Buying a plot: the crucial four factors to follow

Buying a plot, however big or small it might be, needs to be done with careful consideration. A small piece of land can become a big nightmare for a buyer, if the basic details are not scrutinised properly.

Whether it is for investment option or to build a house, a buyer cannot afford to ignore the basic points before purchase.

The list given below will be ‘a handy note’ for those planning to purchase to a plot.

1. Check the title of the land.

2. Get the approvals from statutory bodies.

3. Complete the documentation .

4. Handle post-registration issues.

Find out whether the seller is individual/partnership/HUF/JSC. Thoroughly check and satisfy yourself with the marketability of the property title in terms of whether the owner is the original owner and whether the title deed is original. Obtain legal opinion .

Similarly, if you are buying a resale plot, ask for the purchase agreement, which is the agreement between the current seller and the previous owner and get it scrutinised by an advocate.

He/she will identify whether the seller is truly entitled to sell the property, whether any mortgage exists on the property and if it has been paid off and whether there is any lien on the property. Retain a copy of this document and also check the original.

The nature of land, whether residential/commercial/ industrial/agricultural, has to be ascertained.

All land in India is considered as revenue land or agricultural land.

Ask for all the legal documents in original. Check whether a ‘No Encumbrance Certificate’ has been obtained to ensure that no mortgage exists/has been existing on the property. Get a ‘No Objection Certificate’ from the builder/society.

Check for authentic approvals from government agencies such as land development, planning authority and Income Tax Department.

Make sure to include every conceivable clause in the Sale Agreement.

A Sale Agreement is the only written evidence of the deal, so it should include everything from payment terms to exact description of the title.

Understand the finer details of the sale contract properly to arm yourself with knowledge that shall be beneficial during and after the transaction is complete.

Take care that all the duties that are to be paid on the property like stamp duty, registration fees and taxes are included in the Sale Deed/Agreement to Sell.

HUDA to auction 80 leftover plots

The cash-strapped HUDA is gearing up for auction of leftover plots in HUDA layouts in the metropolitan region for mobilisation of internal resources.

About 80 leftover plots in the range of 200 sq. yards to 1,000 sq.yards in various HUDA layouts like Nandagiri in Jubilee Hills, HUDA Heights in Banjara Hills, Ramachandrapuram, Tellapur, Miyapur, Vanasthalipuram and some bulk plots extending from two to eight acres have been identified for auction.

A notification for inviting bids for these plots would be issued soon and one can download applications from HUDA website or obtain applications from HUDA office. However, there will be no open auctions and the bids will be opened by HUDA officials and the highest bidder will be awarded the plots.
Upset price

The process of identification of plots is on and auction is expected to be completed by June-end.

The upset price of the plots depending on the location will be from Rs. 15,000 per sq.yard to Rs. 45,000 per sq.yard, as fixed in the last open auctions held in September 2007.

HUDA is expecting initial revenue of Rs. 150 crore from the auctions immediately.

Philippines real estate firm enters in Hyderabad Real Estate

Ayala Corporation of Philippines and its affiliate, Arch Capital Management, plan to invest $100 million in the Indian property market in the next two years.

Ayala is one of the largest real estate brands in Philippines and the private equity fund is currently evaluating property in Hyderabad, Chennai, the national capital region, Mumbai, Pune and Bangalore.

Sources say it will subsequently consider smaller cities as there is more room for development. Sources also say residential projects are top on arch capital management's priority list as it is easier to exit them. The fund is also considering investing in retail and IT projects. Hong Kong-based Arch Capital Management closed its first deal in India last month with Mahindra Lifespace Sevelopers. It will develop a residential township in Chennai, a project in which it holds a 49 per cent stake.........
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Kult Infotech launches online real estate bank

Realising the huge potential of internet usage in India, Kult Infotech today launched its new online real estate bank-- www.valuePROPS.com-- which provides comprehensive resource for all real estate topics related to buying, selling and renting with expertise knowledge.

The website offered service of advanced search for preferred area, mapping via GoogleMaps for exactly identifying the selected destination, financial calculations, blogging space and other interesting features that help the user to walk through the entire process from buying and selling to the completion of transactions, a company release here said.

ValuePROPS.com would be the pioneers in launching, for the first time in India, 'a multi lingual interface' dedicated to its users with the best online experience. It would be available in Tamil, Telugu, Kannada and Hindi.

