Buying a house is like completing a huge responsibility and if it comes as smooth as it can then, it is cherry on the top of the ice-cream. Every step you move into buying a house, you feel the heat and keeps you awake at night. But when you are armed with all the information and document and you are aware of the basic real estate terms, then you can land up in the safe zone.
DOCUMENTS NEEDED TO BUY A FLAT
Builders may promote flats without getting approvals and may get the approval in due course. Check whether he has got all the approvals.
1 TITLE DEED, MOTHER DEEDS OR PARENT DOCUMENT:
Get this document and check it for his right to sell the property. If he has any minor children, or if is an ancestral property then you may face problem in the future. He should have a No objection certificate to sell the property on behalf of the minors.
2 GOVERNMENT APPROVED PLAN:
Make sure that the builder has got the approval for building the flat. If he has started the constructions then make sure that the approval building layout is same and there is no deviation in the house or flats. If there is deviation then it will create problems in the future
3 PROPERTY TAX RECEIPTS:
Get the copy of the property tax paid by the owner. If it is ambiguous, then enquire this issue with the corporation office or the municipal office. The property tax should be updated till date and for at least 10 years.
4 SALE AGREEMENTS:
Get the sale agreement between yourself and builder
5 COMMENCEMENT CERTIFICATE:
Usually given by the municipal or corporation authority for the commencement of the construction of the property; it is mandatory for builder to have one, if not, it is illegal.
6 NO ENCUMBRANCE CERTIFICATE:
It is a certificate to make sure that the property which he is going to sell you as a flat is not mortgaged for loan.
7 COMPLETION CERTIFICATE:
It is document given by the municipality or corporation to make sure that the construction is complete and without any deviation.
8 OCCUPATION CERTIFICATE:
It is issued by the municipal and corporation that you have legal electricity connections, water supply and sewage connections for you flat.
9 NO OBJECTION CERTIFICATE: by the land owner for change in electricity bill
Remember for getting loan from the bank you have to produce another set of document. These are:
Main applicant
1 Two passport size photograph, PAN card and employee ID
2 Residential proof address: Ration card, Adhaar card, voter ID
3 Last four months salary slip. Some banks ask for 6 months salary slip
4 Appointment letter from the present organisation and relieving order if your present employment is less those 3 years
5 Form 16 for last two years
6 Bank statements for past 6 months
7 One cheque from salary account as processing fee
Co-Applicant:
Two passport size photo and PAN card details
DOCUMENTS NEEDED FOR BUYING A PLOT
Planning to buy a plot to build a house of your choice is a good idea. The documents that are needed are
1 Mother document
2 Sale deed
3 Encumbrance certificate
4 Tax receipt tax paid by the owner of the land
5 Plan layout and
6 Sale agreements between you and the seller
Hope this blog helps you and do share with us your suggestions
The Chennai Corporation is all out to tackle one of the city’s chronic irritants — traffic jams.
On Friday, the Corporation, at its council meeting, passed a resolution for a study to analyse various means through which clogging on the city’s roads can be reduced.
An array of traffic control solutions such as congestion pricing, a bus rapid transit system, public bicycle-sharing and inter-modal integration may soon be implemented, based on models in China and Singapore.
A team of seven Corporation engineers will visit Guangzhou, Shenzhen, Hong Kong and Singapore to study traffic solutions adopted in these cities.
The engineers are: R. Jayaraman, D. Rajasekhar, S. Rajendran, S. Sudhakar, A.S. Murugan, R. Manoharan and R. Srinivasan.
The study, which will cost Rs. 20 lakh, is expected to produce practical solutions, which will then be implemented to ensure traffic management in the city is on par with other international metropolises.
The engineers will be assisted by the Institute for Transportation and Development Policy as well as a few other non-governmental organisations.
Many of the 354 km of bus routes and 5,563 km of interior roads are likely to be covered under the new proposal, which will primarily involve congestion pricing.
Congestion pricing involves a surcharge for users of transport when the system is in excessive demand, such as during peak hours.
It could involve charges for those using private vehicles on crowded roads and is aimed at reducing the number of vehicles on such roads in order to ease congestion.
“Congestion pricing models have been successful in cities such as Singapore and London. While Singapore has electronic road pricing, Hong Kong has a very good inter-modal transport integration system. Every city has various options, and all of them are trying them in various degrees,” said Raj Cherubal of CitiConnect.
“In the 1960s, London started congestion pricing. Though it was opposed at first, one mayor finally managed to implement it,” said a senior traffic expert.
“In Chennai, such efforts require a lot of determination and political will by the government. Engineers were not able to implement the loop-buried vehicle activated signal on Arcot Road two decades ago, as the devices were damaged by road cuts,” he said.
He added, “Bus bays are a simple concept, but still, they have not been implemented properly. It is very difficult to implement anything here, but we have to try and experiment with various solutions for better traffic management. A lot of research has to be done before implementing any solution, including congestion pricing.”
However, the recent fall in the gold price has raised questions whether the returns given by these relatively safer investments are likely to sustain. While the gold price has fallen 20% from the peak, are the real estate prices also likely to correct is the question asked by the most.
Unfortunately the correlation cannot be verified as there is no long term real estate index data in India that will help with any reliable conclusion.
