/blog/chennai-estate-trend/

The Luxury Home segment in the Real Estate India Market

The business of the luxury home segment has been going steady in recent years. Though the Indian property market is in a lull phase, yet the luxury home market is unaffected. The luxury home segment has been more favored by the NRI’s after the Rupee depreciation.

Reports from the Confederation of Indian Industry indicate a 20% growth in the luxury real estate India market almost touching $5.8 billion. After the slowdown during the year 2012, the current year is witnessing signs of recovery. The market is springing with projects being launched all across the country. New home offerings, more influx of NRI’s and a drastic change in people’s lifestyle has caused the spurt of demand for luxury homes that are sold at a price tag from 1 Crore upto 20 Crore rupees.

The rise in the demand of luxury homes has caused the developers to come up with many plans and schemes to promote luxury housing in every metro of the city. Luxury homes for every budget is created and promoted successfully meeting every need of the consumers.

Since, the prices of the luxury homes are quite high there are always speculations around the pricing as to how the price is determined. Developers say that factors such as location of the project, real estate developer’s reputation, the layout design, size, and neighborhood are some of factors that determine the cost of homes. The residential location is however the most important factor that determines the cost of the house. Such luxury home projects are priced between Rs. 8 Crores upto 35 Crores. For eg, in the city of Gurgaon a residential project is priced at around Rs. 7000 psf which is considered to be luxurious whereas in the city of Mumbai the range starts from Rs. 15000 psf. Developers expect a further growth between 25 to 30% in the luxury market in the coming days.

Visit for more about real estate India search at RealtyCompass.com, where you can choose your new home at your own convenience.

Source: http://www.realtycompass.com/blog/advisory/the-real-estate-india-market/

Andhra Pradesh – A thriving real estate community

Andhra Pradesh serves as a shining example of the IT revolution in the Indian subcontinent. The reform process during the early 1990’s has helped the Andhra Pradesh state to improve its major industries. Industries like Information Technology, Agro processing, Drugs and Pharmaceutical industry, Textiles business, Engineering sector, Leather materials and Jewellery Industry form the backbone of this affluent state.

The several industrial parks like Export Promotion Park, Vizag Export Processing Zone, Bobbilli and the Hardware Park have provided the much needed impetus to the Andra Pradesh real estate market. The economic affluence of this state can be determined by the FDI investment of over 4000 crore every year.

This state has developed lately into a major tourism hub in Andhra Pradesh. The major cities in Andhra Pradesh are Hyderabad, Vijaywada, Vishakapatnam, Tirupati; and they are all well connected by air and rail services.

Realty Trends of Hyderabad

The realty market in Hyderabad witnessed a slump during the global recession period. Today, the real estate market is in a gradual recovery phase reaching a consolidated level. Surveys indicate that the ready to move projects have taken off well during the last quarter.

The Western IT corridor has been showing good signs with new launches by reputed builders evoking positive response from the buyers. Budgeted villas and value housing segment has picked up market in northern and eastern corridor. The surrounding regions of the international airport at Shamshabad are viewed as the prime investment destination now.

Special features of Hyderabad

The Nehru Outer Ring Road stretches 158 kilometer and is an 8 lane ring road surrounding the Hyderabad city. It was built at a mammoth cost and serves ideally to decongest traffic in the suburbs of greater Hyderabad. This project has been completed and serves as a major boon for the residents.

The Hyderabad Metro rapid transit system is another anticipated project in this busy city. The rails are planned to cover a stretch of nearly 100 km. These special projects in Hyderabad are believed to provide a better lifestyle for the city’s residents and a better future.

To find and buy a property in Hyderabad, Please visit http://www.realtycompass.com/real-estate-in-hyderabad
Source: http://www.realtycompass.com/blog/category/advisory/

Coimbatore Realty is growing with time

Coimbatore Realty on a growing spree

The property prices in the city of Coimbatore are at an all-time high. The last couple of years have seen a price increase shot by 25 to 30 percent. The price increase however has not diminished the attractiveness of the Coimbatore city that serves as an ideal destination for real estate investments. The specialty and uniqueness of this metro lies in its laid back aura and traditional charm. This feature of the city attracts the middle-income segment contributing significantly to the city’s real estate market.

The property market graphs have been going steady and experts don’t see any lull for a few more years. There is an estimated demand of 1 lakh housing units predicted in the next few years. Various projects like the Akshaya Homes, Srivari Vaibhav, TVH Vista Heights and Trident Harmony constructed on important destinations like Avinashi, Mettupalayam and Trichy road has directed the Coimbatore’s property market on a growth spree.

