Metroplots - Connecting people with properties

Kudos to the Duchess Rally and its Founders...!

2009-08-03T23:23:00.006+05:30

It was a colourful Sunday morning at Savera Hotel, where enthusiastic ladies got together for an adventurous ride. The All Women Car Rally organised by The Duchess Club was replete with style, innovation and fun. This year, was quite different as the theme was based on Friendship Day. Ladies designed their cars with friendship slogans, stickers, personalised pictures, T-shirts with messages and more.

Flagged off by Radikaa Sarath Kumar, the rally also saw well-known personalities like actor Prasanth, Anu Hasan, director Vasanth and RJ Dheena from Big-FM.

The event saw more than 60 ladies take to the road in style.

Participant Nivethetha’s team was quite creative. They chose yellow scarfs and had a message behind the car, which read, Just Friends. Shakthi Sri says, “Yellow is the colour of friendship and we wanted to decorate our car with yellow flowers, balloons and satin ribbons. As we turned friends today, we used the Just Friends tag like ‘Just Married’.”

Carrying the mother tongue pride was Therottum Thozhigal’s team. A group of four childhood friends came together for this rally. Vijaylakshmi, one of the team members who works for PayPal says, “It’s exciting to be here. We have a small plant on top of our car to create awareness about planting trees.” These ladies were dressed in black sarees.

A few teams also had personalised car stickers that they flaunted it on their car. Bum-Chum team had a sticker of the team members – Selvi, Jaya, Kiran and Jayanthi with tag line Bum-Chum — a movie. Jaya says, “We are close friends and were glad to use personalised stickers and movie stills from Munna Bhai MBBS to portray our close friendship.”

We appreciate "The Duchess Club Founders", Nina Reddy (Executive director, Savera Hotels), Rathi Nilakantan (Director, A Cut Above Beauty Studio), Anu Agarwal (Tanjore artiste), Sujatha Mundhra (Dress designer) and Anuradha Sachdev (Business woman) for their never-say-die attitude and enthusiasm.

Anu Hasan, actor and TV personality who was excited seeing the ladies at the Rally said, “It’s great to be here and to see lot of passionate ladies take part in car rally. I wish even I was one among them. I think I’ll catch up next year.” The event has been held for eight consecutive years and it left the guys awestruck to see the enthusiastic ladies taking part and having fun.

Hearty Congratulation to all the Winners of the Rally whose names are as follows,

1st
Kiran Uttam
Jayanthi Murugesh
Selvi
Jayashri Srinath

2nd
Sudha Ravi
Neetha Rathore
Asha Samdaria
Renu Chandra

3rd
Rekha Reddy
Preethi Damani
Vijayalakshmi
Suman Mundhra

For more Articles on Duchess Club and its activities, please visit : www.theduchessclub.com
Email : anand@metroplots.com

Glossary of Some NRI related terms.

2009-04-25T16:07:00.004+05:30

Q1. Who is a non-resident Indian (NRI)?

An Indian Citizen who stays abroad for employment / carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organisation and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non- residents). Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs).

Q2. What is an OCB?

Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin resident out side Indian and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of atleast 60% by individuals of Indian nationality or origin resident outside India as also overseas trust in which atleast 60% of the beneficial interest is irrevocably held by such persons. Such ownership interest should be actually held by them and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs so long as the ownership/beneficial interest held in them by NRIs continues to be atleast 60%.

Q3. Are OCBs required to produce any certificate regarding ownership/beneficial interest in them by NRIs?

Yes. In order to establish that the ownership/beneficial interest in any OCB held by NRIs is not less than 60%, the concerned body/trust is required to furnish a certificate from an overseas auditor / chartered / accountant /certified public accountant in form OAC where the ownership/beneficial interest is directly held by NRIs, and in form OAC 1 where it is held indirectly by NRIs and further that such ownership interest is actually held by them and not in the capacity as nominees.

Q4. What are the various facilities available to NRIs/OCBs?

NRIs/OCBs are granted the followings facilities:

1. Maintenance of bank accounts in India.

2. Investments in securities/shares of, and deposits with, Indian firms/companies.

3. Investments in immovable properties in India.

Details of these facilities are given in Chapters II,III and IV.

Q5. Do non-resident Indian citizens require permission of Reserve Bank to acquire Residential/commercial property in India?

No.

Q6. Do foreign citizens of Indian origin require permission of Reserve Bank to purchase immovable property in India for their residential use?

Yes. However, Reserve Bank has granted general permission to foreign citizens of Indian origin whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are therefore, not required to obtain separate permission of Reserve Bank.

Q7. In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of India origin under the general permission?

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.

Q8. What are the formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.

Q9. Can such property be sold without the permission of Reserve Bank?

In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May 1993, will have to be credited to the oridinary non-resident rupee account of the owner of the property.

Q10.Are conditions required to be fulfilled if repatriation of sale proceeds id desired?

Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later.

Q11.What is the procedure for seeking such repatriation?

Applications for necessary permission for remittance of sale proceeds should be made in from IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property.

Q12.Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift?

Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two house by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not, provided gift tax has been paid.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

SBI hikes Interest Rates on Home Loans

2008-12-29T17:08:00.001+05:30

Home loans from public sector State Bank of India would be dearer as the lender has decided to hike interest rates by 50 basis points on all credit linked to prime lending rates.

Speaking at a function in Ghaziabad on Monday, State Bank Chairman-cum-Managing Director O P Bhatt said the bank has decided to raise the interest rate by 0.5 per cent on all loans such as home loans and auto loans which are linked to PLR.

The revision in PLR came after SBI raised its PLR from 12.25 per cent to 12.75 per cent last week following Reserve Bank’s increasing its key short-term lending rate to banks and the mandatory cash deposits that banks need to keep with the apex bank (CRR) by 0.5 per cent each.

Referring to the impact on bank’s profit margins, Bhatt he hoped to maintain the net interest margin at 3 per cent this fiscal.SBI had earlier announced to hike interest rate on fixed deposit rates by up to 75 basis points effective from June 30.

State Bank of India in which government has about 60 per cent stake is targeting 40 per cent growth in non-interest income in 2008-09, compared to 28 per cent last fiscal.

The bank had lowered its PLR twice in February to 12.25 per cent but decided to raise by 50 basis points last week. "The net profit of the bank is likely to be affected next quarter though there is not much on first quarter profits ending today,” he said.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

HDFC Reduces Home Loan Rates

2008-12-29T17:04:00.001+05:30

Interest rates on existing home loans (floating) have started coming down. HDFC, the leading housing finance company, kicked off a reduction in old home loan rates by cutting its retail prime lending rates (RPLR) by 50 basis points with effect from December 22. The advantage of a cut in RPLR would accrue to all the existing floating rate customers over the period of next three months based on their respective reset dates, it said. This’s the first time that interest rates for existing floating loans customers are going down after a series of cuts in key rates and ratios by the RBI recently. Other banks are expected to follow suit and bring down the rates soon, banking sources said.

The company has also announced a reduction in the rates for new customers as well. It has now created two slabs for new customers. Rates on new floating loans up to Rs 20 lakh slab have been cut by 150 basis points from 11.75 per cent to 10.25 per cent. Rates on floating rates above Rs 20 lakh have been cut by 50 basis points from 11.75 per cent to 11.25 per cent. Renu Sud Karnad, joint MD, HDFC Ltd, said, “We have been able to bring down our costs due to improved operational efficiency and good quality portfolio. As in the past, HDFC has ensured that reduction in the cost of its resources translates into a benefit in terms of lower costs for both existing and new customers.”

Public sector banks last week capped the interest rates at 8.5 per cent for loans up to Rs 5 lakh to encourage low-income housing. For middle-income loans of Rs 5-20 lakh, PSU banks would charge a maximum of 9.25 per cent. These rates would be reset only after five years. HDFC will also reduce its deposit rates by 50 bps across all maturities effective December 23. On an incremental basis retail deposits for the first seven months, April to October 2008, formed 62 per cent of HDFC’s funding requirement. Similarly, the rates of interest on loans to NRIs have also been reduced.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Indian Real Estate Market in 2009

2008-12-29T16:55:00.001+05:30

The Indian government may intervene again in 2009 to help the real estate market, finance officials have said. Last week the country’s Planning Commission met to discuss ongoing financial uncertainty, with interest rates and home loan availability on the agenda. Government officials have already introduced measures designed to drive down interest on property loans and set aside $4 billion in spending for the rest of the financial year.

