Looking to buy a property in NCR? – Read this article…

If a common man wants to buy a property from his hard-earned money, he has to visit the relevant agencies a number of times for true and accurate information which is quite staggering.

Even then whatever information he gets is correct and relevant is something which is not guaranteed.

Let’s see the various problems that arise while getting the relevant information and the possible solutions……

Where is the perturbation?

Many builders create more number of flats than actually approved by the Authority for their project.

Some builders purchase the free hold land and get their maps approved. These maps actually do not provide the real situation and builders make their flats on much larger area than approved. But banks do not approve the loans based on so called approved maps.

What is the correct way to get the information?

When you go to authority office then you need to specify the purpose of visiting the office, and a gate pass is issued to you. On getting the gate pass you can enter the office.

You should know the plot number of the project he wants to enquire about. The plot number is mandatory otherwise you cannot get any information.

If you wish to see the map of a builder or a copy of map then it should be sought under the RTI Act, and the department will then give the copy. 

The information regarding land acquisition by the authority to build a project can also be obtained under the RTI Act by land acquisition department.

The details of property are now available online on their website: www.noidaauthorityonline.com

Where to enquire?

Ghaziabad:   

                    GHAZIABAD DEVELOPMENT AUTHORITY
                    VIKAS PATH NEAR OLD BUS STAND GHAZIABAD

                    Contact No.  0120-2790-906

                    www.gdaghaziabad.com 

Noida:       

                    Administrative Complex
Sector 6, Noida - 201301 
District. Gautam Budh Nagar
Uttar Pradesh, India
Fax: 91- 120- 2422210-317
Help Line No. 2425025,26,27

                   www.noidaauthorityonline.com

Greater Noida:

169 Chitvan Estate

                    Sector Gamma - II

                    Greater Noida,

                    Gautam Budh Nagar,

                    Uttar Pradesh 201308

                    Contact Number: 0120- 2326150-51, 0120 23206335-7

                     www.greaternoidaauthority.in                                                                                  

Faridabad:  

Huda Office, Faridabad Sector-12,

                    Faridabad - 121007

                    Contact Number: (0129) 2227676, 2220691, 4004139

                    www.huda.nic.in

Assured returns plan — risk or reward?

For the investor, these schemes offer better returns than investing in a fixed deposit with an interest rate of not more than 10%

After the 2008 global financial crisis, the real estate sector witnessed inadequate liquidity. The problem aggravated with domestic financial institutions reducing exposure to the real estate sector and drying up of private capital. With commercial projects (office space and retail malls) taking most of the brunt of the financial crisis, these projects were worst off in securing funding.

Even if a developer was able to get funding for a commercial project from a financial institution, the interest rate charged was very high, at about 15% to 24%. With weak support from financial institutions and private investors, developers explored alternative ways to raise funds for their projects.

Of late, developers are actively promoting assured return plans (ARP) for commercial properties. In ARP, a developer offers investors a fixed return (generally 11% to 13% a year) on the investment for a certain number of years (generally three to four years or till the time he gets possession). A few developers even offer lease guarantee in addition to ARP, wherein a developer guarantees leasing of the commercial property after completion of the property, even if the property remains vacant.
For the developer such schemes have proved to be a win-win situation as this enables them to raise funds for the project at a lower effective rate in addition to finding a buyer for their project.

For the investor, such schemes offer better returns than investing in a fixed deposit in a bank with an interest rate of not more than 10%. Their investments are secured with an assured return to the investment and can be discounted upfront in case of an upcoming project and adjusted in the price. Further, the investors reap a dual benefit by getting interest and capital appreciation of the property.
However, at times the ARP schemes do conceal more than what they reveal.

There are some hidden costs associated with ARP schemes, which are generally ignored by the investors. In an ARP, the property is generally priced higher than the prevailing market price. A developer offers no bulk discounts which otherwise are available if an investor seeks a property without ARP. An investor can negotiate a lower price for the same property if it opts for a non-ARP. An investor also has to pay the property amount upfront instead of paying in instalments like in a construction linked plan.

