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What is Encumbrance Certificate?


Monthly Archives: October 2016

What is Encumbrance Certificate?

The long awaited dream, enabling the Citizens to search on their own the Encumbrance on any property registered in Sub Registrar Offices has been made a practical reality with the advent of Information Technology. Now citizens can search for Encumbrance on 24X7 basis from anywhere through the medium of Internet.

The Source for generating encumbrance details for self-search and encumbrance certificate obtained in Sub Registrar Office is same. Hence for all practical purposes both are same. However, citizens who need ink signed Encumbrance certificate should approach SRO concern.

Online eEC is available for transaction post 01-01-1983 only. Hence if citizens require Encumbrance certificate prior to 01-01-1983, they should approach SRO office concern.

  1. Search for eEC can be made on :
    1. Document Number and Year of Document OR
    2. House Number or Old House Number or Apartment name situated in a City/ Town/Village with optional Flat Number and Colony/Locality/Habitation OR
    3. Survey number in a Revenue Village and optionally described by a Plot number.
    4. District and SRO office selection is mandatory under all options.
  2. Period of search is controlled as per the availability of data.
  3. Users are advised to enter the house number following the standard format as Ward – Block – Door NO / Bi no. for better results.
  4. As the data describing the property is not well structured and standardized due to legacy data and variation in description of the same property with respect to time because of changes in the classification of property, a probabilistic search is made and that may result in display of multiple results some of which may not be of any interest to the user. User should select the relevant entry for generating the statement on Encumbrances.

Disclaimer:

  1. The encumbrances shown in the eEC are those discovered with reference to the description of properties furnished by the applicants at the time of Registration.
  2. All efforts are made for accuracy of data. However in case of any conflict, original data shall prevail.
  3. In case system responds by Data Not Found, for confirmation approach SRO concern.

 

What Is Joint Ownership And It’s Benefits?

Property buying is always a good investment and whether you are buying it in your name or in a joint name it’s up to you. Many people today prefer joint ownership as it shares the burden between two people. Joint Ownership denotes equal rights on the property as well as the title. When you buy property in a joint ownership, you burden is comparatively less in all aspects, such as in paying off loan, etc. Joint ownership shows that there is unity, interest, and possession of title. Another beneficial point in joint ownership is that if one partner dies, another person will be automatically the owner of the property; it does not have to  go for any legal twists and turns.

Today, even the government is promoting Joint Property Ownership and is offering incentives in stamp duty and registration charges. Government has taken the initiative to promote joint ownership among couple; this is one way to empower women through joint ownership.

Joint Ownership

Joint Ownership

Property can be together owned with spouse, parents or with brother. However, there are a few points to consider:

One, the home should be purchased in the joint name and proof of it should be maintained.

Second, Housing loan should also be taken in joint names, but the repayment of loan is made individually by the owners directly or from a joint bank account. This loan contribution is based on the proportion of ownership.

Benefits of joint ownership

  1. In joint ownership both the partners can claim tax benefits.
  2. Couples or the partners are eligible for higher loan amount, as their income is clubbed for calculation of loan eligibility.
  3. Joint ownership allows the owner to pledge the property.
  4. Future borrowings becomes easier
  5. Stamp duty is levied in case the property is jointly owned by a woman.
  6. If a married couple is the co-owner, then it also helps in reducing succession issues.
  7. When the spouse dies, it enables an easy transfer of assets.
  8. In few states, if a house is owned by a married couple, and if one of the partners expires, it is not treated as an addition of property to the surviving owner, and hence no taxes are assessed to sole ownership.

What Is Your Choice When It Comes To Buying A Home: Affordable Housing Or Quality Living?

Today, home buyers are taking their own decisions when it comes to choosing their home. They know what they want, what are they looking for, and they decide their budget for their dream home, even if it requires to add an extra effort for finding a suitable home, they do it and achieve it successfully. Budget is also not considered as a big criteria nowadays, as you have financial institutions who offer you bank loans at reasonable interest rate, apart from that you have various schemes offered by the bank as well as the developers that helps them to take the right decision.

What does home buyer look for when they plan to buy a home:

  1. Location
  2. Availability of basic infrastructure
  3. Budget

Which is the better choice? Affordable home or a Quality life?

