Announcement

Collapse
No announcement yet.

Real Estate Scenario in Chennai

Collapse
X
Collapse

Real Estate Scenario in Chennai

Last updated: December 17 2008
45 | Posts
  • Time
  • Show
Clear All
new posts
  • #41

    #41

    Re : Real Estate Scenario in Chennai

    Originally posted by Natarajg007 View Post
    U may not understand anything but for the benefit of the rest, I will quote this from thirukkural.
    எப்பொருள் யார்யார்வாய்க் கேட்பினும் அப்பொருள்
    மெய்ப்பொருள் காண்ப தறிவு.
    Who is a loser the world knows. Cheers.
    You looser post in In Some Common language. Dont write this language as this is alien for many reader.
    Either land or AIR and FOOD. Choice is yours.

    Comment

    • #42

      #42

      Re : Real Estate Scenario in Chennai

      Planning to sell property? Do it now before correction sets in
      24 Nov 2008, 2340 hrs IST, Preeti Kulkarni, ET Bureau








      MUMBAI: As talks of an impending crash in property prices gather steam, the policy to be adopted by home-seekers is clear: wait and watch. The right

      time and price are a few months ahead, say experts. However, if you are at the other end of the spectrum, that is, if you happen to be a seller, the reverse is true.

      Time is ripe for those planning to put their residential property on the block, say property consultants. This might be your best chance to get a fair price before correction gains ground. In fact, some experts believe that correction has already seeped in, with certain locations witnessing a correction as sharp as 25%.

      “If one is able to sell the property for a reasonable sum, this is the right time to sell it and cash out,” said Pankaj Renjhen, managing director (Mumbai) of property consultancy firm Jones Lang LaSalle Meghraj. “For old properties in particular, the prices are better at the moment, so it’s time to look for the best options and make an exit,” added Aditi Vijayakar, director, residential services, Cushman & Wakefield.

      Is this the right time?

      Your decision cannot be dependent on the market conditions alone — your objective should be the prime determinant. If the
      house property is held solely for investment purposes, you need to take into account the market drivers pertaining to the location of the property. If economic drivers such as malls, IT projects or infrastructure enhancements are planned in that location, the value will appreciate and you can afford to wait. However, holding on to the property is advisable only if it is financially feasible.

      Otherwise, go ahead with the sale. In the case of properties that are not likely to witness any major developments in the vicinity, you should look to exit soon. If you are determined to hold on, you should be prepared to wait for at least 3-5 years, failing which, you could incur a loss. Similarly, if you are planning to sell your house with the intention of upgrading to a better-equipped home, your decision should be based on the location and inherent value of the property.

      Buyer’s credentials

      It’s better to seal the deal only after making sure that the buyer has got the home
      loan sanctioned. “In the current scenario, getting a home loan sanctioned may not be an easy task. You wouldn’t want to be stuck with a buyer struggling to arrange for the entire amount after making a part-payment,” noted Ms Vijayakar.

      Also, if possible, you should insist on a demand draft as against payment by cheque in order to eliminate any risk of default.

      Make your contract airtight

      You need to be aware of your rights before acceding to all the demands of the buyer. For instance, it is typical for buyers to insist on indemnity provisions in the sale deed or a separate deed of indemnity, although the seller is not under any legal obligation to provide for the same. The indemnity provision allows the buyer (indemnified person) to recover from the seller (indemnifier) any loss or liability incurred in case of any defects in seller’s title to the property or any breach/misrepresentation. This is in view of the fact that unlike the US, there is no concept of title insurance in the Indian
      real estate market.

      If you agree to provide an indemnity bond, you should negotiate and limit the extent of indemnity, both in terms of amount and time. Vikram Shroff of law firm Nishith Desai Associates said: “In the conveyance deed, the seller needs to mention that the property is being sold on an ‘as is where is’ basis and he/she should not be held responsible if the property does not meet the buyer’s requirements.“ Sandip Mukherjee, executive director, PricewaterhouseCoopers, said:
      While signing the sale deed, you need to be aware of the fact that the transaction value mentioned in the sale deed or the amount considered while paying the stamp duty – whichever is higher – determines the
      capital gains tax payable.”

      Keep the papers ready

      From the buyers’ perspective, the sanctioned building plan, building completion certificate and occupation certificate
      are the key documents to be verified. “It is important not to be confused by a multitude of official-looking documents. Only these three documents are of true significance,” said Mr Renjhen.


      Reinvest before it’s too late

      To avoid paying the long-term capital gains tax, it’s imperative to reinvest in another residential property within the specified period — new property has to be purchased one year before or within two years of the date of sale.

      If you are planning to construct a house, it has to be constructed within three years from the date of transfer. Alternatively, the amount, not exceeding Rs 50 lakh, can be invested in NHAI and REC bonds within six months.



      Comment

      • #43

        #43

        Re : Real Estate Scenario in Chennai

        http://economictimes.indiatimes.com/Markets/Real_Estate/Planning_to_sell_property_Do_it_now_before_correct ion_sets_in/articleshow/3752830.cms

        Comment

        • #44

          #44

          Re : Real Estate Scenario in Chennai

          so many articles are fine.
          the ground reality in chennai is not this!

          Comment

          • #45

            #45

            Re : Real Estate Scenario in Chennai

            yeskrish is right. Chennai is fully controlled by Builders cartel to jack up prices and the population is not willing to wait! FII's funds are misused to hold prices by this catrtel

            Comment

            • #46

              #46

              Re : Real Estate Scenario in Chennai

              Originally posted by arin_12 View Post
              You looser post in In Some Common language. Dont write this language as this is alien for many reader.
              This is Chennai realestate forum. Tamil is not alien here and if it is alien to you, you will find lots of difficulties with many land documents in Tamil nadu as they are written in Tamil. Finally an idiot like this who will complain against Tamil and in particular Thirukkural should be banned from this board.

              Comment

              Have any questions or thoughts about this?
              Working...
              X