Keep these in mind before buying property

Buying a property is perhaps the single biggest investment made by a person during his lifetime. Therefore, it is a requisite to be extra cautious while on a lookout for purchasing property in India.

The basic thing to keep in mind while investing in real estate is the location. It is the most important aspect in the selection of property as the price is dependant on this. After zeroing in on the desired property it is advisable that the potential buyer studies the market for the market trends about prevalent rates of property in the vicinity and the last known transactions.

A budget should be set for the required property type according to the market standards, as each property dealer has his own set rates and one needs to bargain and bring him down to his standard rates.

The second priority is the builder reputation. If a buyer goes to a good builder, there is no need to verify things beyond a point because a good builder generally takes care of things like permission required for the purchase of the property. At the same time, there is no harm in conducting preliminary inquiries and having a run through with the lawyer. Do not buy a property if the title of property is not clear or marketable as it will cause problem in future and financial institutes refuse to finance on such properties.

The third thing to consider is the list of amenities and facilities associated with the property. Proximity to transport hubs, schools, hospitals, markets, central business districts, entertainment centres etc needs to be verified before finalizing the property. Further, it is also important to assess the potential resale value or the potential rental income of the property.

There are certain points which need to be kept in mind when a buyer is buying a project which is under construction. One should always ask for the allotment letter and the development agreement. The allotment letter contains details regarding the agreed price, payment and construction schedule, house plans, delivery date and builder’s liability in case of late completion or problems after possession. It is issued to the buyer upon payment of the 15% of the property value to the developer.

The development agreement is inked between the builder and the landowner and contains details regarding the terms and conditions on which the landowner has permitted development of his property.

In case of constructed properties, one should ensure that the seller has the title and possession of the property as well as the right to transfer the property. A check needs to be done if the building adheres to relevant municipal/planning authority requirements. Also a check needs to be done on whether dues such as property tax, society, water and electricity bills, etc. have been paid in full or not.

Finally, when the house is handed over to the buyer, the builder needs to give a Completion Certificate. A completion certificate is issued by municipal authorities who verify that the building complies with the approved plan. This is required for registration and other government formalities for the house.

House hunting? Here is the check list

Come May, June, and the great movement begins, As the academic year draws to a close, in big cities people look for moving into new houses. Those who have been staying in rented accommodaton, are always on the look out for a bigger, better accommodation. It is also interesting to see many houses suddenly displaying `To let” boards.

A fabulous new job and the promise of a bright career are also good incentives for those working in the private sector to move cities. But when you land in a new city, you don’t find a decent place to live, and start wondering if you have made the right decision. Sometimes, one feels homesick and want to take the next flight home.

House-hunting is not that easy. Shady brokers, demanding landlords and badly maintained buildings are all part of the ordeal. But there are ways to get over them and land in a house of your choice and dreams.

Smart search

If it’s your first time in the city, it’s best to look for a place close to where you work/ study. You don’t want to have trouble finding your way back home or get lost in the maze of traffic for hours. Either friends are colleagues can be of help finding accommodation or certain websites like Sulekha can also help.

Then there are inevitable brokers, both organized and unorganized. Yes, they do charge quite a bit (one month’s rent usually) but they have a nexus which means you find a place faster and they seem to have the keys to all the good places. Definitely, one can avoid them but you will have to do a lot of running around to do and waste precious time and resources.

Home and away

Whatever method you use to scout, make sure you have a basic idea of the home you want. It helps narrow down your options.

It’s one thing to really like a place but it’s quite another to be able to afford it. Sometimes, the rent isn’t exorbitant, the deposit is. The trick is to negotiate a deal that suits both parties. One possibility is that if someone does not want to pay a huge deposit, some owners can agree if the rent is hiked by a thousand. Then they would be ready to reduce the deposit by even half. IT all depends on the negotiator’s skill.

Similarly, you could also negotiate for a lower rent with a higher deposit. After all, the deposit will come back to you at the end of the contract.

PG checklist

If one is opting for a PG accommodation, you will need basic furnishings , a self-contained bathroom, a gas stove/ hot plate/ refrigerator access, 24-hour water supply + geyser , Internet connection, a separate entrance, Liberal timings, Breakfast + dinner provided (though not necessary) are things to look for.

When you live as a paying guest, sharing accommodation with others, make sure to find a place that charges a fixed rent per person. This way if one person chooses to leave mid way; you and the others left won’t have to bear the brunt of a higher rent.

Rent checklist

• Semi/ fully-furnished apartment (It doesn’t make sense to furnish an apartment if you are going to move eventually)
• 4-hour water supply + geyser
• Gas connection, gas stove + refrigerator
• Parking facilites
• 24-hour security

Once you have found the right apartment, make sure to visit it a couple of times before fnalising the deal. If you notice anything broken/ non-functional, ask the owner to have it fixed before moving in so that there is no danger of them refusing to pay for the repairs. Also, go through the agreement properly after it is prepared to make sure that there are no terms you don’t agree to. There are other things to keep in mind:

• Does the property seem secure? Are there security amenities and staff?
• Are your preferred amenities and transport links within easy reach?
• Are there any potential nuisances?
• What are the neighbours like?
• Do repairs need to be carried out? (electrical points, geyser, gas stove etc)
• What other bills are there and what are you liable to pay for? (Check and note all meter readings on the day you move in.)

