Take care of property transfer papers.

Change in property ownership or transfer of property in such a process which involves plenty of paper work. Special attention should be paid to all the paper work so as you are not cheated by malafied intention of any party. Let us explain you some documents which are required at the time of a deal.

While Buying Property From a Developer:

Every bank and some financial institutions keep with them a list of developers. This list is prepared after verifying their credibility. Here you are required to see the following documents only:-

Agreement to sell
lease agreement with bank or financial company
Receipts of all payments

While Buying a Freehold Property:

At the time of transfer of freehold residential property, you are required to possess some important documents. Only them the transfer process shall be treated as complete otherwise incomplete documents will only create a problem for you:

Copy of the sale deed under which seller got the ownership right of the property.
Copies of all sale deeds of the property executed till date to verify the names of all buyers.
Agreement to sell.
Receipts of all payments made by the purchaser
Copy of new sale deed for registration

While buying a flat from original allotee of a group housing society.

Here is a list of some such documents which are required at the time of transfer of group housing society. But be careful, these are applicable when the seller is an original allottee:

Share certificate of the society
Lease deed of the society
Property title of the builder
Society’s undertaking certificate if the property is under construction
Allocation, allotment authorization and possession letter
Payment receipts made to authority
Prior permission to mortgage property if needed in future

Flat Allotment Policy for Poor’s Approved by Delhi Govt

Delhi government has approved the policy for allotment of low cost flat to urban poors under Jawaharlal Nehru urban renewal Mission (JNURM) .After this decision, now the way for quick implementation of low cost housing plan has become clear.According to this policy, the flat will be allotted to him only who is a resident of Delhi since 1990 and should have a valid ration card. In addition, the flat buyer should neither have a pacca house or a plot in Delhi.It is important to note that the government has approved the plan to construct 43804 such low cost flats. Under JNURM scheme, the central government will provide a subsidy of Rs1.00 lakh while Delhi government will provide a subsidy of Rs 25,000/- for these flats.

KOLKATA COMMERCIAL SPACE

At 2.25 million sq ft, supply of commercial office space in Kolkata increased about 65 per cent over the previous year. Most of the supply was concentrated in peripheral locations such as Salt Lake and Rajarhat. However, some planned developments for the non IT-ITeS sector are expected to enter the market, early next year, in new locations such as Park Circus Connector and Rash Behari Connector.

The city witnessed total absorption of approximately 2.1 million sq ft. The majority was accounted for by the IT-ITeS sector in peripheral locations like Salt Lake and Rajarhat. Owing to low vacancy in the CBD areas of Park Street, Camac Street, Chowringhee, AJC Bose Road and Theatre Road, there have not been significant leases in these regions. The total demand for the year is estimated at 3.6 million sq ft of which approximately 1.5 million sq ft of commercial office space was pre-leased in the peripheral location of Rajarhat this year.

Overall, the office market in the country is likely to continue to grow in 2008. Rentals could stabilize in select markets as more supply gets delivered, resulting in demand-supply equilibrium in the second half of the year.

HYDERABAD REAL ESTATE

Hyderabad witnessed new commercial office space supply of approximately 4 million sq ft across all micro-markets, with the preferred peripheral locations of Madhapur, HITEC city and Gachibowli accounting for nearly 3 million sq ft. Peripheral markets, being strategically located, and having good connectivity with residential and retail catchments such as Kukkatpally, Srinagar Colony, Mehdipatnam, Punjagutta and Banjara Hills continued to be the preferred choice for commercial office space. Of the total absorption estimated at 3.34 million sq ft, the peripheral locations accounted for the largest share of 69 per cent primarily driven by IT-ITeS companies. Quarter 2 of 2007 was the most active as 1.98 million sq ft of space was committed then. The city is likely to witness fresh supply quantum of 5 million sq ft in 2008

PROPERTY IN CHENNAI

IT-ITeS continued to be the demand driver for Office space in Chennai. It was followed by telecom and BFSI (banking and financial services industry) sectors. Approximately 10 million sq ft supply entered the market in 2007. About 75 per cent of this supply came from IT Parks and 21 per cent from IT SEZs. The highest influx of approximately 9 million sq ft came from suburban and peripheral regions such as Guindy, Manapakkam and Sholinganllur.

The largest absorption of approximately 4 million sq ft took place in the suburban regions due to better infrastructure compared to peripheral regions. STPI units witnessed higher vacancy rates due to the uncertainty regarding the extension of tax benefits.

The total absorption for Chennai was estimated at 6.5 million sq ft. Demand for Grade-A space was recorded at approximately 8.7 million sq ft. Of this pre-lease commitments were about 2.3 million sq ft.

Peripheral Commercial developments on the Grand Southern Trunk (GST) Road are likely to command a higher rental rate in the short to medium term over peripheral regions like Rajiv Gandhi Salai (OMR) due to better connectivity by road and rail, proximity to airport, better infrastructure, and proximity to residential pockets.

MUMBAI REAL ESTATE

Mumbai witnessed a significant drop in supply of commercial office space: only 451,160 sq ft came into the market during 2007. Many projects will, however, be completed in quarter one of 2008.

Most of the supply in 2007 came in Andheri (52 per cent), Bandra Kurla Complex and Worli. Demand continued to rise and was estimated at 4.5 million sq ft. Of this 3.1 million sq ft was pre-commitment; 1.1 million sq ft was absorption in existing second-generation buildings; and 306,160 sq ft was absorption in new buildings.

Most of the pre-lease commitments were witnessed in the peripheral locations of Thane Belapur Road and Vashi mainly by IT-ITeS companies that require larger plate area and low rental.

An anticipated supply of 13.7 million sq ft in 2008 is expected to stabilize rental and capital values by the second half of 2008. http://www.zameen-zaidad.com

PUNE REAL ESTATE

In Pune, of the 7.8 million sq ft of supply, Hinjewadi and Hadapsar accounted for the majority of the total share. The total demand during 2007 was approximately 6.35 million sq ft of which 5.5 million sq ft was absorption and the balance 0.85 million sq ft was accounted for by pre-lease commitments.

Most of the demand for commercial space in Pune came from IT-ITeS sector, mostly centred in Hinjewadi. Suburban and peripheral locations, especially Hinjewadi and Kharadi, are fast emerging as major office hubs in Pune.

In some Micro-markets of Pune, such as Nagar Road, Yerwada, Kalyani Nagar, Kharadi, Phursunghi and Magarpatta, vacancy rates rose this year. This is attributed to the high rentals and the existence of sub-prime properties in these markets. The growing trend of companies moving into SEZs is also responsible for this trend.