PLAN WELL FOR A PERFECT HOME

PLAN WELL FOR A PERFECT HOME

To own a shelter is everyone’s ambition. Some may own a home when they are very young, many when they are young, and a few when they are not so young. There are numerous people who do not have their own shelter. They pass their lives in rented premises. Through proper planning anyone can achieve the ambition of owning a comfortable house.
The concept of construction is a little complicated one. It is, therefore, necessary to understand the basics of house construction before embarking on your dream project.



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LOCATING THE LAND

When you decide that you need a house, you then need to find a good plot of land. Always remember three important points. They are Location, good location and best location. Before deciding on the plot, you have to make a survey of various plots and then select a suitable of your choice. If you do not like the position or shape of a land, do not buy it. If you exert a little more, you will definitely find a suitable piece of land at a convenient location.



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ENGAGE PROFESSIONALS

It is always advisable to engage professionals to get quality work and its timely completion. Architects, civil engineers, structural engineers, real estate agents, banks, plumbers, electricians and building contractors contribute a lot in shaping your dream house. You have to select the right people to carry out the work. Engaging professionals will be a little bit expensive, but it will ensure that you do not have to face problems in the long run. If you do not wish to spend money on the professional, you may save a portion of the project cost but in the long run you might face problems.

Purchase of Land

Once you have selected a piece of land and decided to purchase it, your advocate will take care of all the legal aspects of the land as to its title and genuineness, and prepare a document called Agreement to Sell to be entered in to between the purchaser and the seller. Agreement to Sell is a very important document particularly for buying a property. The period between the Agreement to Sell and the Sale Deed is a crucial period for the purchaser. An eminent advocate,who has long experience in property matters, must deal with such important matters. Most importantly you should not follow a ready-made model agreement or sale deed, or engage a real estate agent or a job typist, as some people do. You may save some money but in the long run particularly when you plan to sell the property; chances of facing acute problems cannot be ruled out.

Vaastu Shastra

The concept of building a house on Vaastu principles has become very popular. Vaastu Shastra is the science of construction. In the present times it has assumed a distorted meaning. People attribute Vaastu to good luck and bad luck.

Whether you believe in Vaastu or not, it is advisable to construct the house on Vaastu principles, since an adverse remark on the location of the rooms might psychologically affect the owner if something untoward happens in the future. The main door, pooja room, kitchen, bath room, toilet, storage space, bed rooms, overhead and underground water tanks and septic tanks must be according to Vaastu Shastra, particularly so when you put up the house for sale at a future date.

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House Plan

Making a plan is very important. It is the first step in the entire process before the construction work starts. Once you settle on a budget and spell out exactly what you want, the professionals can take over. The architects will assist you in designing your home, right from the hall, kitchen and bathrooms of the house. The rooms are so designed that they are proportionate to the area available for construction. From the design you can see how each room will look. You may change the plan as many times as you like before making the final drawing. Once the final drawing is prepared it should not be changed. The architect makes the plan with the future in mind. You may do the construction work in stages depending on your budget. If you have money to construct only the ground floor you may do so. You may or may not construct additional floors but it is a must to have a total plan for two or three floors as per the floor area ratio (FAR). Constructing a house without a plan will cause many problems in various stages of construction. Do not take the advice of illiterate ‘maistries’ who do not know the problems that might arise in the future.

Elevation

While planning the house you have to make certain provisions for exterior elevation and interior decoration and furnishing work. These add value to your house for ever. 

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DEVELOPING THE PROPERTY THROUGH JOINT VENTURE

DEVELOPING THE PROPERTY THROUGH JOINT VENTURE

Urbanization has accelerated migration of people to the nearby cities in search of jobs and other means of livelihood. This increased influx of population to the cities has in turn created paucity of residential accommodation. The employees prefer to have accommodation near their job centres for obvious reasons. This has resulted in vertical growth of cities instead of lateral growth. Vertical growth saves lot of land and can accommodate a large of number of families in a limited space. But, vertical development of land requires heavy investment which an individual cannot generally invest and thereby the joint venture activities. 

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What is meant by Joint Venture? 

The words “Joint Venture” is described as “a business activity by two or more people or companies working together”. Many times an individual may own some land, but may not have funds to fully exploit it. Similarly a builder/developer who has resource may need some land to employ his resource profitably. For vertical development of land which comprises of a number of flats lot of money, manpower and expertise are necessary all of which an individual cannot possess. More over, unlike in the case of construction of independent house, the group housing or construction of apartments is more complicated. It requires approval from various agencies like water supply board, sanitary department, electric power supply board, Airport Authorities, Pollution Control Board, Survey Department, Telephone Department, etc. The group housing project also has to get through a much stricter compliance of procedure for obtaining project loans from the banks. 