But more may be needed, the deputy head of the Planning Commission said, starting from April 2009. Montek Singh Ahluwalia told last week’s meeting: “The fiscal stance we adopt needs to be considered not just for this year, but also for the next year. “We are working on what the plan position should be for the next year. The decision will have to be taken by whatever government is in place after the election.”

Voters are set to take to the polls in May2009, in a decision which many see as key to India’s performance during the ongoing global slowdown. The Congress Party is currently in the hotseat, with Pratibha Patil as president and Manmohan Singh prime minister. The main opposition group, Bharatiya Janata Party, recently gained extra support when accusing the government of failings before the Mumbai terror attacks.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Property Registration in India

2008-12-24T17:50:00.005+05:30

Property Registration in India ensures the ownership rights to the person in whose name the property is registered. The entire process of land registry or house registry can be quite a nuisance if you do not have a real estate attorney briefing you about the legal formalities and documentation procedures to be followed. You will find many private service lawyers or government attorneys who can advice you on the legal matters or better still call our Law Firm which specialise in this.

All kinds of property registration and firm registration in India are done at the Sub Registrars office that also holds all records of any previously registered property in India .

The exact process includes 6 steps:

Step 1: Search the Property Registration The property location, legal ownership document, date of purchase of the title, property transfer and inheritance issues, if transferred the legal authority of the transferee, clearance certificate from urban land ceilings authorities, payment of all dues like property taxes, electricity and water bills and any previous alterations in the property registration are the points that require careful scanning. This entire process can cost up to Rs. 10,000 and take 5-7 days to complete.

Step 2: House Registration Agreement This process takes place at the Local Stamp Duty Office and takes around 7 days to complete. The fee involved is Rs. 100.

Step 3: Preparation of Property Sale Deed This is done by an authorized house registration attorney on behalf of the purchaser. The final deed is printed out on a green paper with stamp duty stamp affixed on it. This involves a fee of 1% of the property value and might take 7 days again.

Step 4: Final Registration The house registry or land registry is then stamped, executed, and finally registered in the presence of seller, buyer and two witnesses at the office of the SUB Registrar of Assurances at 5% market value of the property as Stamp Duty. This process takes just 2 days to complete.

Step 5: Submission of Documents The completed home registry is then submitted to the Reader of the Sub Registrar of Assurances for scrutiny. Then at the payment of 1% of the transaction value or Rs. 30,000 whichever is less, the documents are presented before the Sub Registrar. The seller then hands over possession of the property to the buyer. The documents are handed over to the buyer within 30 minutes of submission of the payments receipt.

Step 6: Mutation of The Title of The Property The purchaser now has to apply to the local Municipal Authority to get the title of the concerned property mutated in his favor with all the relevant documents that your Real estate attorney would guide you about. The Municipal Authority then assigns the property value for levying property tax and then issue a letter of mutation in favor of the purchaser.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Real Estate Events and Exhibitions - How useful are they

2008-12-23T16:52:00.000+05:30

There are many events now-a-days - in Dubai, Singapore, UK, India, China.. They are basically Selling Investment Opportunities in Indian Real Estate & Infrastructure Facilities, maybe letting the prospective investors know the specifics of their projects. Maybe they are building the foundations for a more open real estate media, are they?

The demand for good real estate investment information far exceeds the supply. However, a large group (of agents and builders in India!) have come forward to part undiscerning fools from their money by promising to deliver good real estate information, but instead delivering a mishmash of stuff that sounds good to the ignorant novice, but which would be laughed at by experienced investors.

The last thing we want is a report named, "Real Estate Scam Year 20.." - explaining how these real strategies were implemented through specific finance and asset management tactics. The report will recognize that company managements were motivated to try to preserve shareholder value by reassuring investors of future profitability and avoiding disclosures that triggered potentially risky investments or litigations. It will also recognize that some of the aggressive tactics appear to be permitted under prevailing 20.. rule interpretations and the Government Officials had some role to play!

Again, if we can call someone a serious investor - he definitely studies the merits of the factors that really matters. We have a guide, yes - refer the "Realty Q&A" section. After listening and analysing what others have to say (including us), do remember to prepare your own, and be highly objective!

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Question & Answers with a Real Estate Investor in India

2008-12-18T11:02:00.005+05:30

What prompted you to focus on real estate investing?
We were benchmarking returns from our various alternative investment assets: private equity, technology venture capital and real estate. Our real estate IRR's stood out : 45%. To provide focus and a separate balance sheet, we started Landmark as an investment company. Today, we have twelve projects with a liquidation value of over $1.5 billion. All of these are joint ventures with leading and upcoming developers.

What kind of returns are you predicting going forward?
Landmark's IRR has been 80% or so, but that is an aberration since we have had a spectacular bull run in the last 4 years and we got carried by the tide. Over any 10 year period, we expect a 45% or so IRR. I must point out that in this business, IRRs are misleading, since we return the capital very quickly and a high IRR does not automatically translate into a high multiplier return. We have to constantly rotate capital in new deals to effectively translate this IRR into a multiplier return. In the last four years, a third party valuation report shows an eight times return on our investment.

What are your key investment parameters?
We invest in project specific special purpose vehicles, not in real estate companies. Our average investment is in the range of $10-15 million. Our time horizon is 5-7 years. Typically, we take a 50% equity stake in a venture, which gives us a real say in the project. Our most important investment criterion is the entrepreneur, someone who respects capital and with whom we have a 90% mental alignment. We prefer housing projects since housing stock is self liquidating and there are no exit risks, unlike in a commercial building or a shopping mall investment, though I think as REIT's etc come in, those exit risks will go away.

I must say that every real estate project resembles a startup. So, this is a far more hands on business as compared to private equity and since there is no PE (price earnings) expansion as in private equity, all returns are from the project; therefore this is more hard work than many financial investors might think.

What kind of investors did you target?
We invest our own capital and seek co-investments from sophisticated investors, who are playing for the long term and are not "turned on" because of the current euphoria. Our co-investors include a leading Indian conglomerate, a prominent US family office, a leading NRI group, a large real estate fund. The largest private property company in the UK has made two joint bids with us; one of them, in suburban Calcutta, which we just lost to DLF, who won it for $600 million. A mid-sized US hedge fund has also just given $70 million to us to co-invest and we have done three deals with this pool of capital. They have threatened to give us $200 million!

How much of the fund is invested?
We are almost fully invested from our own balance sheet at this stage. Our holding company's balance sheet is unleveraged so we are considering a structured debt option. We are increasing our pool of capital via co-investment arrangements. Today, we have the firepower to invest $100 million in single deals and deploy $500 million or more if we see attractive deals.

What is next in this space?
Not a whole lot of brand new things. Our current portfolio is north India-centric and we want to move to other geographies. We also want to look at income creating assets as most of our current assets are housing related which self liquidate. Management is a huge constraint in this industry today, so we are being very careful about spreading ourselves too thin.

Real estate in India is being called the new bubble - what is your view?
It is a classic bubble, even though the real estate folks might not want to believe this. Like in the last days of the dot.com boom, developers tend to dismiss you if you ask them tough questions.

If you look at the affordability levels in housing by comparing to income levels, most products, even in reasonably distant suburban markets, are outside the reach of middle class India. Most buyers are speculators and there is an enormous inventory build up.

In retail and office space, it is a similar story. As a joke, I tell people that the IT industry would be shocked to hear the amount of space the real estate community has planned for them in the next five years!

I also see huge implementation risks. So many projects run late because developers are stretched for capital or management. Asset inflation has forgiven these mistakes in the last three years. I am not sure this will be the case in the next three.

Then there are macro risks such as interest rates, which can affect both demand and capitalisation rates for rental yield assets.

There is too much money chasing real estate in India currently - what is your strategy to differentiate yourself in this demand-supply imbalance scenario?
I think there is less real money than is visible. There are many institutional aspirants who want to play. There are fewer concrete plans and even fewer effective efforts. Most capital that is actually there is informal high net worth capital, which is erratic. Our differentiation strategy is speed. We have made in-principle decisions on investments in a week and completed due diligence and made physical investment in three weeks. I would submit that this is not bubble bravery, it is domain knowledge.

