ESSENTIALS TO BE ADHERED TO WHILE BUYING A PROPERTY IN INDIA

To buy a property in India is an uphill task particularly for most of the first time buyers. As a matter of fact property transaction is fraught with risks of being cheated at every step. To avoid such and eventuality it is almost essential that before you buy property in India, you must select a true and unselfish property dealer who may steer clear your deal. One more point to be notes is that more the intermediate dealer, the higher the rate of property. So after careful examination of back-ground of a property dealer, you may engage only one.

In addition to the above, before you buy property in India, make a check-list of all plus points/essential needs for a good residence and if the location selected by you is in order from all respects including rates etc., you may go ahead to buy a property of your choice in India.

NEW CODING SYSETM TO TRACK RPOPERTY SALES

The Delhi government is in the process of allotting a unique code number to each residential property in the Capital in an effort to bring transparency into property in India related/commercial transactions.

The residential/commercial property in India coding system, to be called the Land Title Registration System, is expected to help prevent fraud by enabling online verification, minimize litigation relating to property rights, and establish legality of ownership. It will help check the growth of unauthorized colonies in the city too, government officials said. The “in principle” approval of the government came last week after a presentation by the Urban Institute, supported by the United States Agency for International Development, before top officials of the state government, including Chief Minister Sheila Dikshit. The recommendations of the presentation include replacing registration of transactions with registration of titles (proof of ownership).

The registration would also be a guarantee of land rights and help establish the legality of the title, allowing banks to land to the owners with confidence and households to borrow with ease.

A database of all residential/commercial property in India in the city will be prepared. The presentations recommended a time-frame of ten years to complete the project at an estimated cost of Rs 200 corore. “along with the circle rate for properties, this will help streamline the property market in Delhi, “said Delhi Revenue Minister Rajkumar Chauhan.


Courtesy: H.T. dtd.30 April 2007.

TO BUY PROEPRTY IN INDIA – A DENT IN CASH FLOW OF NRIs

If the NRI wants to buy property in India, it will make a dent in his cash flow, as he will have to transfer many more dollars for the same property price. He would have been better off if he had bought his property in India five years ago when the prices were not so astronomical and the dollar was at a peak versus the rupee.
But in the present state of affairs when the Indian Real Estate market is showing little down-ward trend due to increase in interest rates of home loans, the NRIs have equal opportunity to buy property in India to offset the higher cash flow of their dollars. In other words we may say that weakness of dollar has been compensated by the present fall in property prices and hence to buy property in India for NRIs stands neutralized.

TO BUY PROPERTY IN INDIA

Gone are the days when people of rural/urban areas used to live in old, shabby and congested areas. Now people have more source of income and increased capacity of savings clubbed with availability of home loans and this very fact has drived more and more people to buy property in India. This mode of people to buy property in India serves their dual purpose i.e. firstly it provides better standard of living and secondly provides an opportunity to enter into new business activities / new horizons.

It will not be out of place to mention here that the real estate in India reached such a boom that it not only attracted the NRIs/foreigners of Indian origin and foreigners that all made a bee line to buy property in India and it gave a turning point to the property boom by bursting the bubble that it took a downward trend during the recent past due to increase in home loan interest rates and certain other riders imposed by the government.

Systematic and lovely property in india.

When we hear someone talking about buy property in India the images of beaches, lush forested hills,
shiny sand, swaying coconut trees, and charming faces start evolving before our eyes.
It is a boom time for property in India with more and more investors ready to park big money here as they are confident to get lucrative yields in long term. Needless to say, everyone tries to opt for the sites situated strategically, affording scenic surroundings and possessing great potential to yield high returns. And, availability of such locations representing excellent prospects for investors is no less in India.
Not surprisingly, property in India are all set to go through the roof. Still, buying real property in India is not hard to do on a budget and can be done without breaking the bank. For that reason, property bigwigs could not keep them away from the allure of Goa thereby expanding their horizons here. The list includes the names of famous builders like Gera Developers, Parsvanath and DLF who are planning to develop offices cum shopping malls property in India.
Property in India is going through major phases of make over with conglomerates buying large commercial spaces to develop shopping arcades featuring world class brands. Also, a number of retailers enjoying great name and fame are considering coming up with their exclusive showrooms. This is likely to add to the land value with average prices of Rs 2,500 to Rs 3,000 per sq ft. Market analysts see the rates for Indian commercial property to shoot up further in next ten years.