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Thus, for a joint venture project, the owner and the developer join hands to develop the land for the benefit of both. To avoid the likely disputes, misunderstandings between them and for smooth completion of the project, they enter into a Joint Venture Agreement wherein details of the terms and conditions are spelt out in unambiguous terms. The development agreement must be in writing and needs registration. 

What does a Joint Venture Agreement contain? 

A Joint Development Agreement generally contains the intention of the parties to develop the land, sourcing of funds, time schedule for completion of the project, apportionment of the developed property/flats between the land owner and the builder, commitment of the promoter for adherence of the statutory requirements, expenses to be borne for getting the statutory permissions of the competent authority, finding the prospective purchasers, common areas and facilities specifying the percentage of undivided interest in the common areas and facilities available to each flat owner, type of use of the apartment building, penalties for non-adherence of the terms and conditions by the parties etc. In short, the Joint venture agreements clearly stipulate the duties and responsibilities, obligations and rights of land owner and the builder. 

PROCEDURE FOR JOINT DEVELOPMENT: 

After examination of the property of the land owner, the developer puts forth his intention to develop the property. This offer basically consists of the percentage of the built up area which shall be offered to owner towards cost of the land and the amount of refundable or non-refundable security deposit to be deposited by the developer with the land owner. The percentage of area or flats offered to the owner is arrived at after taking into account several factors such as cost of the land, cost of construction, escalation in cost of construction, cost of obtaining approvals for the building, marketing and administrative expenses and most importantly the selling price of apartments in that area. 

If the offer is attractive, the land owner will give his acceptance and hand over a copy of the title documents to enable the builder to get the same verified by his Advocate. 

If the builder’s Advocate approves the title, a draft copy of the Joint Development agreement laying down the terms and conditions of the development is given to the landowner who generally gets it vetted by his Advocate before giving his consent.

Upon finalization of the Joint Development agreement, the same is registered upon payment of the prescribed fees. This agreement is signed by both the builder & land owner and thereupon the builder pays the first installment of refundable security deposit to the landowner. Along with the Joint Development Agreement, the landowner also gives a Power of Attorney to the Builder to enable him to apply for various approvals needed for the construction of apartment building and to sell the apartments falling to the share of Builder. 

The builder gets the plan prepared by an Architect taking into account the requirements of the landowner. Once the plan is ready and approved by the landowner, the same is submitted for approval of the Government authorities. All the procedures, formalities and costs for approvals are taken care of by the builder. 

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CONSIDER THE LOCATION BEFORE INVESTING IN PROPERTY

CONSIDER THE LOCATION BEFORE INVESTING IN PROPERTY

Location of the property is the first and the foremost priority while investing in real estate. Then, which are the second and third priorities? It is again, location, which is the basic concept in property investment. Selecting a property situated at a convenient and suitable location will result in appreciation of its value and this in turn satisfies you, for having invested in such a property.

The location of the property depends upon the purpose for which the property is purchased. Thus, in case of purchasing property for self-occupation, a residential locality not far away from the heart of the city is preferable and in case of purchase of property for commercial purpose, it is very important that the property is to be situated in a place which is easily accessible to the public. One should not yield to the pressure created for purchasing a property at a cheaper price. Instead, one should ensure proper verification and examination of documents with extraordinary care before committing oneself. It is advisable to select properties situated in the layouts approved by the competent authorities, which, in turn would enable you to avail all the facilities within the layout. It is also important that the area should have basic facilities and civic amenities to ensure better enjoyment of the property.


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The very purpose of opting for a property that suits one's convenience is to have proximity and accessibility to work place, schools, market place, hospitals, railway station, bus station and recreational centers. Apart from this, the locality should have adequate banking facility, frequency of public conveyance, other modes of transport, availability of public telephone booths etc. Lastly, a location with less pollution is preferable. Low-lying areas should be avoided as they get inundated during monsoons.

Decent location

Now, coming to the people residing in the vicinity, emphasis should be on an area inhabited by decent, educated and cultured people with a cosmopolitan outlook, which plays a major role in the personality development of an individual. One has to ensure that the area is not housed with anti-social elements who create social disharmony. In order to avoid noise pollution, it is necessary to verify whether any factory or workshop especially, the ones which work in night-shifts are situated in the immediate neighborhood. Further, the property located close to highways or heavy traffic areas are better avoided.

