The most important things to keep in mind while purchasing a property

Man thinking property

 

Choosing Property :
Do a thorough research on the house you want to buy. This includes the background check of the builder, comparing property rates, and property consultation, if needed.

Brokerage Fee :
The brokerage fee varies between 1%-2% of the value of property or a pre-decided amount.

Costing :
Your total amount includes the sum of the cost of components like car parking costs, advance maintenance collections, etc. You budget needs to consider these along with stamp duty and registration fee, which will be a percentage of the total price of the apartment. 

Freehold Versus Leasehold Property.

Freehold property

Strictly speaking, there is no property for which “Freehold” term can be used because nobody can be the owner of land. Ownership of each and every land is vested with the state. It is the nature, character and duration of the rights, title and interest enjoyed by the owner which makes a property “Freehold” or otherwise. When a person enjoying ownership rights over land enjoys unrestricted and absolute right, title and interest in the property, without any limitation of time/tenure, then the property is said to be freehold. Such right can be acquired by inheritance, will, gift or outright purchase. 

A person enjoying such ownership rights can use the said land as one wishes, within the parameters of the prevailing State laws. Further, one can transfer, convey one’s her rights, title and interest in the said property by way of sale, gift or will to another person.

Leasehold property

A person enjoying ownership rights over a freehold property can convey certain rights, as per agreed terms and conditions, and for a stipulated period, against some consideration, to another person to use the property strictly as per the agreed terms and for the specified purpose only. The person enjoying the ownership rights is called “Lessor” and the person acquiring the right to use the property is called “Lessee.” Here, the ownership rights remain with the lessor only. The lessee gets right to use the property for the stipulated period.

Thus, limitation of time and purpose are the main difference between freehold and leasehold property. In former, the ownership rights are enjoyed without limitation of time and for any purpose but in leasehold property the lessee gets right to use the property for a specified period and for specific purpose(s) only.


Vastu should be kept in mind while Constructing a New House.

Vastu Shastra is meant to bring joy and happiness in everybody’s life. Before starting the construction of the house, clean up the plot and clear any thorny bushes and plants.

Only new material should be used for the construction of the building.

Tree plantation in N-E corner should be avoided.

The house should be equipped with the protective wall.

The main entrance of the house should not be in front of that of the opposite house.

Windows and doors must be in North or East direction

One must paint his/her house in light colours avoiding red and black for bringing prosperity

There must not be 5 corners in the house and if you have fifth corner, then it must be on ishan side

Doors must be opened at inner side of the house not at outer side as it brings luck and positive energy in the house.
The cupboard in the wall should be the Southern or Western part direction of the house.

 

Delhi’s Connaught Place 4th costliest office location in world

NEW YORK: Five of the six most expensive office areas in the world are in Asia, as demand by global companies to locate their outstripped the supply, according to a semiannual report released on Thursday by real estate services company CBREInc.

For the third consecutive time, Hong Kong’s Central business district had the highest overall occupancy cost, which includes local taxes and service charges. Hong Kong’s Central averaged $235.23 per square foot annually at the end of March, leading London’s West End at $222.58. Beijing’s Finance Street followed at $195.07 per square foot with Beijing’s central business district right behind at $187.06.

“Demand is coming from a lot multinational corporations who want to place a stake into these developing economies,” said Raymond Torto, CBRE’s global chief economist. “When they look around some of these cities, they want to be in the best locations because there’s not a lot of good infrastructure. You want to be close to other businesses. You want to be close to transportation. And you want to be in a quality property.”

Meanwhile, supply is muted by either height restrictions or ownership in which even in the best buildings separate floors can be owned by different landlords. That restricts opportunities to upgrade a building and can limit the availability of contiguous space, he said.

At No. 5 New Delhi’s Connaught Place’s occupancy cost was $178.96 per square foot with Hong Kong’s West Kowloon area at $173.90, according to the report that covers 127 markets around the globe.

Moscow, Tokyo’s Marunouchi/Otemachi district and London’s Central City followed with Midtown Manhattan making 10th place at $120.65 per square foot.

Jakarta saw the biggest increase, with occupancy costs jumping 38.9 per cent compared with a year earlier. Two of Houston’s office areas also made their way into the top five areas where occupancy costs increased the most. In suburban Houston, occupancy costs jumped 21.2 per cent to No. 2. Houston’s downtown occupancy costs rose 14.9 per cent, fourth behind downtown Boston, where occupancy costs rose 15.4 per cent.

Globally, occupancy costs rose by 1.4 per cent.

‘DLF-HUDA road project doesn’t have green nod’

GURGAON: The National Green Tribunal informed by Haryana State Pollution Control Board (HSPCB) that the road-widening project of DLF and HUDA in Sectors 55-56 of Gurgaon, which is embroiled in controversy over cutting of trees, requires environmental clearance (EC). 

A vacation bench of the NGT headed by Justice P Jyothimani directed the HSPCB to file an affidavit stating that the project, near National Highway 8, requires environmental clearance, after real estatemajor DLF claimed the pollution control board’s stand was “manifestly wrong in law”. 

The National Green Tribunal (NGT) on Thursday held a fresh hearing on the petition filed by the residents of the National Media Centre, regarding the uprooting of several trees on their premises by HUDA and DLF to widen a sector road. 

In the hearing, the Haryana Pollution Control Board informed the NGT that DLF-HUDA’s Sector Road Expansion needs Environment Clearance, which has not been sought so far. The counsel appearing for the HSPCB, the State of Haryana, and District Commissioner, Gurgaon, stated on record in the court that the entire project requires environment clearance which has not been taken yet. He also said that no Environment Impact Assessment (EIA) report from any competent authority was sought for or got done by either HUDA or DLF. The counsel admitted that there is a need for conducting the environment impact assessment. 

The court directed the HSPCB to file an affidavit on the same and also directed it to ensure and monitor that the NGT direction of not cutting down a single tree in the area, should be adhered to in letter and in spirit. 

The NGT also suo motu brought in the National Highways Authority of India (NHAI) as a party and issued notices to it to specify whether this sector road fell under Category A or Category B in the Schedule to the EIA notification of 2006. A copy of the order is with TOI. 

The vacation bench of Justice Jyothimani said that the tribunal was unable to arrive at any conclusion at this stage as to whether the activity questioned in the present matter pertains to widening of the National Highway or the sectoral road. The bench accordingly directed that National Highway Authority of India be impleaded as respondent. It directed all the Respondents including NHAI to file their reply before the next date of hearing on July 10. “The case the NGT has managed to put some restraint on the DLF-HUDA combine which has so far brazenly continued with indiscriminate felling of trees based on a permission granted by the Divisional Forest Officer Gurgaon to cut down 1,057 trees between Shankar Chowk and Sector 55 and 56 of Gurgaon. It should be noted that DFO’s permission has itself been questioned by the Green Tribunal,” said a petitioner. 

“The NGT’s direction of not cutting down trees will provide some relief to the numerous RWAs and other entities living along this ill conceived and badly planned sector road, being expanded in the guise of road widening but actually aimed at connecting various commercial buildings owned by the private builder,” he said.

Super Area, Build Up Area and Carpet Area.

# Carpet area is the floor space you see when you look at the home.

# Build up area is the floor space that you see and the space covered by the walls of the flat. The build-up area is 15% more than the carpet area.

# Super built up area includes the built up area, the common usable spaces like stair cases, corridor or lifts. It is 25% more than built up area.