What are the checks that has to be done while finalizing a House in terms of the building?

• Photo ID proof of seller
• Address proof (Identity card, Passport, Voter ID, Driving License, Ration card – any one) of seller
• Approved plan of the building along with the number of floors.
• Ensure that the floor that you are buying is approved.
• Check if the builder has the right to put up structure over the land-Either as owner or as a contractor.
• If so, check the title of the land ownership with the help of an advocate.
• Check that the builder is building without any violation of front setback, side setbacks, height, etc.
• Check specifications given in the agreement to sell.
• Check the reputation of the builder.
• Ensure that urban land ceiling NOC (if applicable) has been obtained or not.

From where can we get information regarding the guide line value?


The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the guideline value of the property. This is also available on the internet.

How do we verify the genuinety of documents of the seller?


Regarding authenticity of documents, again, you have to take the help of an advocate to verify.
 
In a sale of property, who has to bear the expenses of registration and stamps?


The universal rule is that the purchaser has to bear all expenses regarding registration.
 
In whose name are the stamps/non – judicial stamp papers required to be purchased?


The non-judicial stamp papers are required to be purchased in the name of either the purchaser or seller. Generally it is bought in the name of the purchaser since he bears the expenses of registration. /*added buzzr for google buzz */

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Dhakshin City - Near Vandalur

Location


Location of the project is at Unamancherry - 4.5 KM from GST road and 500 meters from Vandalore Kelambakam four way road and more over behind Police academy.

Unamancherry, which is flanked by developed regions like Thambaram,, Sriram IT Park, Kelampakkam is today one of Chennai's most preferred destinations. Unamancherry is a strategic location lets you stay close to the city's business hub but comfortably distant from the city rush. Also, the IT boom along the nearby IT Corridor on OMR has helped bring the office closer home. So, if you're job is IT or ITES-related, staying in Unamancherry becomes even more compelling because it decidedly cuts out travel time, costs and inconveniences.

Adding to the convenience of commuting is the four-laning of the 100-feet bypass road from Thambaram to Maduravail and the four-laning road GST to OMR ,ECR Main Road.

Also, Unamancherry vicinity includes reputed educational institutions like Cresent Engineering College, higher secondary schools, play schools and creches, hospitals, clinics, grocery chains, retail outlets, ATMs, petrol bunks and more.

For comfortable commuting options, there's the bus terminus and the vandalur Railway station close by. The ECR, the hub of prime entertainment in Chennai, is a short distance away.

Location Highlights

Strategically located between GST road and OMR
Proximity to Ford, infosys, wipro, visteon, SRM deemed university, tagore engineering college, schools, and shops etc
Just 5 KM from SRIRAM gate way SEZ and 3.5 km from vandalur zoological park
Behind police academy and crescent engineering college

Site Address

Dhakshin Avenue 1
Dhakshin City,
Chandra Puram III part,
Unamancheery,
Chennai – 600 048.

Contact
Green Avenue Homes & Gardens,

No: 4 & 5, Nageswara Road,
1st Floor DNS PLAZA, No: 31 & 32,
T. Nagar, Chennai-600 017

Mobile : +91 - 98418-99265, +91 - 94444-42002, +91 - 98411-41151

Ph. No :044 - 42127801
Website : www.dhakshins.com
Intercom in each individual house and Hi-Tech surveillance DVR system ensure your security. /*added buzzr for google buzz */

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Metrozone @ Anna Nagar

Residential project with Mall, multiplex, hotels etc. located at Anna Nagar (off Jawaharlal Nehru road). Tennis courts, basket ball courts are a plus. Expected cost is Rs. 2500 Cr. Set in a area of 42 acres. 1700 apartments in 29 towers are planned.

2BR/3BR/4BR/Townhouses/Penthouses. Possession has been promised by October 2011 and construction is in progress.

ground + 16 floors
64 flats per building
basement car park
2 carpark space for 4 bedroom and above
there are also some service apartments

There are some legal issues which may delay the project.

