Category: Home Loan Tips

Kolkata Increases Land Mutation Rates

Kolkata has hiked land mutation rate hardly at all in respect of agricultural land, but the major leap has been attributed to commercial property in the city. This is an effort to strengthen state revenue Mamata Banerjee government has raised land mutation charges, changeable from 40% to 100% with a supplementary cumulative boost depending on land sizes. If you are thinking to buy commercial property in Kolkata, complete your investment before this scheme carries through. The least amount of increment has been added on agricultural land and commercial properties receive a big jump on mutation charge augmentation.

The official notification now made public in the BLLRO offices across the state shows up to reflect the former government objective to hike land mutation rates back in 2005. As left government scrapped the idea of doing so, as a result the entire process is coming after a decade delay after the origination of the plan of rate change.

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These sources point toward the land demarcation under the rules will continue to be the same. It screens rural chaffs of Bengal, Municipality areas which are not part of KMDA and last of all KMDA areas. The latest mutation fees will be decided by three board heads- agricultural land, non-agricultural and non-commercial land or residential land and commercial land.
The latest hike will be effective from February 2017, increases the mutation rates across all extents. The biggest gush, though, has been saved for the commercial plots.

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A senior state official argued, “A cursory glance may indicate a huge increase. But this is far from being so. For the last decade the land mutation charges have been stagnant. In this period the land prices have increased manifold. The attempt is to make the land mutation charges proportional to the much higher property values.” However, critics designate that the Trinamool Congress ruled Kolkata Municipal Corporation has been unenthusiastic to amplify the land mutation charges, where the parallel logic is valid.

The official also disagreed on the fact that flat land mutation rates have been preserved for agricultural and homestead land state-wide and additional charges are only relevant to KMDA areas marginal Kolkata.

_ By LNN(Liyans News Network)

Selling Has No Pre-Condition Involved

Whether it’s your necessity or your business selling property shouldn’t impact on your forty winks. Seeking for an expert realtor is always the safest option for selling residential/commercial properties. But for saving few pennies settling for any local agent is the least intelligent task that anyone single out. Believe us or not whether low budget or high priced properties in Kolkata you get the best discounted price and other lucrative options by dealing with a skilled realty trading company. Because these people have the best knowledge of market conditions and other legitimate factors involved in selling out real estate items like- plots, house, flats or even commercial properties.

Let’s zoom in the facts that real estate agent consider for selling real estate items
Verifying the property condition– Advertising properties for selling purpose is all easy now with presence of internet and effective property portals. Always to be remembered that sellers are the best megalomaniac in this world. Blindly following seller’s statements and conditions is the most doltish action. Again visiting this to that location for searching project for examining the details is not what you are very comfortable in. So the inspection part should be better left for a market expert. Here arises the necessity of a realtor who will act as a mediator to understand between the lines of seller’s conditions
Perfect valuation of the property– Valuation of the property is the most intrigue task to accomplish. If the valuation of the property is set more than same category’s properties then buyers go towards south. Again it can also make the seller taste mud when valuation is set less than the market. Expert’s help makes the valuation accurate so that it could meet both the buyer’s and seller’s ends.

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Circularize the selling item– For selling even any low budget flats in Kolkata a seller needs to be appropriate with his property advertisement. After all this ad will make others know about what exactly you are offering to them. Using the right marketing tool and effective campaigning can actually get you more valuable buyers than you think. Upload your details of the present condition of the property along with- recent snaps, contents etc. will make buyers understand what you are trying to sell or the present condition of your selling property.

The connect between buyer and seller– For buying a resale property you need to have someone in between who understands market perspectives from the bother buyer’s and seller’s perspective. Presence of the expert also ensures a transparent and he assesses well even the upcoming market changes. This person equally supervises transferring properties and other interrelated legal paperwork. As a buyer if you don’t perform your property purchase on time you could end up paying huge amount of tax too. Holding a selling property for three years or so can put you mud again. Thus, the right time of property purchasing or selling is single handedly monitored by a professional realtor. Therefore a realtor is a must need for selling your property on a favorable time to make you some real profit from your selling.
_ By LNN( Liyans News Network)

Real Estate is All About Buying and Selling and Sometimes Vice Versa

Like any other business deal real estate business runs by continuous buying and selling. In real estate business you can buy/sell properties in personal or you might take any advanced help like going to a realtor or listing property under property portal. Either buying or selling properties you will have to stick to your property buying/selling decision which will bring your biggest investment the most successful one.For real estate buying and selling business you need to have a professional knowledge of the latest market trend and buyers’ investment sentiment.

For instance– To buy properties in Rajarhat you will definitely look around the same ranged properties with better offerings, similarly in case you are a developer and have on hand flats in Rajarhat area before listing your property you should have a clear conception of same ranged properties of the same area. Here are the other aspects on which a real estate investment of buying and selling could be actually beneficial for you-

Hiring an expert– For any professional real estate investor buying/selling commercial/residential properties is not the same as it’s for the regular homebuyers. They have a better knowledge of the financial market as they are professionally practiced with the same process several times as a part of their business. Any kind of property purchase is a huge investment of sum, no matter if you are going to use it for your own or use it as a money-making tool. Thus we suggest, for buying/selling property a professional realtor’s help is the primary need.

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Asses the market before investment– Before putting your savings at risk with a home-loan bearing, assess well if the property is really worth of, as it will block fat down payments for long run. Have a thorough look at the future valuation of the property based on local area, neighborhood and infrastructure nearby, so that in case you will have to sell the property it will get you a healthy return than your investment. For commercial real estate investment this assessment is a must need as these aspects have major roles in your business development. But sometimes property price get a downfall with the times. Thus predicting future market is a little tricky task in itself.

