Jaghey.com- Real Estate

Thursday, 18 December 2014

Legal Information (Detailed) for Buying and Selling Property in Chennai - india-Jaghey.com

All Your Frequently Asked Legal Property Questions Answered!
Select the Question to Get the Answers:

Q 1. How ownership of immovable property is acquired by a person?

Q 2. Is it necessary to register in Office of the Sub Registrar to get khata transferred   in respect of property acquired by inheritance?

Q 3 . Which are the documents requires to be compulsorily registered?

Q 4 . How to effect partition of .property?

Q 5. When there are two or more heirs, can one or two be made full owners by others taking money in lieu of their share?

Q 6. What is a will?

Q 7 . Who can execute a will?

Q 8. Is it compulsory to register a will?

Q 9 . Where can the will be registered?

Q 10. Is there any time limit to register a will?

Q 11. Can a will be cancelled?

Q 12. Can a registered will be rectified or changed?

Q 13. Can a will be registered even after death of testator?

Q 14. What is the Stamp duty and Registration fee to register a will?

Q 15 . Is the certified copy of a registered will available to any body?

Q 16 . How to keep contents of a will confidential?

Q 17. What is the procedure to obtain the sealed cover containing a will after the death of the depositor?

Q 18 . What is the procedure for change of khata of the properties obtained through will?
Q 19. What are the duties and liabilities of buyers and sellers while purchasing a property?
Q 20 . What are the transactions opposed to public policy?

Q 21. Is it necessary to obtain permission for transfer of agricultural land granted under Land Grant Rules or granted occupancy right under Land Reforms Act even after lapse of condition for transfer?

Q 22 . What are other restrictions to purchase agricultural land?

Q 23. How to get transfer of immovable property?

Q 24 . What is the purpose of Registration?

Q 25 . What are the effects of non-registration?

Q 26. Is there time limit to present a document for registration after it is executed (signed)?

Q 27. What is the day today timing for acceptance of deeds for registration in Sub Registry offices?

Q28. Can the document presented for registration be withdrawn?

Q 29 . Who should be present at the time of registration?

Q 30. What is the course, if executing party refuses to appear in Registry Office to admit execution?

Q 31. Who can sign as witness to a document?

Q 32. What is meant by Identifying witness of person presenting/executing a document?

Q 33 . Who is authorise to write a deed?

Q 34 . Is it necessary to register immovable property by Government as inam or granted on darkhast?

Q 35. Are there any kind of documents registered without personal appearances of the parties for registration?

Q 36. Is it necessary to register deed relating to transfer or assignment of decree relating to immovable property?

Q 37. Explain the registration of adoption deed?

Q 38. Explain the Power of Attorney?

Q 39. Does property get transferred by getting a General Power of Attorney from the person selling it? Can the agent become owner of property?

Q 40. Who can execute Power of Attorney?

Q 41. When would a General Power of Attorney gets cancelled?

Q 42 . What does Irrevocable Power of Attorney mean?

Q 43. What is the meaning of a Special Power of Attorney?

Q 44 . Is it compulsory to register power of attorney attested in India by Magistrate or notary?

Q 45 . Is it compulsory to register General Power of Attorney executed by persons residing out of India and attested by officers of Consulate office of India in that country?

Q 46. Is it compulsory to get a Power of Attorney attested by a Sub Registrar if it has already been attested by Magistrate or Notary, under which documents are signed by the agent?

Q 47. What is meant by Encumbrance Certificate?

Q 48. What is meant by a Nil Encumbrance Certificate?

Q 49 . What is the fee for Encumbrance Certificate?

Q 50 . How to obtain Certified Copy of registered document?

Q 51 . Where can I register my immovable property ?

Q 1. How ownership of immovable property is acquired by a person?
Ans. A person may acquire immovable property in any of the following way
(i) By inheritance of ancestral property.
(ii) Through will.
(iii) Acquisition by oneself such as purchase etc.
(iv) Through gift, trust, settlement deeds.
(v) Grant, sanad / Inam by the Government
Through decree of Court.
There are two ways of acquisition:
1.By act of parties.
Example: Purchase, gift etc.
2. By operation of law
Example: Inheritance, decree of Court etc. (for details please see Transfer of Property Act, 1882 (Central Act))

Q 2. Is it necessary to register in Office of the Sub Registrar to get khata transferred in respect of property acquired by inheritance?
Ans. Not necessary. After the death of owner of a property his heirs, such as wife, children i.e. male and female, married or unmarried may get the Khata transferred on production of death certificate of the owner with details of property held by him to the following officers.
If property is an agricultural land - Tahasildar (See Sec.128 of Karnataka Land Revenue Act, 1964) Offices of Corporation, Municipality, Panchayat or City survey if such office exists.

Q 3 . Which are the documents requires to be compulsorily registered?
Ans . 1. Gift deed of immovable property.
2. Other non-testamentary instruments, which purport or Operate to create, declare, assign, limit or extinguish whether in the present or in future, any right, title or interest, whether vested or contingent, of the value of one hundred rupees and upwards, to or in immovable property;
3. Non testamentary instruments which acknowledge the receipt or payment of any consideration on account of the creation, declaration, assignment, limitation or extension of any such right, title or interest;
4. Leases of immovable property from year or for any term exceeding one year, or reserving a yearly rent;
5. Non testamentary instruments transferring or assigning any decree or order of a court or any award when such decree or order or award purports or operates to create, declare, assign, limit or extinguish whether in the present or in future, any right, title or interest, whether vested or contingent, of the value of one hundred rupees and upwards, to or in immovable property;
6. The documents containing contracts to transfer for consideration, any immovable property for the purpose of section 53A of the Transfer of Property Act, 1882 shall be registered if they have been executed on or after the commencement of the Registration and Other Related Laws (Amendment) Act, 2000 and if such documents are not registered on or after such commencement, then, they shall have no effect for the purposes of the said section 53A

Q 4 . How to effect partition of .property?
Ans. a. If all the parties have share (common right) in the property partition can be effected. If partition is effected through an instrument such instrument must be compulsorily registered.
b. Oral partition affected through memorandum submitted to the concerned authorities need not be registered.
c. Stamp duty has to be paid in respect any kind of partition whether it is to be compulsorily registered or not.
d. Parties to the partition may agree to effect partition of unequal shares.