1)    The land was originally with a Company Krishna Tiles, which tried to promote a project sometimes in 2000. For some reasons, then promoters did not get the CMDA approval and refunded the booking amount taken by them for the apartment booking, after 3-4 years.

2)    Ozone bought the land sometimes middle of this decade and managed to get the CMDA approval after about 3-4 years - I am told they had to spend heavily (bribes ?) to get the approvals. I am not fully familiar with all disputes surrounding the land, but could dig out the following info:

a) HR & CE claims ownership of at least some of the land - this was apparently gifted long back by the original owners to build a temple. Ozone salesperson told me that the land in dispute only effects Phase III of the project, which has not yet been launched. They claim to have won the case in Madras High court and an appeal by HRCE is pending in the Supreme Court.

b) One of the minority owners of Krishna Tiles (probably a family member of original owners) has filed a case claiming the land was sold without his consent. Ozone salesperson told me that this guy has only a 4% stake in Krishna Tiles and his consent is not required to sell the land.

c) About a year back, some people took out ads in newspapers claiming that the land belongs to them and cautioning public against booking in the project. I have no idea who these people were - but talk is that they belong to the family that owned Krishna Tiles. After this ad was taken out, new bookings stopped completely and the builder dropped the price from 6000 to 5300 to attract investors.

One good thing is that CMDA approval is in place now- I guess, subject to outcome of the case in Supreme court. Prospective buyers should do a detailed investigation into the above matters before buying. Otherwise, it seems a great project at an attractive price, despite proximity to Cooum

http://docs.google.com/leaf?id=0B0kfAImTou94M2I3ZTU2ZDktY2VjYy00NDMyLWI0YjMtZjg2NDhjNWUxMGFm&hl=en

Cost

Base price starts at 85 Lakhs (for 1555 sqft).

Soft launch cost (Apr 07) was Rs. 4500 per sqft. Went up to Rs. 6500. Now down to Rs. 5500 to 6000 per sqft.

Ambience

Site address is 44, Pillayar Koil Street (Jawaharlal Nehru road), Anna Nagar, Chennai – 40. Anna Nagar is a well sought after residential location.

Schools like SBOA, DAV are near this location. Hospitals like Sundaram Medical Foundation, Anna Hospital are very near as well.

Koyambedu bus terminus is very near as well. http://www.wikimapia.org/#lat=13.081161&lon=80.195088&z=17&l=0&m=a

Travel

With 100 ft road nearby and very good bus facility, travelling to work/shopping is very easy. Things become when Anna Nagar gets its METRO facility.

Company/Builder

Ozonegroup is a Bangalore based real-estate company which is promoting this in partnership with HDFC and Urban Infrastructure Opportunities fund (Anan Jain, a close associate of Mukesh Ambani). Not a well-known developer though.

Common Amenities

STP/Water treatment, security system, tennis and basket ball courts.

Interior

Granite for kitchen, paneled doors, wooden flooring in master bedroom, vitrified tiles. Wall tiling up to ceiling in bathrooms.

Hidden Costs

Approximately Rs 4600/- per month for the Maintenance for 1550 Sq ft home.

Do add your comments if you think project has hidden costs involved.

Penalty cost – 15 per sq ft every month as penalty

Engineering

RCC with seismic zone 3 compliance. RCC walls or concrete solid block walls.

Resale-ability/Rent-ability

Given the location I see great opportunity

My rating

A+ for peace lovers
A+ for action lovers
B- for bachelors (if you work in OMR, NH45 and it is heavy cost)
A+ for family (nearby school, crèche, hospitals, great shopping)
A+ for shopping freaks

A+ for party goer
A for aged (Place to walk, hospitals nearby, but heavy noise and traffic outside complex)
A- for investors (not sure of builders)

All this is in case the litigations go in favor or Ozonegroup.