Property Trends

The property prices in Coimbatore have been showing a tendency to climb. Some of the reasons cited by the experts are industrial sector, II industry, BPO; further Coimbatore is a major textile hub. The recent price inflation has wrecked havoc in the real estate market and the investors and buyers safely chose to withdraw during this period. However, the last quarter has witnessed buyers coming back and showing interest in the real estate market especially in the suburban regions. An average 5 to 10 percent increase has revived the hopes of the investors and buyers supported by a decent demand and supply mechanism. Coimbatore real estate market shows a regular increase of 25 to 35 percent every two years.

Property Prices

The Realty prices are quite high in the Coimbatore city due to the commercial and industrial sector. The City’s prominence and industrial role highly influences the increase and decrease of the property prices. A typical house in a multi-storied building costs anywhere between Rs 3,500 per sq ft. to Rs 5,500 psf.

The demand for houses is increasing steadily and the prices are growing proportionally. Many senior citizens prefer to live in villa styled houses with multiple bedrooms that start at Rs 17 lakh and run upto Rs. 2 crore. However, the trend in Coimbatore has always been to buy land parcels and build independent houses, as the cost for buying lands here is relatively cheaper compared to other cities.

To find and buy a property in Coimbatore, Please visit http://www.realtycompass.com/real-estate-in-coimbatore

Source: http://www.realtycompass.com/blog/category/advisory/

Chennai Realty – A brief excerpt

Please find excerpt’s interview of the real estate market scenario of Chennai realty:

What are the main market segments in Chennai?

Since, the middle class segment of the city is vast in the Chennai city, the mid-market segment has been a popular sector for the developers. The mid-market segment apartments are priced in the range between Rs. 40 and 80 lakhs. The high-end segment also has takers and is priced over Rs. 2 Crore. Grand luxury projects are proposed in upscale areas like Nungambakkam and Guindy with massive number of apartment units at elite prices. These apartments have world class facilities like business lounge, swimming pool, cafeteria, automatic car park etc.

What kind of market do we find in Chennai?

The market in Chennai is very robust. There has never been a crash in the past three decades in the real estate market. Therefore the Chennai market provides safe investment atmosphere with respect to real estate. The upscale segment is booming with proposed luxurious residential structures in the Central Business Districts like Nungambakkam, Poes Garden, Alwarpet etc.

Why are the prices going up in Chennai as opposed to other cities?

The main reason is to maintain the stability of the market. An erratic pricing scheme would only result in insecure builders and consumers. Early bird offers are offered with a percentage of deduction in the overall price. Apart from that every apartment unit is sold at a standard market price.

Is this a good time to invest?This is certainly a great time to invest in the housing segment. With the global market recovering from recession, there are many projects in construction at popular localities. Prices have stagnated for a while, so it is a good time to take advantage of this factor before liquidity.

To find and buy a property in Chennai, Please visit http://www.realtycompass.com/real-estate-in-chennai

Source: http://www.realtycompass.com/blog/category/advisory/

Bangalore – The Luxury, Mid-income and Affordable Housing Segment

Bangalore is among the fastest growing city in India. The Information Technology sector has played the major growth factor in the development of Bangalore realty. Bangalore is a unique city and is home to multi-cultural population that offers excellent social infrastructure and best educational institutes. The Outer Ring Road, Whitefield, Sarjapur Road and North Bangalore are some of the areas that are leading the race in the real estate market.

Luxury Market

Being the third largest region for high net worth individuals, Bangalore is easily home to thousands of millionaires. The reason is, most of the expatriates making a living in this city after their assignments in abroad. One can find well cultured people in this destination who have sophisticated taste. Lately, there has been an increased demand for luxury residential apartments in Central Business District, North Bangalore area, Whitefiled and Outer Ring Road. Moreover, the luxury market is expected to be steady on a short term basis.

Mid- Income Market

The Mid-income market is mainly driven by the techies in the IT and IT Enabled Services industry. Factors like good social infrastructure, nearby work places, physical infrastructure and access to medical and education facilities are strong driving factors to boost the mid income real estate market. There have been positive signs of growth as well as a steady demand in the mid-income segment in areas like Whitefield, Electronic city, ORR IT corridor and North Bangalore.