Q 5. When there are two or more heirs, can one or two be made full owners by others taking money in lieu of their share?
Ans . a) Yes. Any of the co-owners can individually or collectively release his / their right in favour of one or more collectively as the case may be and make him / them full owner. This kind of release can be with or without payment of money. This document is called Release.
b) Release can be made not only in case of inherited property but also in case of joint purchase/acquisition.

Q 6. What is a will?
Ans. A testamentary document by which a person bequeaths his property to be effective on his death is a will. The property will devolve on the person in whose favour it is bequeathed after death of testator.

Q 7 . Who can execute a will?
Ans . a) Any person above the age of 18 years and mentally sound may execute will, but will caused by fraud or coercion or by importunately will not be valid. Therefore a will must be executed voluntarily.
b) Parents or guardians cannot execute will on behalf of minors or lunatics.
c) Attestation by minimum two witnesses is necessary.
d) Scribe (deed writer / advocate) cannot be called witness. Two independent attesting witnesses other than the scribe or necessary.
e) Beneficiary under a will should not sign as attesting witness.
In order to avoid disputes in implementation of a will, description of property and the beneficiaries should be clearly be written without giving room for any doubt.

Q 8. Is it compulsory to register a will?
Ans . It is not compulsory to register. Executants may register at his option. It is better to register the will. If original is lost a certified copy can be obtained from Sub-Registrar Office.

Q 9 . Where can the will be registered?
Ans. It can be registered in any office of the Sub Registrar in India

Q 10 Is there any time limit to register a will?
Ans . There is no such time limit

Q 11. Can a will be cancelled?
Ans. The testator can cancel his will at anytime during his lifetime. Such cancellation deed requires a Stamp duty of Rs.100-00

Q 12 Can a registered will be rectified or changed?
Ans If executant of a will wishes to rectify, add to will may do so during his lifetime. This is called codicil. This document does not require stamp duty.

Q 13. Can a will be registered even after death of testator?
Ans. Yes, claiming party under the will have to produce will, records relating to the death of the testator, witness and the scribe before the Sub Registrar. If Sub Registrar is satisfied about the truth and genuineness of the execution of the will, he will register.

Q 14. What is the Stamp duty and Registration fee to register a will?
Ans . There is no Stamp duty on will deed. For registration of will during the life time of the testator Rs.200-00 Registration fee prescribed. To register the will after the death of the testator Registration fee of Rs.200-00 and enquiry fee of Rs.250-00 is prescribed.

Q 15 . Is the certified copy of a registered will available to any body?
Ans . A certified copy of a registered will is available to the testator only during his lifetime. After his death anybody can obtain after producing proof of death of testator.

Q 16 . How to keep contents of a will confidential?
Ans. Will can be deposited in a sealed cover in office of the District Registrar. A fee of Rs.1000-00 prescribed to deposit will in a sealed cover. Depositor or authorized person (executor) can withdraw the sealed cover containing a will, if desires to do so. A Registration of Rs.200-00 prescribed.

Q 17. What is the procedure to obtain the sealed cover containing a will after the death of the depositor?
Ans . On making an application along with proof of the death of the depositor, District Registrar will open sealed cover in the presence of the applicant and it will be registered. Certified copy will be issued if desired. A fee of Rs.100-00 prescribed to open a sealed cover.

Q 18 . What is the procedure for change of khata of the properties obtained through will?
Ans. After the death of the testator person claiming through the will have to apply to the concerned authorities as explained in question no.2 along with the copy of the will and death proof.

Q 19. What are the duties and liabilities of buyers and sellers while purchasing a property?
Ans.   Following is the duties and liabilities of buyers and sellers
Before sale
liabilities of seller Liabilities of purchaser
To inform defects in the property
To provide records of right
To execute sale deed Payment of consideration
To pay of the liabilities on the property
Rights
Rights of seller Rights of buyer
To get rent and profits Right of encumbrance on consideration already paid
After completion of sale
Liabilities of seller Liabilities of purchaser
To hand over possession Liability on accidental or loss to the property
Information about right
To hand over records of rights after receipt of consideration Duty to pay taxes and liabilities after taking possession of property
Rights of seller Rights of buyer
If consideration is due encumbrance on property of such dues Incremental value/profit on property
Though there are rights and duties the purchaser should carefully examine the following matters;
1) Original documents.
2) How did the seller acquire the property.
3) Encumbrance Certificate of the property for a minimum period of 15 years from Sub Registry Office to know if there are any encumbrances on the property to be purchased.
4) Verify from the concerned court if there are any litigations on the property to be purchased.
5) Verify if there are any litigations, objections in revenue, municipal offices about inheritance or any other matter.
6) If seller is a power of attorney holder, it should be verified from the principal and if such power of attorney is genuine and whether it is still in force.
7) It should be verified whether the transaction is opposed to public policy under Section 22A of the Registration Act, 1908. If so the document will not be registered.
8) If the Property is a granted land to the member of scheduled caste and scheduled tribe, it should be verified if the transaction is in contravention of the terms and conditions of grant and whether permission of the Government is obtained for transfer.

Q 20 . What are the transactions opposed to public policy?
Ans   Government has declared the following as opposed to public policy under Section 22A of Registration Act, 1908 namely,-