Facilities like public parks/gardens for morning or evening walks should also be considered. However, apart from all the above aspects, the size of the plot to suit your pocket and the permitted FAR (Floor Area Ratio) are necessarily to be considered.

Vaastu of the property

The concept of Vaastu plays more of an emotional role rather than having any scientific basis, since it is subjective and solely depends upon individual beliefs and preferences. Nevertheless, people still seek Vaastu shastra before opting to own or constructing a property. Keeping in mind appreciation in value and the feature sale it is better to ensure that the property is as per the Vaastu guidelines.


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Value of the Property:

Another important factor to be considered at the time of choosing a property is regarding the resale value. This naturally depends upon the location again. A developing area is preferable than a developed area, since the market value in the developing area is comparatively low and value appreciation is more.

Non-availability of parking space and traffic congestion will have a negative impact on the value of the property. Accessibility to the railway/bus stations, airport, star hotels and availability of infrastructure facilities play an important role. 

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DOCUMENTS REQUIRED FOR SCRUTINY BEFORE PURCHASE

DOCUMENTS REQUIRED FOR SCRUTINY BEFORE PURCHASE

Documents required in connection with the purchase of property will vary from case to case. In general the following documents are required to be verified before purchase of any property to ascertain the valid title of the vendor. In certain cases, a need may arise for verification of additional documents, in addition to the above, to finally conclude the valid title of the vendor.

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(A) For purchase of BDA property (formerly CITB)

1. Allotment Letter.
2. Receipts for payment of site value.
3. Lease-cum-Sale Agreement.
4. Possession Certificate.
5. Absolute Sale Deed
6. Khatha certificate from the BDA
7. Tax paid receipts from the Bangalore Development Authority.
8. Khatha Certificate from Bruhat Bangalore Mahanagara Palike (if it comes under Corporation Revenue Jurisdiction)/Tax paid receipts from Bruhat Bangalore Mahanagara Palike.
9. Encumbrance Certificate from the date of allotment to the date of possession.
10. Re-allotment Letter / Re-conveyance Deed if property re-conveyed by the BDA.

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(B) For purchase of site within jurisdiction of BMRDA/Private Layout

1. Valid Conversion Order issued by the Deputy Commissioner.
2. Conversion amount paid Receipt.
3. RTCs for 30 years issued by the Village Accountant
4. Tax Paid Receipts issued by the Village Accountant
5. Documents of ownership
6. Mutation Register Extracts
7. Akarband/Tippani/Podi Extracts
8. Surveys/Boundary Map
9. Village Map
10. Nil Tenancy Certificate
11. Confirmation from the competent authority that there are no acquisition proceedings.
12. Lay-out Plan Approval by the competent authority.
13. Release of site order
14. Khatha Certificate issued by the Revenue authority wherever applicable.
15. Latest Tax Paid Receipts
16. Encumbrances for the last 30 years
17. Validity of the Power of Attorney

(C) For purchase of Agricultural Land

1. Origin of the Property
2. Flow of Title
3. Mother / Parental Deeds
4. Index of Land and Records of Rights
5. Grant Certificate if any / Saguvali chit
6. RTC/Phani extracts from 1967 onwards or for the last 30 years
7. Relevant Mutations Extract
8. Endorsement from competent Authority confirming that there are no acquisition proceedings.
9. Village Map
10. Survey map
11. Akarband, Tippani, Podi Extracts
12. Relevant Sale Deeds.
13. C.D.P. pertaining to the area.
14. 79 A & B Certificate under Land Reforms Act.
15. Land Tribunal Order, if any.
16. Certificate for change of survey number, if any
17. Nil Tenancy Certificate
18. Latest Tax Paid receipts.
19. Encumbrance Certificate for the last 30 years.
20. Family Tree of the Vendor
21. Phani of the vendor
22. Endorsement from Tahsildar that the land does not fall under “ S.T. & S.C. Grant ” or “ Inam ” category.