TO RENT AND BUY PROPERTY IN INDIA

A person buy a property, gains a status but has to shoulder a lot of responsibilities also. Taking accommodation on rent (which gives the landlord an assured sum but does not make him rich) means a hassle-free life in many ways.
As a matter of fact to buy property in India makes a dual gain. Firstly, the cost of property so bought increases with the pace of time. Secondly, when it is rented out, it adds to the extra earning of the person who bought it. Most of the people insist to buy such a property in India which may be rented / leased out to create an easy source of income. In other words, we may say that if a person wants to earn more rental income, he should buy property in India.

GROUP INVESTMENT BY NRIs

The best way to buy property in India by NRIs is to invest money by forming a group particularly in the circumstances when the real estate market is over-heated. As a matter of fact to buy property in groups offers a better platform for negotiating the prices, better location and of course bigger house as compared to an unknown investment partner.
In addition to the above, when a group housing society so formed to by property in India, there are so many business activities of the group which can be discussed / negotiated / bargained at a common platform in their best interest.

PROFESSIONALISM IN PROPERTY IN INDIA

Investment in housing and property in India is beset with many uncertainties in the prevailing real estate scenario. The investment and transaction decisions in this sector are characterized by uncertainties due to low level of disclosures and information.

Investment in property in India has always been known as lucrative, but due to lack of transparency in the property markets for proper valuation, potential investors exercise caution before taking the plunge. Property in India also requires a huge amount of investible capital; hence professionalism would help bringing in confidence among players.

Discipline and better governance of property in India would go a long way in a sector facing challenges from legal, taxation and other regulatory issues like the property tax and stamp duty structure, which create high cost of transactions.

Improving the confidence level of both investors and consumers by bringing in fair practices through self-regulation and ultimately catalysing the growth of this sector is of primary importance. Promoting healthy ethics in buy property in India and facilitating its orderly growth has become a major concern in the market.

Investment in property in India also entails proficiently handling the whole process from property selection to home finance, attaining a right mix of properties in your portfolio as well as knowing when to exit from your investment. For a property consultant in India is important to establish trust amongst his clientele as a capable manager of their money by ensuring transparency and honesty in all the transactions.

Lovely places

If the NRI wants to buy property in India, it will make a dent in his cash flow, as he will transfer many more dollars for the same property price. He would have been better off if he had bought his property five years ago when the prices were not so astronomical and the dollar was at a peak versus the rupee. For NRIs importing goods and services from buy property in India, may pay more but in almost all cases, Indian exporters always quote in dollars and this will not make much difference.

TIER-II TOWNS WILL NOT MATCH METRO IN GROWTH

It is in the context that many people are concentrating to buy property in India in tier-II cities in view of the future expected expansions and developments. But it will not be out of place to mention here that to buy property in India in tier-II cities may not fetch equivalent returns like main metro cities. The fact remains that pressure to buy property in tier-II cities does not match the same in metros which outstrips the tier-II cities on several counts. One of the main reasons is that whereas tier-II investments attracts the middle class or lower middle class due to cheaper rates, the metro cities attracts upper middle class and upper class to buy property in India.

INVESTMENT PLANNING FOR COMMERCIAL PROPERTIES IN INDIA

Pinpointing the correct investment option in a market full of uncertainty is a hazardous job. What is essential is a systematic and cautious approach while working out a deal.

Commercial properties in India do not attract many buyers/tenants, or even selective takers although these takers have deep pockets. That’s why investment into commercial property in India is a tricky game. Prepare a feasibility report before giving your token. How? Check out areas to scan in your report.