(1) (a) Agreement to sell, sale, gift, exchange, mortgage, lease or assignment of land of which the occupancy right has been granted under Chapter III of the Karnataka Land Reforms Act, 1961 in contravention of the restrictions imposed under section 61 of the said act and the rules framed there under.
(b) Agreement to sell, sale, gift, exchange or otherwise of any land in excess of the ceiling limit specified in section 63 or 64 of the Karnataka Land Reforms Act, 1961 in contravention of section 74 of the said act and the rules framed there under.
(c) Agreement to sell, sale, lease, mortgage with possession or otherwise of any agricultural lands to a person or a family or a joint family who or which has an assured annual income of rupees Two lakhs and above from sources other than agriculture in contravention of section 79-A of the Karnataka Land Reforms Act, 1961 and the rules framed there under.
(d) Agreement to sell, sale, lease, mortgage with possession or otherwise of any agricultural land to an educational, religious, charitable institution society, trust, company, association, other body of individuals or a co-operative Society other than the co-operative farming society in contravention of section 79-B of the Karnataka Land Reforms Act, 1961 subject to the exceptions and exemptions provided under section 109 of the said act and the rules framed there under.
(e) Agreement to sell, sale, gift, lease, mortgage with possession or otherwise of any agricultural land granted under the Karnataka Land Grant Rules, 1969 subject to restrictions on sale, transfer, and specific use imposed there under as per the provisions of the said Rules.
(2) One cannot possess land as owner, tenant or as mortgagee with possession in excess of 10 units. If a family consists of more than five members, such family may hold two units per head not exceeding 20 units.
PART A
[See Section 2(A)(35-A)
Classification of Lands
A Class
Lands having facilities for assured irrigation from such Government Canals and Government Tanks as are capable of supplying water for growing two crops of paddy or one crop of sugarcane in a year.
B Class
(i) Lands having facilities for assured irrigation from such Government Canals and Government Tanks as are capable of supplying water for growing only one crop of paddy in a year.
(ii) Lands irrigated by such lift irrigation projects constructed and maintained by the State Government as are capable of supplying water for growing two crops of paddy or one crop of sugarcane in a year.
C Class
(i) Lands irrigated from any Government sources of irrigation, including lift irrigation projects constructed and maintained by Government other than those coming under A Class and B Class.
(ii) Lands on which paddy crop can be raised or areca crop is grown with the help of rain water.
(iii) Lands irrigated by lifting water from a river or Government Canal or Government tank where the pumping installation or other device for lifting water is provided and maintained by the land owner.
Notes
(1) Lands having facilities for irrigation from a Government Source where the system of water supply is suitable for growing only light irrigated crop namely, crops other than paddy and sugarcane shall come under this class.
(2) Lands growing irrigated garden crop will come under classes ‘A’, ‘B’ or ‘C’ as the case may be depending upon the source of irrigation and the system of water supply.
D Class
Lands classified as dry but not having any irrigation facilities from a Government source.
Note.- Lands growing paddy or garden crops not coming under A Class, B Class or C Class shall belong to this class.
PART B
Formula of determining equivalent extent of different classes
One Acre of A Class land having soil classification value above 8 annas = 1.3 acres of A Class land having soil classification value below 8 annas = 1.5 acres of B Class land having soil classification value above 8 annas = 2.0 acres of B Class land having soil classification value below 8 annas = 2.5 acres of C class land having soil classification value above 8 annas = 3.0 acres of C class land having soil classification value below 8 annas = 5.4 acres of D Class land.

Q 21. Is it necessary to obtain permission for transfer of agricultural land granted under Land Grant Rules or granted occupancy right under Land Reforms Act even after lapse of condition for transfer?
Ans. Yes. Application should be submitted to Tahasildar and acknowledgement is obtained. If permission is not granted within 15 days after getting acknowledgement, document can be registered as if permission is granted.

Q 22 . What are other restrictions to purchase agricultural land?
Ans . Lands granted to persons belonging to scheduled caste or scheduled tribe cannot be transferred or purchased without prior permission of the Government. This restriction does not apply to mortgagee in favour of co-operative or scheduled banks and partition among family members
2. Social or Industrial organizations can purchase with the permission of the Government (Refer Sec.109 of Karnataka Land Revenue Act, 1964).

Q 23. How to get transfer of immovable property?
Ans . a. As explained under Question 3, if value of property under sale, exchange, lease, and mortgage is Rs.100 or more, deed relating to such transaction must be compulsorily registered (Sec.17 of Registration Act 1908).
b. Gift deed, must be registered irrespective of the value of the property.
c. After the deed is registered `J' slip is sent to Tahasildar in case of agricultural land and city survey office, in case of city non-agricultural property of properties are under city survey. The purchaser should get confirmed whether khatha is transferred through `J' slip.
In areas where there is not city survey is not in operation, one has to apply along with copy of the deed to the concerned Corporation/ Municipal/panchyat office to effect transfer of khatha.

Q 24 . What is the purpose of Registration?
Ans. (a) By Registration of transaction of immovable property will become permanent public record. This is a notice to the general public. Those getting transfer of property should verify whether such property has been previously encumbered.
(b) According to Transfer of Property Act right, title or interest can be acquired only if the deed is registered.

Q 25 . What are the effects of non-registration?
Ans . If a deed of transfer, which is compulsorily registrable, is not registered it will not be admissible in evidence (Sec.49 of Registration Act 1908)

Q 26. Is there time limit to present a document for registration after it is executed (signed)?
Ans . a. Document may be presented for registration within four months from the date of execution (signature).
b. If a document is executed out of India, the period of four months will be counted from the date of its receipt in India.
c. After four months document may be presented within another four months with penalty subject to maximum of ten times the registration fees if the District Registrar grants permission. But document may be presented before Sub Registrar within eight months. Thereafter it cannot be accepted for registration. (For details please see Rule 52 of Karnataka Registration Rules, 1965).

Q 27. What is the day today timing for acceptance of deeds for registration in Sub Registry offices?
Ans. Generally deeds are accepted during working hours. Sub Registrar may stop accepting two hours before closing time if he has sufficient work to attend in respect of deeds already received for registration.
Provided deeds may be accepted in emergency cases on payment of extra fee of Rs.200 one hour before sunrise and one hour after sunset and on holidays.

Q28. Can the document presented for registration be withdrawn?
Ans . Registering officer may permit withdrawal of the document before completion of registration on written request by the party who presented the document. Fifty percent of the registration fee is refundable. Likewise Stamp duty is also refundable subject to deductions. (Please see question No.19 on stamp duty F.A.Q.)

Q 29 . Who should be present at the time of registration?
Ans . A deed may be presented for registration either by claiming or executing party but the executant / executants must be present to admit execution (signing) of the deed (Please see Sec.32 of Registration Act 1908).

Q 30. What is the course, if executing party refuses to appear in Registry Office to admit execution?
Ans . a. In such circumstances, registering office will issue notice/ summons to the Executant. If the party does not turn up registering officer will refuse registration.
b. Application may be made to the District Registrar on such refusal to the District Registrar who will hold enquiry and decide the case. Rs.250 should be paid for such application.
c. One may submit appeal to the Civil Court if District Registrar also refuses to order for registration (For details please see Sec.73, 74, 75, 76 & 77 of Registration Act 1908).