In recent times, the home buyers do not think about the budget, for him the location and existence of infrastructure are important. But, mostly it is difficult to achieve the perfect home, where an affordable home also offers quality of life. In such case, what will be your choice: Affordable home or quality of life?

As per one of the report, properties priced up to Rs. 20 lakh are receiving only lukewarm response and the demand is reduced across cities. This means that home buyers are now moving from lower priced properties and are getting attracted towards properties that are in the vicinity of developed infrastructure and good connectivity.

Commenting on the situation, One of Famous, Associate Director of Colliers International said that most of the properties that are priced at Rs. 20 lakh and below, are mostly located at the outskirts and the peripheral areas of the city. Previously, such properties were gaining a good response due to the affordable pricing, but today the buyers are realized that staying in such areas mean compromising on basic necessities, like connectivity and infrastructure.  Hence, home buyers prefer to extend their budget a little more to enable them to buy a home that is in close proximity to their workplace and of course the city Centre.

Thus, as per the analysts, it is not enough to build an affordable home, it is also necessary to build it in close proximity to infrastructure and connectivity. They believe that infrastructure should be promoted and developed where affordable housing is coming up, so that such homes are promoted in true sense. 

Where Can You Invest For Plots In Hyderabad

Hyderabad is a city of opportunities, and hence there are many people who migrate to this city and make it their home. With so many people coming in, definitely, real estate will prosper as everyone needs a roof above themselves. With more and more of real estate activities happening, now there is no space left within the city, hence the builder are shifting towards peripheral areas. It’s not that people are interested in buying apartments only; there are people who purchase land for investment purpose or to construct their dream home sometime later.

Where Can You Invest For Plots In Hyderabad

Where Can You Invest For Plots In Hyderabad

Currently, the areas of interest to buy plots in Hyderabad is Adibatla, Kollur, Narsinghi, Uppal, Kompally, Miyapur are also attracting investors.

The areas mentioned above are well connected by road and rail and are also in preference as they are in close proximity to IT Parks and IT SEZs. Adibatla  IT hubs and have good land bank for investment.

Outer Ring Road (ORR) stretch is one of the growth corridors and it connects two arterial roads, L B Nagar (Sagar Ring Road) to Ibrahimpatnam. Not one or two, but many educational institutes have cropped up in and around this area which is another key reason for growth and investment.

The land prices are between Rs. 4500 to Rs. 15000 per square yard  in these areas and offer various options to fit the buyer’s budget.

Experts say that even though investing in apartment is a better choice as you will have a readymade home, where you can start living as soon as you buy it, but the plot investment is a safe bet. The price of plot always appreciates and can be sold on a later date for a good price, while buying also, land are cheap and a good capital investment. Plots can also be leased for industrial activities and for storage activities. Even they can be used for horticulture or floriculture, to earn an extra buck.

What is important is that while buying a land, you need to be a little cautious; you have to do a few checks:

  • Legal check for ownership history
  • Clear land title
  • The land is not reserved for any government projects
  • It does not come under agricultural category.
  • It is approved by DTCP or CDMA
  • Availability of infrastructure like electricity and water

I have mentioned few of the areas where you can invest, if you can think of any other locality, do mention it in the comments.

 

Where to buy an affordable house in Hyderabad?

One of the preferred localities in Hyderabad, Miyapur offers affordable properties close to the IT hubs. A budget of Rs 20-60 lakh can fetch you 2 and 3BHK units here.  

Buyers in Hyderabad are gunning for plots and apartments in the city. Ravi Kumar is one of them. “I have some friends living in Miyapur and theysay it is a good locality to reside in. I want to buy an apartment in Miyapur. I have a modest budget of Rs 30-55 lakh. Can you help me with some specifics on the locality?

What you can get?

Kumar can majorly find properties ranging in the budget of Rs 20-40 lakh and Rs 40-60 lakh in the locality. The residential supply stands at 32 per cent for both the budget ranges. About 20 per cent availability is also seen for properties in the budget range of Rs 60 lakh to Rs 1 crore and 11 per cent for properties costing Rs 1 crore and above.

In terms of property type, the locality witnessed maximum availability of 3BHK units at 48 per cent closely followed by 2BHK units at 46 per cent. Availability of 1 and 4BHK category is 1 and 5 per cent, respectively.

To check out in detail what is available in Miyapur,

“Miyapur is one of Hyderabad’s busiest places. LB Nagar in Miyapur is a high-density traffic corridor. It has IT, pharmaceutical, apparel companies and other industrial development areas,”.