Affordable Housing

The affordable housing segment has been targeted at the price sensitive buyers, and is mainly developed in the suburbs of Bangalore. The suburbs such as the Mysore road and the Kanakapura road are witnessing high demand in this segment. Exclusive developers like Puravandara, Shriram Properties, Brigade group, Ozone group, Golden Gate and Nitesh Estate have ventured in this arena and meet the needs of the customers. Affordable housing is accomplished by reducing the unit sizes and compromising on certain civic amenities to fit within the budget. Further, the planned metro rail project and peripheral ring road have created demand for the outskirts projects.

To find and buy a property in Bangalore, Please visit http://www.realtycompass.com/real-estate-in-bangalore


Source: http://www.realtycompass.com/wp/advisory/

Paying Money to buy a Property in India by NRIs

Once you have decided to buy a property in India next question comes about the payments. An NRI / PIO make payment for purchase of residential / commercial property in India out of

(a) funds remitted to India through normal banking channels or

(b) funds held in NRE / FCNR (B) / NRO account maintained in India

Traveller’s cheque or foreign currency notes or by other mode except those specifically mentioned above, cannot be used to make the payments

Property buying is always a big risk. There might be cases when the deal does not go till the end. So the questions of repatriation arises. Is repatriation of application money for booking of flat / payment made to the builder by NRI/ PIO allowed when the flat or plot is not allotted or the booking / contract is cancelled?

The Authorised Dealers can allow NRIs / PIOs to credit refund of application/ earnest money/ purchase consideration made by the house building agencies/ seller on account of non-allotment of flat/ plot/ cancellation of bookings/ deals for purchase of residential, commercial property, together with interest, if any, net of income tax payable thereon, to NRE/FCNR account, provided, the original payment was made out of NRE/FCNR account of the account holder or remittance from outside India through normal banking channels and the Authorised Dealer is satisfied about the genuineness of the transaction.

In some cases NRIs might want to go for loans. In this case the NRI / PIO can avail of loan from an authorised dealer for acquiring flat / house in India for his own residential use against the security of funds held in his NRE Fixed Deposit account / FCNR (B) account. Such loans are permitted subject to the terms and conditions laid down in Schedules 1 and 2 to the Notification No. FEMA 5/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time. Banks cannot grant fresh loans or renew existing loans in excess of Rs. 100 lakhs against NRE and FCNR (B) deposits, either to the depositors or to third parties. The banks should also not undertake artificial slicing of the loan amount to circumvent the ceiling of Rs. 100 lakh.

Such loans can be repaid in the following manner:

(a) by way of inward remittance through normal banking channel or

(b) by debit to the NRE / FCNR (B) / NRO account of the NRI/ PIO or

(c) out of rental income from such property

(d) by the borrower’s close relatives, as defined in section 6 of the Companies Act, 1956, through their account in India by crediting the borrower’s loan account.

NRI / PIO, can also avail of housing loan in Rupees from an Authorised Dealer or a Housing Finance Institution in India approved by the National Housing Bank for purchase of residential accommodation or for the purpose of repairs / renovation / improvement of residential accommodation.

But the loans are subject to certain terms and conditions laid down in Regulation 8 of Notification No. FEMA 4/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Borrowing and lending in rupees) Regulations, 2000, as amended from time to time. Authorised Dealers/ Housing Finance Institutions can also lend to the NRIs/ PIOs for the purpose of repairs/renovation/ improvement of residential accommodation owned by them in India. Such a loan can be repaid (a) by way of inward remittance through normal banking channel or (b) by debit to the NRE / FCNR (B) / NRO account of the NRI / PIO or (c) out of rental income from such property; or (d) by the borrower’s close relatives, as defined in section 6 of the Companies Act, 1956, through their account in India by crediting the borrower’s loan account.

Another option for loans by NRI/PIO avail of housing loan in Rupees from his employer in India but subject to certain terms and conditions given in Regulation 8A of Notification No. FEMA 4/2000-RB dated May 3, 2000 and A.P. (DIR Series) Circular No.27 dated October 10, 2003, i.e.,

(i) The loan shall be granted only for personal purposes including purchase of housing property in India;

(ii) The loan shall be granted in accordance with the lender’s Staff Welfare Scheme/Staff Housing Loan Scheme and subject to other terms and conditions applicable to its staff resident in India;

(iii) The lender shall ensure that the loan amount is not used for the purposes specified in sub-clauses (i) to (iv) of clause (1) and in clause (2) of Regulation 6 of Notification No.FEMA.4/2000-RB dated May 3, 2000.