Q 31. Who can sign as witness to a document?
Ans . Any person, above 18 years of age and not a party to the document may sign as witness.

Q 32. What is meant by Identifying witness of person presenting/executing a document?
Ans . In order to identify genuineness of the persons executing the document, signature of identifying witness are obtained. Without such witness, registering officer may refuse registration.

Q 33 . Who is authorise to write a deed?
Ans . Deed may be personally written by the executant or may be drafted by a licensed deed writer or advocate.

Q 34 . Is it necessary to register immovable property by Government as inam or granted on darkhast?
Ans . They are exempted from registration. Khatha is effected on the basis of orders of Government (see Sec.90 of Registration Act 1908).

Q 35. Are there any kind of documents registered without personal appearances of the parties for registration?
Ans . 1. Mortgage deed executed under Improvement Loans etc.
2. Certificate of sale issued by revenue court.
3. Documents executed by farmers in favour of primary co-operative land development bank to obtain loan and loan bonds executed by farmers in favour of banks under Karnataka Agricultural Credit Co-operations and Miscellaneous Provisions Act 1975 are sent under Sec.89 of the Registration Act and they are filed.

Q 36I.s it necessary to register deed relating to transfer or assignment of decree relating to immovable property?
Ans . If value of the property involved in decree is Rs.100 or more and creates, declares, transfer, limit or extinguish right it should be compulsorily registered (See Sec.17 (e) of Registration Act).

Q 37. Explain the registration of adoption deed?
Ans. Adoption deed maybe executed and registered like any other deed. Stamp duty Rs.45 and registration fee Rs.200 are leviable on it.

Q 38. Explain the Power of Attorney?
Ans . There are two kinds of Power of Attorney.
1. General Power of Attorney (GPA)
2. Special Power of Attorney (SPA)
a) General Power of Attorney is executed by a person in favour of another to act on behalf of him generally. It may include management of property, Court matter/litigations, sale of mortgage of property or any other act.
b) Special Power of Attorney is executed to do a particular act. Power of Attorney holder is answerable to the principal and liable to give accounts to him.

Q 39. Does property get transferred by getting a General Power of Attorney from the person selling it? Can the agent become owner of property?
Ans . No. It is wrong to say that ownership is transferred by getting General Power of Attorney. Persons purchasing property must get the sale deed registered. This principle applies to other kinds of transactions also.

Q 40. Who can execute Power of Attorney?
Ans . A person who has attained majority may execute power of attorney in favour of another person who has attained majority including family members like brother, sister, father and mother to act on his behalf. If a power of attorney is executed to sell property in favour of relatives other than those mentioned above, 2 percent stamp duty shall be paid on market value of such property. If a power of attorney is executed in favour of developers, Builders of apartment, 4 percent stamp duty shall be paid on market value of such property. (see article 5(f) & 41(a), 41(ea), Schedule to Karnataka Stamp Act 1957).

Q 41. When would a General Power of Attorney gets cancelled?
Ans. a. GPA automatically gets cancelled on the death of Executant.
b. Principal (Executant) may cancel it any time.

Q 42 .What does Irrevocable Power of Attorney mean?
Ans. If the Power of attorney is executed for consideration in respect of property it cannot be unilaterally revoked, prejudicial to the interest of the agent (See Sec.202 of Indian Contract Act, 1872).

Q 43. What is the meaning of a Special Power of Attorney?
Ans . (a) Power of Attorney executed by a person in favour of another to act on his behalf for specific purpose is called Special Power of Attorney.
(b) If a person is unable to go over to registry office to present a document executed in his favour or to admit execution of document executed (signed) by him, such power of attorney shall be authenticated or attested by a Sub Registrar. Otherwise they are not acceptable for the purpose of registration.

Q 44 . Is it compulsory to register power of attorney attested in India by Magistrate or notary?
Ans . They need not be registered. But General Power of Attorney containing authority to present or admit execution of a document executed by the principle is not acceptable for such presentation or admission of execution unless they are attested or authenticated by a Sub Registrar.

Q 45 . Is it compulsory to register General Power of Attorney executed by persons residing out of India and attested by officers of Consulate office of India in that country?
Ans. It is not necessary to register. But Stamp duty as per Article 41 shall be paid within 3 months from the date of receipt of the power of attorney in India.

Q 46. Is it compulsory to get a Power of Attorney attested by a Sub Registrar if it has already been attested by Magistrate or Notary, under which documents are signed by the agent?
Ans . Not necessary

Q 47. What is meant by Encumbrance Certificate?
Ans . Encumbrance Certificate is a record showing registered transactions pertaining to a property. If mortgage, sale or any other deeds in respect of a property are registered, encumbrance certificate is issued Form No.15.
Click here to download Prescribed application form no.22 to obtain Encumbrance Certificate.

Q 48. What is meant by a Nil Encumbrance Certificate?
Ans . If no deeds of transactions are registered in respect of a property nil encumbrance certificate is issued in Form No.16. If Certificate is issued in this form, it means that there are no registered transactions / liabilities on the property for a given period of time unregistered transactions are not included in this certificate.
Click here to download Prescribed application form no.22 to obtain Encumbrance Certificate.

Q 49 . What is the fee for Encumbrance Certificate?
Ans . a. Application fee Rs.5
b. Rs.30 for search of first year and Rs.10 for every subsequent year. Example: To obtain Encumbrance Certificate for 13 years. Application fee Rs.5-00 plus first year Rs.30-00 plus 12 years Rs.120-00 and total Rs.155-00.