1. If you are investing into any commercial properties in India, never forget that the investment is made into space with the right environment for specific business. For example, any business center will be a major reason for all restaurants, hotels, cineplexes, etc. to grow in and around. But if any business center fails, it will directly affect related business; chances are that any effect on these businesses will directly influence the price of commercial properties in India. Such building (i.e. hotels and cineplex) cannot be used for any other purpose.
2. Undoubtedly, location of commercial property should have the top priority but one must never forget that this factor can be constantly impacted by surroundings which may change returns in a different time frame. The neighborhood population may reach a level from where there is no further increase. It is possible that any negative swing in the socio-economic pattern of the city can lead to a decline in population. Or the Central Business Centre where you are planning to invest is likely to grow without any direct threat until if faces competition from another CBC of similar strength. Check with the local governance.
3. Read your profits of commercial property carefully before you pay your token money. Chances are that your cost of arranging funds and recurring expenses of maintenance of commercial property in India may eat your margins. It is a high-risk proposition if you lose more than your earnings towards landing cost (mortgage), maintenance of commercial and insurance.
4. Most investors in commercial property in India tend to ignore the recurring expenses, related with annual maintenance, insurance etc. The wise among them always understands the lifecycle of a commercial property. As time passes, maintenance expenses will increase along with rentals, but the business may not grow in similar ratio. As the market moves, your present CBC may or may not be able to retain its key position in the urban map. One can see a large number of unoccupied areas in old commercial buildings/properties.
5. Never hesitate to pay extra price for some good deals.

Courtesy: Realty Plus, April-07.

RESIDENTIAL PROPERTY IN INDIA

Whether it’s a condo, a bungalow, or an apartment, the old saying “A house always gives a sense of belonging” seems true for all. Your home is a valuable possession and can be the reward of year’s efforts which makes it more precious. The article sheds considerable light over the tips that you must not forget while you buy property in India or your sweet residential home in India.

Here, we are talking about residential property or flat (as commonly referred) buying tips as they have become a distinguished form of residential properties in virtually most major areas in India. Featuring technical and economic advantages, high rise residential properties have undoubtedly become more popular again.

Book the residential property in India during the best time which is when a project is announced. Most bookings are done on the basis of “first come first serve” basis. The first ones have the option to choose the floor, the size, the location, and the design of a residential property/flat. Also, the builder offers the most cost effective rates for initial bookings of residential property to beat their risks. To buy property in India a building that is about to be completed also stands for a nice option. This curtails expenditure on both the rent and interest.

Check out all the documents beforehand. Before you buy property in India /flat, you must carry out a title and document search with the assistance of an experienced lawyer. Moreover, make sure that there are no deviations from the approved layout plan and approved building plan of the residential properties. You must take a look at the ownership documents as well to avoid nasty surprises later.

What documents to ask for? In case, you buy a property in India /flat in an under construction residential property, ask for a copy of the floor plan of the proposed building to determine the percentage of areas like staircases, passages, and lifts. The floor plan is also helpful to give you a view of the orientation of each room.

Check out the specifications. A copy of specifications for construction of residential property is a critical aspect to ensure that you are getting what has been promised is fulfilled by the builder. It will also help you to see that the array of proposed facilities is suiting to your lifestyle.

Now, with all the relevant information in your hand, you can easily compare different plans as offered by different builders to buy a property in India /flat in your preferred location.

TO BUY PREPERTY IN INDIA –A BEST BET IN INVESTMENT

The real estate in India is attracting huge investments. Private equity players are considering big investments, banks are giving loans to builders, and financial institutions are floating real estate funds.

With 100% FDI in real estate now being allowed, overseas developers are also closely looking at the Indian real estate market.

International investors like the US-based Warburg Pincus, Blackstone Group, Broadstreet, Morgan Stanley Real Estate Fund (MSREF), Columbia Endowment Fund, California Public Employees' Retirement System (CalPERS), Hines, Tishman Speyer, Sam Zell's Equity International, JP Morgan Partners and Amaranth Advisors have been found to evince interest in Indian real estate.A few funds belonging to Warren Buffet's Berkshire Hathway are also interested.