It has been observed that an investor ends up paying the same or more amount in the case of an ARP than a non-ARP. Hence, an ARP project may not lead to capital appreciation for an investor other than the general appreciation of the price of property.

Can you cancel a sale deed or ATS ?

The registering authority is obliged to get a deed of cancellation registered if two parties involved in a property transaction want to cancel the deal

In many transactions of sale of immovable property, parties execute an sgreement to dell (ATS) as a precursor to the sale deed. Unlike a sale deed, execution of ATS does not pass title of ownership in favour of the buyer. In an ATS, parties set out terms such as advance sale price, total sale price, timelines of payment, time period within which the sale deed is to be executed, obligations of the parties before the sale, etc.

In some cases, the ATS does not materialise into completion of sale of the property and execution of sale deed for various reasons such as breach or default by either party of its obligations contained in the ATS.

Now the question is: can a registered ATS or sale deed can be cancelled if both the seller and buyer want it?

Cancellation of a previously executed and duly registered ATS can be done if the parties execute a cancellation deed. It is a settled law that a bilateral contract such as an ATS or sale deed may be cancelled only if both buyer and seller agree and execute a separate deed of cancellation. Cancellation deed, being a document relating to transfer of ownership of immovable property, should be registered by the sub-registrar provided the requirements under Proviso to Section 32A of the Registration Act, 1908 (‘Act’), are duly complied with.

Section 32A of the Act provides for compulsory affixation of photograph and fingerprints by persons presenting the document for registration. Proviso to section 32A provides that in case of any document relating to the transfer of ownership of immovable property, the passport size photograph and the fingerprints of each buyer and seller should be affixed to such a document.

In the matter of GD Subramanian v sub registrar, P Shanmugam, B Dillibabu and B. Vasu (2009 (1) CTC 709), the Madras High Court observed that the registering authority is obliged to register any deed of cancellation of sale deed which has been mutually executed by the buyer and seller, provided it is in compliance with the requirements of Section 32A. Further, the court also observed that the registering officer is legally bound to reject and refuse to register a deed of cancellation if it has been executed unilaterally and without the knowledge and consent of the other party, and if it does not fulfil the requirements of Section 32A.

Prospective buyers hesitate to purchase a property which has a history of a cancelled transaction of sale or ATS. However, if cancellation of the ATS has been done in accordance with law and buyers undertake legal due diligence, risk may be minimised. The new buyer may inspect the original cancellation deed executed by the seller with the previous buyer. The clauses of cancellation deed must clearly and unambiguously state that ATS, which was previously executed by the owner and previous buyer now stands cancelled. Also, the new buyer must ensure that the cancellation deed was duly registered at the office of sub-registrar in whose jurisdiction this property is situated.

Source : HT News

Is your apartment earthquake safe ?

INDIA has been classified into different zones indicating the intensity of frequency of occurrence of earthquake.

These zoning maps indicate broadly the seismic coefficient that could generally be adopted for design of buildings in different parts of the country.

These maps are based on subjective estimates of intensity from available information on earthquake occurrence, geology and tectonics of the country

Delhi / NCR are located in zone IV which has fairly high seismicity where the general occurrence of earthquakes is of 5-6 magnitude, a few of magnitude 6-7 and occasionally of 7-8 magnitude. Delhi / NCR thus lie among the high-risk areas. So in these areas buildings must be designed in such a manner that they can bear earthquake of 4.5 magnitudes on Richter scale.

Multistory flats

In case of a multistory flat you don’t have a chance to check whether the building is earthquake resistant or not. The only left options are that you should rely on the builder.  According to experts, for each and every flat we cannot test if it is earthquake resistant or not rather the whole building is tested. The structural design of the building can be taken from the developer and get checked from the experts.

Houses built on plots

If you are going to build a house on the plot, so you can have a chance to make it earthquake resistant. Soil testing is the most important task, it shows how much weight can the soil bear and this directly means the number of floors that can be built on the land. In technical terms, this means the soil's weight bearing capacity. Nowadays the earth quake resistant houses are built on the frame structure instead of load bearing structure, in which the whole building is based on a column. Columns are placed two to two and a half meters below the ground level. It is necessary to insert bend (beam) in floor level, lintel level, semi-permanent level (top) and side level (doors – side windows). Now the question arises:

Who will test the soil?