Q 50 . How to obtain Certified Copy of registered document?
Ans . 1. Any person may obtain certified copy of registered document relating to immovable property.
2. Certified copy of registered will may be obtained only by the testator only during his lifetime. Any person may get copy of a will after the death of the testator on production of death certificate.
3. Copies of registered deed of GPA and other documents relating to movables may be obtained by executant / claimant or agent, representative of such person only.
Stamp paper of Rs.10 is required to be produced along with the application and copying fee of Rs.3 for every page of Xerox copy or Rs.5 for every 100 words or part thereof is to be paid.
Points to be noted by registering public for registration of a document
No. Do's Don'ts
1 Meet registering officer directly for your work Do not depend on middlemen for your work
2 Pay the fees required to be paid directly to the registering officer and obtain receipts Do not pay money to the middlemen.
3 Market value of each area is published. Pay stamp duty as per market value Purchase stamp papers from licensed stamp vendors only. Beware of fake stamp papers
4 Verify whether date of delivery of the registered deed is written on the receipt. Keep the receipt securely with you only Don't handover receipt to middlemen.
5 Get information records to be produced for registration in the registry office Don't go for registration without necessary records.
6 Fee for drafting/writing documents are prescribed. Pay accordingly and obtain receipts for it Don't pay without receipt. Do not pay fee for drafting and registration together if demanded. Pay Registration fee directly in the office.
7 Contact higher authorities for any doubts and complaints. Do not conceal your feelings about the officer or staff. Inform the higher authorities.
8 Obtain registered deeds personally or through registered post. Do not depend on middlemen for return of document after registration.
9 Note true market value of property Under valuation is an offence.

Q 51 . Where can I register my immovable property ?
Ans . Documents pertaining to immovable property shall be registered in the Sub-Registrar office in whose jurisdiction the property is situated
Or If you have any problem with the Sub-Registrar's office please approach the District Registrar of your district.In Chennai Urban district still if you have problem in registration you can visit the Office of the Inspector General of Registration where your registration work pertaining to Chennai Urban district will be attended.

10 tips for homebuyers and sellers in 2014

Goodness, is it 2006 again? At the dawn of 2014, it feels like it.
Homeowners enjoyed double-digit price growth in the first half of 2013, greatly exceeding experts' predictions of a year ago and even settling into pre-recession values in many markets. Though there was some softening in the second half, sellers remain in their element and are turning the screws on anxious buyers who fear further price spikes and escalating interest rates. New-construction home sales are up, previously underwater properties are in positive equity again and investors are turning their attention to "secondary markets" to find value. Economists expect house prices to rise another 4 percent to 5 percent in 2014, meaning remaining bargains will get even more sparse.
With that in mind, here are 10 tips befitting the up-market of 2014.

Sellers: Jump-start the process.

You may be an avowed procrastinator, but if you want to sell a house this year, start planning now. The process, say sellers, always takes longer than expected. So get your home inspected now; there may be unseen major repairs to address. Declutter, clean closets and shelves, store extraneous possessions and furnishings and other stuff that might keep sellers from picturing themselves in your space. Attend an open house or two to get an idea of how to stage yours. And move along: Owners still waiting for the market to peak should beware that this real estate cycle may be shorter-lived than last.

Buyers: Be credit-ready.

There's a lot of competition out there for homes, so tarry not. Get your credit report and start repairing any blips. If your scores are below 620 or so, a conventional loan will be a challenge. But if they're under 740, you still might not get the best rates. Many buyers get a prequalification letter from the lender, but you can one-up them with a preapproval, which comes after a more thorough evaluation of your finances. A preapproval letter shows the seller that you're good to go and can close quickly.

Sellers: Vet your real estate agent, then follow the agent's advice.

Sellers lose time and money by hiring poorly. Interview several potential agents. You'll want a full-timer who is Web savvy and uses mobile technology, because at least 4 in 5 buyers view their homes first online. Your agent should be a proven performer in your submarket and be willing to walk you through the financial aspects of your deal. The more the agent knows about schools, commutes and other local details, the better. Once vetted, accept your agent's advice on pricing, marketing and negotiation.

Buyers: Adjust your negotiating expectations.

Lowball offers are off the table in this environment and could eliminate you from consideration. Respond to counteroffers quickly to keep other buyers from entering the picture; you don't want to encourage a bidding war. If one breaks out, be prepared to get fewer concessions and pay more money. And have a few other homes in mind so you can be willing to walk away if the price soars.

JAGHEY

Know the Facts Before Selling Your Home to Investors

When your home goes up for sale, you likely envision a happy family or young couple putting in their offer and living happily ever after in your former house.
However, individual buyers aren’t the only ones who may make an offer on your property.
You may receive offers early on from investors: Firms and individuals often buy residential homes to use as rentals, to resell at a profit or to build up a property portfolio.
And as with most transactions, there are upsides and downsides in selling your home to investors. Make sure you know everything you can before you act.

Advantages

Selling to an investor over a traditional buyer has some key advantages:

A regular buyer typically needs to wait for financing. This delay can slow down closing, and you may have to wait longer to finish the deal. Investors often buy in cash and are ready to close immediately, which is a huge perk if you’re looking to sell quickly.
Many investors are willing to offer flexible arrangements. For example, an investor might be willing to take over your mortgage, which is great if you’re underwater and struggling to find a buyer.
Most investors buy a property “as is”: If you haven’t kept up with home repairs or if your kitchen needs an upgrade, this is an attractive option.

Disadvantages

Working with an investor isn’t always better than working with a traditional buyer. Consider these factors before you make a deal:

You won’t know who is buying your house. Investors aren’t legally required to tell you who is making the offer or why they want to buy your home. Some buyers may wonder if an investor only is interested because they know they can flip the property for more money.
You may not get the best deal. Most investors only buy properties that are below market value, while a buyer might pay your asking price.
You’ll have to do extra research to vet the investor and make sure you’re not being scammed.

Making a Deal With an Investor

Finding an investor might not be easy. Investors typically look for properties they can get cheap in great locations. For example, a home that’s under market value in an area popular for renters is a great deal for an investor.
Usually, investors identify properties through their own research. However, you can increase your chances by working with a JAGHEY who’s worked with investors in the past and can reach out to these firms to promote your property.
Once you have an offer, look over the deal carefully. If the investor put in a low offer on a home you just listed, taking the deal might not make sense. But if your home has been on the market for months with no nibbles, working with an investor may make sense.
If you’re struggling to decide, remember to work with JAGHEY.COM: They can point you in the right direction.

Selling your Home: Disclosure by Home Sellers

Selling your Home:

The seller's disclosure of material facts is an extremely important part of a real estate transaction. And not only is it important; disclosure is required by most states in the United States. Therefore you should know what should be disclosed and what impact disclosure has on the transaction whether you are a home buyer or seller.