Note: These are excerpts from the Interview with Mr.Gaurav Dalmia founder and chairman of Landmark Holdings, an investor in Indian real estate projects. The opinions expressed are his personal views on India's real estate opportunity.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

The Real Benefits of Internet Home Selling or Renting Ads

2008-12-16T11:40:00.003+05:30

As per most seasoned real estate investors and advertisers of properties for sale in India, gone are the days of print media ad campaigns. For property buyers, printed media presents a flat, uni-dimensional experience - one ad with abbreviated terms and maybe one property picture. For sellers, the newspaper is a one-shot deal. You pay once and get a one-time exposure.

Most brick and mortar businesses are now starting to develop their Internet presence mostly to do email marketing. Building an opt-in mailing-list of subscribers who want to hear is an excellent way to keep in touch with customers and make sales. Email auto-responders are now used instead of old direct mail and snail mail followed by generating contact information on websites through a sign-up form. A great way to capture site visitor for future campaigns.

Many also do things like blogging, Web 2 marketing and search engine optimization. Companies like www.seotrends.in do these activities by attracting search engines and providing relevant searches to their potential visitors and customers. Local search engines are replacing yellow pages to find anything from a local restaurant, to finding a home.

The most important thing is to get traffic to your website or blog and most successful Internet sites are those with ability to attract the most relevant user traffic. We at SEOTrends.in understand the importance of converting your visitors into paying customers by making sure that your visitors experience is as refreshing as possible leading to viral marketing and it spreads.

Internet provides a far richer experience for home buyers. They receive virtually unlimited property information, many photos, and maybe even a virtual tour, which is like an open house right from their desktop. Internet provides a blank canvas on which to market the property for the life of the listing at a very affordable price. Internet listings are viewed globally. It is all about exposure, depth of information, and value.

But you need proper online media planning - 2letservice.com? 99acres.com? metroplots.com? makan.com? indiaproperty.com? magicbricks.com?

Choose Web addresses. Then, pick a plan that fits your budget. Not all property portals provide the same results. Do your research to find the best fit for your type of property. In addition, social media marketing platforms like Indian City Portal and Real Estate Times are boons to sellers who know how to leverage them.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

The Future of Indian Real Estate Market

2008-12-16T11:38:00.001+05:30

Come next decade, Indian real estate landscape is expected to be dotted with SEZs, international standard warehouses and specialized industrial spaces. Large integrated developments can become a norm among the working population. The Indian Property Market is fast going through a learning-curve. Rising interest rates have impacted the credit availability to the sector, global economic conditions seem to have subdued the demand from investors and occupier’s alike, Indian real estate stocks are down by more than 50 per cent from their year long high and the once soaring real estate values appear to be plunging. This, no doubt is the reality. Nonetheless, it is hoped that this is a transitory phase and the picture that would emerge once the churn is over will be an embodiment of permanence that is bound to happen as the sector continues to move along a high growth curve.

The economic liberalization in the 1990s and the ensuing information technology revolution have been instrumental in giving the real estate market its present form. MNCs-led demand for quality office space resulted in modern buildings springing up in new suburban locations. Increased job creation and rising disposable incomes coupled with lower interest on housing loans, had in turn fuelled demand and affordability for residential space. The change in attitude and the spending habits of the consumers led to an increase in consumption and demand for retail malls.

Relaxing the FDI regulations for the real estate sector opened the floodgates for foreign capital inflow into realty sector. The much-required capital in the last few years has facilitated widespread development of residential, office, retail and hotel space in the country. It has also been instrumental in organizing the market to a large extent and bringing it closer to real estate markets in other developing countries around the world. We are excited about these developments as the growth that we witness today is a sign of the emerging far-reaching and long-term trends that will drive robust growth for the sector in the years to come.

Foremost would be the institutionalization of the sector and the definite change in the ownership structure. Instead of individuals, private equity funds, hedge funds, REIT funds, insurance companies, pension funds, banks and other financial institutions would own, invest or manage real estate assets in office, residential, hotels, industrial, retail space etc. Public sector organizations like Life Insurance Corporation of India, UTI, Public Provident Fund, other pension funds of central and state would hopefully become active investors in the real estate industry.

This will also lead to sophistication in the financial structuring of real estate investments. They will provide access to capital, both debt and equity capital from public and private sources. Apart from offering an exit route for the developers to revolve funds and improve their margins, REITs will also allow individuals investors to be a part of the real estate market.

On the product side, there will be further advancement in construction management and project management techniques in order to optimize costs, meet construction timelines and achieve environmental and health and safety guidelines, intelligent, energy efficient green buildings will become the norm of the day. Property and facilities management services will also undergo a facelift. The provision of a good working and living environment as well as the enhancement of the asset lifespan will be key considerations and these services will be outsourced much more to firms specializing in these functions.

Real estate activity will become more widespread and will take many smaller towns and cities in its fold. Improved infrastructure, the potential of untapped markets, increased access to capital together with the saturation and spiraling cost of metros will play a vital role in promoting new growth centers. Infrastructural projects including roads, airports, ports and inter-city connectivity will witness increased private sector participating and evolve as real estate play. This will significantly augment the availability as well as the quality of these services in the country.

Rental housing as well as rented office space can become common as corporate entities will look at reducing their fixed asset liabilities, change in ownership structure would also bring in standardized, accepted practices for property valuations. Property transactions will become easier due to availability of research data, computerized land records and simpler processes for transfer of land titles and taxation. Hopefully, all these would be the prerequisites for evolving transparency and uniformity in the market. After witnessing periodic highs and lows, the interest rates and real estate process will undergo a rationalization and will finally be market driven. The above listed trends are some key real estate events that are most likely to take shape in next decade.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

New Investment Trends in Residential and Commercial Properties

2008-12-16T11:34:00.002+05:30

Investing in residential properties has become the latest industry trend amongst investors, who look for maximum returns on their investments. As per experts, countries like India, Australia, United Kingdom, United States of America, Dubai, Malaysia, Spain, Canada and Brazil have been identified as the most best places for investments in residential projects. The demand for properties in these countries has been skyrocketing over the past few years, resulting into a paradigm shift in the development of global realty industry.

There are many reputed and reckoned property providers worldwide, including Emaar MGF, Dubai Lagoon, Parshavnath Group and Astra Mayfair. It offers its clients with exclusive residential projects across India, Dubai, UK, Spain and Malaysia, ranging from luxury apartments, super villas to condominiums and farmhouses, which suit their investment needs and financial budgets. It not only provides the clients ready-to-move in houses, but also assist them in finding the most appropriate land that caters to their residential purposes largely.

Taking on with this golden era of globalization, the entire world economy is witnessing rapid industrialization that has triggered the market for commercial properties worldwide. Investments in commercial properties in the recent years have surpassed those in equities and gilts in terms of growth and stability. A majority of individual investors are pouring in a huge amount of funds into commercial real estate gurgaon, one of the biggest bangs for the buck across the vast spectrum of other investments today.

The abovementioned developers and property providers have accumulated extensive industry expertise in catering to its clients’ needs to invest in world-class commercial projects across the globe. It also offers a host of commercial projects for office space, showrooms, commerce and for other industrial purposes in the finest locations of India, Dubai, UK, Spain and Malaysia.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Residential Apartments and their Legal issues

2008-11-22T15:43:00.002+05:30

By far, the most difficult area of managing an apartment is the manner in which maintenance expenses are charged and collected by the Association of Apartment Owners concerned. Often, it is a thankless job for the office-bearers. At times, the level and intensity of charges laid against an office-bearer can make this position traumatic. Most of the associations are managed in such a manner that no person wants to get into any trouble. In others, troubles are the order of t he day.

Maintenance expenses will include amounts payable by an apartment owner to the Society or Association of Apartment Owners. The basic purpose of collection is to defray the expenses towards administration, maintenance, repair or replacement of common areas and facilities. The expenses also include legal and audit expenses and such other expenses as may be resolved to be common expenses.

Apart from the nature of expenses, several doubts arise in the minds of owners. Various reasoning is employed for this purpose and many such issues prop up during meetings or otherwise, making, primarily the collection of expenses difficult and further throwing many other issues which adversely affects the functioning of the Association. Let us take a look at some of these issues from a legal perspective.

Use of lift

You are occupying the ground floor of an apartment complex. You may justifiably feel that you are not using the lift at all. However, there are many lifts in the complex and considerable portion of the expenses may be attributed to the usage of lift by the others. You may have a feeling that this portion of your contribution is unjust and that there is no need for you to pay for usage of lifts. Please note that this may be logical, but is of a nature that will result in others making arguments of several other facilities that a particular owner may or may not use. For example, in this case, even though your apartment may be in the ground floor, nobody can prevent you from using the lift. You may use it for all necessary purposes for visiting any person in the same complex. The fact is that it is a facility which is available for use and actual use is not the criterion for determination of payment of expenses or otherwise.

