DOCUMENTS THAT NEED TO BE REGISTERED

Posted on Tuesday, October 26, 2010 at 18:03 in Office Space - 0 Comments - Post Comment - Link

The Indian Registration Act 1902 and the Transfer of Property Act 1882 contain relevant provisions specifying documents that are compulsorily registrable, and those exempted from being registered. The registration of all documents is not essential. Under the law, some documents are compulsorily registrable. These include documents related to property. Registration of a document acts as notice to the general public. 
    According to Section 54 of the Transfer of Property Act 1882, any sale of immovable property whose value is Rs 100 or more needs to be registered. This effectively means all property sales need to be registered. 
    In addition, all forms of mortgages need to be registered. The only exception is a mortgage created by depositing of title deeds or equitable mortgage, which is not compulsorily registrable. 
    As per the provisions of Section 49 of the Indian Registration Act, in case any document that is compulsorily registrable is not registered, it does not convey a legally valid transfer title to the transferee. Moreover, such a document is not admitted as evidence of any transaction involving the property referred to in the document. However, an unregistered document may be received as evidence in a suit for specific performance under the Specific Relief Act, as evidence of part performance of a contract as per Section 53A of the Transfer of Property Act 1882, or in any other related transaction not required to be effected by a registered instrument. 
    Under Section 17 of the Indian Registration Act 1902, there are a few documents that require registration compulsorily. 
These include 
    A document of gift of property. Any gift deed irrespective of the value of the gifted property needs registration 
    All non-testamentary documents that create interest, right, or title in property All non-testamentary documents that extinguish any right, interest or title in property 
    Documents that declare, assign, limit or restrict interest, title, or right in property 
    All non-testamentary documents that acknowledge the receipt or payment of any consideration on account of a transaction pertaining to right, title, or interest in property 
    All non-testamentary documents transferring or assigning an award of a court which affects the interest, right and title in a property 
    The documents may create, extinguish, assign, declare, limit or restrict interest, right or title in a property for the present or in the future. 
    Under Section 107 of the Transfer of Property Act 1882, lease of property from year to year, for a term exceeding one year, or reserving a yearly rent, must be done only under registration. The term 'year to year' refers to a continuous lease from year to year - where the landlord has no option to terminate the lease at the end of the year without notice. The term 'reserving yearly rent' means the lease has no definite period, but the annual rent is determined. The word 'yearly' means the lease should run year after year or at least for more than one year. As such, any lease for over a year should be registered. 
Courtesy Times Property dtd:-23/10/2010

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Real Estate feature in Madurai

Posted on Thursday, March 18, 2010 at 20:35 in Office Space - 0 Comments - Post Comment - Link

 Madurai: The Corporation of Madurai (CoM) is undertaking construction of toll roads through PPP to decongest the city. It has constructed a 27km, two-lane Inner Ring Road (MIRR) between Kanyakumari Road and Melur road under the scheme. Infrastructure upgrade, such as robust egovernance and proactive urban governance, has eased approval timelines and increased operational efficiency. City suburbs are being planned through participatory town planning schemes (TPS). Various IT spaces, such as Tidel Park, IT Park and software city, are planned by the state government, and are expected to augment real estate development across the city.

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Logix Group launches project in Noida

Posted on Tuesday, March 2, 2010 at 11:25 in Office Space - 0 Comments - Post Comment - Link

The Logix group, a pioneer developer in IT and business parks, launched its first residential project, Blossom County, in Sector 137, Noida, on Greater Noida Expressway. The Rs 1,200 crore project will comprise over 2,500 two-, three- and four-BHK apartments and penthouses.
Prices start at Rs 24 lakh. Blossom County is spread over 25 acres and will provide all modern facilities and amenities. The project will include features like earthquake-resistant structures, energy-efficient green homes with solar lighting, a super specialty medical center with state-of-the-art equipment and facilities.
Shakti Nath, chairman and managing director, Logix Group said, "Blossom County has been created for people who aspire to live in a home which is a part of a planned and efficiently designed gated community that offers all modern facilities."

Courtesy: HT Estates 27^th Feb 2010

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Your dream home may cost more

Posted on Tuesday, February 23, 2010 at 12:51 in Office Space - 0 Comments - Post Comment - Link

As realty sector is abuzz with action, developers are hiking prices across housing segments – be they affordable housing, mid-segment or luxury apartments and villas. Vivek Shukla reports

Are you looking for your very own house in NCR? If you at the job for the last six-seven months or so, then you would have known that developers have hiked prices of their products across segments. There is increase of price in affordable segment, mid-segment and luxury segment. The reasons are varied but there is no denying the fact that as realty sector witnesses a flurry of activity from possible buyers and investors after a long lull, developers are increasing prices. While, Gurgaon is witnessing the maximum hike, the hike is not that sharp in Noida and Ghaziabad.