Links

Master plan

Official Site

Location Map

NDTV property

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Watch out for fake documents

Property buyers should know that even experts on the panel of banks/HFCs find it difficult to tell the difference between genuine and fake titles

It is frightening to note that one out of every 10 properties is sold on forged ‘title deeds' and three out of 10 on fabricated ‘link documents.' Title deeds are documents conferring ownership, normally registered, and they include sale, gift and partition deeds; link documents refer to encumbrance certificates, khata certificates, affidavits, declarations, genealogical trees etc.

Since property prices have skyrocketed in recent times and ‘black money' is invariably involved in property dealings, criminal elements have flooded the market with fabricated documents.

Even expert lawyers on the panel of banks and Home Finance Companies (HFCs) find it difficult to differentiate between genuine and fabricated documents. As a result, there has been a multi-fold increase in fraudulent properties being funded. This has lead to an increase in defaults and heavy loss to banks and HFCs.

Technological advancements have made it easier to forge title deeds and link documents with the connivance of corrupt employees in government departments. Such documents are made to look authentic by putting official seals and forged signatures on them. There is no foolproof mechanism to find out whether a property document is genuine and whether there are any encumbrances (charge, mortgage, lien etc) on it.

If you think a nil EC (Encumbrance Certificate) issued by Sub-Registrar will give you peace of mind, think again! It is clearly mentioned at the bottom of the certificate that the EC-issuing office is not responsible for any mistakes/omissions. It is ironic that after collecting huge amounts of money (stamp duty and registration fees, fees for issuing EC etc.), government agencies do not even certify that the property is free from encumbrance.

Ideally, the government should guarantee the title to the property, which is the practice in countries such as Australia.

Hence, when it comes to property dealings, the message is: ‘Caveat Emptor' (“let the buyer beware”)

What precautions should be taken while purchasing an independent house?

Collect copies of all property documents from the seller, but don't rely on them. The main documents are the sale deed in favour of seller, parent deed, EC for the past 15 years, latest khata, latest tax-paid receipt, copy of approved layout/construction plan etc. Visit the Sub-Registrar's office and obtain a certified copy of sale deed, parent deed and apply for fresh EC for the past 15 years. Visit the Corporation/Municipal office and verify whether the khata certificate, tax-paid receipt and approved plans are genuine.

If you find it inconvenient to visit government offices, engage a lawyer to verify the documents given by the seller. Seek a legal scrutiny report in writing from the advocate. It is worth spending a couple of thousand rupees on professional advice when you are planning to buy property worth lakhs of rupees. Your lawyer may also rely on the EC, but you should still insist on a ‘search report' from the Sub-Registrar's office. This report involves a lawyer physically verifying the records at the Sub-Registrar's office, noting down all transactions recorded for the particular property and providing the information to the purchaser. The search report helps in detecting any mistakes/omissions in the EC issued by the Sub-Registrar.

The next step is to ensure there are no mortgages or other charges, which are not recorded in the books of the Sub-Registrar. Since the details of deposit of title deeds (equitable mortgage) are not furnished to Sub-Registrar's offices, such encumbrances will not be reflected in EC/search report.

So, the buyer should verify all original property documents available with the seller before entering into a purchase dialogue.

Before entering into a sale agreement, be sure there is no prior agreement already executed by the seller. If any agreement was executed earlier, the original cancelled agreement has to be verified. The sale agreement needs to be signed by all co-owners and all such parties who have right/title/interest in the property. The purchaser needs to ensure that the seller had peaceful possession of the property and there are no encroachments by neighbors.

For an existing building, the seller should have obtained a construction plan approved by municipal authorities and the building must have authorized connections for basic amenities such as water supply and electricity.

Another important issue is to ensure that property has no litigations/claims pending in court. Precaution can be taken by publishing a notice in newspapers seeking if there are any claims on the property.

If you are considering taking a home loan, you may assume that the bank will verify the genuineness of the property documents. However, don't take chances as many banks and HFCs only do a routine check and not thorough legal scrutiny.

