Ownership and possession of land – Maharasthtra land reforms code, 1966

Ownership and possession of land appear to be very similar and identical terms, but sometimes when both the terms are not applicable to the same person and same land it leads to litigations. Possession is the most important component of ownership. If a land is in possession of a person other than the owner for [...]

prepayment-penalty-floating-removed

Foreclosure / prepayment of home loan

Loans by banks for purchase of residential homes are sanctioned for a fixed durations and the EMI is calculated accordingly. During currency of the loan, if the borrower makes payment in excess of the stipulated EMI, either regularly or periodically, the loan amount is repaid earlier than the stipulated period. The borrower may also repay [...]

realestate-bill

The Real Estate (Regulation and development) Bill, 2013

Rapid expansion in the real estate development business, not only in metros but in tier-II, tier-III cities as well, has induced numerous dishonest developers in the business, and instances of property buyers being cheated by such builders has become very frequent and common. To protect buyer(s), the Govt. of India, on 14th August 2013 has introduced in Rajya [...]

Investment-in-immovable-assets-in-India-by-NRIs

Investment in immovable assets in India by NRIs

NRIs desirous of investing in immovable assets in India can do so without any specific permission or approval from RBI for certain categories of assets such as residential and commercial properties. This general permission to NRIs has been notified by RBI. However this blanket approval is not applicable for purchase of agricultural, plantation property or [...]

ensure-payment-to-owner

Tip #7 – When dealing brokers ensure payments to onwer

  When dealing property with a broker do ensure your payment reaches the owner of the flat.

check-parking

Tip#6 Check whether parking space is available.

Check whether adequate parking space is available.

check-location-viability

Tip#5 Check location’s viability for living essentials

  While buying property the check location’s viability for living essentials i.e. School, College, Hospital, Grocery store, Public Transport etc. should be nearby.

consult-lawyer

Tip #4 – Consult good “Lawyer” for legal requirements

Buyers who are not aware of the legal requirements must consult a good “Lawyer” before buying a property.

check-bills

Tip #3. While buying resale flat check bills

While buying a resale flat ensure to check whether the electricity, maintenance and other bills are duly paid by the seller/previous owner. That is, there should be no arrears pending from by the previous owner.

check-documents

Tip #2. Check all legal documents

Kindly ensure to check all the legal documents carefully. Not a single document should be absent.