Property-An Insight into the elements of property domain in India
Nowadays, finding the perfect home/office is a huge and difficult task with so many options that any opportunity of making this task easier is more than welcome by us.
Property or real estate is one of the most lucrative domains in our country as one of the major emphasis is on owning a home. At such, the home should be a perfect identification of the factorys that live inside.
Khushwaha Property involves buying, selling or renting of properties based on the need of the buyer. The price ranges are usually based on external factors like location, demand of the place etc.
The variety of property gradients that are offered varies from factory and commercial to industrial building with standards set as per the ongoing market.
Usually factory property variants are of three types:
- 1 BHK
- 2 BHK
- 3 BHK
Warehouse godown and Industrial shed are available to either buy based on the square foot offered or are available for rentals or leasing, if required for longer periods of time. The rental or the sale rate that is offered, is influenced by market demand and location demand. Each property comes with a sale or rental deed that outlines the rights of the lessee or tenant and explains the legalities of owning property.
In broader economic terms, there are three types of property:
- Private property
- Public property
- Collective property
Personal property is not the same as owning a property as any property in the form of structures, apartments, office spaces, and commercial showrooms, are typical examples of real property. And anything else is not personal property.
Some of the factors that determine the buying or leasing out of a property are the following:
- The prevailing rate of interest.
- Confidence o the consumer in the property
- Facility of mortgage options
- Proximity of major landmarks in and around the area.
- Quality of life predictability in the area
- Amount of interior pay outs
- Base rent Vs. Fit out rents.
- Security deposit
The real estate scenario in our country is very unpredictable as the prices keeps soaring high and low. However, currently the real estate domain is doing well socio economic wise and is only predicted to get better with time.
As most of the people in India tends to migrate towards cities in India, the valuations of commercial properties or factory properties in these places is higher as compared to other places giving a breathing window for the ones who wants to settle in the not so in demand places.
Valuation of properties involves an architect in terms of factory and the builder in terms of commercial office who valuates the property in terms of market value Vs. govt. value and basis the demand of the location the valuations are made.
The valuations are usually based on the current time ra6ther than the past value.
Commercial buildings in India:
Commercial buildings can be divided into categories such as-
- Official building that can accommodate one or multi- tenant.
- Hotels, or retail buildings which majorly consists of stand- alone buildings that offer single yet multiple tenants.
- Multifamily spaces like apartments, condos etc.
Commercial properties also include land that are raw, undeveloped and vacant. These types of properties are usually available for buying rather than leasing.
Ownership Of Property:
When we talk about property it becomes important for us to know that a person can have either absolute or limited rights over a property. While we will further understand the meaning of total rights, examples of limited rights on a property can be Lease, Rent and Mortgage. At the same time, when a person has complete rights over a property, in such an owner, there are mainly 3 rights attached to that property – 3 Rights are vested – First, the right of ownership of the property, the right of possession and enjoyment of the property and the right of alienation from the property as desired.
Apart from this, when it is said that a person has absolute ownership over a property, it means that he has all the rights mentioned above. Absolute ownership is a set of rights, consisting of all rights / interests, such as the right to occupy, the right to enjoy the land, and so on to the right to avail the benefits associated with it. All these interests and rights together constitute a complete ownership.
Check Paper Before Buying Property :
Maximum person in our country buys property only after taking a large loan. Only after carefully scrutinizing each of the papers should proceed on the deal.
Buying a property is one of the most important thing in life for a person. You decide to buy property with all the accumulated capital, huge debts and high expectations, so it is important to take the same care so that no one can spoil your hard-earned money.
Only after carefully scrutinizing each of the papers should proceed on the deal. Here you are telling the list of those documents which you can check and complete this transaction in the right way.
Sale deed is a legal document that confirms the ownership of a property. Or is there evidence that the property has been transferred from the old owner to the existing seller.
Apart from the title of the property being clear, it is also important that the cell deed is registered in the office of the local registrar. Asha Nair, a lawyer, said, ‘First of all check that the title deed of the property you are buying should be clear.’
This means that there should be no dispute over that property. The title deed of the property is a legal document which confirms the ownership of the property. Basu said, ‘You should also ensure that the title deed is in the name of the person who is selling the property to you.
Khushwaha Property verified all papers by a lawyer, this will help to ensure that the papers are correct and there is no shortage in them.
