How to register your property in Bangalore

Investment in property requires a cautious approach. An important part of the procedure to follow (while buying a property) is its registration. It is good to be aware of the registration process in great detail and accuracy.

For example, if you are investing in new projects in Koramangala, it is the Department of Stamps & Registration of the Karnataka Government, which will handle the complete document registration process. The same authority will issue you the certificate of registration too.

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We discuss steps to be followed focusing on factors like when, why, how, and a checklist required for registration of the property.

When should you apply for registration of the property?

At the time of transfer of ownership of an immovable property, you need to apply for registering the property documents with the concerned authority. The scope of transfer of ownership rights includes gift deed of immovable property, lease, transfer of property in consideration, besides buying and selling contract of the property. In other words, if you are investing in one of the existing projects in Koramangala, you will need to register the document.

Is there a time limit for registering the property? 

Why you need to register the property is for legal validation in owner’s name. Therefore, it is important to register the documents immediately, so that you are the legally recognised owner of the property at the earliest.

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Officially, you have a window of four months from the date when you sign the property papers. You have an option to register it after four months too, but with a penalty. The penalty amount is hefty, more than 10 times the registration fee to be paid. However, this extension window (of another four months) is subject to permission of the District Registrar. After eight months there is no further scope.

Procedure for registering the property

You are required to publish the exact value of the property on a stamp paper. You can buy it from licensed stamp vendor shops. Make sure the paper carries details of the vendor like address, signature, along with a treasury seal.

You can apply for registration in the sub-registrar office in the district location of the property purchased.

Charges while filing for property registration 

You need to pay the stamp duty at time of registration. There is also a registration fee attached. The usual rate of stamp duty is 5% of the total value of the property plus taxes. Registration fee is 1%. 

Checklist 

You need to have the following documents in order for verification purposes:

  • Original property papers
  • Building plan approval
  • Proof of seller acquisition of the property
  • Encumbrance certificate of the property
  • Proof of no litigation on the property
  • NOC from revenue offices and municipal authorities
  • Proof of validation of the property as per Public Policy under section 22 A of the registration act of 1908
  • Proof of government permission on land on which the property is constructed

If you want to know more about new projects in Koramangala just visit property.sulekha.com

 

 

Apartments or plots, which are better for investor’s?

Real estate investment offers a lot of choice now. It is not easy to choose between an apartment and a plot. What makes for a better investment option? Multiple points have to be considered to arrive at the best decision. Because both options have merits and de-merits of investment. It depends upon you personal requirement, budget, as well as time and effort. We explain these points below.

Advantages of buying an apartment

It is far convenient to buy an apartment. You have a ready choice. It means you don’t require hiring an architect. You will not be required to take legal permissions or liaison with local bodies to build a home. There is no need to haggle with contractors. Your project developer will take care of different requirements. You will only be presented with a perfect home of your choice.

The administration part of it will also be taken care of. You don’t have to worry about electricity or water supply connection, maintenance, security, or added facilities. In the nutshell, you are presented a ready package, which includes most of the things you want as a part of your lifestyle.

Advantages of buying a plot

Plot is a vacant piece of land. It means you have an option to build a home as per your exact requirement. You can design it the way you like. Another benefit is you can supervise the whole construction process. In other words, you can oversee the use of material used in building the house and also oversee any changes required, during the course of construction.

A major plus is ready possession. Plots are usually ready for possession. You will get the plot ownership before the flats are ready.

plots-sarjapur-road

Comparative analysis

Your investment in a plot is likely to fetch you better returns. One reason is you have control over the input cost of building a home. Also, a single house construction will cost less than building the complete structure. A project developer is expected to cover the high cost of construction of apartments from home buyers only.

If the market situation is skewed towards the seller then, plot owners are expected to get better profits. The value of plots rise faster than apartments costs. It is often we come across a situation, in which, the price of apartments become stagnant. Remember, you have already purchased the property at a high cost, so the profit margin is not high if you decide to sell it.

If you choose to buy a plot, you won’t have the comfort of having a ready to move in place, which an apartment offers.