(iv) The lender shall credit the loan amount to the borrower’s NRO account in India or shall ensure credit to such account by specific indication on the payment instrument;

(v) The loan agreement shall specify that the repayment of loan shall be by way of remittance from outside India or by debit to NRE/NRO/FCNR Account of the borrower and the lender shall not accept repayment by any other means.

Source: http://www.realtycompass.com/blog

NRIs Should Beaware of Tax Before Investment in Property

There are few deductions which are applicable to Indian residences when they buy a property in India. An NRI / PIO also have the same deductions for the property.

Just like Indian residents the same deductions are applicable for NRIs. Municipal taxes paid during the year and housing loan interest payment are deductible. Standard deduction of 30 per cent of the net rent (gross rent less municipal taxes) can be obtained for repair and maintenance, irrespective of actual expenditure.
Housing loan principal repayment, stamp duty and registration charges are allowed as deduction from one’s gross income under the overall limit of Rs 1 lakh per year, under Section 80C.
Incase the NRI / PIO decides to give away his property on rent then taxes become applicable. When a certain threshold limit is reached rent received becomes taxable in India and NRI has to file a tax return in India in case the rent received along with other income exceeds the threshold limit.
The rent may be additionally taxed in the NRI’s country of tax residence. There may be some tax relief available under the Double Tax Avoidance Agreement (DTAA) for NRIs who are tax residents in certain countries. This may allow one to get credit for Indian taxes paid.
How does one handle a vacant property?
Again, treatment here is similar to a resident. A property which is not rented out is treated as a self-occupied property and the taxable value is NIL. The only deduction available against such property is interest on housing loan up to Rs 1.5 lakh per year. When there are more than one property that is not rented, then the owner can choose one property as self-occupied and all the other un-rented properties shall be deemed to be let out, even if not actually let out. For these, the rent that the property would likely fetch is considered as gross rent and all other deductions as applicable for a rented property will be allowed.
Deduction for principal repayment on housing loan can be obtained on all property, whether it is rented, self-occupied or deemed to be let out.
An NRI is exempt from wealth tax on a property that has been rented for more than 300 days. Also, one vacant house property can be declared as self-occupied property and is exempt from wealth tax. The value (net of outstanding loans) of second and subsequent vacant properties would be subject to wealth tax, at the rate of 1 per cent on the value in excess of Rs 30 lakh, says Parizad Sirwalla, Practicing Chartered Accountant, KPMG.
NRIs are subject to capital gains tax in India, similar to what is applied to residents. They can get long-term capital gains rate for property held for over 36 months and can claim exemption by investing in another house property or specified bonds. Capital gains may also be taxable in the NRI’s country of residence. Relief may be available in the form of credit for Indian taxes paid, in case the NRI is a tax resident of a country with which India has a DTAA.
Limits and conditions for repatriation are different based on the funds used for buying property. If the property was acquired as per the foreign exchange laws, the amount of repatriation is restricted to the extent of the initial purchase cost of the property. For example, assume the purchase price was $100,000 (Rs 40 lakh, with an exchange rate of Rs 40) and the sale price was Rs 75 lakh. Assuming the prevailing exchange rate at the time of sale is Rs 60, one can repatriate Rs 60 lakh ($100,000).
Gains made on foreign source funded properties (Rs 15 lakh in the example above) as well as all proceeds from property purchased with rupee sources, can be repatriated under the general limit of Rs 10 lakh per financial year.

Source: http://www.realtycompass.com/blog/

Realtycompass wins “Emerging property portal of India 2013”

Chennai, 3rd October 2013: Realtycompass.com, India’s first ever property search engine was awarded “Emerging property portal of India” by Silicon India.

SiliconIndia is the largest professional networking portal of India largest featuring professionals from technology, Business, entrepreneur news, Best Jobs and career opportunities.
Speaking on the occasion, Mr. Nimesh Bhandari, CMO, RealtyCompass.com said, “We are very glad to be recognized as “Emerging property portal of India”. This award is a recognition of our efforts to be a customer centric property portal with the most accurate and exhaustive listing of new projects.