Indian institutions like HDFC, ICICI Venture and Kotak Mahindra are launching funds to invest in real estate. HDFC, in association with SBI and ICICI Venture, has already launched a real estate fund, while ICICI Venture is also tying up with Tishman Speyer, one of the leading owner-developer-operator of upmarket properties in the world.

Most of these funds have been meeting investment bankers, banks and housing finance companies in India to get a feel of the Indian real estate market. The developers are looking to tie up with Indian companies, while the private equity funds seek to test the market with small investments in big projects.

The developers are expected to bring in at least $100m to buy property in India. The pure private equity players are expected to be passive players. They are likely to take a smaller stake in specific projects along with an Indian real estate developer. These investors would prefer board berths.

The combined investments by various groups into Indian real estate market could go up to $1.5bn. Funds are looking at returns of around 16-20%. The IT and Outsourcing boom in the country has raised the need for quality commercial & residential properties as well as hospitality and health care facilities in India.

It is expected that to buy property in India the developers will bring in 10% of their own money, and raise the remaining money overseas or in India. A group of NRIs has raised $150m under the Indian Real Estate Opportunities Fund and are scouting for projects in India. This will boost the cost of residential and commercial property in India.

INDIAN REAL ESTATE MARKET

Indian real estate or property in India market is buoyant. And the market leaders are predicting phenomenal growth and foreign direct investment in this vast land of opportunities in coming years. India real estate is the best example of unity and religious tolerance therefore it's undoubtedly the best place to invest for earning huge dividends. India is always trying to offer the best in terms of Indian real estate investment by altering its FDI policies from time to time. The sole aim of this country is to provide best opportunity to everyone to flourish in their respective sphere.

With better infrastructure and availability of world class facilities, real estate in Indian prominent cities are the most sought after proposition. No wonder, this part of the globe is going to become the ultimate place for investment in contemporary retail, residential or commercial property in India.

For Indian real estate investment perspective, it has been observed that Mumbai, Delhi, Chennai, Bangalore, Kolkata, Hyderabad, Ahmedabad, Pune, Gurgaon, Chandigarh, and Jaipur are the most coveted and hot spots for residential & commercial property investments. A number of reputed builders such as DLF, Hiranandani, Raheja, Vatika group have already invested huge amount of money in Indian real estate development and due to the positive image of India, there has been a sudden spurt in foreign construction and housing groups taking up projects and buy property in India. Industry sources have indicated that the real-estate sector is set to see a capital infusion of more than US$7 billion next year of which as much as $5 billion has been committed by foreign investors.

The best part about Indian real estate is that it truly offers the best of both worlds. Its past heritage has the capacity to shape the future in a better way. India offers a vibrant market of youth and vigor as 54% of the country's population is below 25 years of age. It has great significance as these young people will work harder, earn more and demand more from the market and thereby sustaining growth in the long-term.

Demand for Indian real estate is skyrocketing and certainly this is the best time to buy property in India.

INVESTMENT OPPORTUNITIES FOR NRIs IN INDIA REAL ESTATE

There are lot of options thrown up in the current scenario for NRIs to invest across all types of real estate depending on the bite size, risk factors, staying power, ease levels, to participate in the great Indian real estate story.

First is the Commercial buy property in India, mainly office spaces that are usually acquired by way of lease or for license for a specified period, yields 10-11% p.a. together with the built- in increase of about 5 %. The investor is allowed to borrow upto 50 % of the property, 70-80 % rarely with the cost of borrowing set out from 8-8.5 % p.a. This type of investment would earn the investor, the total returns of 17-18% annually. This is a worth considering investment as the risk involved is relatively low as the property ownership is vested with the investor itself. Next is the property from IT sector, mostly find their place in urban cities and are rented out by IT companies including ITES and BPOs. This has a minimum floor size of 30000 sq.ft. and is particularly configured for IT users who normally occupy the space for years. The rental earning is high and demand exceeds supply in this sector. Thus the cost factor is comparatively acceptable with no sudden hike in prices. This segment is fast gathering pace as more and more malls are in the development stages. Under this type of investment, the investor could buy a mall either to rent it out to MNCs like MacDonalds, KFC, Nike or a local company like Barista, Provogue or enter into revenue sharing model to run a retail business effectively. The reach of the business is anticipated at large but the investors have to keep in mind the excess supply of malls and the dynamic nature of the business. A fourth category to invest could be in residential property in India. With an estimates shortfall of 22 million housing units, the potential is huge. With reduced interest rates and tax benefits given to borrowers (the effective rate of interest is 5.5% p.a.) and with simultaneous increase in salary levels, the average affordability has gone down from a high of 15 years in 1995 to 4.5 years today. This basically means that an employed youth can buy a house with 4.5 years of his income. Thus, the demand for residential property is huge. An investor can come into a project at the construction stage, buy a block of apartments from the developer and then sell them to the actual user upon the building being ready for possession. By riding the construction period, he basically finances the developer to some extent and exits when the user is ready to move into the apartment.