Shifting

Shifting involves a lot of work from sorting, arranging , packing and unpacking. The process can take days and disturb your daily routine.

Here are a few tips to make it easy:

To start with, collect the basic packing materials well in advance. Make sure that you have plenty of wrapping paper, so save old newspapers. Also you will need many cartons in assorted sizes. All boxes should be in good condition and must have covers on them so that they can be closed and sealed.

Use plastic sealing tape rolls to reseal the cartoons and use whenever required. Get a permanent black marker for your packed cartons to label the contents, which will make it easy while unpacking.

Pack on a room-by-room basis - don’t pack items from the living room in cartons with articles from the kitchen. This will save much confusion later when it’s time to unpack. Bulkier but not-so-heavy articles, such as pots and pans, linen, small kitchen appliances would go in larger boxes. Very bulky lightweight articles such as blankets, pillows, stuffed toys, large lamp-shades, shoes, etc, would go into largest boxes.

Keep a record of the boxes and number each box. Be specific in your descriptions. Cut down cooking utensils and food supplies to bare essentials. Wastebaskets can also be packed while you switch to using bags. It’s best to pack your small kitchen appliances together in boxes rather than with other goods that are bulky or breakable!

Is your office safe?

The recent fire tragedy in Bangalore’s Carlton Towers claimed nine lives and left 60 injured. In most high rise office spaces, it has increasingly been observed that fire safety has a low priority. Future office spaces too will be taller but are they really fire safe? Do we really take measures against fire protection while building our buildings?

Even though fire is one of the most common disasters to strike corporate offices, it is also the most preventable. Most companies think they are well protected, and most believe that fire could never happen to them. Yet, 70 per cent of businesses involved in a major fire either do not reopen or fail. Fires often start in unlikely places because those are the areas where fire safety has been overlooked.

Innovative building solutions in interior construction can go a long way in aiding passive fire protection. Fire protection is achieved through a combination of active and passive fire

protection. Active fire protection operates at the shortest possible time after detection of a fire and is often given good importance in building design. It includes things like smoke detection and alarm systems, fire extinguishers and sprinklers etc.

Passive fire protection is the art of compartmentalization of the fire through the use of walls, floors, ceilings to limit the spread of fire and ensure evacuation of people and protect data for long enough for it to be rescued or fire to be put off. If a simple concept such as this had been implemented at Carlton Towers many lives could have been saved. Recognizing the perils of fire and the consequent importance of using fire resistant materials to minimize damage, the National Building Code (NBC) regulations prescribe stringent fire safety protection norms.

Role of drywells

Gypsum products have been used over centuries in the construction space and are the material of choice because of gypsum’s unique properties. Gypsum is a light weight material which is formed as the result of evaporating sea water in massive prehistoric basins.

Gypsum is used as Plasterboard to create false ceilings and high performance drywalls and partitions. Gypsum based products and systems (Drywalls) provide excellent passive fire protection solutions ranging from 1 hour to 4 hours taking care of all 3 elements of fire protection - stability, integrity and insulation requirements of the system in equal measure.

Gypsum contains approximately 21% water content and about 79 % calcium sulphate which is inert below a temperature of 120 degrees Celsius. The bound crystalline moisture in gypsum content plays a significant role in excellent fire resistance properties which makes gypsum a material of limited combustibility.

Over 80% of all interior construction in the developed markets across all applications is with Drywalls. Gyproc Fire Protection solutions are achieved through a combination of Gyproc Fireline gypsum plasterboard and Gypsteel ULTRA metal framing systems. The Gyproc Fireline plasterboard is made of a pink paper liner wrapped around an inner core made primarily from gypsum plaster.

Three key factors influence the performance of Gyproc Fireline plasterboards:

1. The quantity of gypsum - i.e. board density
2. Board shrinkage - preventing gaps opening between boards and board pulling away from fixings
3. Board integrity - preventing boards from falling. The inclusion of glass fibres and shrinkage inhibitors of fire rated products give a much higher fire protection by limiting the board shrinkage and improving the integrity

Well known brands such as Saint-Gobain Gyproc have a range of drywall solutions which are very popularly used by India’s leading banks, offices, data centre providers etc. to provide 1- 4 hour fire protection for its walls. Saint-Gobain Gyproc India Ltd. is part of the 43.8 billion Saint-Gobain Group and provides innovative building solutions and state of the art products backed by world class technical and service support.

Selling your property? Get the papers in order

Planning to sell your old house to buy a new one? Undoubtedly, residential properties sell like hot bread in metros like Delhi, Mumbai or Chennai, or even in tier II towns like Pune, Coimbatore or Chandigarh. But you must keep in mind some of the important issues .