    A recent report prepared by PropEquity also clearly indicates that developers are hiking rates of their projects. According to the report, Gurgaon has seen up to 30% hike in prices in luxury segment – no other city of NCR has seen such a sharp hike in this segment. There is also a hike even in affordable sector too, PropEquity reports after comparing rates of July 2009 and January 2010.

    Can developers justify so much hike on their flats? “Not at all,” says Vishal Anand, MD of Brick and Mortar Global Realty, adding, “The greed of developers doesn’t seem to end. They should not hike prices of their products to such astronomical levels. They (developers) are building another bubble, which can be detrimental to Indian real estate. There is a demand and developers should be patient and increase prices gradually, which would build confidence in the longer term.”

    Harinder Sikka, director of Raheja Developers, says that real estate market in important cities of the country has picked up in a major way, riding strongly on actual end user demand. Investors have also started trickling back in the market. Whenever demand exceeds supply, prices head northwards. This is simple market dynamics. Sikka, however, made it clear that if prices are artificially hiked without actual demand being present, the project sales will suffer considerably.

    However, a senior official of Ansal API has a different take on this matter. According to him, there are two reasons for the price hike. During the period of economic slowdown, companies had brought down prices, even below their cost prices in many projects in order to unwind their inventories and improve

their cash flows. Companies were under pressure to pay their lenders, vendors as also to complete projects and hence came under pressure on one side, while the plunge in demand almost dried up their cash flows. Now that market conditions have improved, companies are only trying to recover their costs. He also says that one has to remember that developers have bought land at exorbitantly high prices when market was up, which has led to high prices of apartments.

    NCR-based developers have increased prices by almost 25-30% in the last 9-10 months. Rajat Mahajan of Integrated PanRealty Solutions says that Noida has so far not seen this trend due to tough competition amongst new names entering real estate market. He also feels that another bubble in the market is in the offing as both end users and investors are back in the market. Projects in all ranges – affordable, midsegment and luxury – are selling fast as there is a lot of speculative interest in the market. “I would advise investors and end users to invest in projects of reputed developers who have proven track record of delivery,” he concludes.

    Market watchers are also concerned that even the so-called affordable homes are now costing more. They are becoming almost unaffordable. For instance, budget homes in Faridabad, Ghaziabad and Gurgaon have gone by 8%. An earlier report from PropEquity claims that rates of affordable homes have seen 11.20% hike in Gurgaon, 9.70% in Faridabad and 4.90% in Ghaziabad respectively. However, rates have not changed in Noida, Greater Noida and Delhi.

    Samir Jasuja, CEO of PropEquity, says as the realty market is improving after a long lull, some developers have hiked prices in order to make a marginal profit. He feels that serious customers should not wait to book their homes. They should see the past track record of a realty firm and pace of construction that is taking place. If on both fronts they are happy, then they should book their home.

    Meanwhile, some realty experts are surprised by the fact that though there has been no increase in construction cost, realty firms are still increasing the price of their affordable homes. They say that rates have seen close to 15% jump as most of the developers have been able to offload their inventory and are trying to gain from current momentum.

Courtesy times property dtd. 19/02/2010

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TOP RETAILERS TEAM UP TO FIGHT SLOWDOWN

Posted on Wednesday, August 19, 2009 at 05:40 in Office Space - 0 Comments - Post Comment - Link

Cut-throat competition in India´s organised retail industry seems to have given way to harmony, with top players such as the Future Group, Aditya Birla Retail, Spencer´s and Reliance Retail coming together to cut operational costs and improve margins. The retailers have formed a rainbow coalition that will align their sourcing operations and share private labels, logistics, warehouses and hiring details on a transactional payment basis, said top executives with some of the largest players in the sector. The move mirrors a similar step taken by manufacturing firms in the late 90s to share markets and cut costs.

Courtesy:- ET dt:- 14-08-09

INCHING UPWARDS

Posted on Wednesday, August 19, 2009 at 05:40 in Office Space - 0 Comments - Post Comment - Link

Office real estate is making steady recovery after hitting an all time low during the market slowdown. ET Realty gives a low down, Namrata Kohli

Call it recession or an oversupplied market (in terms of office space), or the general negative sentiment prevailing in the market - office real estate hit an all time low with values nearly bottoming out as compared to its peak around 8-12 months ago - in fact, the commercial real estate values dropped by an average of 25% in all markets and touched 50% in some.

The transactions were few and far between as majority of the corporates postponed their business expansion plan and were downsizing - as most were not sure if they would be able to sustain themselves, leave alone embark upon any expansion plans, while those who were earlier looking at expansion/relocation fell in a wait-and-watch mode, in anticipation of further correction.