However, an analysis done by Karvy’s research team on 20 years data of the Hong Kong real estate index and gold price showed that the prices of both have 81% correlation. Similar holds true for the Indian data in 2012-13.
According to the experts the reason for this is that the correction in the gold price makes people sell their real estate investments and invest in the yellow metal.
Although this cannot be used as a certain conclusion, if you are looking to buy a house and were not able to do it earlier due to high real estate prices, you can hope this theory to hold true.
The first train for the Chennai Metro Rail getting ready at the Alstom facility in Brazil.
Sriram Amarnath, a software engineer, has just returned to Chennai from the US after a gap of nearly five years. He was upset to see the congestion outside the airport due to the construction work being undertaken for the Chennai Metro Rail project.
But as he moves into the city, he is awed by the magnitude and pace of construction of the Rs 14,000-crore project, which will help decongest the city roads and take care of the growing demand for public transport.
With the city’s current population of over 50 lakh, expected to reach 1.2 crore by 2026, Chennai is struggling to keep pace with the ever-increasing traffic demand.
In the past, every household used to have a vehicle. But today, every member of the household has a vehicle, putting enormous pressure on roads.
INTEGRATED SYSTEM
Further, over 3,200 buses move nearly 52 lakh people every day. All efforts of the Government to meet the increasing demand seem to be falling short.
Thus, the Chennai Metro could become an important public transport system in the future.
It is going to be part of an integrated multi-modal transport system, along with the planned Mono Rail project, which is still in the drawing-board stage. This is in addition to the strengthening of the sub-urban rail service, the Mass Rapid Transit System, and the Metropolitan Transport System.
The Tamil Nadu Government gave its in-principle approval for the Chennai Metro’s initial corridors in October 2007 and the Centre gave its nod in January 2009. The project envisages creation of two initial corridors under the proposed phase-1 with a total of 45.1 km. The corridor from Washermenpet to Airport will be 23.1 km and the other corridor from Chennai Central to St Thomas Mount will be 22-km long.
About 14 km of Corridor-1 from Washermanpet to Saidapet and 9.7 km of Corridor-2 from Chennai Central to Anna Nagar 2nd Avenue will be underground and the remaining portion will be elevated, says information available on the Chennai Metro Web site.
Huge tunnel-boring machines, including some Chinese-made, are continuously drilling the city’s hard soil to enable air-conditioned trains to criss-cross the city underground in the next two to three years.
As on March 31, nearly 10 per cent of the tunnelling work for the project has been completed. Out of the total 27,220 metres, tunnelling work of 2,731 metres has been completed.
Projects worth over Rs 10,000 crore have been awarded to various companies from countries like India, Russia, Germany, Japan, France and UK.
Share of public transport
The Tamil Nadu Government’s plan is to increase the share of the public transport system to 46 per cent from the present seven per cent by 2026. The Chennai Metro project will play a huge role in this change.
Consider this data. The project is expected to remove around 13 lakh passengers from the road by 2026. Every year, it will save around 100 deaths happening due to road accidents and another 500 non-fatal accidents.
And, for a passenger travelling from the Koyambdeu market to Alandur, the journey time will come down to 16 minutes from over an hour, currently.Similarly, it will take just 40 minutes to reach the airport from Washermenpet in North Chennai, against nearly two hours by road, and an hour by rail.
The Chennai Metro is following the example of the Delhi Metro Ltd, which, incidentally, is the primary consultant for the project in the first phase.
According to the plan, the first metro train should start plying in 2015. Incidentally, the train, which is getting ready at Alstom’s manufacturing plant in Sao Paulo, Brazil, is expected to arrive in the city in June.
Meanwhile, out of total plinth track of 10,577 track metre between Vadapalani and Koyambedu, work on about 9,800 track metre has been completed. A total of 1,586 joints for welding of tracks have been done, the Chennai Metro said. Interestingly, the metro will go up to the airport. Sriram, who is leaving for the US in two weeks, hopes that he will return to the city in three to four years to take the metro and reach his home in the heart of the city.
Old Mahabalipuram Road favours home owners most because of moderate property prices and high rental values. While Tambaram and Medavakkam have low property prices and rental values, Porur and Kolathur make a strong case for renting because of low rental values. Chetpet is the least affordable locality with high property prices and rental values. OMR and Tambaram offer a better lifestyle because of larger residential spaces.
At 6.85 sq. ft per Rs. 1 lakh, Chetpet is the costliest locality while OMR is the cheapest at 28.9 sq. ft per Rs. 1 lakh. These are some of the findings of a new report on Chennai’s real estate market conducted by ArthaYantra.com, an integrated personal financial services company.
Based on average property prices, a professional needs to save for four years to afford the down payment for a house in Medavakkam, Tambaram or OMR, compared to seven years for a house in Ashok Nagar, eight for T. Nagar, 10 for Anna Nagar or Adyar, and 10 years for Chetpet.
Other key findings include Chennai’s rise of 209 per cent in index value from 2007, with Kolathur scoring the highest rise, followed by Chetpet and Ashok Nagar.
The report attempts to provide a quantitative and merit-based answer to the question of buying vs. renting a home, says a press release, and analyses the costs of both options across 13 locations ranging from Adyar and OMR to Anna Nagar, Chetpet, T. Nagar and Tambaram. The research considered three important factors: rental value, property price and gross income.