What to Disclose

Although what is specifically required to be disclosed varies from one state to the next, most states require that sellers disclose "material facts" known about the property whether they are apparent or not. Material facts are details that influence a buyer's decision about buying the property and the price they will pay. These facts include information about property condition as well as legal status. Examples of material facts include:

Leaky roof or flooding basement
Problems with major systems like heating, cooling, plumbing
Age of property components and systems
Square footage of the home
Defective components such as those which are/have been the subject of class-action lawsuits
Environmental hazards like mold, mildew, lead paint, asbestos, radon, etc.
Information about developments that might impact the property such as planned roadways, etc.
Past or current presence of termites or other wood-destroying insects
Presence of easements, encroachments, or boundary disputes

As a seller, you are required to adhere to the disclosure statutes where your property is for sale. You should also seriously consider disclosing other details that are not required by law but that are questionable concerns. The reason? What you don't disclose just might create future problems for you.

What Disclosure Impacts
Disclosure has a direct effect on the home inspection and negotiation following it. If a seller discloses all known material facts upfront, then the buyer should address them in the purchase offer. If not, they have no contractual right to negotiate these items later, for instance after an inspector points them out. However, if the seller fails to disclose something they know and it is uncovered during the inspection, then that item can be included in negotiations. The buyer could insist that the defect be remedied, demand price concessions, or terminate the purchase offer if that option is available.

What happens if the deal is already closed, and the buyer discovers a defect? The buyer can try asking the seller to resolve the issue. Whether this is successful depends on the seller. If the buyer discovers and can prove that the seller knew about but didn't disclose a defect, he/she might have a case for litigation. Buyers in this situation should consult with a real estate attorney about if/how they should proceed.

Good Rules of Thumb
If you are debating whether or not to disclose something as a seller, you should probably do so. What you don't want is to be the defendant in a lawsuit brought by buyers who claim you intentionally concealed material facts. But if you have serious doubts about what to disclose, consult with a real estate attorney or your real estate agent.

As a buyer, make sure you get required disclosure forms before you make your offer. Ask as many questions as necessary about the home. Get those answers in writing from the sellers. And don't discount the importance of having a professional home inspection done which should uncover any unknown defects in addition to the known ones already disclosed.

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Navi Mumbai International Airport (NMIA)

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Enhancement in aviation facilities for Mumbai is essential to maintain the leadership of the state of Maharashtra in attracting Foreign Direct Investment thereby creating a place of pride for itself and adding to the prosperity of its people. The existing airport at Mumbai, is fast reaching saturation. Therefore a second airport in the Mumbai Region has become imperative. To meet the growing demands of air travel, CIDCO has proposed the development of a new airport at Navi Mumbai.

NMIA is one of the world’s largest ”Greenfield” international airports, currently proposed for development, offering world-class facilities for passengers, cargo, aircrafts and airlines.The proposed second airport for MMR is located at Navi Mumbai for several reasons. Prominent among them is the fact that Navi Mumbai is expected to cater to the future growth in population, business and commercial activities of MMR.The availability of excellent physical and social infrastructure coupled with an environment-friendly site makes the Navi Mumbai Airport project both technically feasible and financially viable.The Airport master plan will be developed in modules, operated and managed to internationally recognized standards.

The airport site is located in an area of 1160 hectares accommodating two parallel runways for simultaneous & independent operations with provision of full length taxi ways on either side of the runways. The airfield has been designed to accommodate the new large aircrafts compatible with International Civil Aviation Organisation (ICAO) Aerodrome Code 4F.

NMIA will support the rapidly growing air travel needs of Mumbai Metropolitan Region. It is expected to absorb annually 10 million passengers in its first operational year 2017, 25 million by 2020 followed by 45 million passengers in 2025 and ultimately 60 million by 2030.

The Navi Mumbai Airport is proposed to be developed through Public Private Participation (PPP). A Special Purpose Vehicle (SPV) will be formed in which CIDCO & its nominees will hold 26% of the total subscribed and paid up equity and the rest will be held by the private developer.

The growth in resident population in Navi Mumbai, rapid development of its Central Business District, coupled with major economic generators such as Special Economic Zone, Jawaharlal Nehru Port, Thane-Belapur and Taloja industrial areas and the huge catchment area ranging from Pune to South Mumbai would ensure a steady growth rate in traffic at the new airport, thus assuring steady revenues to the investors. In addition the project opens-up the state’s vast hinterland rich in agriculture, floriculture, hi-tech high value industries to the world market. Thus the airport will act as a focal point for the emergence of a transshipment centre in the South Asian region.

Ministry of Civil Aviation (MOCA), GOI has given approval for the development of Greenfield airport at the Navi Mumbai and subsequently the State Cabinet, GOM has also approved the development of Navi Mumbai International Airport.

Accordingly, the Prime Consultant appointed by CIDCO, M/s. LBG-INECO-RITES Consortium, USA has prepared the Master Plan, Detailed Project Report etc.

M/s. Hemant Sahai Associates has been appointed as Legal service consultant to prepare the necessary transaction documents for the project.

Tuesday, 9 December 2014

Mahindra World City Jaipur - Overview

Started in 2007, Mahindra World City, Jaipur is yet another marvel driving the mission of Mahindra World Cities of achieving balance between Life, Living and Livelihood.

Promoted in a PPP between the Mahindra Group and RIICO (a Govt. of Rajasthan undertaking), Mahindra World City, Jaipur is at par with the best business destinations in the world.

Spread across 3,000-acres with a 2,500-acre multi-product SEZ, the Mahindra City serves as a conduit between entire North India and the ports of the Western coast.

Jaipur has attracted companies such as Genpact, Coca Cola, Ericsson, MICO, JCB, Infosys and NEI with its investment friendly climate and pro-business attitude. A renowned tourism destination, Jaipur offers a cosmopolitan lifestyle coupled with superior social infrastructure.

Highlights:

Promoted by the Mahindra Group and the Rajasthan State Industrial and Investment Corporation (RIICO)
Located on the Golden Quadrilateral, 18kms from the airport and 21kms from the railway station
Offers multi-product SEZ with dedicated zones for IT / ITeS, Engineering and Related Industries, Handicrafts, Apparel, Gems and Jewellery, Warehousing and Logistics as well as a Domestic Tariff Area (DTA) for various industries.