Investment in residential property in India is growing incredibly, in recent years, buy property in India hassle free with alteration in interest rates and more probability of tax welfare to loan seekers. The need and requirement for residential property is apparent, with the mass, witnessing an upsurge in salary income. An investor can enter into a construction project, and buy a block of apartments with the view to sell the residential property to the ultimate consumers. Returnable income greatly depends on the project size. Risk involved in residential property investment depends on builders and prevalent market condition.

WHY TO BUY PROPERTY IN INDIA

According to a recent study, returns from rental incomes on investment in commercial property, in metros, is around 10.5%, the highest in the world. Real estate in India is now considered as one of the hottest investment options as compared to bank deposits or bonds where your return ranges between 5.55 to 6% and that is why more and more people are inclined to buy property in India.

Revived demand since 2004 has led to the firming up of real estate markets across the commercial, residential and retail sectors. The supply just about matches demand in almost all metros around the country and there has been an upward pressure on the real estate values. Due to the heavy demand and upward prices, investment and speculative interest in real estate is growing while excess money supply, stock market gains and policy changes are adding to the investment trend to woo domestic as well as NRIs and others to buy property in India.

In the last one year the capital values of the commercial office spaces has increased by up to 40% owing to the increase in the demand from IT / ITES and BPO sector across major metros in India.

Lower interest rates, easy availability of housing finance, growing salaries and job prospects have given a boost to middle & upper class to buy property in India. The net yields (after accounting for all outgoings) on residential property are currently at 4-6% p.a. However, these investments have benefited from the improving residential capital values. As such, investors can count on potential capital gains to improve their overall returns. Capital values in the residential sector have risen by about 25-40% p.a in the last 2 years as a result most of the people like to buy property in India.

NRIs WOO REAL ESTATE IN INDIA.

NRIs wanting to buy property in India are taking the real estate market seriously enough to form informal groups to back select projects. This is the latest trend observed in the Indian realty market, and nobody’s complaining.

NRIs tend to buy residential properties in India, preferably in their native towns or cities where their relatives and friends can supervise such projects. However, funds are now being put into some commercially viable projects as well, such aas malls, hotels and office complexes. Around $600 million has poured in from such investments in the last one year, with a single investment from a group averaging between $10 to 15 million.

Law firms receive 5 to 6 enquiries every week from overseas Indians who club together and float a fund to buy property in India, stay on through the lock-in period, and sell it a good profit.

Jaipur, Hyderabad, Vijaywada, Ahmedabad, Baroda and Surat have seen groups of NRIs making such investments in malls, office spaces and residential townships. These investments are generally routed through Mauritius to avail of tax benefits.

It is a win-win situation for both investors and real estate developers. The former earn handsome returns, while for the latter, it’s low-cost credit. Some projects in smaller cities have yielded as much as 50% returns.

Overseas Indians are allowed to buy property in India without any limit on the quantity or the number of investments, subject to the guidelines of RBI/Government.

There is a huge gap in supply in almost all sectors of property in India. The IT/ITES sector will require a space of 150 million sq. ft. by 2010, while 6.7 million housing units are currently in short supply. The emerging retail industry will require vast spaces to accommodate the large hypermarkets coming up.