Be practical when it comes to sell– Again knowing the market situation has solid influence in selling your property. Rather than quoting any abrupt amount have a check at the area based resale values. It’s always important to have an item which would interest buyers. Only area based comparative price won’t earn any favor for you without having an enticing property. Thus, being attractive with your proposition is necessary in this field.
Listing with property portals– Mostly property sellers are now seen listing their properties under reputed property portals for selling. To save the marketing cost of a real estate agent this is undoubtedly a cleaver move. But here also use recent and original picture of your property, highlighting the specialty of your property, and you should have a knowledge of texture of the resale market as well.

-By LNN (Liyans News Network)

Govt. Should Fiddle With Infrastructure Status To Economical Housing Development

Residential apartments that are supported the program Pradhan Mantri Aawas Yojana, is likely to have concession on home-loan interest according to the latest announcement of PM Modi. This is a time for the potential buyers to do cartwheels who have avowed their decision to invest in low budget flats in Kolkata. According to the recent report central govt. will calibrate the classification of infrastructure segment in their imminent LIG or affordable housing apartment. Experts say that this is supposed to be a significant move that would scale down the cost for the developers and engage investors as well towards these types of developments in specific.

Speaking about this Pradhan Mantri Aawas Yojana PM Narendra Modi announced special consideration on interest rates for low-cost housing loans under the aforementioned program. “If we want housing for all by 2020, re-categorizing affordable housing as infrastructure is essential. The government had sought feedback about this about a week ago,” a person who is a potential buyer of the development said. He also added, “I see this happening in the upcoming budget.”
HUPA has been seen pushing PM’s dream housing project of providing about 20 million houses across the country within 2020. IT has got across to the officials of senior finance ministry and the Reserve Bank of India as well for feedback on the projected modification and how to stop it from being mistreated. “These projects could have a dollar-denominated debt and offer a return of 4-5%. This would work well for both domestic developers as well as foreign investors,” an expert said.

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Our Outlook– Infrastructural status for low-budget housing is a skillful concept. Resource allocation will have a boost with the execution. It will hike the supply chain against the backlog. This huge project needs to have a policy agenda on an obvious ground, which will help to turn the project approval and deliverance into a fair and transparent deal. In the developed market real estate brings in half of the GDP. Again the moderation in home-loan interest and tax-rebate will be backing the demand quotient to rev up.

At the same point of time builders and developers have been going through a harsh time ever since the announcement of currency ban as they are having some obtained huge amount of loan from the financial market earlier on a higher level of interest. On the other hand banks and other financial companies are now indisposed to lend money to them after the 500 and 1000 rupee note ban declaration.

“If affordable housing is given infrastructure status, it would lower the borrowing cost for the developers. Also, regulations should be simplified to directly borrow foreign debt, which can cost around 4-5% on dollar return,” said Hemal Mehta, a partner at Deloitte Haskins & Sells.
Set of laws will have to be altered so that low-cost housing projects do not attract unhelpful taxes but easier project investment even from investors outside India. An investment from foreign pension funds and insurance companies in this low-budget segment is foreseen by the experts.

_ LNN( Liyans News Network)

New Registration Rule Of West Bengal Under RERA

RERA was introduced to aim at enhancing property buyers’ right protection. Real estate in particular has effective role in Indian GDP. Again economic activities don’t symbolize GDP. Over the years real estate industry has been pointed as a sector of illegal money perking and delay in the registration and delivery process. Now HUPA has asked every state government to get registered under notified RERA. Gujrat has been the first state to register notified RERA. Now it’s West Bengal’s turn to submit notified real estate norms. As per the act state government needs to submit ‘’lay out plan’’- a plan of the projects representing the division or the proposed division of land into plots, roads, open space, amenities etc. and any other details as may be necessary.

It all starts with the plot registration clause
Act’s second chapter consist the rules for real estate project registration. For registration purpose a documents that are needed-
1. Authenticated PAN card, audited balance sheet of the previous financial year and valid income tax returns of past 3 years of the promoter.
2. Legal deed of the plot reflecting title of the promoter to the particular land with all other legal documents that proves that the land doesn’t have any third party involvement.
3. The details of loan and other debts on the land on which the development is proposed.
4. The correct measurement of open parking allotment.
5. In case the owner is any third-party or under any joint ownership there should be a proper written consent of the owner or JV agreement, copy of collaboration agreement and development agreement.
6. The promoter will pay the registration fee at the time of application by way of a demand draft on any listed bank for a sum calculated as the rate of:

a. Rupees 10/ sq mtr for residential projects where the area of land proposed to be developed, doesn’t exceed 1000 sq mtr., or 20 Rupees/ sq mtr for residential projects where the area of land proposed to be developed exceeds 1000 sq mtr.

b. Rupees 50/sq mtr for commercial or any other projects where area of land proposed to be developed doesn’t exceed 1000 sq mtr or Rupees 100/ sq mtr area of land proposed to be developed exceeds 1000 sq mtrs

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If the promoter applies for withdrawal of the application for registration before the expiry of the registration period of 30 days provided registration fee to the extent of ten percent paid under sub rules or rupees fifty thousand whichever is more, shall be retained as processing fee by the regulatory authority and the remaining amount shall be refunded to the promoter within thirty days from the date of such withdrawal.

Land registration process in India has been quite a lengthy and complex process which straightway affects the possession delivery and causes delay after the completion of the project.

Whenever you want to buy flats in Kolkata within your limited budget have a look at the SD Group developed projects around Kolkata north. You will have a pleasant experience regarding our existing projects through testimonials and clientele. You can call us or visit to us for property demonstration.

By LNN (Liyans News Network)