Indian laws on gifting of real estate are simple

The popular perception among non-resident Indians is that Indian real estate laws pertaining to inheritance of acquisition by way of gift are very complicated, but that is not really the case. In fact, they are quite simple.

NRIs and persons of Indian origin can acquire residential or commercial property by way of gift from a resident of India or an NRI. On the other hand, a foreign national of non-Indian origin resident outside India cannot acquire residential or commercial property in India by way of gift.

However, any person resident outside India cannot acquire agricultural land/plantation/farm house in India by way of gift.

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In other words, a gift is the transfer of an existing property and not of any future property. It must be made voluntarily and without compensation. It must be accepted by or on behalf of the done. Such acceptance must be made during the lifetime of the donor. The done can even be a minor. Also, the basic element of a gift is that it is given out of natural love and affection.

A deed of gift of an immovable property is required to be registered as provided under the Registration Act signed by or on behalf of the donor and attested by at least two witnesses. The title cannot pass without there being a registered deed of gift.

Sale proceeds of immovable property acquired by way of gift should be credited to a non-resident or NRO, account only. Rules and regulations on gifts very specifically clarify that any ambiguity in terms of process and handover should be avoided. NRIs very often witness such transactions but have no clarity on the process.

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The best way in selling property

Selling both commercial as well as residential property may be due to some very important reasons. Some people though sell properties as forced by some critical conditions and reasons. It may be due to financial problems such as cost cutting, going away for good, planning to buy a new house, and the likes. When a person decides to sell his property, the first thing to look for is the buyer. Literally, how can one sell property when there is no buying party to deal with?

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One of the most common properties put up for sale is the house. There are at least 70% of people who are looking for houses to purchase. Why not? It will be much less costly when one bought an already fully furnished house than to still take the burden of constructing a new house with nothing but a scratch.

Sellers of properties would as much as possible want to get the whole of the profit for themselves. It is quite understandable as times are too hard these days that they are pressing hard on the people. The tendency is for the owners to sell properties privately. Meaning, they do the advertisement and handle the task of finding the right and worthy buyer.

Also, these real estate agents are usually only after the amount of the commission that they will get as soon as possible. So they simply just value the properties in very small amounts so the transaction of selling the property will be closed soon.

These estate agents are usually reputed for being notorious. There have been a lot of estate agents who have been charged and punished by the authorities because of misleading their clients therefore resulting in a loss of large amounts as on the part of the owner of the property.

Basically, estate agents act for the security of their interest. They prompt the buyers to purchase the property for sale simply so they can secure their commissions.

Now you know the disadvantages of employing an estate agent in selling property. If you can do it by yourself, so be it. There are a lot of private sales sites where you can advertise your property for sale and get relieved of the tiring expenses on commission rates.

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5 Advantages of buying a home in a Slow Market

The current promotion in the market is “Real Estate Market Slow Down’. If you are in the Real Estate market then you must be well versed with the current market scenario; however what if you don't belong to the market?

After South India the important real estate market has slowed down in Delhi/NCR too. This slowdown can be felt in the market easily. Following tips assist you to understand if there's extremely a retardation within the market.

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1.       Stay Updated

Keep yourself updated with the newspapers and websites on the real estate market news. If there is a slowdown then, it is a hot topic everywhere and the Newspapers are no exemption.

2.       Watch the trend

A sudden increase in the trends like Subvention Scheme, Assured Returns, Discounts and Other policies are a sign of the slow market. All this is done to attract the potential buyer.

3.       Ask the Expert:

Go for an expert advice. The Real Estate consultants are the best people to consult at this point of time. To an investor, the market may look attractive as it is filled with lucrative deals. Though, it is good to invest at this stage but you must be alert before doing so.

Here are the five blessings that the investor can avail when investing in the real estate market when the market is slow down.

        I.            1.The seller quotes a cheaper price that he does when the market is at a boom.  As a buyer, you can always bargain the prices and come down to the best suiting price.