 

Source: the Hindu property plus

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Merits of red oxide floor

The enviable longevity is the speciality of the earthy red-oxide flooring . M. R. Satheesh, (Home Tech Associates) a contracting consultant for construction materials says the market for red-oxides are limited to those who have an for earthy interiors . He vouches that "you have no maintenance headaches, it only requires a daily mop. Every walk on a red-oxide floor is a smooth friction akin to a round of extra polish.

Perhaps open and wet areas may not take it as atmospheric changes can bring in light fissures," he says. If colours speak of an era, red-oxides on your floor are the resplendent reds consciously transporting you back to nearly seven decades of some rich tradition. Several parts of South India, especially Kerala, coastal Karnataka and interior Tamil Nadu saw a gleaming spread of the oxide in shades as cherry, crimson, ruby or scarlet.

"Its appeal is in its uniform finish, joint-free seamless stretches and the glow that the colour exudes with every passing year, throwing up a seamless wonder," says Suri Sastry who deals with flooring solutions.

Forgotten market

Red oxide flooring cannot withstand the vagaries of nature in open areas or the high traffic load of commercial applications, say experts, as calcium and magnesium are sensitive to direct radiations. It is roughly a quarter-to-half-an-inch thick spread of a specialised measure of oxide-cement-water with deft hands dealing with the slurry mixture on plastered concrete. It is later trowelled evenly by highly skilled masons.

The polish used to be coconut oil smeared and rubbed with a husk, some even used egg shells, later mansion polish appeared, but now French oxides are mixed to get a permanent sheen.

Kerala, especially Thrissur, has this skilled labour proliferating, as the floor still is being done up with the expert mix of colour oxides. There are few companies as Home Tech Associates and the HUDCO sponsored Masonry Training Program teaching the nuances to masons in Tamil Nadu and Kerala. Says Padmini S. Sundar, Architect and Interior Designer, "Although there are telling aesthetic disadvantages with colour choices in these oxides, independent houses are trying it yet again to get an earthy appeal. "It is this makeup that brings in red-oxide for thinnais, sunken drawing and stairs.

In an age where you pay a premium to get the vintage look, red-oxides help you save money. It costs between Rs. 55 to 75 per sq ft, ."

Source: The Hindu

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List of big OMR projects available as of Mar 2010

Project	Link	Cost/sft	Types	Locality	My Take	Comments
Hiranandani upscale	Hiranandani			Egattur
L&T Eden Park	Eden Park			Siruseri
DLF Garden City	DLF			Semmanjeri
Victoria Towers	Victoria
Jain’s Inselli Park	Jains			Padur
ETA Star – Rosedale	ETA Star			Padur
Elegant Contructions	Elegant
TVH Svasti	TVH
TVH Ourana Bay	TVH
Olympia Opaline	Olympia			Navalur
Citilights Blessings	Citilights			Kelambakkam
Purvakara Swanlake	Purva			Kelambakkam
Vasavi Anicham	Vasavi
Vijayshanti Lotus pond	Vijayshanti
Mantri Synergy	Mantri			Padur
Akshaya Adora	Akshaya			Kazhipattur
Akshaya Adair	Akshaya			Kazhipattur
Indus Anantya	Indus			Egattur
Ramaniyam Rhythm	Ramaniyam			Thazhambur
Arihant Escapade	Arihant			Thoraipakkam
Arihant Heirloom	Arihant			Thazhambur
Lancor Central Prk west	Lancor			Sholiganallur
Vishranthi Sabari	Vishranthi			Sholiganallur
Doshi Etopia	Doshi			Perungudi

 

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Patta is no guarantee for building on a plot

Those who buy plots often think that a mere possession of the patta is sufficient enough a guarantee to construct a building since their claim to the title is undisputed. This understanding is not entirely correct.

In the case involving Teachers Colony Residents' Welfare Association, Vettuvankeni, Injambakkam, Chennai and The Commissioner and Special Commissioner of Land Administration, the Madras High Court (decided on Feb 11, 2010) said that the possession of patta and construction of buildings were two different things. Building a superstructure will depend on whether proper permission for construction had been obtained or not. In the above case, even though the plot owners had valid pattas for the land they bought, they were refused building permission for putting up buildings since the entire layout was unapproved and the unauthorised structures put up were subsequently ordered by the court to be demolished.