There may be certain facilities in certain blocks of an apartment complex. A similar facility may not have been installed or completed in your block. You are put to considerable difficulty because of this. You want to stop payment of maintenance expenses on this account. The problem is that there could be a logical justification, but not a legal justification. You may still have to pay your share of the expenses for the same facility which is being used by others in other blocks as such facility may be part of a common facility.

Legally justified

In many instances, the maintenance expense is collected on ownership basis irrespective of the size of the apartment. In such instances, you will find that there is a levy of maintenance expenses which is the same for small sized as well as big or even huge apartments. If you feel that you are the owner of a smaller apartment, but you are forced to pay the same sum as the owner of a large sized apartment, then this is a justified feeling. At times, the office-bearers own large-sized apartments and if this system of levy is made in the background of such ownership, then it is definitely doubtful whether the system has been introduced in good faith. Your expectation to be charged on the basis of the percentage of ownership is justified logically and legally.

You may have purchased an apartment and may have kept it locked. Yet, you may be required to pay the same amount of maintenance as others who are using the apartments by occupying the same or letting out the same. Please note that your non occupancy is not a justification for non-payment of maintenance as this amounts to only a voluntary decision of not using the apartment and consequently common areas and facilities.

You may feel that you have a small family. This could be two or three persons. Logically, another apartment owner having a large family say, seven, eight or more persons, will consume more water, use the facilities more than you can possibly do and may derive such benefits better on a day-to-day basis. In some apartments, there could be some permanent guests which will definitely increase the overall consumption of facilities and amenities. Logic will tell you that it is most unreasonable that you are charged on the same footing as that of owners having large families or guests. In this case also, you may have to pay the amounts originally agreed to be paid as part of maintenance or common expenses.

Behaviour

Several problems and issues may arise out of office-bearers who are overbearing, intimidating and often, bullying types. The maintenance charges may be collected on the basis of whims and fancies of these persons. Application of funds for improvement or betterment of certain facilities to these and certain select persons cannot be ruled out. Meetings may not be conducted. Explanations for expenses may not be given. Some people are intolerant of the smallest questions being raised. Unfortunately, the position of an office-bearer is at times, looked upon as a cloak of authority, which places the person concerned above challenge. Then, there could be groups among the owners. There could be issues relating to sale of apartments which are very old, when one or two people, who do not want to sell when all others have decided to sell.

Another problem is that the issues are of such nature that it may be relevant and very important for a particular individual. However, it may be expensive to take it to court when the issues are not properly considered or looked into. The individual concerned may not have time or inclination to fight out the issues in court. Further, however justified the cause may be, it cannot always be assumed that the case will be won. In such matters, humiliation may also result. These circumstances have paved way for autocratic functioning of certain associations.

In such a background , it will be good for all people concerned to realise that the very purpose of forming an Association is to take the collective interest of all the apartment owners into consideration. The common areas and facilities will have to be used in such manner that each person has the potential to realise the full benefits. The common expenses have to be fixed in such a manner that it is not burdensome to either the apartment owners or the association. Little sacrifices are needed on the part of the apartment owners, taking into consideration the larger and common interest. Many problems can be sorted out easily if such problems are not approached from an ego based angle.

The issues and concerns highlighted by the apartment owners should be addressed with sensitivity and concern notwithstanding that it may look trivial. Efforts should be made to promote tolerance and harmony. Many owners who are completely indifferent to the aspects of functioning and difficulties that may confront the office-bearers, can also take some time to reflect, think and thank those office bearers who are putting in yeoman service with dedication and sincerity. Many issues can be solved by anticipation and provision for the same in the bye-laws. Well-drafted bye-laws would be an asset for the Association.

Courtesy : The Hindu

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Changing Scenarios in Real Estate Sector

2008-11-22T15:39:00.002+05:30

Much has been talked about the meltdown in US and how India will not be affected much. However in a scenario where the entire world is learning after having a bad fall, India has a chance to adopt different economic strategies without really paying so heavily, thanks to our stringent banking system. The country is springing back to plug the holes as much as reorienting its policies to adapt to the new era. Indian housing sector too is changing its dynamics.

According to Anuj Puri, country head, Jones Lang LaSalle Meghraj India, “India and China represent an economic scenario that has evolved separately and on very different parameters from the economies in most developed countries. It is an emerging economy, with an emerging and maturing real estate market. The fall in demand will prevail for approximately ten to twelve months, but it will not be of a magnitude comparable to that of other countries.”

Under these circumstances according to a report from JLLM in Mumbai the real estate mantra of the current era is middle-income housing. This is where the opportunity lies feel most developers who are now recognising this as the real moneyspinner in the long term. This has opened up the market for investing in mid-priced housing, especially in Mumbai.

It is with the middle to higher income group within the middle class that the investment opportunities lie, as these are the people to whom home loans are available says Gulam Zia, national director, advisory services, Knight Frank India, and developers are now working at making housing available to this group.

Not surprising, considering that in India housing is a primary need and most people are still buying their first homes. In a scenario when there is a severe liquidity crunch world over and salaries hikes are expected to be marginal, the young working couples in the corporates who are the main drivers of housing sector are increasingly looking for affordable housing at easy loans that could be paid off without much difficulty. On the other hand, fund crunch is also affecting the developers and they are increasingly looking for optimising their resources and employing right strategies to find success in their projects.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Indian Real Estate Sector will feel the Heat of Inflation

2008-11-22T15:30:00.003+05:30

The recent fate of real estate stocks on the bourses mirrored the first signs of trouble ahead for the industry. Fuel price hike and lower IIP (Index of Industrial Production) numbers were recent setbacks to the sector and now with a 11.05% growth in WPI (wholesale price index), inflation has emerged as a serious threat to the sector, which has been cooling off in recent times.

Market experts predict further softening of prices. “Even though prices have corrected by 10-20% and even beyond in some regions, it has not yet touched the bottom. It is advisable to wait till at least the year-end to buy homes,” says Jai Mavani, real estate practice head, KPMG.

However, since many developers are holding onto prices and even operating as a cartel in some prime pockets like Mumbai, postponing purchase decisions may not really be a solution. Despite the fact that volumes have fallen sharply, established developers are clearly unwilling to drop prices. According to Kotak Institutional Equities’ research report, home prices in Mumbai market continue to rise since last October.

“Our Mumbai price index shows a 155 increase over the past six months. Indicative prices in key locations in Mumbai vary between Rs 6,500 and Rs 35,000". Many Mumbai developers have raised funds through PE route. The surplus funds these developers have raised allow them to hold on to properties with out releasing the same into the market, thus creating an artificial demand supply mis-match in the system., In Mumbai market, many pocket developers are acting as cartels,” a senior official with a real estate fund said.

Liquidity crunch has already forced developers to go in for high interest loans. While the primary market for real estate has virtually dried up, private equity players are also following a very cautious approach. Only those developers who have internal cash flows and have not gone for recent land acquisitions will be able to sustain these tougher times. Earlier they were seeking mortgage against property but now credit requirement has forced them to pledge their own shares for securing mortgage, industry officials said.

“The current market meltdown has put downward pressure on sales and further weakened market sentiment. These higher inflationary trends will call for some regulatory moves which will ensure better affordability” said. Sunil Rohokale, head mortgagee & real estate, ICICI Bank. Though the sector has already factored some of the news impact, there is scope for further correction. Some of the Tier II cities might further see some 5-7% correction, says Vipin Aggarwal, executive director, Omaxe.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Property Frauds in Chennai

2008-11-14T15:53:00.003+05:30

The moment a `patta' application for a piece of land in Adyar came to the Tahsildar's office in Mylapore, the officials realised the buyer had been cheated. The Revenue Department authorities lodged a complaint with the Central Crime Branch (CCB) police. The buyer, a businessman, had been led to believe that it was a `zameen' property being sold by legal heirs.

Cases in suburbs too

This is no isolated incident. Police say there has been a significant increase in the number of cases relating to the use of forged documents to sell either Government or private land in the city and its suburbs.

Crime Branch records showed that eight cases were registered in 2003. In 2004, the number rose to 11. In 2005, the CCB registered 19 cases.