On a more formal scale, capital management companies are being formed overseas by Indians to work with top builders and offer consultancy services to individuals who want to buy property in India.

TIPS FOR BUYING PROPERTIES IN INDIA (MUMBAI)

In the last decade or so India has made and still continue to make a swift growth on the turf of Information Technology. This massive expansion in IT Sector has resulted in domestic industrial growth as more and more multinational companies and services industries started to invest and buy property in India. They had their share of profit with this IT boom in India. But there is one industry that has benefited the most by this growth and that industry is the property market of India as demand for more and more office space and other real estate property has been on climb in the country giving catalytic effect to buy more and more property in India.
To fulfill the demand, property developers in India are developing residential, commercial and retail space in the major metropolitan cities of the country. This demand for property has made cities like Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, Chandigarh, and Jaipur the most coveted hot spots for commercial and residential activities. More and more people are coming to these cities in search of better employment, which has resulted in high demand for residential property in these cities thus sky rocketing the prices of property in India.

TIPS FOR BUYING PROPERTIES IN INDIA (MUMBAI) !!

The demand for property in India (Mumbai) is even higher as it is the business capital of country and world’s largest film industry is also situated here. Every one in India wants to be in this city of dreams. Many people want to settle in here in hope of good career and some want to spend a few days here. This has made the job very difficult for those who are looking to rent or buy residential or commercial properties in Mumbai. But many real estate agencies are helping people in buying property in Mumbai. These agencies offer a wide range of services to their customers together with buying, selling, renting-in and renting-out. In order to expand their business few property agencies offer some services through internet. So if you are looking to buy residential properties in India (Mumbai) or buy commercial properties then simply visit to the website of any of such real estate agencies like www.zameen-zaidad.com and you can find the best deal for you.
But there are some points that should be kept in mind while buy property in India for you.

1. Take a seat with your family and come up with an amount that you are ready to pay out.

2. Keeping in view the amount at your disposal, agree on some grounds with your family. For example, if you are looking to buy residential property in India & particularly in Mumbai, you must agree on some basic things with your family like; how many bedrooms you want, in which area of the city the apartment should be located, etc.

3. Be realistic in your decision. Always keep an eye on your budget and limitations.

4. Be very clear with your property dealer about your requirements and budget. Many online property agencies have detailed search form on their website that can help you in locating desired property for rent or buy in Mumbai or any other city in India.
5. Be ready to compromise. It is not always that you can rent or India that has every thing you want. It could have your desired no of bedrooms in the amount in your hands but could be half a kilometer away from your preferred location.6. Last but not the least; always beware of fraud real estate agencies. Always look for trusted and well established property agencies.

So it is becoming easier and easier today, for both foreign & domestic investors as well as common man, to find & buy residential or commercial property in any part of India that best suited to their requirements. All you have to do is be clear about your budget and requirements and acquire the services of good property agency and www.zameen-zaidad.com is definitely one of them.

ALWAYS HOLD PROPERTY IN JOINT NAMES AND MAKE A WILL

After my aged aunt died, her children went to the bank to open the locker that she was maintaining. They found that the only person authorized to open the locker was my aunt and she was no more. It took nearly five years for the bank to complete the formalities before the children could open the locker and get custody of its contents.

One may have come across a number of stories like these. Yet, people hold their investments, bank lockers, apartments, etc., in a single name. Some have family reasons – like not getting along well with other family members or not trusting others – buy property in India their sole name. However, heirs or survivors, who are likely to inherit these assets, have to go through a long and winding procedure to get the properties transferred in their name.

To make sure that your survivors do not suffer, you must ensure that you buy wherever permitted, all your properties jointly with someone. You may also nominate someone to receive a property after your death. Coupled with these actions, you must also make a will. The will should lay down in an unambiguous language how and by whom you want your properties to be inherited.