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Navi Mumbai International Airport & CIDCO

In a move to attract bidders for the development of the Navi Mumbai International Airport, the ministry of civil aviation (MoCA) has cleared the so-called ‘shared till’ model of development of the proposed greenfield airport, which will allow the airport’s operator to retain a percentage of non-aeronautical revenues.
A spokesperson for the City and Industrial Development Corporation (CIDCO), the nodal agency responsible for the Navi Mumbai International Airport project, said that the ministry had given its approval for the ‘shared till’ approach on Sunday.
The shared till approach allows the operator to retain a percentage of non-aeronautical revenues, which include turnover from retail shops, long-term concessions given to the entities like duty-free shop operators in the terminal building, and car parking charges.
CIDCO was in favour of the shared till model of development for the Navi Mumbai airport as it helps create a level playing field between other prospective bidders and the GVK Group, which currently operates the Mumbai international airport.
Since the proposed airport falls within 300km of the existing airport in the city, Mumbai International Airport Ltd (MIAL), which is a GVK-led consortium, had the first right of refusal vis-a-vis development of the Navi Mumbai airport.
It is expected that even after development of the Navi Mumbai airport, bulk of the air traffic would remain directed towards the Mumbai airport, which theoritically gives GVK a competitive edge if it were to bid for the new airport, as it enjoys high aeronautical revenues from the Mumbai airport.
Since the prospective developer of the Navi Mumbai airport will now be entitled to non-aeronautical revenues too, they can compete with GVK when bidding for the contract. However, GVK can pay 90% of the highest bid offered and bag the contract to develop the new airport from CIDCO.
“This (the shared till approach) will enhance long-term project viability for the operator of the airport and encourage participation from other private players,” the CIDCO spokesperson said.
Though major airports in India like those in Delhi and Mumbai operate on a shared till basis, most others follow a ‘single till’ or ‘dual till’ model. Under the single till model, aeronautical as well as all non –aeronautical revenues are used to cross-subsidize the expenditure incurred for the development of the airport. In the dual till approach, only aeronautical revenues are used to subsidise development expenses. At present, popular airports in the country like in Delhi and Mumbai were developed under the shared till approach.
A senior CIDCO executive had earlier told FE that as many as 20 bidders had shown interest in developing the project.
Some of the leading companies that are bidding for the new international airport coming up on the northeastern fringes of Mumbai include Zurich Airport, Spanish firm Ferrovial Aeropuertos, Tata Realty and Infrastructure, MIAL, SREI Infrastructure Finance Limited, Essel Infraprojects, Solux Corsan India Engineering & Construction, Gensler (USA), Samsung C&T, IL&FS, and the GMR Group.
FE couldn’t independently verify with these companies, except MIAL. A MIAL official had earlier told FE that the consortium will bid for the largest greenfield airport proposed in India.
The first phase of the Rs 14,574 crore-project, which was first coneptualised 27 years ago, is now expected to be completed by the end of 2017.

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Sunday, 7 December 2014

Wanted 1500-1600 Sq Feet Commercial Office in Gurgaon Sector-21, Budget-2Lac

Wanted 1500-1600 Sq Feet Commercial Office in Gurgaon Sector-21.

Budget- Upto 2 Lacs.

Send your Rental property to info@jaghey.com

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Sunday, 30 November 2014

Navi Mumbai International Airport Project-hit to pick relief scheme

MUMBAI: The Bombay high court on Wednesday said that local residents cannot halt the Navi Mumbai international airport project and must decide their compensation scheme option by October 6.

The HC order, significantly, paves the way for smooth and swift acquisition of over 670 hectares of land for the much-delayed project. The land would be used for the core airport area. If there are no further impediments, the first phase of the airport can be expected to be completed by 2018. The entire project will be on 2,268 hectares. The majority of the land is already in possession of the City & Industrial Development Corporation (Cidco), the implementing agency. The project will affect 3,500 families, for whom the state has set aside over 350 hectares for relocation and rehabilitation.

Disposing of a petition filed by locals seeking better compensation, an HC bench headed by Justice Anoop Mohta said, "There is no question of halting the project as it is in the interest of the public at large." V Radha, joint managing director, Cidco, was present in court during the hearing.

The HC order is crucial also because on October 14 the land acquisition scheme would begin to lapse, giving the project yet another jolt.

The petition, filed by 13 locals, sought improvements and transparency in the compensation package the state government offered in March. Their counsel, Sachin Shetye, said the challenge was not to land acquisition but to the "lack of fair opportunity for a fair compensation option" under the land acquisition law enacted last year. It was a representative petition on behalf of nearly 500 families whose lands would go for the project, he said. It sought more time to decide options.

Maharashtra's advocate general, Darius Khambata, said that not only was the state's option "fair", it was "amazing". This is the first time such a compensation option is being offered for a public project in the country and is expected to serve as a model, said the authorities. As per the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, the state may give project-affected persons options apart from what the law lays down. Thus, for the airport project, the state has given affected locals the option to accept a compensation package thrice the value of what the Act provides.

"Our scheme is crystal clear. The residents can reject the state's scheme and opt for the process provided under the 2013 law, but this (the attempt to delay the project by filing the petition) can't go on. No one is forcing them to accept the scheme," said Khambata.

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Thursday, 27 November 2014

Real Estate Investing.

Real Estate Investments Generate Passive Income - Getty Images

When you invest in real estate, your goal is to put money to work today and make it grow so you have
more money in the future. You have to make enough profit, or "return", to cover the risk you take, taxes you pay, and the costs of owning the real estate investment such as utilities and insurance.

In other words, once you understand the basics of the game, real estate investing really can be as conceptually simple as playing monopoly. Your goal is to buy properties, avoid bankruptcy, and generate rent so that you can buy even more properties. But "simple" doesn't mean "easy". If you make a mistake, you could find yourself broke or worse.