Giving a sense of the depreciation in commercial real estate values, specifically office space, Arjun Kumar, director of AsiaPac International India says, "Commercial and IT space has witnessed almost 40-50% correction compared to rates 6-8 months ago, across NCR." He quotes the lease rent in Gurgaon for warm shell as anything between Rs 60-75/sq ft/month and Noida (on the expressway and Sector 62) as Rs 45-55/sq ft/month while one can get a steal at Sectors 63, 64 (which are primarily industrial sector but IT/ITeS are allowed to operate) at Rs 25-30/sq ft/month for warm shell space, and here additional space is being added almost every day.

Delhi CBD (Connaught Place) also witnessed correction of 40-50%. Says Kumar, "One can have space here between Rs 100-175/sq ft/month depending on the building (A or B Grade) and mainten a n c e , upkeep of the respective buildings. In South Delhi, Saket and Jasola District Centre in particular, have been witnessing almost 30-45% correction in lease rent as well as capital value. The lease rent being quoted in Jasola is Rs 140-175/sq ft/month wherein capital value is anything between Rs 11,000-13,000/sq ft for commercial office space."

Apart from the values dropping, there has been a substantial drop in transactions. If at all transactions were happening, they were restricted to the suburbs such as Gurgaon´s Udyog Vihar, as well as builder sectors and Noida - on the expressway, Sector 62, 63, 64. Says a broker, "The companies which are sure of their business plan and think that market will improve sooner or later are moving forward with their plans, especially, the major Indian corporates, which are catering to the domestic market. These include primarily telecom and software companies."

What is the exact situation in Delhi CBD and secondary micromarkets - Samantha Jerath of Jerath Properties says office transactions have slowed down, undoubtedly. "But it will be wrong to say the values have come down by 50%. This is because even though a rate of Rs 350/sq ft/month was quoted earlier, no actual transactions were recorded at the value. The highest was Rs 250 and I would say office space values in CP have come down from Rs 175-250/sq ft/month to Rs 120-150/sq ft/month. In secondary micromarkets, it has depreciated from Rs 175/sq ft/month to around Rs 110/sq ft/month. There has been correction at least to the tune of 20-25% in the entire Delhi NCR region."

But the good news is that revival is on its way in commercial real estate. Says Anurag Bhatnagar, associate director at DTZ, an international property consulting firm, "Commercial real estate was suffering from lack of transactions till Q4 ´08, but Q1 and Q2 ´09 have witnessed absorption of a million sq ft each. Rentals across Delhi NCR had already corrected by 10-20% in Q4 ´08 from peak asking rates in Q2 ´08. Values corrected further marginally, by 4-5% across all micromarkets from Q1 to Q2 ´09."

So far, companies with expansion plans stayed on the sidelines anticipating bottoming out of the market. Citing the reason for lack of transactions, Mathur says lack of absorption/transactions till Q1 ´09 was due to the general negative sentiment in the market, the cut on global-IT spend for companies and the delayed decision making process. During this period, companies adopted various strategies like renegotiation of contracts along rationalization of their current space layout resulting in higher efficiency. Q1 2009 witnessed a revival in demand with companies closing out deals due to good rates due to broader market being close to bottom. Q2 2009 again maintained the absorption levels of Q1 2009, primarily due to companies getting corrected rates in various micromarkets. Delhi witnessed the lowest number of transactions in office space in the last one year, while the maximum transaction in office space took place in Gurgaon in Delhi NCR. Gurgaon witnessed majority of the absorption due to availability of Grade A office space in prime areas, available at attractive rates.

Courtesy:- ET dt:- 14-08-09

GOVT SHOULD APPOINT REAL ESTATE REGULATOR

Posted on Monday, August 10, 2009 at 05:42 in Office Space - 0 Comments - Post Comment - Link

Industry body Assocham today said the government should appoint a real estate regulator to help expedite the redressal of consumer grievances. “There is a need for an efficient and focused regulatory body to overlook functioning of the real estate sector in order to insure the industry development and safeguard of consumer interests in line with international benchmark,” the chamber said.

The  real estate regulator would ensure that the consumer grievances against developers, development authorities, real estate agents and financial institutions are addressed without any delay, it said.

Courtesy:- ET Realty dt:- 07-08-09

LIC Housing Finance’s Expo a hit

Posted on Thursday, July 2, 2009 at 05:58 in Office Space - 0 Comments - Post Comment - Link

The ‘Homes for all expo’, a mega real estate exhibition focused on residential properties organized by LIC Housing Finance Ltd. (LICHFL) proved to be a major hit with over 25,000 visitors thronging the venue for three days and making substantial number of bookings.LIC HFL disbursed on-the-spot home loans worth over Rs.125 crores at the expo.

Courtesy- HT dt:- 27-06-09