Bridge property consultants

16/02/2014

Documents to be checked before purchasing property

Owning a property is an important thing in one’s life. However, one needs to be careful while purchasing a land at every step to avoid falling into legal hassles. Precaution is needed from the initial stages of deciding on a property till the registration. The legal status of the land is one of the first issues that you should address before confirming a property. Don’t make any confirmation by paying advance before checking the legal status of the property.

Before purchasing a property, there are a number of enquiries that need to be done to confirm that the land has a clear and marketable title.
1. The first thing is to find out the tenure and legal right of the holder of the land in government records.
2. The tenure or possession right could be freehold, leasehold or may be held under a government grant.
3. Freehold land is always most preferable. The seller should provide all the necessary documents to the buyer.

There are certain documents which need to be taken care while purchasing the property.

Title Deeds:

First and foremost, check the title deed of the property which is being purchased. Confirm whether the property is in the name of the seller and the rights to sell the property lies with only him and no other person is involved in it. Don’t satisfy yourself with the copy of the title deed. Insist on seeing the original deed. Sometimes the seller may have taken a loan by pledging the original deed. It also needs checking whether the seller has permitted any access to others through this land and whether any other fact has been left undisclosed by the owner of the land.It is better to get the original deed examined by a lawyer. Along with the title deed, the buyer can also demand to see the previous deeds of the land available with the seller.

Property tax:

Property taxes which are paid to government or municipality are a first charge on the property. Hence, enquiries must be made in government and municipal offices to ascertain whether all taxes have been paid up to date. The owner should also possess the latest tax paid receipts, which you may inspect. While investigating in different departments of the municipality, you need to ascertain whether any notices or requisitions relating to the property have been issued and are outstanding and not yet complied.While inspecting the property tax receipt, it can be noted that there are two columns in the tax receipt. Make sure that the name entered in the owner’s column is correct. The second column will be for the name of the one who paid the tax. Sometime the owner may not have the tax receipt with him, in such cases, contact the village office with the survey number of land and confirm the original owner of the land. If you are buying a house along with the property, then the house tax receipt should also be checked. Also make sure water bills and electricity is been paid up to date and if there any is balance payment to be made, ensure that it is made by the seller.

Encumbrance Certificate:

Before purchasing the land or house, it is important to confirm that the land does not have any legal dues. Check the Encumbrance Certificate issued by the sub register office where the deed has been registered, stating that the said land does not have any legal dues and complaints.

Pledged land:

Some people may have taken loan from the bank by pledging their land. Ensure that the seller has paid back the entire amount due. Don’t be satisfied with the receipt of the payment made. Release certificate issued by the bank is necessary for all the debts over the land. You could buy a land without the release certificate. But if you want to take a loan in future, the release certificate is a must.

Measuring the land:

It is wise to measure the land before registering property in your name. Confirm if the measurements of the land are accurate. You can do this with the help of a recognized surveyor to avoid problems in the future. You could also take the Survey Sketch of the land from the Survey Department and compare for accuracy.

25/01/2014

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25/01/2014

Bangalore : Bangalore is known as the Silicon Valley of India. Bangalore is perceived to be a mature market which has demonstrated fairly stable prices over the past few years. In the last decade, Bangalore has developed beyond imagination. Areas such as Whitefield, Bannerghatta Road, Marathahalli, which were once considered to be the outskirts of the city, have now joined the ranks of the almost saturated zones of Bangalore.

Real Estate Market Trends - Bangalore

Bangalore : Bangalore is known as the Silicon Valley of India. Bangalore is perceived to be a mature market which has demonstrated fairly stable prices over the past few years. In the last decade, Bangalore has developed beyond imagination. Areas such as Whitefield, Bannerghatta Road, Marathahalli, which were once considered to be the outskirts of the city, have now joined the ranks of the almost saturated zones of Bangalore.

User driven demand and realistic pricing have aided the city in sailing through. The city's residential market has proven to be quite resistant to adverse economic conditions. New launches by reputed builders will continue to charm the buyers, since there will be a balanced mix of both high-end and mid-end developments.

Old Madras Road and New Airport Road have also come up as hot favourite real estate destinations. Demand is likely to be more in areas along the outer ring road, thanks to connectivity and favourable pricing. Also northern, eastern and southern suburbs are coming up as preferred localities.

All the developers in Bangalore are now active in the premium vertical ' with prices in the range of 1.5 crore to 2 crore. This segment is seeing a good footing too. The upper-midscale segment is also doing well because of customers' preference for good quality and large spaces.

Completion of Namma Metro in certain areas and the development of Bangalore as the educational hub of South-East Asia are reshaping the character of Bangalore and justifying the prices of real estate assets at the same time.

Buyers in Bangalore today are inclined towards green concepts and prefer eco-friendly homes. As supply is higher than demand, prices remained stable owing to an abundant choice of competitively priced assets.

Some of the key infrastructure projects which have become operational in the past include the Elevated Expressway, Bangalore-Mysore Infrastructure Corridor and Bangalore International Exhibition Centre. Apart from this, other ongoing infrastructure projects include Metro Rail Phase 1 & 2. All these projects jointly, are expected to significantly improve the physical characteristics of these areas.

The Bangalore Metro Rail Project is seen as a major game changer for Bangalore City in terms of connecting different parts of the city and reducing traffic congestion on city roads, thus cutting down the commuting time.

For the development of any area, basic infrastructural necessities continue to be water supply, connectivity in terms of roads as well as other amenities such as schools, hospitals and entertainment options. Most developers are of the opinion that North Bangalore does have the potential of becoming Greater Bangalore in the next three-five years. The arrival of the airport in North Bangalore has started to raise the stakes in property pricing, and the long-term investment potential is excellent as compared to more saturated areas.

Only time will tell the future of real estate in North Bangalore. Till then, the field remains open for structured planning and development of the area. And Bangalore in the meantime, continues to shine.