Property Buying
The steep rise in property prices over the past three-four years, particularly in larger cities such as Mumbai, has placed one category of homebuyers in a very fortunate situation. Those who booked yet-to-be-constructed flats three or four years ago, made payments over the past few years at the old booking rates and are now getting [...] Continue Reading »
According to the current law, properties can be acquired for road-widening only under TDR.Transfer of Development Rights (TDR) is a certificate from the Municipal Corporation that the owner of a property gets where his/her property (either part or whole) is reserved for the purpose of public utilities such as road, garden, school etc. TDR can [...] Continue Reading »
Though the availability of resale units has been rather limited in Central Business District (CBD) areas, demand always exists from the location specific homebuyers. The demand for resale units is high particularly in areas like Lavelle road, Richmond road and Cunningham road, says Rebekka Ninan of RNU Partnership. The demand for resale apartments in and [...] Continue Reading »
Obtaining khatas is known to be an ordeal in itself. In the past, several residents in Bangalore have narrated stories of how much money they doled out to get a khata. Residents of Suncity Apartments on Sarjapur Road narrate their exhaustive khata registration experience and how they got through it by sticking together. They also [...] Continue Reading »
The budget 2010-11 had imposed 10 per cent service tax on under construction property. The property is considered “under construction” till the builder receives a “completion certificate”. According to Source, Service Tax is applicable only on property under construction or where a completed building has not received its occupation certificate. If the entire amount for [...] Continue Reading »