In 2006, one case has already been registered by the special unit.

Several factors had contributed to the increase in the number of forged documents, R. Nataraj, Greater Chennai Police Commissioner, said. "The demand for land has increased significantly with the arrival of information technology companies."

The large number of educational institutions in the suburbs, easy availability of bank loans and improvement in infrastructure facilities such as transport, had added to the demand for land..

Modus operandi

CCB personnel had identified at least half a dozen methods adopted by such offenders, Mr. Nataraj said. Some of them: getting copies of a document from the property owner by posing as buyers.

If the landowner was not alive, forging the legal heir certificate. Some created power of attorney documents and then registered it with the Revenue Department and others forged documents for a piece of land, as though it was gifted to them.

Claiming ownership of a vacant piece of land, they created documents to show it had been sold to them by someone else and then sold it to genuine buyers. They also cheated financial institutions by mortgaging forged documents to obtain loans.

The CCB authorities said they had arrested 43 persons in land fraud cases in the past three years.

The value of the land ran into several crores of rupees, the police said.

Mr. Nataraj said a prospective buyer must avoid unregistered real estate businessmen and personally obtain the encumbrance certificate.

The buyer must verify the mother document, the sale deed and ascertain whether the land is `poromboke/natham poromboke' or Government land.

In the suburbs, the buyer should approach the Village Administrative Officer to confirm the ownership details.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Some Frequently Asked Questions when buying a Flat or Apartment

2008-11-13T14:41:00.007+05:30

Q: What are the documents to be verified before the purchase of a Flat?

A: Before you purchase a flat, you have to have a title and document search conducted by a competent advocate. It is a professional job to be done with professional assistance.

Q: What is the difference between built up area, super built up area, and carpet area?

A: Carpet Area : This is the area of the apartment/building which does not include the area of the walls.

Built up Area : This includes the area of the walls also

Super Built up Area : This includes the built up area along with the area under common spaces such as the lobby, lifts, stairs, etc. This term is therefore only applicable in the case of multi-dwelling units.

Q: What are all the important documents one should check before buying any property?

A: If you want to purchase a property, you have to look at the approved layout plan, approved building plan, ownership documents, carryout search, etc. Contact an advocate before you purchase a property so that he can advise you.

Q: In whose name is the stamps required to be purchased?

A: The stamps are required to be purchased in the name of any one of the executors to the Instrument.

Q: What is meant by the market value of the property and is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement?

A: Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value which ever is higher.

Q: Who is the appropriate authority for knowing the market value of the property?

A: The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property or the collector of the district.

Q: What exactly do we mean by a Freehold property (Plot or a Flat? What are the advantages and disadvantages, if any?

A: A freehold property (Plot or a Flat) is one where there is a whole and sole owner(s), ownership is full and unconditional (within the provisions of the laws of the land) and there is no lessor / lessee involved.

Q: How to verify the authenticity of the various documents submitted by the seller of the house, particularly with regard to the possibility that the house has not been sold earlier to a third party ?

A: Regarding authenticity of documents, again, you have to take the help of an advocate to verify.

Q: Upon buying a flat from a builder in a building under construction, what are the permissions and papers that one should check with the builder, so as to ascertain the genunity of the builder?

A: When you are buying a flat from a builder in a building under construction, you have to check the following:

Approved plan of the building along with the number of floors.
Ensure that the floor that you are buying is approved.
Check if the land on which the builder is building is his or he has undertaken an agreement with a landlord. If so, check the title of the land ownership with the help of an advocate.
Check the building byelaws as applicable in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, etc.
Check specifications given in the agreement to sell of the sale brochure. Is he providing the same actually on the ground or not?
Check the reputation of the builder.
Ensure that urban land ceiling NOC (if applicable) has been obtained or not.
NOC from water and electricity authorities also have to be obtained.
NOC from lift authorities.
Mortgage free
Claim of any other ownerships
Any tax demand orders against property
Is property under any government scheme to be acquired
Note: Apart from these mentioned points, still you need to take into consideration, the LEGAL ASPECT of the property is handled professionaly to ensure no problems in the future.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Basic considerations when Buying a Home

2008-11-13T14:29:00.004+05:30

Research Is the Key

Home sellers won't call you with an offer to buy a maintenance-free home with a wonderful mortgage. You have to find the gems yourself! Only by reading available materials, talking to friends and experts, and spending time looking at different homes, schools, and neighborhoods you will end up with your DREAM HOME.

Make a Plan

Every important decision needs to be clearly thought out. Developing a home buying plan can help you focus on the important factors and organize the entire process. You may even want to use a binder with sections on house hunting, home financing, service providers, etc. Loan pre-qualifying helps you determine the home price you can afford and presents you as a genuine prospect to the seller. A lender typically uses the 28% formula (your monthly mortgage can't exceed 28% of your monthly income) in approving your loan. Planning your actions and getting pre-qualified will keep you out of the panic mode and allow you to take advantage of opportunities. A thorough plan will save both time and money!

Value

The classic rule of buying the worst house in the best neighborhood still applies. If you buy with an eye towards improvement, you can customize the home to fit your needs. The saying, "make money buying a home, not selling one," should keep you focused on the long-term importance of the purchasing price.

Create A Top 10 List of Amenities

When shopping for a home, list the features (fireplace, fenced-in yard, new appliances, etc.) that are most important to you in deciding on which home to buy. Establishing "your criteria" early on will save time shopping for inappropriate homes, your top reason for buying a home should be the value you are getting.

Get A Quality Home Inspection

Although it is hard to believe, more people pay for inspections before buying used cars than when making the biggest investment of their lives -- their homes. Paying for a qualified home inspection before you buy a home isn't just spending "a little extra" for peace of mind; it's absolutely essential for anyone who doesn't want to spend thousands of rupees for repairs.

Legal Advise

Before buying property, it is advisable to appoint a solicitor to inspect the original title documents of the property being purchased. If the title is not clear, the number of complications arising in future may be numerous. For eg., no bank would provide a loan against a property not having a clear title, it may be difficult to transfer share certificate of the society in your name, selling of property will not be simple, etc.

LEGAL ISSUES :

Verification of the Title of the vendor

This is the most important aspect of a purchase transaction of an immovable property and may be competently handled by a reputed lawyer/solicitor/chartered accountant etc. The verification is necessary from following three angles:

i) Validity of Title: The vendor must have a clear, valid and marketable title over the immovable property which is the subject matter of transaction. This would require a close scrutiny of documents of title produced by the vendor. The document must be a registered document.

ii) Obtaining of Non-encumbrances certificate from registrar and good title from the concerning tehsildar .

iii ) acquisition of land in any scheme by the land acquisition officer.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

The Double Registration process for Apartments

2008-11-06T10:45:00.003+05:30

The government of Andhra Pradesh may soon implement the double registration process for apartments. If the proposal gets approved, prospective buyers of apartments have to twice register the apartment purchased.

One registration for the actual built up area of the flat and the other for undivided share of land (USL) in the complex. Officials from the Stamps and Registration Department, Andhra Pradesh have forwarded the proposal to the Government for endorse ment, hoping that this would shore up the department’s fixed target of achieving Rs.5,500 crore this year. This is not new either to Karantaka or Tamil Nadu.

In Karnataka, undivided share of land is not registered separately but only along with the built up area. In Tamil Nadu, such a proposal was mooted and a “Ownership Flats Law (Regulation of the promotion of construction sale Management and transfer)” was drafted as early as 1989. This draft is still pending with the government. When contacted, the Tamil Nadu registration officials say that though such a proposal was made some time back the government at the moment is not thinking about this.

Till there is any change, the present laws governing the transfer of properties will continue and they do not compel the registration of both the land and flats. “To register either or both remains as an option”, says C.H.Gopinath Rao, Past National Chairman, and Institute of Valuers.

Escalating price

Andhra Pradesh officials point out that the decision to have separate registration for undivided share of land and built-up area of the flat was taken because of the escalating prices of land at all the municipal corporations in the State and also to discourage registration of half-built apartment. Fearing additional burden if the new proposal is endorsed, apartment welfare associations in Andhra Pradesh are protesting the new scheme. General Secretary Federation of Association of Colonies and Apartments (FACA), Andhra Pradesh, V. Kamesh Babu feels that double registration would further burden the middle class, which is already struggling to find finance for their dream house. “We are scaling back on this proposal. We will only implement if the common man is not burdened by it. The real estate market is already in slump and we don’t want to complicate things further,” says Commissioner and Inspector General of Registration and Stamps, Andhra Pradesh , B. Aravinda Reddy. However, officials argue that the new system, if implemented, would help purchasers. “If a building complex has eight flats of 1,000 sq. ft each on an area of 6,000 sq. ft of plot, the USL to be apportioned to each owner will be 6,000 sq. ft divided by 8, which is 750 sq. ft. The builder never gives this land. But if the rule is implemented, then the builder has to give and can’t use the land for his personal gains,” officials clarify.