(D) For purchase of an apartment/flat:

1. Mother deed to trace the origin of property including all other relevant conveyance deeds to trace the flow of title. Normally, a title documents for a minimum period of 30 years is required. In certain cases, the title deeds for a longer period may be required.
2. Betterment charges paid receipt wherever applicable
3. Khata Certificate and Khata Extract wherever applicable. In BBMP area, computerized Khata Certificate and Khata Extract are required.
4. Sanction building plan from the competent authority
5. Latest tax paid receipt
6. Encumbrance Certificate for the relevant period [upto date]
7. If it is basically converted land, then Conversion order, Zonal Regulation Map, RTC from 1967 to till date, mutation records, I.L. and R.R. records, Nil tenancy certificate, Nil acquisition certificate from the competent authority, endorsement from the Tahsildar confirming that there are no pending cases under Sec. 79-A and 79-B of Karnataka Land Revenue Act, Village Map, Survey Map, Tippany, Akhar Band, Atlas, Approved Layout plan and the sketch indicating the particular site on the survey map.
8. In case of high rise building, permission obtained from Airport authority of India, BWSSB, BESCOM, Telecom, Fire Force, Pollution Board
9. Commencement and occupancy certificates.

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Real Estate / Property Matters & More specifically our areas of practice include:

Real Estate / Property Matters

The Real Estate team of Universal Legal consists of specialist lawyers advising on structuring, negotiating, documenting and executing real estate transactions. Members of our team have assisted developers, landowners, corporations and private clients in connection with acquiring, selling, leasing and licensing Industrial, commercial and residential property.



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More specifically our areas of practice include:

    Acquisition, sale and disposal of property, whether carried out individually or through real estate companies and/or funds
    Real estate funds
    Construction, development and re-development projects
    Project finance
    Special Economic Zones
    Specialized contracts, commercial or hotel related projects
    Leases, licenses, agency, property and facility management
    Business conducting and revenue sharing arrangements
    Due diligence and title certification


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Banking and Finance

Banking and restructuring have been core practice areas of our Legal Firm�s High Court Advocate and Supreme Court Advocate. The High Court Advocate and Supreme Court Advocate in our Legal Firm provide legal advice & legal services in India for Debt Recovery Tribunal, Credit Debt, Debt Management, Debt Relief, Debt Advice, Debt Solution, Debt Settlement, Bad Debt, Debt Consolidation, Debt Recovery, Debt Collection, India Debt, Debt Equity, Debt Ratio, Debt Market, Debt fund, OTS: One Time Settlement & NPA: Non-Performing Assets


The High Court Advocate and Supreme Court Advocate in our Legal Firm advice clients on drafting of various banking documents and provide legal opinions on various law related matters and represent them in the courts of Delhi, Mumbai, Guwahati and Bangalore.

Banking Law covers a wide variety of topics relating to the regulation of banks, bank officials, and non-bank institutions that offer bank services. It involves such issues as deposit and trust accounts, state laws that protect consumers financially, the prohibition against discrimination in the allocation of credit, electronic banking and fund transfer systems, limitations on the disclosure of confidential financial information, and credit card agreements and services.

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Intellectual Property Law

The Intellectual Property, Communications and Technology team at Universal Legal have advised both national and international clients in identifying, protecting and enforcing their Intellectual Property (IP) and Information Technology (IT) works. Our IP practice is broad ranging, from all aspects of patent, trademark, and copyright law and related aspects of IP law. Members of the team undertake full range of IP services including procedural filings, registrations, searches, inspection, protection & enforcement, negotiations, licensing, assignments, franchising, advise and representation in all types of IP claims, disputes and litigation.

Corporate & Commercial Matters

The Corporate & Commercial team of Universal Legal has advised on a number of diverse transactions. Members of our team have acted on behalf of venture capitalists, private equity funds, banks, financial institutions, acquirers and sellers in transactions. We have provided on-going support to our clients at all stages of a company's activities from incorporation, business development and restructuring. Further, we have also represented clients in structuring, drafting, negotiating and finalizing of transaction documentation.

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TIPS FOR PURCHASERS OF IMMOVABLE PROPERTY

TIPS FOR PURCHASERS OF IMMOVABLE PROPERTY

1. Invest your hard earned money in projects promoted by renowned developers having proven track record. Do not go by glossy brochures or attractive advertisements. Do not believe the words, ‘Financial Institutions approved Projects’.

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2. Check up the documents with an experienced Advocate. Ensure that the documents of title of the property you intend to purchase are clear. Defective title will create problems at any point of time. 

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3.Always go for a property, which has a resale value. 

4.Ensure that the building has been constructed as per the sanctioned plan and if there are deviations they should be within the permissible limit. The property should not be in a low-lying area or in a filled up water body 

5. You may always rope in the services of a reputed real estate agent and fix his commission well in advance. 

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6. Purchase the property in a developing area. The value of land will appreciate. 