About Realtycompass:

www.realtycompass.com, India’s first ever property search engine with a path breaking idea which promises to give home buyers the unique benefit of getting information about every project in the city. The business idea is to give customers a “single window” for their home purchase.  The idea has 4 primary benefits namely,

1.Give home buyers option to strike a best deal in home purchase  by listing all projects                            

2. Find a home which fulfills each and every requirement

3. Provide Single window for home search

4. Give 10 times more projects than any other property portal

 www.realtycompass.com has already comprehensively listed 2500 projects in Chennai and Bangalore, 1100 projects in Hyderabad and 250 projects in Coimbatore, which is 10 times more projects than the nearest competitor in the online property portal space.

Check Some of our following links for your city to find property(Villa, Apartment, Land, House) in your city:

Buy a Property in Bangalore
Buy a Property in Coimbatore
Buy a Property in Chennai
Buy a Property in Hyderabad

Source: http://www.realtycompass.com/blog/

Tips NRIs could use to Buy a Property in India

In India, property prices have appreciated significantly over the past five years. However, for the overseas Indian, it has only been a marginal increase owing to the depreciation of the Indian rupee against the US dollar. This has made investments in India’s real estate sector more affordable and extremely lucrative for overseas investors.
In fact at the Overseas Indian Facilitation Centre (OFIC), every other investment query is regarding buying residential property in India. With the Union Cabinet approving the Real Estate (Regulation and Development) Bill, the sector should soon become more transparent and better protect consumer interest.

If you are an overseas Indian, adhering to some basic rules will help you navigate towards market for real estate India.

GROUND CHECKS
First, determine the nature of the property. As per the guidelines from the Reserve Bank of India (RBI), an overseas Indian cannot buy agricultural land, plantations and farm land in the country.
Examine all the legal documents before buying the land. There have been cases of residential projects being built on agricultural land without securing approval from the government. In such cases, the investment will be deemed illegal, irrespective of who buys the land.
Therefore, ensure that you have seen the title deed, in original, and that it is solely in the name of the seller. If the seller is unable to produce the original and shares a photocopy, there is a possibility that a loan has been taken against the property. Initiate a thorough check to avoid the pitfall of the sale being challenged at a later stage.
Besides this, also ascertain that the property has secured all clearances required by law, such as environment and municipal clearances and the authority to transfer the undivided share of land to each apartment owner and the entire plot to the society upon completion of the project. Even for projects under construction, insist on these documents to ensure that your investment is safe.
It would be advisable to use the services of a lawyer in India to ratify the claims made and ensure that the builder has secured all the necessary approvals. This will ensure you’ve covered all legal aspects.
In case the property (irrespective of its nature) was acquired or inherited by you (the overseas Indian or NRI) when you were a resident of India, you can sell or build on the property without the approval of the Reserve Bank of India. However, if you wish to sell it, you must be a resident citizen of India.

THE PURCHASE
Having identified a property after due diligence and negotiation, you will arrive at a price at which the sale is agreed. Subsequently, a sale agreement must be drawn on a Rs 50 stamp paper, which will mention the final amount, advance payment, time limit to pay the due amount and details of installment.
Once the sale deed is completed, you need to get it registered at the sub-registrar or Sub-District Magistrate. The overseas buyer’s foreign address has to be mentioned in the sale agreement. He can appoint a representative in India (with a power of attorney) to act on his behalf. The power of attorney should be notarised with the Indian consulate in the buyer’s country of residence.
The property can be registered in the name of the NRI and the holder of the power of attorney can sign on his behalf by producing a copy of the document to the appropriate authorities.
The payment of purchase price, if any, should be made from either funds received in India through normal banking channels or funds held in a nonresident bank account. You could pay through rupeedenominated non-resident ordinary (NRO) or nonresident external (NRE) accounts and foreign currency non-resident (FCNR) accounts.

TAXATION MATTERS
Apart from the registration cost and stamp duty, a service tax is also levied on the transaction. It depends upon the property you are buying. If you want to buy a property in India that is being constructed by a builder, you will have to pay a service tax of 12.36% on 25% of the total price for apartments up to 2,000 square feet and 30% for bigger apartments.
For a built-up property or a single residential unit, stamp duty is to be paid on purchase of the property. The stamp duty payable varies from state to state and is different for properties in rural areas. There are three slabs for payment of stamp duty in Delhi-4% of the property value if the new owner is a woman, 5% if it is the joint property of a man and a woman and 6% if a man is to own the property. A registration fee of 1% is applicable for all property transactions.