What does all this mean? Joint holding will facilitate transmission of the property. And a will left behind by a deceased person will fix who will succeed the property. You must understand buy property in India joint name and nominating someone to receive properties after death are not the same things as naming these persons in the will as the legal heirs to succeed you in the properties. When you nominate a person in respect of a property, like you do when you nominate a person for your apartment, all that you are doing is authorising the housing society to transfer the apartment in favour of the nominee. Nomination facilitates transmission of the apartment and authorises the society to transfer the apartment in favour of the nominee without requiring the society to verify who will be the legal heir succeeding the deceased in the property. A nominee does not become owner of the property merely by virtue of nomination; ownership of an asset is something that has to be proved in law. And such proof can be supplied by will. A nominee in law is only authorized to receive a property in his or her name, and if someone else is named as an heir as regards that property, the nominee merely holds the property in trust for the legal heir. It logically follows that if you want your apartment to be inherited by your wife or son you must name that person in your will as your successor as regards that apartment and also nominate that person as a nominee. Nomination will facilitate transmission of the apartment in favour of the nominee and the Will will vest in him or her the rights of an owner.

Always buy property in India joint names, make a will and nominate a person to succeed you in a property.

Courtesy: The Times of India.
May 3, 2007

ALWAYS HOLD PROPERTY IN JOINT NAMES AND MAKE A WILL

After my aged aunt died, her children went to the bank to open the locker that she was maintaining. They found that the only person authorized to open the locker was my aunt and she was no more. It took nearly five years for the bank to complete the formalities before the children could open the locker and get custody of its contents.

One may have come across a number of stories like these. Yet, people hold their investments, bank lockers, apartments, etc., in a single name. Some have family reasons – like not getting along well with other family members or not trusting others – buy property in India their sole name. However, heirs or survivors, who are likely to inherit these assets, have to go through a long and winding procedure to get the properties transferred in their name.

To make sure that your survivors do not suffer, you must ensure that you buy wherever permitted, all your properties jointly with someone. You may also nominate someone to receive a property after your death. Coupled with these actions, you must also make a will. The will should lay down in an unambiguous language how and by whom you want your properties to be inherited.

What does all this mean? Joint holding will facilitate transmission of the property. And a will left behind by a deceased person will fix who will succeed the property. You must understand buy property in India joint name and nominating someone to receive properties after death are not the same things as naming these persons in the will as the legal heirs to succeed you in the properties. When you nominate a person in respect of a property, like you do when you nominate a person for your apartment, all that you are doing is authorising the housing society to transfer the apartment in favour of the nominee. Nomination facilitates transmission of the apartment and authorises the society to transfer the apartment in favour of the nominee without requiring the society to verify who will be the legal heir succeeding the deceased in the property. A nominee does not become owner of the property merely by virtue of nomination; ownership of an asset is something that has to be proved in law. And such proof can be supplied by will. A nominee in law is only authorized to receive a property in his or her name, and if someone else is named as an heir as regards that property, the nominee merely holds the property in trust for the legal heir. It logically follows that if you want your apartment to be inherited by your wife or son you must name that person in your will as your successor as regards that apartment and also nominate that person as a nominee. Nomination will facilitate transmission of the apartment in favour of the nominee and the Will will vest in him or her the rights of an owner.

Always buy property in India joint names, make a will and nominate a person to succeed you in a property.

Courtesy: The Times of India.

May 3, 2007

TIPS FOR BUYING PROPERTIES IN INDIA (MUMBAI)

In the last decade or so India has made and still continue to make a swift growth on the turf of Information Technology. This massive expansion in IT Sector has resulted in domestic industrial growth as more and more multinational companies and services industries started to invest and buy property in India. They had their share of profit with this IT boom in India. But there is one industry that has benefited the most by this growth and that industry is the property market of India as demand for more and more office space and other real estate property has been on climb in the country giving catalytic effect to buy more and more property in India.

To fulfill the demand, property developers in India are developing residential, commercial and retail space in the major metropolitan cities of the country. This demand for property has made cities like Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, Chandigarh, and Jaipur the most coveted hot spots for commercial and residential activities. More and more people are coming to these cities in search of better employment, which has resulted in high demand for residential property in these cities thus sky rocketing the prices of property in India.

TIPS FOR BUYING PROPERTIES IN INDIA (MUMBAI) !!

