THE RENTAL INCOME FROM THE INVESTMENT IN PROPERTIES (BUILDINGS-CONSTRUCTED) IN BANGALORE IS AS UNDER: RESIDENTIAL: 2% TO 6% ANNUAL RETURNS. COMMERCIAL:1% TO 10% ANNUAL RETURNS. INDUSTRIAL: 1% TO 4% ANNUAL RETURNS. THE RETURNS ARE ON AN FIVE YEAR AVERAGE, DOES NOT INCLUDE MUNICIPAL TAXES, EXPENSES TOWARDS REPAIRS AND MAINTENANCE, SERVICE TAX AND INCOME TAX. BUT,… Read More
REAL ESTATE REGULATION – A REALITY
THE CABINET ON TUESDAY CLEARED THE MOST SOUGHT AFTER REAL ESTATE(REGULATION AND DEVELOPMENT) BILL 2013, SEEK TO SET UP THE REGULATOR IN EVERY STATE TO PROTECT THE INTERESTS OF THE BUYERS AND TO ENSURE FAIR PRACTICES IN THIS SECTOR.
REGISTRATION EXPENSES MAY GO UP SOON FOR PROPERTIES IN KARNATAKA
THE STATE GOVERNMENT MAY REVISE THE GUIDELINE VALUES OF THE PROPERTIES AND MIGHT INCREASE THE STAMP DUTY ON THE REGISTRATION OF PROPERTIES IN KARNATAKA, VERY SOON.
The all new – The land Acquisition, Rehabilitation and Resettlement Bill 2011
The Land Acquisition, Rehabilitation and Resettlement Bill 2011, seeks to strengthen the rights of landowners during acquisition of land for development and ensure proper rehabilitation and compensation for those being displaced. It also seeks to address problems of industry when land is acquired for setting up projects. The Land Acquisition Bill will finally be tabled… Read More
WHY SCRUTINY AND EXAMINATION OF PROPERTY DOCUMENTS AND VERIFICATION OF THE TITLES REQURIED?
It is advised to conduct a thorough scrutiny/examination of the property documents, licenses, approvals, katha and related clearances from an expert advocate, before entering into an agreement of sale. The Sale Agreement and The Sale Deed are very important documents, which must be drafted with utmost care and all relevant details regarding the acquisition of… Read More
BUDGET – INTEREST BENEFIT FOR LOWER CATEGORY – TDS FOR HIGHER VALUE HOMES – SERVICE TAX ABATEMENT AT 70% FOR HIGH END APARTMENTS
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… Read More
URBAN PROPERTY OWNERSHIP RECORD – PROPERTY ID IN BANGALORE
THE NOVEL SCHEME INITIATED BY THE REVENUE DEPARTMENT TO PROVIDE IDENTIFICATION RECORDS HAS SOME NOVEL PROCEDURES. 1). THE DEPARTMENT WILL ISSUE NOTICE TO THE PROPERTY OWNER TO PRODUCE ALL THE RELEVANT DOCUMENTS TO THE PROPERTY. (50% does not have proper records and 75% of the buildings have abnormal violaion or deviation or not constructed as… Read More
URBAN OWNERSHIP PROPERTY RECORDS- A NOVEL SCHEME BY REVENUE DEPARTMENT
THE GOVERNMENT OF KARNATAKA WILL BE SOON LAUNCHING A SCHEME THROUGH A SINGLE WINDOW FORMAT AND UPGRADE THE PROPERTY RECORDS IN URBAN AREAS, WHICH WILL FACILITIATE THE BUYERS, BANKERS AND OTHERS TO VERIFY AND TO KNOW ALL THE DETAILS ABOUT THE PROPERTY OWNERSHIP, SIZE, TAXES, ARREARS LITIGATION AND OTHER RELATED DETAILS ABOUT THE URBAN PROPERTIES. IT IS CALLED THE… Read More
UNTOLD HORRORS OF XXX & XXXXXXXX (XXXXXX CONSTRUCTIONS) -THE BOMBER COMMAND !!!