What are the essential documents you need to sell the house?
The documents required to sell a residential property are the housing society share certificate and the sale/purchase deed. Sale deed will confirm if the land is in the name of the seller and only he/she has the full right to sell the land. You need a copy of previous deeds, if required, to confirm the authenticity of the deal and the property. You also need original copies of stamp duty and registered house documents. The seller will also require an NOC from the housing society. In case of a joint ownership, the owner/owners have to submit documented consent. Home buyers insist on these documents if they are opting for a housing loan.

How should you file for missing documents?
Both the Malviyas as well as the Avasthys didn’t have a problem with missing documents as they had invested in new constructions. But, often old houses, which are 30-40 year old constructions, may not have proper registration. In such cases, the owner should ideally pay off the outstanding stamp duty and file for a registration. In the case of a missing share certificate, the intending seller should request the housing society to issue a duplicate copy. If the sale/purchase deed and/or chain of agreements/deeds are misplaced, an indemnity bond needs to be furnished by the seller, along with a confirmation letter from the housing society.

Is your property mortgaged with the bank?
You cannot sell the property if you are still servicing the loan. Remember that you can’t sell a mortgaged house if the buyer insists on accurate paperwork to apply for a loan.

How does one get an objective evaluation of the house?
The value of a property is decided by various factors, including the cost of similar properties in the same location, the view of the apartment, the available amenities in the building and the overall market trends in terms of appreciation and depreciation. Apart from checking out with your neighbours, get the property evaluated by 2-3 brokers to get a realistic quote.

What are the other clearances before putting the house on sale?
Apart from the title clearance and NOC from the society, the precise details pertaining to the age of the building, the floor plan, the carpet and built-up area, the conveyance of the society, car parking status, land title (free hold/lease hold/collectors land) and transfer charges of the building and the apartment need to be attended to.

What are the tax implications?
The capital gain would be exempt from tax under Section 54 and Section 54F if the sale proceeds are invested in a residential house and if you do not own more than one residential house at the time of purchase of such a house. But you have to purchase the new house within a year before the sale. Otherwise, this capital gain or net consideration is required to be deposited in a separate account before you file the return. You can reinvest only in a residential property. This doesn’t include a commercial property or vacant plot of land. Similarly, short-term capital gains enjoy no exemption.

The house you are planning to sell would be classified as short-term capital asset as the holding period is less than three years. There is no exemption available on reinvestment, be it a new house or capital gains tax saving bonds.

Reflect your style in interiors

Home decor is a personal, unique and exclusively innovative conception to create perfect home interiors. The wall colours, furnishings and accessories according to a theme create the perfect look for each room. A person’s taste and style is reflected in his/her home’s interior decor. The basic things required for a perfect home decor are comfort level, reflection of individuality, and of course, organization.

Nowadays, you can get plenty of varieties of home-interior items according to a theme, right from colour to accessories. For traditional style, you get warm wall colours, exotic beautifully carved wooden furniture, elegant artwork, and the list can go on. And if you are planning for a modern-style home decor you have bright shades which you can easily mix and match, leather or wrought iron luxurious furniture and much more.

Market is full of home-interior accessories. All you have to decide is the style and the theme for your dream abode. While decorating your home, space planning, windows, doors, lighting and furniture are essential. While designing the house, you must keep in mind that it should reflect your taste and style. Some vital components for home interiors are dimension, balance, rhythm, harmony, contrast and pattern.

One person’s choice is different from that of another - everyone has got his/her own style. Some would want to give a traditional and classical touch to their houses, while others prefer what’s latest and trendy. A few will plumb for an Italian style, whereas for some, rustic home decor is where their heart lies.

Some home designs that most professional interior designers swear by are rustic home decor, casual home decor, contemporary decor and formal home decor.

Quick tips to a healthy home

Indoor plants not only enhance the beauty of the interiors, these also have health benefits. Here’s how to maintain their freshness.

When it is scorching hot outside, cool off your interiors by keeping some plants in your house. It will make the space seem fresh and green, and give you a sense of being close to nature. Indoor plants require adequate light. Place them near windows where they can get natural light.

If a plant is indoors for many days, do not expose it to strong sunlight immediately. Keep it in the shade for a day or two. Ensure timely rotation of plants. It is better to rotate plants before they show light deprivation symptoms.

When transplanting the plants to new pots or replanting, use fresh soil. Make sure the soil is free from pests. While indoor plants require water like outdoor plants, it is important to keep the water level optimum. Over-watering the plant can result in collection of water, thereby hastening the plant’s death due to rotting roots.

Winters are sure to result in dehydration of plants due to lack of humidity. To keep your plants moisturised you can spray them with fine mist. It is very necessary to identify the food requirement for your plants. Plant food containing nitrogen, phosphorous and potassium should be used to ensure proper growth of foliage, roots and flowers and fruits respectively. Check for pests like aphids, spider mites, mealy - bugs, scale insects, thrips mould and mildew. Isolate sick or infected plant until it recovers.