The demand for property in India (Mumbai) is even higher as it is the business capital of country and world’s largest film industry is also situated here. Every one in India wants to be in this city of dreams. Many people want to settle in here in hope of good career and some want to spend a few days here. This has made the job very difficult for those who are looking to rent or buy residential or commercial properties in Mumbai. But many real estate agencies are helping people in buying property in Mumbai. These agencies offer a wide range of services to their customers together with buying, selling, renting-in and renting-out. In order to expand their business few property agencies offer some services through internet. So if you are looking to buy residential properties in India (Mumbai) or buy commercial properties then simply visit to the website of any of such real estate agencies like www.zameen-zaidad.com and you can find the best deal for you.

But there are some points that should be kept in mind while buy property in India for you.

1. Take a seat with your family and come up with an amount that you are ready to pay out.

2. Keeping in view the amount at your disposal, agree on some grounds with your family. For example, if you are looking to buy residential property in India & particularly in Mumbai, you must agree on some basic things with your family like; how many bedrooms you want, in which area of the city the apartment should be located, etc.

3. Be realistic in your decision. Always keep an eye on your budget and limitations.

4. Be very clear with your property dealer about your requirements and budget. Many online property agencies have detailed search form on their website that can help you in locating desired property for rent or buy in Mumbai or any other city in India.

5. Be ready to compromise. It is not always that you can rent or India that has every thing you want. It could have your desired no of bedrooms in the amount in your hands but could be half a kilometer away from your preferred location.

6. Last but not the least; always beware of fraud real estate agencies. Always look for trusted and well established property agencies.

So it is becoming easier and easier today, for both foreign & domestic investors as well as common man, to find & buy residential or commercial property in any part of India that best suited to their requirements. All you have to do is be clear about your budget and requirements and acquire the services of good property agency and www.zameen-zaidad.com is definitely one of them.

NRI BUYING PROPERTY IN INDIA

Indians going abroad for brighter financial prospects has been an ongoing phenomenon for decades. But in the past few years NRIs are looking to buy property in India. Some see it as a way of staying in touch with their cultural identity, others as a purely commercial exercise. Whatever the reasons, the experiences that NRIs have had to buy property in India as an investment, management, and development have been varied and interesting.
TYPES OF INVESTMENT
A large section of those who buy property in India do it largely for their own use. These are people who plan to live abroad for a few years, earn money, come back to India to raise their children and be close to family and friends. At that point, they need to have a home to or a property that they can liquidate to set up life in India.

Another category buys large holdings as a business proposition in India. The investment is in either residential, commercial, housing developments or a combination. Often, projects can be an outcome of a NRI property owner, an Indian developer, and a foreign architect and project consultant. The permutations are varied depending on the property and the financial commitment expected from all parties.
MONEY MATTERS
People who buy property in India for his own use is generally prepared to invest between Rs.25 lakhs to Rs.75 lakhs for apartments or residential sites. Flats are the safest option since a reputed builder can deliver the goods without problems and the money invested is in trusted hands. If the NRI buyer has a trusted family member to negotiate a land deal and the construction of the house, it is a considered option.

Tharini Chakra borty, who works with Synopsys in the US, recently bought a flat in India. “People finance property by taking a loan on their home equity in the US. Some even buy with cash from stock market gains. They lease it out or their relatives occupy the property till they want it in the future”. Vibhas Bhalerao, a CA in London and prospective investor, has interesting observations, “I want to buy a flat now in Bangalore as an investment, a part-time retirement option for the future, and also as a physical, tangible link with India for my child. In fact, British citizens of Indian origin are also considering retiring in India because of the climate here that is warm, often dry, and the infrastructure has improved over the years. English being widely spoken, and cost of living and medical care being cheaper than in Southern Europe are attractive lures”, he says.

Some investors even approach Indian banks for loans. Some options include4 hiring agents for a fee to manage the property in the absence of the NRI owner. Initial buyers prefer starting small with Rs.25 lakhs, and if successful, they are even ready to repeat the process to buy property in India different cities.