Disclosures

Gopinatha Rao, who was part of the team that drafted the Ownership Flats Law, says that a mere compulsion to register both the land and building will not help. “The ownership law that was earlier proposed linked the registration of built up area of the flats with a set of disclosures on the part of the builder. The draft insisted that the builder must disclose the full nature of title, all liabilities of the property, allow for inspection of the documents, disclose the names of people who have purchased the flats, the price, approved plan and building specifications. This would have protected the buyers and any additional cost involved in registration would have been worth it.”

Original Courtesy : The Hindu

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

The terms of Property Possession and trespasser

2008-11-03T12:39:00.003+05:30

The well known and popular dictum that “possession is nine points in law” clearly amplifies the very essence and importance of “possession” in property transactions. The term “possession” has not been specifically defined in any of the laws and enactments dealing with contracts and properties. The meaning of the word in law lexicon is as follows:

“Possession” is a detention or enjoyment of a thing which a man holds or exercises by himself or by another who keeps or exercises it in his name.

The term deals with a specific legal concept, right and interest in immovable property and consists of following categories:

“Absolute Possession” of an absolute owner of an immovable property which permits the owner the total control, domain, use, occupation and enjoyment of the property to the complete exclusion of all others. It is unrestricted in the point of user and unlimited in the point of duration.

Constructive

The possession in this regard can be physical and actual or it can be “constructive”. The actual physical possession shall include the type of possession by which the immovable property is capable of being held.

When an immovable property is in possession of some other person for and on behalf of the owner, or held for the benefit of and in trust for the absolute owner, it is called as “Constructive Possession”. Such “Constructive Possession” is equally total and comprehensive for an absolute owner in the same manner as the physical and actual possession of the property.

The “possession” held by a lessee under a lease of an immovable property is restricted in respect of its duration and also relating to the manner and mode of its use and occupation, by the terms of the lease.

Similarly, the “possession” held by a mortgagee under a mortgage of an immovable property is restricted in terms of its use, occupancy and duration by the terms of the mortgage.

In the case of a “licence” granted by an owner of an immovable property in favour of another person i.e., the licensee, the latter is only permitted to carry out certain acts, deeds and things on the owner’s immovable property. In such a case, the legal and physical possession is with the owner only.

Though a ‘licence’ is also defined as permissive possession, it is the owner who is in possession and the licensee is only permitted by the owner to enter upon the immovable property of the owner for the purposes of carrying out certain acts, deeds and things therein.

The “possession” referred to in Section 53-A of the Transfer of Property Act, 1882, is totally of a different character altogether. In this case, there is a written agreement to sell an immovable property between the owner and the intended buyer and in pursuance of such written agreement, the owner puts the intended buyer in possession of the immovable property in and as part performance of the agreement to sell.

Equitable title

Such possession provides what is known as “equitable title” to the property in the hands of the intending buyer. In other words, in this situation, the seller or any person claiming any right through the seller over the immovable property sought to be sold are legally forced to complete the sale in favour of the intending purchaser and they do not have any right to avoid the same in any manner whatsoever.

When a person occupies the immovable property of another person without any legal right to be in possession of the same, such other person is only a “trespasser”. Such a trespasser has to be evicted only through proper legal process.

In this regard, attention is to be drawn to the provisions of Section 145 of the Criminal Procedure Code, 1973. This section provides that any person, in possession of an immovable property whether legally or even as a trespasser, can approach a magistrate of competent jurisdiction and plead that there is bound to be disturbance of peace if his possession is disturbed and obtain an order that his possession should not be physically disturbed by any other person.

This is a valuable right in the hands of a person with a legitimate legal right to possession. However, in the hands of “trespasser”, this right can be misused and it can be prevented only through the setting aside of such an order by higher courts of law.

( Courtesy : The Hindu )

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

The new government order of Unilateral cancellation of the sale deed

2008-11-03T12:35:00.003+05:30

In exercise of the powers conferred by Subsection (1) of Section 22 A of the Registration Act 1908, the Government of Tamil Nadu has declared a few documents as opposed to public policy through the G.O Ms No.150 Commercial Taxes dated September 22, 2000. This order also restrains the cancellation sale deed without the consent of the parties.

By revoking the above G.O. on July 25, 2007, it has now been made possible for the seller of a property to cancel the sale deed without the consent of the buyer. This has thrown a lot of issues and may have undesirable consequences.

Unilateral cancellation of the sale deed brings with it a host of problems, mostly for the buyer. There are instances in the past when the seller had cancelled the sale deed and the buyer approached the court for remedy. It will be pertinent to note that the Commissioner and Inspector-General of Registration and Stamps, Government of Andhra Pradesh, in his circular Memo No.G1/4838/04 dated December 17, 2004 had directed the registering officers to add a footnote to the effect that the cancellation deed is registered under the provisions of the Registration Act and that such unilateral cancellation is not valid unless the deed, which is cancelled, is annulled by the competent court.

Registered sale deeds executed duly have some sanctity and the people at large rely on them to test the title of a particular person to a particular property. If a person executes a sale deed and registers it today and then on the next day if he cancels it, there will be utter chaos in the market.

( Courtesy : The Hindu )

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

New Legislation to regulate mediators and property dealers

2008-10-30T14:17:00.008+05:30

The Haryana Regulation of Property Dealers and Consultants Bill, 2008, presented by Revenue Minister, Savitri Jindal, was passed with some minor amendments on suggestions given by the legislators.

In the first-of-its-kind law in the country, the Haryana Assembly passed this bill aimed to regulate the functioning of mediators/property dealers/agents so that the people availing their services are not harassed. The law aims to put in place a proper system and procedure for compulsory registration of property dealers/ agents.

After enforcement of this Act, no property dealer or his representative, partner or any employee without obtaining a licence shall enter into transaction of sale, purchase, exchange, letting or taking on lease between the buyer and seller, lessor or lessee, landlord and tenant, including collection of rent in respect of immovable property.

“No other government or Vidhan Sabha has brought such a law anywhere else in the country though some countries/places including Victoria in Australia have such a law,” state Parliamentary Affairs Minister Randeep Singh Surjewala informed the House.

Anyone who contravenes any provision under the Act shall be punishable for a term which may extend up to six months and fined up to Rs 50,000 on first conviction and from Rs 1-1.50 lakh in the event of second and subsequent conviction.

The Assembly also passed the Indian Stamp (Haryana Amendment) Bill, 2008, which provides reduction of stamp duty from six per cent to five per cent on conveyance and sale deeds.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Glossary of Property Loan terms

2008-10-30T13:07:00.005+05:30

Loan

A loan is a credit facility provided by the lender to the borrower. Some banks call this a ‘demand’ loan, which means it can be called back at any time. Some others call it a term loan. Loans can be in the single name of the borrower or in the joint names of the beneficiaries. In the case of joint loans, all the parties are equally liable for repayment. Legally, the lender can demand repayment from either one or all of the borrowers, singly or together.

Document

While the term can mean the title deeds, loan document means the agreement detailing all terms and conditions.

Margin

It is the contribution of the borrower/s towards the cost of the project. It may also mean down payment in the case of purchase of a house or flat.

EMI

Equated Monthly Instalment is the amount the borrower has to pay every month towards repayment of principal and interest.

Period of loan

It is the number of years for which the loan is sanctioned, which can go up to 25-30 years in the case of a housing loan.

Interest

It is the percentage of interest chargeable on the loan, worked out on an annual basis.

Fixed rate loan

It is the interest fixed at a particular percentage for the entire period of the loan. Fixed does not mean that the rate will remain the same always, it will be subject to changes in the rate fixed by the central bank from time to time or the Prime Lending Rate (PLR) of the lender, with changes from time to time.

Floating rate loan

It means that the rate will change according to forward and backward movement of interest rates as a result of changes in cost of funds, policy changes etc. This is advantageous to the borrower, especially when the interest rates move downwards.