THE GREATEST DEVELOPERS AND BUILDERS WILL NOT PROVIDE THE DOCUMENTS FOR BUYERS AS THEY CONTAIN ATOM BOMBS !!!!!!!!!!!!!! YES. IT IS TRUE. THEY HAVE BOMBED THE HOPES OF MANY DECENT AND HONEST BUYERS!!!!!!!!! THEY HIDE, CONCEAL AND IN A BID TO DECEIVE, DOCUMENTS ARE NOT SUBMITTED FOR LEGAL EXAMINATION AND VERIFICATION AND THE BUYERS MUST… Read More
WATCH OUT- BEFORE PAYING THE ADVANCE TOWARDS THE PURCHASE OF PROPERTIES
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… Read More
Service tax on construction services-A clarification from the department
Circular No. 151/2/2012-ST F.No.332/13 /2011-TRU New Delhi, 10th February, 2012 Subject: Service tax on construction services — regarding. Many issues have been referred by the field formations, in the recent past, seeking clarification regarding the levy and collection of service tax on construction services [clauses (zzq),(zzzh) of section 65(105) of the Finance Act, 1994], in the light… Read More
HOME LOANS AND RBI DIRECTIVES – TAX EVASION BY THE BUYERS IS UNDER SCRUTINY
RBI HAS DIRECTED ALL THE BANKS NOT TO OVER VALUE THE PROPERTIES WHICH INCLUDES STAMP DUTY, REGISTRATION FEE, SERVICE TAX, VAT AND OTHER ADDITIONS, WHILE PROCESSING THE HOME LOANS, AS THE REGULATOR RECEIVED COMPLAINTS OF SUCH DISCREPANCIES BY SOME OF THE BANKS. THE INCOME TAX DEPARTMENT IS EXAMINING THE HOME LOANS APPLICATIONS AND SANCTIONS AS… Read More
REVENUE RECORDS IN AGRICULTURE LANDS AND REVENUE SITES – RTC AND MUTATION
What is RTC or pahani ? RTC – Right, Title and Crop details are recorded in the revenue records of the Government and is a very important revenue record and it contains details of land such as owners’ details, area, assessment, water rate, soil type, nature of possession of the Land, Liabilities, Tenancy and Crops… Read More
REGISTRATION OF PROPERTIES MADE EASY AND HASSLE FREE
THE CHIEF MINISTER MR.D.V.SADANANDA GOWDA INAUGURATED A NEW CONCEPT AND HASSLE FREE REGISTRATION PROCESS IN THE STATE OF KARNATAKA FROM 04-11-2011. PROPERTY BUYERS CAN REGISTER THEIR PROPERTIES IN ANY OF THE SUB-REGISTRARS OFFICE IN THEIR DISTRICT. THERE IS ALSO A PROPOSAL TO CREATE AND ISSUE A UNIQUE PROPERTY IDENTITY CARD TO THE PROPERTY OWNERS IN KARNATAKA BY… Read More
The daughter of a coparcener becomes a coparcener BY BIRTH in her own rights and liabilities in the same manner as the son. She will have rights over the ancestral property in the same manner as the son,(subject to the following conditions) if the property had not been partitioned through a registered partition deed or dispossessed due to alienation or by a decree of court or dispossessed through a testament before 20-12-2004.
SC JUDGEMENT ON HSA-12-10-2011 14. The new Section 6 provides for parity of rights in the coparcenary property among male and female members of a joint Hindu family on and from September 9, 2005. The Legislature has now conferred substantive right in favour of the daughters. According to the new Section 6, the daughter of… Read More
GENERAL POWER OF ATTORNEY – PROPERTY DEALING – SUPREME COURT OBSERVATION – TAKE UTMOST CARE!
The Supreme Court observation on the sale of properties on General Power of Attorney: The SC has clarified that it was only stating the well-settled legal position in this connection and not laying down a new law, the order was necessary because a good proportion of property sales have been affected through the GPA route of… Read More
SAFEGUARD YOUR PROPERTY FROM ENCROACHES AND FRAUDSTERS
THERE ARE MORE CASES REPORTED REGARDING ILLEGAL OCCUPATION, ENCROACHMENT AND POSSESSION OF ALL AND EVERY TYPE OF PROPERTIES IN AND AROUND BANGALORE. THE PROPERTY OWNERS ARE ADVISED TO PUT UP COMPOUND WALLS OR FENCING AND MUST KEEP A WATCH ON REGULAR BASIS TO PROTECT THEIR INTERESTS. DURING OUR INSPECTION TO IDENTIFY AND MEASURE BDA,BMRDA,SOCIETY,PRIVATE LAYOUT… Read More
SALE AGREEMENTS
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… Read More
REGULARISATION OF REVENUE SITES IN BBMP LIMITS – AN OPPORTUNITY FOR INVESTORS – MARKET WILL FINETUNE THE PRICES
THE AKRAMA -SAKRMA SCHEME AND THE PROPOSED REGULARISATION OF REVENUE SITES BY THE BBMP WILL THROW IN LARGE NUMBER OF PROPERTIES FOR SALE AND THE MARKET MIGHT REACT WITH A DEPRESSING NOTE FOR SUCH SUPPLY AND HENCE THE PRICES MIGHT GET SHOCKING JOLT(REDUCTION IN PRICES) IS EXPECTED BY THE INVESTORS.
MISCONCEPTION ABOUT THE MARKET PRICE AND GUIDANCE VALUE
THE SELLERS ARE IN GREAT MOOD HOPING THAT THE PRICES OF THE PROPERTIES HAVE GONE UP WITH THE REVISION OF GUIDANCE VALUE. THIS IS A MISCONCEPTION. IN REALITY, THERE WILL NOT BE GOOD DEMAND FOR THE PROPERTIES DUE TO THE REVISION AND INCREASE. THE REASONS ARE: THE SELLERS HAVE TO PAY ADDITIONAL STAMP DUTY AND… Read More