The 4 Ways Real Estate Investors Make Money

When you invest in real estate, there are several ways you can make money:

    Real Estate Appreciation: This is when the property becomes more valuable due to a change in the real estate market, the land around your property becoming scarcer or busier such as a major shopping center going in next door, or upgrades you put into your real estate investment to make it more attractive to potential buyers or renters. Real estate appreciation is a tricky game and is riskier than investing for cash flow income.
    Cash Flow Income: This type of real estate investment focuses on buying a real estate property, such as an apartment building, and operating it so you collect a stream of cash from rent, which is the money a tenant pays you to use your property for a specific amount of time. Cash flow income can be generated from well-run storage units, car washes, apartment buildings, office buildings, rental houses, and more.
    Real Estate Related Income: This is income generated by "specialists" in the real estate industry such as real estate brokers, who make money through commissions from buying and selling property, or real estate management companies who get to keep a percentage of rents in exchange for running the day-to-day operations of a property. For example, a hotel management company gets to keep 5% of a hotel's sales for taking care of the day-to-day operations such as hiring maids, running the front desk, mowing the lawn, and washing the towels.
    Ancillary Real Estate Investment Income: For some real estate investments, this can be a huge source of profit. Ancillary real estate investment income includes things like vending machines in office buildings or laundry facilities in low-rent apartments. In effect, they serve as mini-businesses within a bigger real estate investment, letting you make money from a semi-captive collection of customers.

How You Might Consider Purchasing Your Real Estate Investment Properties

There are several ways to buy your first real estate investment. If you are purchasing a property, you can use debt by taking a mortgage out against a property. The use of leverage is what attracts many real estate investors because it lets you acquire properties you otherwise could not afford, but it can be dangerous because in a falling market, the interest expense and regular payments can drive you into bankruptcy if you aren't careful.

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Circle rates- Circumventing market logic

Festive season is in the air and that's often good news for the real estate sector. Unless, of course, local governments decide to raise circle rates (also called guidance values or ready reckoner rates or whatever) to shore up revenues. These rates represent the government's estimates of market values upon which all taxes and duties are computed. Recently the government of Delhi increased their estimates across the board by 20 percent with more governments such as the government of Karnataka.

The concept of government having to estimate market values is itself unique only to a few emerging economies where people are loath to reporting true market values. The culture of under-reporting stems from either a desire to avoid stamp duties or to avoid having to disclose the source of income. In the absence of honesty, the governments have no choice other than to estimate themselves and force people to pay taxes or duties on these estimates irrespective of the reported transaction values

So how then do governments estimate market values? Do they use a scientific approach to determining market values? Does it make sense that all areas (like in the case of Delhi) are subject to a uniform increase even though it is apparent to any casual observer that some areas appreciate more than others? Do governments have people on the ground, who gather intelligence on where the action is and what premiums are being exchanged between parties? Do governments lower their estimates if the prices falls.

The IIM-Bangalore's real estate research initiative along with MagicBricks.com decided to examine whether the recent increase in Delhi's circle rates made sense given the current market conditions. We used Magicbricks' PropIndex for our current market values and made some assumptions for the purpose of illustration (Note: PropIndex is based on what sellers list their properties for and could be higher than what they would actually get). We focus on multi-storeyed apartments (> 4 floors) that are developed by private developers in 54 areas of Delhi with large number of property listings to warrant comparison between market values and circle rates. The following chart shows the difference between market values and the new circle rates for all 54 areas.

It is obvious from this chart that the new circle rates are higher than market values in almost 60 percent of areas in our sample! These areas matter most for revenue generation as they have the greatest activity. Also keep in mind that the market values we use represent the upper bound for what sellers would receive as they are based on listing data.

If we consider only listings of plots where this should not be an issue, we still find that the new circle rates in 2 out of 9 areas (or a little more than 20%) would have exceeded listing values. Clearly these numbers indicate that a simple rate increase without accounting for regional variations can cause more harm than good.

Buyers face a double whammy when market values are indeed lower than government's estimates. While they need to pay a higher stamp duty to the government for no reason, they also may need to keep a CA handy if the IT department comes knocking on their doors for registering at lower than "market values." Why then just bother? In their eagerness to set things right and increase government revenues, the authorities may have dampened motives for buying which could only hurt them back

It is not difficult to use scientific models to estimate market values that can better capture variations across regions. The IIMB's research initiative has developed one such model (it is quite common in several major economies to use such pricing models) that uses a host of property and location attributes to determine prices.

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Monday, 24 November 2014

Magic Of Real Estate- Market Risk

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Navi Mumbai airport will be Operational in December 2018.

City and Industrial Development Corporation (Cidco) plans to start the pre-development work, including relocation of power transmission lines and reclamation of land site, for the Navi Mumbai airport from January.

The work, expected to cost Rs 2,000 crore and take a year to complete, will commence after the completion of land acquisition later this month. According to Cidco’s planning, the first phase of the Rs 14,500-crore Navi Mumbai airport will be ready by December 2018.

“Our officials are fine tuning the details with the Indian Institute of Technology,” said V Radha, CIDCO’s joint managing director. Sources said bids for the pre-development work will be issued next week.

The work includes reclamation of marsh land, increasing the level of land from 0-2 m to 5 m above mean sea level, flattening of hillocks, diversion of the Ulwe river and relocation of power lines. The pre-development work will be funded by Cidco, and the cost will be included in the total project cost.

Cidco is likely to opt for underground cable network in the airport area, instead of merely relocating overhead transmission lines through an alternate patch of land. This is because underground cabling will not require much land. A final decision is yet to be taken.

“Tata Power has got four lines of 220 KV/110 KV passing through the area. We have given two options to Cidco — either divert the lines away from the zone of the airport or convert them into underground cable system, bypassing the airport zone. Tata Power would prefer the option of diversion since in that case, the lines can later be upgraded, whenever required. However, in public interest, we will accept the option of underground cable system,” said a Tata Power spokesperson.

Mumbai’s second airport project has been delayed owing to environment clearance issues and land acquisition problems. However, in a positive development, the Bombay High Court last week directed project-affected persons to accept the compensation plan offered by the government by October 6. Cidco expects the land acquisition process to be complete by October-end. Bidders, too, have to submit the request for qualification documents by October 30.

About 671 hectares of private land is still to be acquired, and officials are hopeful of completing the process by the end of this month. The project's total land requirement is 2,268 hectares. About 1,160 hectares will be used for aeronautical purposes (construction of terminals, runway, taxiway, etc).

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Wednesday, 8 October 2014