Many properties with title defects and discrepancy, building plan violation, zonal violation, fake or manipulated licenses or approvals had been sold to innocent buyers. Buyers, who had been cheated, can substantiate their case in the court of law and seek relief from the court and initiate appropriate proceedings against the offenders. But, in our system, … Continue reading BOUGHT A PROPERTY WITH DEFECTIVE TITLES OR DISCREPANCY OR VIOLATION OR DEVIATION OR FAKE DOCUMENTS ? DO NOT WORRY
POLITICALLY POWERFUL REALTOR GROUP, WHICH ACQUIRED HUGE STRETCH OF PROPERTIES, EVER SINCE, THE ARRIVAL OF NEW GOVERNMENT IN THE STATE IS UNDER THE SCANNER OF ENFORCEMENT DIRECTORATE AND SCRUTINY BY THE INCOME TAX DEPARTMENT. THE AGENTS, DIRECTORS, SELLERS AND BUYERS ARE IN THE NET. IT IS SAID THAT THE CATCH WILL BE HUGE WITH LOTS … Continue reading REALTOR UNDER THE INCOME TAX SCANNER AT BANGALORE
REGISTRATION OF PROPERTIES AND TRANSFER OF PROPERTY IN INDIA The system of registration of documents was in vogue in British India and the same process and procedure is continued now with little changes. As per the Registration Act, the following documents must be registered mandatory/compulsorily with the jurisdictional sub-registrars in India. The Registrars were appointed … Continue reading The importance of property registration in India
Obtaining TAN number for complying with the provisions; Issuance of TDS certificate to the seller; Filing of TDS return quarterly and mention PAN of the seller; Taxes needs to be deposited within the specified time limit with the Government; and May be scrutinized by the TDS officer The rate of 1% may increase to 20% … Continue reading The ISSUES the buyer may face to implement this TDS provisions – The rate of 1% may increase to 20% if seller does not provide PAN due to overriding provision of section 206AA of ITA.
First Home Buyer will get an additional benefit on Interest limit: There is an additional deduction available on interest repaid on a loan for a first time house purchase. The benefit has been increased by an additional Rs 1 lakh and this will be over and above the Rs 1.5 lakh limit already available,provided, if … Continue reading BUDGET – INTEREST BENEFIT FOR LOWER CATEGORY – TDS FOR HIGHER VALUE HOMES – SERVICE TAX ABATEMENT AT 70% FOR HIGH END APARTMENTS
PLEASE BE CAREFUL AND CONDUCT DUE DILIGENT EXAMINATION AND THE SCRUTINY OF THE DOCUMENTS, APPROVALS AND COMPLIANCE OF THE PRE LAUNCH OFFERS FROM UNKNOWN, LITTLE KNOWN, DISREPUTE OR STRANGE GROUPS. DO NOT MAKE ANY PAYMENT OR NOR GIVE ANY MONEY, UNDER ANY CIRCUMSTANCE WITHOUT PROPER AND DILIGENT TITLE CLEARANCE AND APPROVALS FROM THE APPROPRIATE DEPARTMENTS … Continue reading CAUTION – APARTMENT BUYERS – PRE LAUNCH OFFERS FROM LITTLE KNOWN OR UNKNOWN GROUPS
THE COMPETITION COMMISSION OF INDIA REWRITES THE SALE AGREEMENT OF DLF- ANOTHER KICK TO THE REALTY MAJOR FOR MISUSING ITS DOMINANCE !!!! BELAIRE OWNERS’ASSOCIATION .…. INFORMANT VS. DLF LTD. …. OPPOSITE PARTY-1 HARYANA URBAN DEVELOPMENT …. OPPOSITE PARTY-2 AUTHORITY DEPARTMENT OF TOWN & COUNTRY …. OPPOSITE PARTY-3 PLANNING, STATE OF HARYANA Through:- Shri … Continue reading DLF AGREEMENTS ARE BIASED AND UNFAIR – COMPETITION COMMISSION OF INDIA
WATCH OUT!!! BUYING A PROPERTY? THE PROPERTY HAS BEEN SELECTED/CHOSEN!!!! NOW THE NEGOTIATION REGARDING THE PRICE BEGINS!!!!!!! BOTH BUYER AND SELLER MUTUALLY AGREE FOR THE SALE PRICE & DURATION TO COMPLETE THE SALE TRANSACTION !!!!!!!!!!!!!!!!!!!!!! THE NEXT STAGE IS SET!!!!!!!!!!!!!! THE SELLERS NORMALLY DEMANDS EARNEST MONEY DEPOSIT/ADVANCE/SECURITY DEPOSIT, TO HAND OVER THE COPIES OF THE … Continue reading WATCH OUT- BEFORE PAYING THE ADVANCE TOWARDS THE PURCHASE OF PROPERTIES
STAMP DUTY: 6.72% OF THE GUIDANCE VALUE OR THE CONSIDERATION AMOUNT SHOWN IN THE SALE DEED,WHICHEVER IS HIGHER. REGISTRATION FEE: 1% OF THE GUIDANCE VALUE OR THE CONSIDERATION AMOUNT SHOWN IN THE SALE DEED,WHICHEVER IS HIGHER. TOTAL: 7.72%. IT IS APPLICABLE FOR SITES, HOUSES, APARTMENTS AND ALL TYPES OF PROPERTIES.
ONE SIDED AGREEMENTS-UNFAIR AGREEMENTS-BIASED AGREEMENTS, ILLEGAL AGREEMENTS, UNFAIR CLAUSES - BY DEVELOPERS AND BUILDERS IS YOUR BUILDER/DEVELOPER/MARKETING AGENCY COMPELLING YOU TO SIGN OR ENTER INTO SALE AGREEMENTS ON CERTAIN CLAUSES WHICH ARE AGAINST YOUR INTERESTS OR IN FAVOUR OF THE DEVELOPER OR UNFAIR OR ONE SIDED AGREEMENTS OR THE BUILDER DOES NOT AGREE TO MODIFY … Continue reading SALE AGREEMENTS