Several Semi Government and the private agencies are there to test the soil. There are certain Independent Insurance Surveyors also that perform this task. A certificate is issued after an investigation.

What are the outcomes of investigation?

·        How much load per square centimeter the soil can afford?

·        Whether the soil is ok for construction?

·         What is the water level in the area?

·         What is the correct ratio of water level and bearing capacity?

·        Is the soil hard or soft?

Who is responsible in case of damage?

After testing the Surveyor and Building Design Structural Engineer issue a certificate. In case of any damage to the building they can be held accountable.

What is safe?

·        Bars used in the column must be at least 12 mm thick.

·         Foundation should be at least 900 by 900.

·        At least 12 mm thick steel bars should be used in the Lintel beam (beam above the door) and in putting.

·         Depending on the thickness of the concrete, thickness of steel can be varied.

·         Higher quality steel should be used. High elasticity steel strengthens the building.

·        Use of good quality construction material.

Consider the above points before purchasing a flat or constructing a plot, and have HAPPY LIVING in your dream home.                                                                             

Child Sexual Abuse – Are you safeguarding your Little Angels?

I had originally posted this article on SEEKYT. I am posting it here again in order to increase awareness amongst the general populace in light of increasing incidents of sexual abuse against the children...
  
------------------------------------------------------ 

“A six year old girl brutally raped and dumped on the side of the road…” 

“A three years old boy brutally raped and victimized by his nursery teacher…”

– The headlines like these now a days are not uncommon in the newspapers around the world. Just pick up a newspaper on any day, and you will find at least one or another news concerning the sexual abuse committed against the children.

The aim of this article is not to frighten you, but to create awareness amongst all those parents and the guardians who want to seriously fulfill their responsibility of safeguarding their children, keeping in mind their vulnerability to such elements, which arises out of their sheer innocence.

Statistics show that every 1 out of 6 children is sexually assaulted at one point of the time in their lives, by the time they reach the age of 18.

Remember, the sexual assaulters are not those people who look dirty or horrific, in fact, they are the ones who wear a shield of trust. Studies have shown that 90% of the time, the sexual assaulter is a person is already known to the kid and its family, like a nearest relative, neighbor, teacher, nanny or even one of your dearest friends!

Here is a very simple formula for safeguarding your kids against the sexual abuse.

REMEMBER this three letter word all the times – “V-A-T” (VIGIL – ASK – TEACH)

1.  VIGIL – Keep your eyes wide open when: 

a.  You visit the Kid’s School, or the Day Care – Get to know the behavior and history of staff employed over there. Keep a frequent contact with the parents of other kids, and ask like what’s happening around.   

b.  You are in your neighborhood - be especially suspicious of a person demanding the company for your kids, or shows over interest to play with them, or offers them chocolates or gifts when you think it is not necessary for them to do so.

c.  You are leaving your kids to the places where your kid is alone with an adult person (best is to avoid doing so).  

d.  Keep a tab on the changes in the behavioral patterns in your kids, like sudden quietness or shyness, over eating, aggressive behavior etc.

e.  Any signs of physical abuse, like fluid or blood oozing out of the genetelia, pain or scratch marks on the body – you can do this every day when you are giving bath to the kids or changing their clothes.


2.  ASK QUESTIONS – 

a.  From your Kids – Ask “What happened in the class today?”, “Does anybody hugs or kisses you in the school, like I did the other day?”, “How does the father/mother of your best friend behave with you when you visit his/her home”, “Did anybody ever pinched you when you were in a school?”

b.  From others – Let others know that you are a Parent who likes asking questions, for example, if someone offers to organize a private tuition class for your kid, ask why is that not possible to do so with a group of children.