Source: http://www.realtycompass.com/wp/advisory/tips-nris-could-use-to-buying-a-property-in-india/

New Properties in Chennai South Digest – 3rd October 2013

FindOut the List of new properties in Chennai South which are available for Sale. It includes Apartments, Residential Lands, Villas. It you are realty interested to Buy a Property in Chennai.

1. Green Park by Chandra Sekar Builders

This property is located in South Chennai and promises to provide comfort and luxury amidst the city. With 151 apartments Green Park is on its way to become the dream home for many.
Check out the amenities at http://www.realtycompass.com/property-view-green-park-by-chandra-sekar-builders-in-chennai-south

2. Sree Adithya Avenue by Avani Real Estate

If you are looking for a plot to build your own designer home look no further. The plots for sale at Sree Adithya Avenue are one of the popular Residential/Plot Developments in Padappai
More details available at http://www.realtycompass.com/property-view-sree-adithya-avenue-by-avani-real-estate-in-chennai-south

3. Meenaa’s by Stepstone Promoters Pvt Ltd

Luxury and comfort rolled into one, the project has 2 and 3 BHK apartment with Children’s play area. Ideal for your family it is a good deal in South Chennai
For your family check out this home at http://www.realtycompass.com/property-view-meenaasinglequotes-by-stepsstone-promoters-pvt-ltd-in-chennai-south

4. Hrish’s by Stepstone Promoters Pvt Ltd

Another property by the builders of Meenaa’s. As the builders promise luxury, style and comfort in each of their project even Hrish’s is developing to keep up the promise.
Find more details about the project at http://www.realtycompass.com/property-view-hrishsinglequotes-by-stepsstone-promoters-pvt-ltd-in-chennai-central

5. Harinivas by Stepstone Promoters Pvt Ltd

A homes of comfort to utilize the special amenities for modern lifestyle, daily needs which are conveniently provided with a blend of luxury and space for relaxation and sharing of precious moments.

For specifications visit http://www.realtycompass.com/property-view-harinivas-by-stepsstone-promoters-pvt-ltd-in-chennai-south

Source: http://www.realtycompass.com/wp/blog/new-properties-in-chennai-south/

A Guild for Home Buyer

Property search is a very volatile and cumbersome exercise. Until and unless there is guided vision and vast expanse of data and analysis, one cannot simply narrow down to a single property. Even after much debate and data crunching, one is bound to take a decision between a couple of properties or sometimes may be even 5 or the home buyer faces a certain debacle in his endeavor. So before a prospective customer opens up this very important task in his life. He or She should formulate a set algorithm to make his dream of buying a home a grand success. And of course look up to divine and data guidance.

Let’s consider the example of a home buyer searching for a property for investment, he should start by looking for properties with consistent appreciation rather steep increase and decreases.

When he looks for a locality with consistent appreciation he is taking a step towards a safe investment with little risk. And secondly he should look at pricing, pricing is an important factor in investment because generally investment is made small and reaping of dividend needs to be high. So a home buyer essentially needs to look at properties with reasonable pricing or sometimes even a budget pricing. Thirdly builder reputation is also an important aspect when it comes to investment because while selling the property builder reputation helps in terms of resale value. Primarily investment is made through partial funding and loans, so considering hassle free and flexible loan options would be a good idea.

If you are looking to buy a property in Chennai, or looking for an residential apartments in Bangalore, or searching for your dream home in Hyderabad or Coimbatore, visit our huge list of new properties only at RealtyCompass.com



Source: http://www.realtycompass.com/wp/blog/zero-down-on-home-to-buy/

SHIFT IN REAL ESTATE TO NORTH CHENNAI

Chennai Realty is currently the most dynamic real estate market. There was a lull in the past few years due to several factors but it is now on a rise and how. The builders with unsold property are now seeing a ray of hope. The infrastructural development in the city and the influx of other sectors like IT, textile etc apart from the core sector and import/export have increased the value of real estate in Chennai.

South Chennai has seen immense growth in real estate. People can find property in Chennai as per their requirement. There are apartments, villas, row houses etc to choose from. South Chennai has become a bit saturated as a result of which the builders are now focusing on North Chennai.

North Chennai is comparatively cheaper and you can get luxury flats and apartments at affordable prices. People are also trying to find a property in Chennai in the north. They are ready to commute at the prospect of economical housing options.

After South Chennai, North Chennai is gearing up for the real estate boom.

Source: http://realtycompass.wordpress.com/2013/08/26/chennai-realty/