Equitable mortgage

It is created by deposit of title deeds charging the security to the lender, instead of a registered mortgage created on appropriate stamp paper and registered with the Sub-Registrar.

Reset

Reset clause included in the loan agreement is meant to give the banker the right to change the rate of interest, may be once or twice during the pendency of the loan.

Processing charge

It is the fee payable to the bank for examination of the papers and completion of documentation before releasing the loan applied for.

Inspection charges

This is the fee recovered by the bank for conducting periodical visits to verify the security charged to the loan, which invariably includes the house constructed or purchased. This can be the transport charges or ‘bata’ paid to the inspecting official.

Foreclosure

It means advance repayment of the loan, before the expiry of the period for which the loan is sanctioned.

Accelerated repayment

When a borrower repays more than the EMI fixed, it is called accelerated repayment. The intention is to clear the loan earlier than originally stipulated or to neutralise the effect of rise in interest rate, whereby the burden of repayment is reduced in terms of period or quantum.

Commitment charge

The bank normally sets apart funds equivalent to the loan sanctioned without using it for other lending. When the loan is not utilised, the bank insists on compensating it by paying a certain commission, which is called commitment charge.

Take over

When the lending bank takes over an outstanding loan with another bank or a private lender, it is called take over of the existing liability.

Compound interest

When interest debited to the account is not paid, it is automatically added to the principal and further interest is charged, which is called ‘compound interest.’

Overdue

A loan or instalment is overdue when it is not repaid on the due date.

N.P.A

A non-performing asset is a loan wherein the interest or principal is not paid within the stipulated time.

Call up

When the overdue loan is demanded to be repaid in full, the action is termed ‘call up.’

Suit filed account

When an account is overdue and called up, the next step is to file a suit in a civil court or when the necessary application is filed before the Debt Recovery Tribunal, it is called suit filed account.

The above may not be exhaustive and there can be some more terms/nomenclatures in use depending on the procedure and practice followed by different lending institutions.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Common Violations in Chennai and its Suburbs Plot Layouts

2008-10-30T12:56:00.009+05:30

The rules and violations regarding buildings are quite well known and the buyers take precaution before they buy an apartment. However, the same cannot be said about plots. Buyers are seldom aware of the rules that govern the plot lay outs and are often misled by false claims regarding layout approval .

The common violations in layouts are in the area of road widths and open space reservation. For example, the layout and subdivision regulations prescribe that streets intended to serve more than 20 plots should be about 30 feet wide while those which serve up to 10 plots should be 16 feet wide.

There are two ways by which this rule is often bypassed and approvals are got at the local level. The seller first makes a lay out plan for 10 plots and provides only 16 feet road. He applies for approval and gets the permission. After that, while selling, each plot is further divided into two and the number of plots is increased to 20 without increasing the width of the road. Gullible buyers without knowing this buy a plot in a layout that is in complete violation of rules.

In another case, a promoter constructed a four storeyed building in a large plot providing a set back of 50 feet in the front. Those who bought the flats were happy to see the large open space . However, their happiness was short-lived. Soon after the plots were sold, the promoters divided the open space into two plots leaving a passage of 16 feet in the middle.

Part approvals

Another common form of violation is to seek part approvals of the layout. Approval for layouts in a large extent of land will not be obtained in full. First, the land would be divided into two large parcels. The first parcel in front will be divided into say 12 plots. For this a 20 feet road is enough. After obtaining the approval, the rear side of the land will be apportioned into another 12 parts and approval will be obtained at the local panchayat with just a 20 feet road instead of 30 feet road . Those who buy these plots would have actually got an unauthorised layout while the documents shown by the seller would be otherwise.

Recently, a group of buyers, mostly NRIs, on the OMR were in for a rude shock. Many bought plots in a layout that appeared clean and clear of any violations. After buying the plots when they decided to develop the plot by pooling all their land parcels, they realised the promoter did not leave the mandated 10 per cent of the area as open space. Now they have been asked to pay a large sum running into many lakhs in order to get the approvals. Even developers keen on joint ventures are rethinking because of this.

The Chennai Metropolitan Development Authority (CMDA) has just began to look at building violations, but plot layouts continue to go unnoticed. The situation of plot development beyond the CMDA limits and within the Directorate of Town and Country Planning limits is worst .

There has not been any concerted effort from the authorities to look at layout violations. No caution list and no information are readily available for buyers to consult. It will be too late when they realise that the layouts do not have sufficient road widths and open space need when the city grows and meets the suburbs.

( Courtesy : The Hindu )

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Continuation of Repatriation of Sale proceeds in India (Part-2)

2008-10-30T12:41:00.001+05:30

This is the continuation to the previous article on repatriation of sale proceeds outside India which you may find in this blog.

RBI has issued Circular No.62 dated January 31, 2004, according to which remittances up to USD 1 million per calendar year can be repatriated out of balances held by NRIs/PIO and Foreign Nationals in NRO accounts/sale proceeds of assets, on fulfilling certain criteria (given in the annexure of the said Circular) and on production of the following documents:

an undertaking; and

a certificate by the person making remittance as stipulated in A.P.(DIR Series) Circular No.27 dated September 28, 2002 read with A.P.(DIR Series) Circular No.56 dated November 26, 2002.

Category of persons who are eligible for repatriation

Foreign national who has:

— retired from an employment in India; or

— inherited the assets from a person who was a resident in India; or

— A widow resident outside India and has inherited assets of her deceased husband who was an Indian Citizen, resident in India.

— Foreign nationals who are citizens of Nepal or Bhutan or a Person of Indian Origin (PIO) are not eligible for repatriation.

— NRI/PIO who acquired the assets in question, out of rupee resources when he was in India or by way of legacy/inheritance from a person who was a resident in India.

Funds/assets eligible for repatriation

* sale proceeds of immovable property

* assets acquired by way of Inheritance/legacy

* any other asset held in India, in accordance with the provisions of the Act or Rules or Regulations made there under (as defined at Regulation 2(v) of Notification No.FEMA 13/2000-RB dated May 3, 2000).

Purpose of remittance

This facility is made available only if the repatriation is made for bonafide purpose.

General conditions to be satisfied for repatriation of assets

* Documentary evidence in support of the acquisition of the funds/assets proposed to be remitted.

* Undertaking and Certification relating to tax compliance.

Specific conditions related to repatriation of sale proceeds of immovable property

* Lock-in-period with respect to immovable property acquired out of rupee funds.

* Repatriation of sale proceeds is available subject to the condition that the property should have been held for a minimum period of 10 years.

If such property is sold after being held for less than 10 years, remittance can be made, if the sale proceeds have been held by the NRI / PIO for the balance period in NRO Account (Savings/ Term Deposits) or in any other eligible security, provided such investment is traced to the sale proceeds of the immovable property.

There is no lock-in-period with respect to immovable property acquired by way of;

** Inheritance/legacy

** Foreign currency funds (through inward remittance or by debit to FCNR/NRE accounts.

Remittance Procedure

Where the remittance is to be made in more than one instalment, the remittances of all instalments should be remitted through the same authorised dealer.

The remittance facility is available even if the NRI/PIO/Foreign National is not maintaining any NRO account. However, the remittance should be routed through banking channel only, subject to tax compliance.

Thus RBI's permission to repatriate up to USD 1 million per calendar year is not required only if the above mentioned criteria are satisfied by the individuals. Persons not fulfilling the above conditions should get RBI's permission to repatriate sale proceeds outside India.

Readers will note that the conditions are as important as the exemption itself.

Common pitfalls are :

Foreign nationals acquiring assets by inheritance from a person not residing in India.
NRI acquiring assets by inheritance from a person not residing in India.
NRI acquiring the property from USD account.
Non-compliance with tax regulations.
Lock-in-period for immovable property not being adhered to.
Account in which balance is lying.

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Can a TamilNadu Housing Board (TNHB) owner claim compensation?

2008-10-29T11:51:00.000+05:30

This has been a question that is hardly discussed in some real-estate blogs, however we find it absolutely necessary to throw some light on this issue from the legal point of view.

The State of TamilNadu has the rights to aquire lands based on the proposal of the TamilNadu Housing Board (TNHB) for implementing various housing schemes. After the aquisition proceedings are over, possesion of the lands are handed over to the Board and the lands plotted out and sold to the various individuals as per the scheme.