3.  TEACH YOUR KIDS– 

a.  The names of the males and female sexual organs – and that nobody is supposed to touch theirs, nor are they expected to touch the private parts of others – should someone ask them to do so.

b.  Difference between a ‘Good Touch’ and a ‘Bad Touch’ and who is supposed to touch them, and who isn’t.

c.  Power of saying ‘NO’ to someone who wants to pick them up in arms, or offers them some sweets, or to anybody who makes them uneasy, or wants to make them do something which they do not want to.

d.  Raise Alarm – Make them comfortable raising an alarm – should they sense “discomfort” with someone’s act.

REMEMBER – “Awareness is the key for ensuring the well  being of our little ones. If they are happy, so are we!” 

I hope this article will help you to become a better parent in safeguarding your children against sexual abuse. If it does help you in any way, do not forget to spare two minutes and leave a comment.

Want your website to be created ? We will build it for you at a competitive prices...

If you are looking for someone to create your website at a very competitive prices, then don't wait !

Simply click on HERE and fill out the form with details.

We will contact you as soon as possible !

Going to buy a Property ? Read this before it is too late...

Property is a means for not only to increase your reputation in the society but to increase your wealth also that is why in India everybody is eager to purchase a property.

You should be very careful while buying a property because it is not necessary that your deal is always profitable.

There can be a number of factors that one should consider while buying a property.

Purpose of buying the property: There should be reason to purchase a property. You should be very clear whether the property being purchased is for investment purpose or for living purpose. For investment you can purchase a property in any town but for living purpose you can not purchase a property in any town randomly, you have to consider a number of things for that as well. You can earn a lot of money by purchasing a commercial property also but again you have to be very careful and think twice before investing otherwise it would be of no use and you will lose all your hard earned money. A lot of people invested in various malls in Delhi /NCR considering they will get very returns but unfortunately they could not get the returns as expected.

Choosing the right location:  You should be very careful while choosing the location and whether the property fits your budget or not. Don’t try to purchase a number of properties at one location. Investing in property should be similar to investing in share market; you should consider a number of portfolios. The location should be such that it should be suitable for living, what are the facilities in and around, what kind of people live there etc. even if you have purchased the property for investment purposes. Find out various future prospects of the location you are looking for.

Don’t forget to check the title to property: Whenever you are looking for a property to purchase do not forget to check the title to property i.e. in whose name the property is. It is very important to verify that all the papers are complete; the property is not under any legal or illegal dispute. In case of any confusion related to property you should consult an expert. Since it is your own hard earned money it should not go wasted. You should become the owner of the property hassle free.

Loan free property: The property you are going to buy should be free of any kind of loan otherwise it would be your responsibility to repay the loan amount.

Information about the builder / seller of the property: you should have the full information about the builder/seller of the property. There is less chance of fraud if you go for a property built by a renowned builder. If you are going for a builder flat you must confirm that how many flats this particular builder has sold and in which locality. If possible go and have a talk with the residents of those flats. There are a number of builders in Delhi/NCR who have not built a single property yet but they have filled their pockets by hefty amounts by just placing fraudulent advertisements in the newspapers.

Beware of fraudulent advertisements: In newspapers and magazines you can find a number of attractive property offers, which are just a mirage. They are just to attract the buyers and have nothing to do with reality. In any property related advertisements you can see a number of things for example facility for sports complex, gym, swimming pool etc., do consider such a property if you actually require those facilities otherwise why spend more amount for such property.

Don’t be impressed by the sample flat: Builders always prepare the sample flat just to attract the buyers. They use such costly and attractive fittings so as to make the sample flat beautiful but otherwise they don’t such fittings in actual flat. The area shown in sample flat is more than what you get in reality because in sample flat they replace the inner walls by thin cardboard walls so as to make the impression of a big flat. The paint and the textured walls used in sample flat are of very good quality but such a good quality is not used in reality.

Extra charges: While taking payment of the flat the builders imposes so many extra charges that you are not aware of. You should be very clear in your mind and have a complete discussion with the builder about the various charges that will be imposed on you and beard by you. Supreme Court has made it clear that no builder can charge parking money though most of them are charging from one to three lakh rupees. Similarly the builder can impose park facing charges, club charges, road facing charges etc. whereas as many buyers are least bothered about such facilities.