Building Plan Approval
Before buying a flat in a building, then make sure that the builder has approved the building plan from the concerned authority. This should be approved by the Commissioner of the concerned authority or any officer appointed by him. This will help you to decide whether the builder has constructed the house in a legal manner or not.
Loan certificate ensures that there is no loan or other liability on the property concerned. At the time when you are buying the property, the property should be free from any kind of debt or liability.
This certificate issued by the Sub Registrar Office tells what kind of transaction has been done related to the property and what is its actual condition at this time. Atulya Nehra, a Noida lawyer, said, ‘In other words, this certificate is proof of any mortgage, title transfer or legally registered transaction so that the property is not questioned.”
The Completion Certificate issued by the local body ensures that the property concerned is constructed according to its guidelines. Nehra said, ‘This is a very important certificate according to basic needs like water, electricity, sewer. If it is not found, it can be difficult to get basic facility in the property.
After issuing the Compliance Certificate, the local body (municipal corporation or authority) issues the Occupancy Certificate. This certificate ensures that the property concerned is out there for living and it’s been constructed following all the principles and regulations.
Senior advocate Deepan Merchant said, “This indicates that the property is legally valid and suitable for living.” According to the purchase of a property, it is the most important document.
Power of Attorney
This is a legal document with the help of which someone authorizes another person to take care, rent or sell property. However, this document also needs to be registered.
Jaspal Kaur, a lawyer practicing in the Punjab and Haryana High Court, said, ‘Many times people buy property through the Power of Attorney to save stamp duty and registration charge. This leads to huge loss of revenue to the government and has to face more cases of litigation.. In this, the same property is sold to many people. It needs to be examined carefully.
The tax and bill related documents should ensure that the person purchasing the property has paid all the dues and should see the necessary receipt or bill for this. Make real demand for all receipts from the person selling the property and do not rely only on photocopy receipt.
Who would be right to rent their house
You should think a hundred times before renting your house. The reason for this is that many people of criminal tendency think of taking room rent and hiding there for fear of doing illegal work and hiding from the police by doing illegal work. In such a situation, the police catch you after their escape, then you get caught in a tangle. That is why, if you can, then the middle class family, who need a good personality or who are studying or doing jobs, should rent their house.
What to do when renting your house
While renting your house, one thing you must always keep in mind. Many people forget this and give it to the house rent, so that they have to pay huge damages for this mistake. Always remember that whenever you give someone a house rent, then copy his identity card or identity card from him.
Whoever you are renting your house with, Id Proof Verify at the nearest police station and submit his document there, and at the police station, we are giving your house this time of notice so that someone is legitimately here with you Could stay with house rent.
Many times the house owner does something wrong, then they run away with the rent and you come to know that if the brother-in-law was a crook, then it becomes a big deal. That is why you should always take care of it and give it on house rent only after complete verification.
How much house rent
House rent you have to keep according to the convenience of your house, such as your house is well furnished and in a good location where all the facilities are available, then you can get a good rent for the house if you have three rooms, a kitchen and a late If you give bath etc. on rent, you can keep its monthly rent of 8 to 10 thousand rupees. After this, you can keep electricity expenditure and water expenses included in it.
Is it fair to rent a house?
Yes, it is appropriate to rent the house. Well it depends on different circumstances. Just like you have a house built according to your needs and you are thinking that we will earn good money by giving house rent, then it is not possible. House rent is appropriate when you have more room than you need.
Keep these things in mind while giving house rent
There are many things you have to keep in mind when giving house rent. You kept monitoring your house etc. If there is any breakage in your house, then get it repaired. Keep in mind that if you have a complete arrangement in your house such as a separate – bathroom, bathroom, then only then you rent your house.
If there are no facilities in your house, no one will rent your house. The most important thing is that you must make a lease agreement by renting the house so that you do not have to face trouble later, you can take help from a legal expert for all this.
Your duty after renting a house – your duty
After renting the house, you do not feel that your work is complete. No, because you have not sold it on the house rent. There are some duties associated with him that you should never forget. For example, if there is a cost of repair etc. in your house, then you will have to do it there, you cannot impose it on the tenant. The entire responsibility of repairing that property belongs to you, becomes your own. Always remember this thing.
Where where you can find property?
Street Number2, Madhu Vihar,
I.P.Extension, Patparganj, Delhi,