RESIDENTS’ RIGHTS VS DEVELOPERS’ RIGHTS IN A REDEVELOPMENT PROJECT

There are two important things in a resident developer arrangement. One is the commercial angle and another is the technical angle. A developer usually assures a certain amount of cash, an additional area or a mix of both. He may give an alternative accommodation for your temporary stay, foot your rentals or give you a monthly compensation, within which you have to find your temporary accommodation.
“Before you negotiate with a developer, you need to establish the market value of the property you will receive on completion of redevelopment. This is a better approach than quoting a random figure to the builder that would make them feel shortchanged or the high amount would make the builder shy on the new project,” says Ashutosh Limaye, associate director (strategic consulting), Jones Lang LaSalle Meghraj. “Once the builder gives a detailed plan, the society members should consult real estate consultants and the developer about the likely future price. Based on this, the society members have to do some calculations to check on the commercial gains,” Mr Limaye adds.
The technical angle refers to the finished good. Does it match the quality and terms and conditions assured by the builder? In fact, at the agreement stage itself, the society residents should appoint a lawyer to draft and finalise the agreement. “It usually takes a year for a builder to convince the society members and take an in-principle approval. But society members should ensure the timely completion of the project, which is the most important detail to be mentioned in the agreement,” says Sanjeet D Narain. The technical angle refers to the finished good. It should meet specifications and quality as mentioned in the agreement.
Courtesy By: The Economic Times Dtd: July 6, 2010
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TENANT AND OWNER: THE TWO SIDES OF THE SAME COIN

In such cases, there are two entities, one is the owner and the other, the tenant. As per several high court judgements so far, the valuation has been in favour of the tenants. “In numerical terms, the 2/3rd ratio of compensation has been directed towards tenants and 1/3rd in favour of landlords. If the actual owner/landlord is servicing a lien on the ‘to be redeveloped house’, it is restricted to the value of the apartment and is given a separate treatment. In such cases, 1/3rd minus the lien is directed towards the landlord and 2/3rd minus the lien is enjoyed by the tenant,” Mr Zia adds.
But you have to look beyond the commercial angle if you are dealing with multiple parties on a single flat. The landlord and the tenant have to come at the same frequency before they step into negotiations with the builder.
Courtesy By: The Economic Times Dtd: July 6, 2010
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AN NRI WHOSE FLAT IS LOCKED UP IN THE BUILDING

This is more of an administrative element. He may not be physically present to be part of the documentation and negotiations. But he can always give the power of attorney to a close relative or trustworthy friend who can take crucial decisions on his behalf. There are two types of power of attorney: “general” and “special” (or limited). Under the general power of attorney, your relative/friend has been empowered with the right to carry out all legal acts on your behalf. It doesn’t restrict him/her to a particular transaction. On the other hand, the authority is restricted to a particular transaction or act under special power of attorney. Hence, if you are sceptical about outsourcing the decision making to a third party, you can opt for a limited power of attorney. Otherwise, you would have to make several trips for this purpose.
Courtesy By: The Economic Times Dtd: July 6, 2010
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FOR THE BEST DEAL

Planning well and in advance is the key to success especially when it comes to buying a house. Read on to know what are the basics
Buying a house is a huge financial commitment and a dream for many. For many homeowners, a large chunk of their monthly income goes towards home loan repayments. Hence, planning various aspects of the house purchase well in advance can make the process of owing a house a pleasant experience. Planning well ahead helps the prospective home owner beat most of the uncertainties.

WHAT IS AN IDEAL HOME?
Gauge your requirement. Depending on your family size, usage and lifestyle your requirement could vary. Try predicting your space needs for the future. A two bedroom house may be sufficient for you today. However, as your family grows so will your space needs. Your children may want separate rooms and your parents may need a more comfortable bedroom. Factor in future needs for additional space before you buy a house.

Location holds the key to a good investment in property. If you invest in a good location, there is a huge probability of reaping rich rewards. One needs tremendous foresight on the economic topography and demography of the region. Developing localities with well established transportation and communication networks hold tremendous potential for increase in value. Proximity to railway station, metro rail, express toll roads, airport and bus stops is preferred by families where members commute to work or college.

HOW MUCH SHOULD YOU BORROW?
Borrow only so much you can comfortably afford to repay. Borrowing heavily can land you in financial crisis. If you have other savings and assets, consider using the money to make payments towards purchase of the house. A step-up loan is a comfortable repayment option for young borrowers. This helps borrowers who are in the initial years of their careers borrow more than what they are eligible for. Their EMI dues increase as the years roll by. Margin money
Loan seekers must make arrangements for margin money or down payment. This could be 10 to 15 percent of the loan amount you seek. You can take a personal loan to raise this money. However, interest on the borrowed money could be as high as 15 to 20 percent in case of a personal loan.

WHAT IS THE IDEAL TENURE?
Borrowers who intend to pay off their debts as soon as possible choose a short tenure loan. When the tenure of the loan is short, the EMI outflow month after month is huge. Longer tenures are opted for generally to enhance the loan eligibility of the borrower. Longer the tenure of the loan, greater is the cost of borrowing. However, a person close to his retirement years will not be eligible for a long tenure loan, beyond his working years.
Borrowers, who cannot make huge EMI repayments, can take a middle path. Consider a tenure of 8-10 years where you can make comfortable repayments and get rid of the debt.

Courtesy by: ET REALTY Dtd: July 2, 2010
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The New Reality

“There is areal need to accelerate the hand-holding, mentoring, and creating a business-to-business atmosphere’ opines Infra major, Hyderabad based IVRCL’s CMD E Sudhir Reddy, as he recounts a recent acquisition in Yorkshire, UK.” We had every-body from the high commission to the local county involved in a firm friendly handshake approach, which was backed by real time research of the area we were investing in. corporate have a financial bottom line delivery to deal with; it is but natural they will go where they see high level of dependability,” he says.
Courtesy: The Economic Times Dtd: June 21, 2010
For more information about real estate, real estate india, Indian real estate, property, property in india, Indian property, property for rent, rented property, apartment for rent, rented apartment, flats for rent, rented flats in delhi, property for sale in delhi, apartments for sale in delhi, flats for sale in delhi homes for sale in noida, flats for sale in noida, real estate in noida, investment option in noida, real estate consultant in noida, realty firm houses in noida, residence in noida, residence in delhi, residence in gurgaon, flats for rent in gurgaon Log in to http://www.zameen-zaidad.com/ And http://www.propertycafeteria.com