Whatever your final decision is, it is good to search on the internet to do a quick comparison. If you key in plots in Sarjapur, your screen will show multiple options, giving you the exact rate of constructing a home on the land. The area of the plot is also clearly mentioned to visualize your new home.

Lowest price of Industrial land for sale in Pune

Pune is vibrant with real estate actions and the city is extending its borders to accommodate new commercial, residential and industrial areas. Pune, recognized as Maharashtra’s ace city, is endorsing rise in new business actions like the IT, ITES industry and BPO sector.

The prime areas of the city like, Hinjewadi, Deccan Gymkhana, Koregaon Park and Model Colony command the maximum real estate values in the city. Hence, property searchers have choice to apartments, land and find flats in new areas like the Kalyani Nagar, Camp, Shivaji Nagar, FC Road, Wakdewadi, Nagar Road and JM Road. The area enjoys closeness to the railway station and airport and is also close to the luxurious market residential areas of Koregaon Park and Kalyani Nagar. These are the areas, which offer accessibility of land; the most serious factor funding to the real estate costs. If you are looking out to find industrial land in Pune, it has become very easy today with sites like Property.Sulekha.com.

Commercial real estate in Pune

Commercial properties at the western part of Pune are active with real estate activities. Approximately all the big IT companies of India have released their software development services in the area. International IT is also seeking for commercial property in the area quite destructively.

The positive completion of every project not only proven Pune among the most sought after sites for technology majors but also catalyzed the profitable real estate development in the city. Find industrial land in Pune and start the business is now becoming a trend.

pune

Residential real estate in Pune

As per the industry assessments, Pune would want as many as 40,000 residential properties each year to meet its housing necessities.

To hold the same, the Maharashtra government has now given support to private real estate designers for inaugurating fully combined townships in Pune, under the Public Private Participation (PPP) model.

Pune is still taken as a protected substitute for interest in private realty, and has pleased in a consistent year-on-year thankfulness rate. Mainly for the individuals who are different to high hazard assumptions, property in Pune is a grand alternative! It is to a great amount considered a ‘mid-portion’ arcade, and up and coming actions in Pune like townships are in unbelievable interest.

The city with its booming economy offers wonderful employment opportunities and success of Finance industry IT and Banking and further generates the financial setting of the city. Several hundred people set up their housing base in Pune and look for belongings in accordance of their needs. Find industrial land in Pune and stay there is one of the main reasons of the population of Pune.

How to make profit investing in Land

An investment in real estate is considered a safe bet by a majority of Indians. Whether it is a small plot or a 2 BHK apartment or a commercial space, there are many ways in which a real estate property can be made into a profitable investment. While a residential property can be sold or rented out to make an income as there is more demand for such properties, investing in land requires more caution. There are many pitfalls that an investor needs to avoid while buying a land as investment according to Sulekha Properties.

Purpose and type of land

In what type of land you want to make the investment depends greatly on what you want to do with the land. You may want to buy a raw land, develop it, and sell it for a profit. Or, you may be looking for an industrial land that you can rent or lease. Unless you have a clear idea of how the land is going to be profitable, there is no point in investing it. Finding the best use for the land is important. For example, you may see an advertisement for land for sale in Pune. You need to know what the prospects are if you invest in that property and whether it can bring a profit with the intended use.

Location

As important as the purpose of land is the place where it is located. The location of the property must be beneficial for high returns from the land. A lot of property buyers make the mistake of buying land at the wrong place and then struggle to get rid of it, even for a loss. For instance, an investor buying a plot in a business centre to develop into a residential facility will have difficulties in finding takers. People prefer to live in residential areas rather than in busy commercial zones. Hence, it is essential to select the location based on the purpose of the land.

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Another consideration while choosing the location of the land is the availability of infrastructure and general amenities. Whether the land is to be used for commercial or residential purpose, it is important that it has access to transport, communication, power, water, and other facilities. If the area you have chosen lags behind in these parameters, at least make sure that there is scope for growth in the future. Otherwise, you will be making a dead investment.