ValuePROPS.com provided easy access to about 5,000 registered agents, facilitating the customers to buy and sell their property.

This interactive website ensured transparent dealings, revenue sharing model and above all scope for users to validate th data to help other prospective customers.

Currently, the service was dedicated to properties across the southern cities of Chennai, Bengaluru and Hyderabad and it had a vision to encompass the whole country in the future, the release added.

Furnished homes are the order of the day

House-Proud! This is increasingly becoming an attribute of urban homes. The urge to furnish the house as per one’s taste and budget and make it cosy, comfortable and trendy and glow in the appreciative remarks from guests, has never been so intense as in the last few years.

Not so much of thought was given to furnishing the house, till few years ago, even when one built one’s own house and moved into it. With major chunk of savings in addition to the loan spent on acquiring the house, an ultimate dream by any standards for many, the thought to shell out more to decorate the interiors was simply shunned, at least till one could recoup their financial resources.

But not any more! A part of budget is set aside to acquire furniture to match with the look of the new apartment/house. Why, even tenants do not mind to transform their rented flat or house into a beautiful home by imaginatively furnishing it with furniture and tapestry of their choice. And interestingly furniture is no longer looked upon as lifetime acquisition or one is not emotionally attached to it if they feel the house could do with a new look.

With latest designs, innovative ideas, a variety of furnishing fabrics, material flooding the market, it is hard to resist the temptation of bringing in something that is in tune with times. And catering to this change in mindset are scores of furniture showrooms, big furniture houses, those retail imported furniture or exclusive showrooms like Inhabit Furniture and Interiors which source material and customise furniture as per their customers’ requirements in their own workshop.

Acknowledging the trend for growing preference for changing furniture or refurbishing the existing drawing room or dining room decor, Mr. Chaitania R. Kumar, Managing Director of Inhabit Furniture says, people tend to get bored with the same old furniture and their value, even if it is made of teak wood, diminishes in their eyes. With socialising increasing, friends, relatives and business and professional associates being invited home, people prefer to keep their houses well appointed and maintain it at a certain standard to reflect their lifestyle and personality as well, Mr. Kumar says.
Consultants at your service

Moreover, the concept of house décor has undergone change in city with people working for MNCs, IT companies and lot of expatriates moving to Hyderabad. With more and more people travelling abroad, increased awareness about various trends and styles in furniture has prompted furniture showrooms to introduce latest designs and materials here and this has influenced the taste of local residents too, he explains.

But aspiring to be in tune with times is not enough. One should also be able to judge what kind of furniture designs would suit their homes.

Inhabit Furniture offers value added service by sending their design consultant to the customer’s home to help him/her choose the piece that suits as per their room size, layout and even its placement to enhance the look of the décor.

Says Neeta Kumar, furniture and interior designer, “We give consultancy on layout of furniture, fabric selection, among thousands of samples we have as per colour scheme customer may have in mind”.

The showroom has wide range of drawing, bed and dining room furniture and focus pieces mostly made in teak.

Sofas upholstered in leather and fabric are fast moving items more than dining and bedroom furniture. The USP of this showroom is definitely unique designs in fusion style, bringing best features of contemporary and traditional designs, a refreshing change from the run-of-the-mill designs one sees everywhere. The Coco Sofa, Step Sofa, L-shaped sofa in different sizes are few examples plus sofa sets in attractive fabric and leather. Leather backed beds for relaxed reclining, low platform beds, dining tables with mother of pearl inlay in contemporary and fusion styles, side tables, stylish long chairs give that elegant touch to a lobby space are many.Neeta says instead of opting only for traditional or contemporary style, a mix and match of both -- fusion look -- breaks the monotony of one style and make the décor more appealing.

If one is looking for new furniture, Inhabit, Banjara Hills, is one of the places to look for unique designs in affordable and value for money prices despite its upmarket location. The stores opened three years ago has lot of repeat customers. Once done with furniture and looking for accessories sourced from all over India and again at reasonable prices, there is separate ‘Inhabit India’ wing. One can choose from a wide range of decorative pieces, artefacts, handcrafted items in wood, metal, Bidriware, wall hangings, vases, knickknacks, acrylic table mats, Kalamkari jewellery pouches, icons of Ganesha, crystal hangings, puja room ‘thorans’ for that touch of elegance and traditional charm.