In 1979, the residential colony at Vettuvankeni was laid out on a ground measuring 7.83 acres and the plots were sold. In this layout, 26 cents of land was reserved for public purpose. However, in 1981, this reserved land was subdivided into four plots and sold to four individuals. In one of the plots a residential house was constructed. Aggrieved by this, the Residents Welfare Association filed a petition before the Revenue Divisional Officer, Chengalpattu challenging the grant of patta to those who bought the reserved land. After hearing the petition, the Revenue Divisional Officer, Chengalpattu cancelled the patta.

Violations

This order was then challenged before the District Revenue Officer, Kanchipuram. The District Revenue Officer set aside the earlier order on the ground that the layout was unapproved since it violated coastal regulation rules. He also observed that, in the first place, the Welfare Association had no right to execute a gift deed giving the land reserved for public purpose to the Panchayat.

However, he ruled that since the land owners had purchased the plots from the original owner directly they were entitled to patta in respect of the property. On further appeal, this order was reversed by the Special Commissioner and Commissioner of Land Administration since he found the property was ear-marked for public purposes and could not have any patta in favour of those who purchased it.

This order was challenged in the Madras High Court. The court, after hearing the arguments, held that although the buyers of the space reserved for public purpose would have the right to possess those particular plots, they cannot out build any superstructure unless they have the permission.

The provisions of the Panchayat Rules make it clear that no construction can come up on these plots. In these circumstances, the Court said that the Commissioner of Land Administration was not justified in cancelling the patta by confirming the order passed by the Revenue Divisional Office.

 

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Electronic registry to eliminate home funding frauds

Buyers and financial institutions are often duped by unscrupulous sellers and loan seekers by concealing the mortgage related information of a property. The properties that have been already funded by a bank are submitted afresh for loans by manipulating the documents. Buyers unaware of such frauds end up buying them only to find that they have inherited liability. It is reported that the banks have lost amounts of nearly Rs. 400 crore and the personal loss of the buyers have not yet been precisely calculated.

Such criminal practices may soon come to end and buying properties or seeking home loans would become reactively transparent. The budget recently unveiled by the Union Government has proposed to set up a Central Electronic Registry, data base of all properties mortgaged to banks and HFCs (Home Finance Companies). It will collect, collate the information of mortgages and circulate the same back to all banks and HFCs. When a bank/HFC processes a home loan proposal, it will first verify with the central registry if the title to the property is clear and the property is not already mortgaged to any other Bank/HFC. This way multiple funding on one property can be avoided and also fake documents detected.

This proposal has its own advantages over the registration of mortgages under the Transfer of property of Act of Property Act, 1882.

Normally, a mortgagor (borrower) deposits his or her title deeds with mortgagee (lending institution) as security for the loan availed. This is beneficial for both the borrowers and as well as lenders, since the procedure followed is simple, convenient, less expensive and less/no paper work is involved. A mere deposit of title deeds with an intention to create security is sufficient to affect the equitable mortgage. As it is difficult to establish the intention to create security, many banks/HFCs insist on executing a memorandum evidencing deposit of title deeds. Once the deposit of title deeds is reduced in writing, in many states, it attracts stamp duty varying between 0.25% and 0.5% of loan amount. While this may be convenient, the details of the mortgage will not appear in the EC (Encumbrance Certificate) issued by Sub-Registrar or title search reports.

This information gap has been exploited . It is here that the proposal to set up a central registry proves good. The registry will help Banks and HFCs to have beforehand information on mortgages created, if any, on the property to be funded. The procedure to verify information on mortgages would be simple and economical .

But this is not sufficient.

The objective of setting up the proposed central agency will be incomplete, until an ordinary citizen has access to the central registry to verify that the property he or she intends to buy is not already mortgaged and the property is not being sold to him on fake documents.

 

Source: the Hindu

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