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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