7. If you prefer a ready-to-occupy Flat, locate it off the main road on a wide street with adequate water supply away from cinema hall, marriage hall, open drain, factories and place of worship but not very far from school, college, commercial complex, temple and hospital. 

8. If you buy the Flat/Building under construction, visit the work site regularly and see the work progress. 

9. You may not be a Vaastu believer, but purchase House or Flat or land that is Vaastu-friendly from resale point of view. 

10. If any one offers flats/sites for a cheaper rate than the prevailing market rate, there may be certain hidden problems. So you should be extra careful on finalisation of such a property. 

11. Ensure that the developer has Clearance Certificates from government departments, viz., Electricity Board, Water and Sewage Board, etc.. 

12. Commencement Certificate and Occupancy Certificate are other important documents that are necessary while buying the flats. 

13. Check up the genuineness of the documents with the concerned authorities in person. 

14. Ensure Agreement for Sale and Sale Deed, duly stamped, executed and registered are in your possession. Both should contain fair clauses for both the parties. 

15. In case of flat purchase, specification of the building, including material used, difference between the carpet area and the super built-up area are the important factors to decide the rate. Other facilities like Club House, Swimming Pool etc., also will have to be considered. 

16. Check whether there is adequate water supply and sanitary line facility. 

17. In case of GPA transaction ensure the validity of GPA. 

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Documents Required

The Documents required for scrutiny of the title will vary in each case. In general the following documents are required to verify the title deeds of the property. However, based on these documents, further documents will also be required to come to a conclusion. 

Documents required for purchase of BDA property (formerly CITB) 

1. Allotment Letter. 
2. Receipts for payment of site value. 
3. Lease-cum-Sale Agreement. 
4. Possession Certificate. 
5. Absolute Sale Deed
6. Khatha certificate from the BDA
7. Tax paid receipts from the Bangalore Development Authority. 
8. Khatha Certificate from the Bangalore Mahanagara Palike (if it comes under Corporation Revenue Jurisdiction). 
9. Tax paid receipts from the Bangalore Mahanagara Palike. 
10. Encumbrance Certificate from the date of allotment to the date of possession. 
11. Re-allotment Letter / Re-conveyance Deed if property re-conveyed by the BDA. 
12. Documents to prove why BDA re-conveyed the property. 

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INVESTMENT IN REAL ESTATE IS A GOOD OPTION

INVESTMENT IN REAL ESTATE IS A GOOD OPTION

It is the general trend in a civilized society that people do earmark a portion of their income for meeting unforeseen circumstances and for meeting the future needs of self and family during the lean period including old age. Financial management if adopted in a scientific way would bring in attractive returns on the investments made. The investor should be prudent enough to select a proper scheme from out of various options keeping in mind the safety for his investment with assured good return.

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Till recently, bank deposits, stocks, mutual fund, insurance policies and bullion were the most opted options by the people. Presently, Bank deposits, insurance policies, mutual funds have become unattractive because of low returns while the stock market is unpredictable and volatile. Moreover, the investment avenues in stock market need close monitoring. With the globalization of the business, many more options for investment have unfolded and the investment strategies have become very complex. This has led to the emergent of specialized investment advisers. According to many investment advisers, investment in real estate is safe and high yielding. But, the investment in real estate is a long-term investment needing considerable capital. 

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The liberalized scheme adopted by the Government of India has awakened the hitherto dormant Indian economy and many multinational companies have set up their offices providing employment to a large number of people. The Foreign Direct Investment in real estate and the creation of Special Economic Zones have also given a fillip to the real estate sector.

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Reverse Mortgage

As a welfare measure, Government is considering introduction of a new banking system called Reverse Mortgage system to facilitate the elderly persons to get housing loan upon mortgage of their immovable property to meet expenses of certain specified categories such as medical expenses, repairs to the dwelling house etc. on the security of his dwelling house. The borrower can repay the money borrowed along with interest during his life time in installments or allow the debt to accumulate to be realized on the death of the borrower. The amounts outstanding will be a charge on the property. 

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Thus, investment in immovable property would not only help the investor to have shelter over his head till death, but also get financial assistance without any commitment of repayment of amount borrowed during his life time. The manifold increase in the pay packets of the staff of multi-national companies and the migration of rural people to urban centers in search of assured income jobs and the desire to have shelter of their own have given a boost up to the real estate market. It is now the desire of every young person to have a house of his own in metropolis like Bangalore as a matter of pride and also to avail I.T. rebate available on investment in immovable properties. Since investment in property is huge, the investor should be cautious and consider various factors before making any investment in real estate. 

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