      II.          2.  Do not dishearten if you can not be able to get the home at a lower price. Sellers often offer better deals like leaving a furnished home, cutting on the extra charges like Parking Charges, Club membership charges and more.

    III.         3.You can settle the deal at a lower price as compared to the deals in the hot season, where you as a buyer might have to pay some extra amount to buy the house.

    IV.           4.You get more options to explore during the slowdown. When there are more sellers and less buyers then buyers have a bright chance to explore the market.

      V.           5. There could be an increase in the number of fore closed properties at this time.

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Planning to be your own agent? Think again...

With so much information readily available online, many people are under the mistaken impression that all one has to do to sell a property is find a buyer who is ready, willing and able to buy. Finding the buyer for a property in today’s buyer’s market is only half of the battle. The actual job begins after you find one. You have to then sure that the deal does not fall apart due to unforeseen circumstances before it gets to the closing table. So is there a need of a real estate agent? Yes definitely there is, not because of one but several reasons.

Real Estate Agent 

Does the seller really know how to ascertain whether the offer and/or the buyer is a good one? Making an “acceptable” purchase offer is much more than about the money the buyer agrees to pay for the property. You don't need to know everything about buying and selling real estate if you hire a real estate professional who does. Why not hire a person with more education and experience than you? The trick is to find the right person.  Agents take the spam out of your property showings and visits. Agents know what the current trend is. They know your neighborhood and the best prices for sellers and buyers. When you buy a property, you look for all the complementary aspects as well. For example, before buying a house, you tend to look at the neighborhood schools, market place, demographics, crime rate and other such important aspects. In this case, agents play an important role for both buyers and sellers.

Contrary to what some people believe, agents do not select prices for sellers or buyers. However, an agent will help to guide clients to make the right choices for themselves. What they do is to device a negotiation strategy based on market supply, demand and the conditions.  Real estate agents network with other professionals, many of whom provide services that you will need to buy or sell. With experience and time in the market, they are the best people to guide you and references with whom they have worked and provide background information to help you make a wise selection.

Top producing agents negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction and because they are skilled. Soon after closing, many questions can pop up that were overlooked in the excitement of closing. Here, agents stand by ready to assist.

An agent’s success and continued career in real estate is referrals.  C It is probably the best option to choose. After all you don’t buy or sell property every day.

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Commercial reality market touching skyline

Reality Market at its Peak

The commercial real estate of most of the Indian cities is booming after the prolonged abeyance. The rentals will remain under control for sometime considering the plethora in the market. The report by one of the popular property consultants ‘Knight Frank’ says that, office absorption in January-March 2012 rose up by 23 percent as in comparison with 2011.

1.04 million sq ft have been total transaction of office space, both sale and lease, in Mumbai from January to March this year as compared to corresponding year which was 0.88 million sq ft. Rentals and capital prices have dropped over the last one year even when the number of transaction are increasing. Commercial space leased at the approximate monthly rentals in Mumbai in the first three months of this year was Rs 111 per sq ft as compared to Rs 120 per sq ft in the first three months of 2011. In the same way the average property price fell between January to March of 2011 and 2012. The report pinpointed that , the growing numbers are yet to take over the present supply, causing a wider gap between demand-supply over the past year causing rent and vacancy levels to remain under burden.

The primary driver of office-space market in most of the Indian cities has been the Banking, Financial Services and Insurance (BFSI) sector, transactions in office-space in IT/ ITES sector has been abridge by half due to the interminable debt crisis. The additional report by Jones Lang LaSalle reveals that, a marginal growth is expected in the rentals of Grade A offices in Mumbai by the second quarter of this year.

An expert alleges that, with a view to boost transactions at a time when the vacancy rates are high, the developers will refrain from rising rentals. He also stated that, the cue of Indian economy is not very encouraging, office occupier continue to block the widening plans across all the major cities of India.  Significant office supply is expected in Delhi and Mumbai over next few months.

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