There are two modes of sale for TNHB plots and they are :

1. An outright purchase or sale.

2. By execution of lease cum sale agreement, wherein the buyers are entitled to make the sale consideration in instalments.

The Board passes an order of provisional allotment determining the value of the plot alloted. There are instances when, after the provisional allotment of plots, the compensation for land aquisition is disputed. In such cases, What is the status of the TNHB plot owner? Will he/she protected from such disputes and can he/she impleaded in the case in order to protect hir/her interests?

In a particular case ((2006) 4 MLJ 558 (Mad)), the land owners whose lands were aquired were not satisfied with the quantum of compensation. They had approached the Land Aquisition Officer and subsequently reached the District & Sessions Judge (Fast Track Court). An application was filed at the instance of the board to implead itself as a necessary party, which was allowed.

The TamilNadu Housing Board Residents` Welfare Association filed a petition to implead the Association as a party in the said suit. The Court rejected the application on the ground that the petitioner is not a necessary party and the beneficiary viz., the TamilNadu Housing Board is already added as a Party. Aggrieved by the said order, a revision petition was filed by the Association in the High Court.

A combined reading of the various provisions of the Land aqusition act would indicate that a "person interested" in the land could be even an owner or occupier, who is entitled to receive the compensation. The court held that the Association is undoubtedly a person interested as contemplated by the provisions of the Land Aquisition Act.

This view accords with the principles of equity, justice and good conscience. How can it be said that a person for whose benefit the land is aquired and who is to pay the compensation is not a person interested eventhough its stake may be extremely vital? For instance, the land aqusition proceedings may be held to be invalid and thus a person concerned is completely deprived of the benefit, which is given to him.

Similarly, if such a person is not heard by the Collector or the Court, he may have to pay a very heavy compensation. In case he is allowed to appear before a court, he could have satisfied it that the compensation was far too heavy having regard to the nature and extent of the land. Such a person is vitally interested both in the title to the property as also in the compensation to be paid. The Court held that the TNHB flat owners Association is undoubtedly a person interested as contemplated by the provisions of the Act.

Courtesy : www.metroplots.com Your Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

The Real Estate Crisis in the US will recover only by 2010

2008-10-25T12:23:00.000+05:30

The US housing market bust may not bottom out until 2010, later than previously thought, and more home builders may fail before the housing market recovers, and this is understandable by the recent happenings in US.

Upheaval in the financial markets is making credit harder to get, both for home builders and consumers, raising the risk of more job losses, mortgage delinquencies and foreclosures. It is very clear from the crisis in the US financial system that the housing market and the broader economy will likely worsen before they improve, and is struggling through its worst period since the Great Depression after subprime borrowers, those with a high risk profile, defaulted on mortgages, thus triggering a slide in home prices and glut of unsold homes.

While some housing indicators may bottom out around the end of this year, its very unlikely to expect the overall housing market to show any significant improvement until at least 2010. Home builders would like to write down land holdings to distressed market values, pay down debt, or rebuild their equity and cash positions. Without doing these necessary steps, some or many of the home builders will not survive. Even some survivors will be poorly positioned to take advantage of a home building recovery, which now appears farther down the road.

Home builders have already written down the value of their land, options and joint ventures by $25.5 billion from March 2006 to June 2008. As land values fall, lots go unused and losses drag on, more home builders would likely violate terms of their loan agreements over the next year. Some home builders have already amended their credit agreements three or four times, and banks will take an increasingly tough stance as concerns mount about their own balance sheets.

Courtesy : www.metroplots.com Your Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.

For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Funds and Investments by Foreign Venture Capital Investment Firms in India

2008-10-24T15:16:00.000+05:30

The booming economy of the ASEAN Region has given countries like India a great future in developing their respective infrastructures and Housing facilities. Foreign Venture Capital Investments in India provides risk capital to various projects in different sectors stated under the regulations governing venture capital fund requirements.

According to the Foreign Venture Capital Investment (FVCI) norms, the Securities and Exchange Board of India (SEBI) has approved 50 applications in the current year 2008. According to the nature of the Venture Capital Investment, the RBI (Reserve Bank of India) has proposed some guidelines with certain reservations on various aspects. The Finance Ministry has however advised the RBI to approve these Applications without much delay and procedures to avoid uncertainty among Foreign Investors and NRI’s. Considering the latest Real Estate crisis in the US and the Stock Market fluctuations, around 20 out of those 50 applications have raised some concerns about the expected amount of money invested into this particular sector.

Courtesy : www.metroplots.com Your Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.

For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Affluent Posh Apartments in Chennai

2008-10-24T15:08:00.000+05:30

Posh Apartments in Chennai has always been in demand with the Elite Rich of the city all through these decades and some particular areas in the city fair better than most others. What identify these apartments are the Locality where these are situated and its access to the city and its facilities.

Luxurious build, Imported Expensive Floorings, Elegant Parking spaces for the expensive cars and landscaped garden spaces are just some of the features of these Posh Apartments. Literally, these ‘Designer Apartments’ are located in some of the up-market and Elite localities of Chennai which is a very significant factor for its exclusive status. Especially areas like Nungambakkam, Thyagaraya Nagar, Alwarpet, Gopalapuram, Raja Annamalai puram, Adyar, Besant Nagar etc belong to this category of prime areas.

Some of the major factors in these Posh Apartments are the Location, the material that goes into these homes, the exclusive woodwork and imported flooring, the electrical fittings and every accessory that is fitted, and finally the size of these homes. In a city like Chennai, with sky-rocketing property prices, it is very difficult to acquire prime land in some prime locations. The value of the land determines everything else and such a property need to come from a reliable landlord. These Owners of lands in prime locations are often approached by many builders who propose to pay exorbitant amounts for their property and thus builders in this segment often feel the punch when they approach a landlord with a fixed budget land price. Land acquisition itself is a major factor of building such a Posh Project. The reputation of a Builder plays such an important role in this segment because these High class clients want the best in everything.

The best part is the demands for these Posh Apartments from Rich Home Buyers. These customers can fork out something from 2-Crores to 6-Crores easily from their pockets for these Luxurious homes. Most of these customers are affluent business people and CEO’s of most corporates. At present the customer base also includes IT Proffesionals, Doctors, Engineers and Lawyers and few other small business people.

These Apartments deliver a Royal touch to the owners and their social status and owning such a prime and exclusive home is something they really feel proud of.

Courtesy : www.metroplots.com Your Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.

For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Commercial Retail Space Demand in India

2008-10-24T15:04:00.000+05:30

The Ernst & Young estimates immense potential for growth in the commercial retail trading segment in India and expansions are expected in large proportions. The Demand for commercial retail space is topped by NCR (National Capital Region of India) with 20% which accounts to 19 million sq.ft of the total estimated retail demand which is followed by Mumbai with 16% which accounts to 15 million sq.ft with respect to the trend in higher incomes and high consumer spendings.

Hyderabad and Chennai lead with 59% each in terms of aggregate growth. The reason behind these developments being the increase in the income levels of the middle class which is expected to overshoot 153 million by 2009 which in turn will provide ample opportunities to retailers to expand with the demands.

Courtesy : www.metroplots.com Your Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.

For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com

Repatriation of sale proceeds in India (Part-1)

2008-10-23T17:11:00.000+05:30

In the event of sale of immovable property other than agricultural land/ farm house/ plantation property in India by NRI/PIO, the authorised dealer will allow repatriation of sale proceeds outside India provided;

i) the immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of FEMA Regulations;

ii) the amount to be repatriated does not exceed (a) the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in Foreign Currency Non- Resident Account or (b) the foreign currency equivalent as on the date of payment, of the amount paid where such payment was made from the funds held in Non-Resident External account for acquisition of the property.

iii) In the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.

iv) In the case of sale of immovable property purchased out of Rupee funds, ADs may allow the facility of repatriation of funds out of balances held by NRIs/PIO in their Non-resident Rupee (NRO) accounts upto US$ 1 mio per calendar year, provided that the property has been held for a period not less than 10 years or for a combined period of 10 years partly as property and as sale proceeds in NRO account and subject to production of undertaking by the remitter and a certificate from the Chartered Accountant in the formats prescribed by the CBDT.

Everything seems to be focused only towards NRI's and PIO's mainly because according to this legislation, only NRI's and PIO's are allowed to buy immovable property in India (and even then excluding agricultural land/ farm house/ plantation property).

Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.

For more Articles on properties in Chennai please visit : www.metroplots.com
Email : anand@metroplots.com