Moneycontrol

Chat Transcript

  • Surabhi Arora

    11 Oct - 11:00hrs

    Should you buy your dream home now?

    Surabhi Arora Surabhi Arora , Associate Director, Colliers International

Posted By: guest:

Due diligence before buying a resale property

Posted By: Surabhi Arora

: Run this quick due diligence on any real estate project before buying. 1.You should not ever undermine the importance of a 100% clean and clear title. This would also mean ensuring you have all document history as far as possible. All sales usually handover all the documents right from 1st sale onwards. 3.Has the intention to sell been communicated to the society? Some societies do have a rule that first existing residents should be given the choice to match an offer. 4. Clarity on number of owners. Has the property been inherited, if so an NOC from other heirs who would have a right on the property. 5. Has the land been conveyed to the society? This is important so the developer does come forward expecting to use any extra FSI he may get on the same. 6.Profile of the people in the building plays a important role. Speak to people living there. Speaking to watchmen etc sometimes gets you valuable information about the building and your seller. 7. Make sure the property is free of any encumbrances 8.Is it a freehold / lease hold property 9. Never purchase a property if the seller has an issue with putting a public notice in the papers for the property

Posted By: guest:

Should Real estate with current market slowdown good thing to invest with 5 year return time or should I invest in Mutual funds Equity market.

Posted By: Surabhi Arora

: 5 year investment horizon is good for any real estate investment. Considering, the slowdown in the residential real estate, it is a good time to buy for long term point of view. You should always make a investment when the market is at its lowest. You can get a good deal and there are plenty of options available. Comparing the real estate investment with mutual funds and equity market would not be fair as it has different dynamics. The exit from real estate investment take some time. So if you are looking for a liquid investment, you can use Mutual funds and equity market for portfolio diversification.

Posted By: guest:

Can you sell the flat without registration?

Posted By: Surabhi Arora

: Yes, you can transfer a apartment before registration. It can save you from paying stamp duty for registration. For this you need to inform developer, they generally charge a transfer fee to shift the apartment in another name.

Posted By: guest:

What are the prevailing rates of different property taxes to be paid?

Posted By: Surabhi Arora

: It is difficult to generalize the rate of property tax across India. Also, the tax calculations are different for rented and self owned property.

Posted By: guest:

How can I qualify for exemptions on the Capital Gains Tax?

Posted By: Surabhi Arora

: The profits booked after three years of buying the property is considered a long-term gain. you will be entitled to claim exemption on long-term capital gains tax, on sale of a property or any other asset, if you purchases a residential house from the sale proceed within a limited time period.

Posted By: guest:

What is a sale deed?

Posted By: Surabhi Arora

: The sale deed is a legal document that lists all the details of the property price, terms and conditions upon which the two parties reached an agreement for the sale of property. The sale deed is registered by paying stamp duty to the state government. All state has a different value of stamp duty rate ranging from 4 to 8%.

Posted By: guest:

How can CREDAI resolve my dispute with a builder

Posted By: Surabhi Arora

: CREDAI is a association of private developers in India. If the developer is member of the association, the dispute between developer and the buyer may be referred for mediation to CREDAI.

Posted By: guest:

What action can I take against a builder who is delaying possession?

Posted By: Surabhi Arora

: I suggest first to identify the reason for delay in possession and check if the project is RERA registered. If the project is RERA registered, you can file a complaint online on the respective state RERA authority. There are other couple of options such as going to Industry association, consumer court etc.

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