Connectivity

Miyapur, a part of the Greater Hyderabad Municipal Corporation (GHMC), is strategically located at NH-9 (Pune-Hyderabad-Machillipatam Highway). The area enjoys proximity to IT hubs such as Hitec City (8 km) and Gachibowli (15 km). The Outer Ring Road (ORR) is also easily accessible from the locality. Buses are run by TSRTC connecting it to all major parts of the city, thus making it the most preferred mode of transportation. “Despite being in the outskirts, the inter-city connectivity is taken care of by the Unified Metropolitan Transportation Authority (UMTA). The closest railway station, Hafeezpet is 3-km from Miyapur”

In addition to the above road and transport facilities, Hyderabad Metro Rail (HMR) is getting ready which will enhance connectivity to the ORR and the international airport.

Affordability

Property prices in the area are 15-20 per cent lower as compared to its neighboring Hitec City. “Miyapur is a preferred destination for IT professionals working in Hitec City and Gachibowli especially those with a tight budget,” says Singh.

The area also sees demand from the adjacent industrial belts of Balapur, Bollaram and Bachupally.

Civic and social infrastructure in Miyapur is also in place. The area has its own police station that ensures safety and security. “The area does not face water and electricity issues,” Schools, ATMs, banks, colleges, hospitals, super markets and restaurants are found in abundance in the locality.

Where Do You Prefer To Live City Or Village?

Today many people migrate to big cities for job opportunities and tend to settle down with their family as city offers many other amenities that are not available in village. However, when the same person gets old, he definitely would like to go back to his roots and enjoy his retirement days. As you know, today many retirement homes are coming up and all are in a calm and peaceful locality, such as Nalgonda, Nizamabad and Jangam.

There are many people who live a stressful life in city, and for them the village life looks appealing. But, every place has its own advantage, let’s look into the advantages of city life and village life:

Advantages of City Life

Transportation Today transportation is getting better in cities, with metros and monorail coming up to ease the traffic congestion. You plan to go somewhere, you can immediately plan your travel the way you want with many facilities available at your disposal. If you don’t want to travel far every day, then you can buy a residential property that is close to all city landmarks and is surrounded by good schools and other facilities. Today many builders are constructing housing projects, keeping in mind the basic needs of people. All these commutation services are not readily available in villages.

 Cultural life: If you are a person, who is interested in attending art galleries, going for shopping and eating out on a regular basis, then the city life is for you. In city, you get to meet different kind of people every day, but in smaller towns, you just cannot find such opportunities and this is the reason why people move out from villages. Cities have ocean of opportunities when it comes to work and education. As people are migrating from villages, there is a wide need of housing resulting in expansion of real estate.

Advantages of Rural Life

Open space: Open space is the need of the hour and this can be easily found in villages. Every house will have some space in front and back that can be utilised for various purposes, kids can play or one can practise gardening or farming, depending on the space.  The breeze in the morning is fresh and not polluted like in cities. This is the life which is wanted by many in cities, and surely it can be fulfilled as many builders are moving towards villages and constructing eco-friendly homes and they do come cheap when compared to city’s price.

Community: Villages still have that old-charm of community living. You tend to know each and everyone around you, but in city it’s not the same, you don’t even know who your neighbor’s are. Inspired by community living of villages, builders are today constructing gated communities to bring back the concept of living together.

Seeing the advantages, one cannot judge which part is better, but today with increasing technology people are benefitting in city life. Village life is good, but its benefits those who prefer calm and quite surroundings amidst greenery. Today many builders are there who have been doing the surveys and are constructing homes inspired by villages and offering facilities like long walking tracks, spice and herb gardens, orchards, kids play area, park with sitting arrangements for elderly and much more.

Which Is The Best City For Property Investment?

Buying a House is a big purchase in one’s life which is usually decided only after analyzing various aspects. Choosing a location is the prime part in a property purchase. A homebuyer should focus on the positive attributes of the city and value of the particular project in future. There are some cities which offer exclusive properties with a host of lifestyle amenities which also has amazing investment returns.

Below listed are a few attractive destinations of India which offers dwellings which earns great returns…

Bangalore

The Silicone Valley – one of the best attractive destinations in India that grabs attentions of investors across the country. Being a popular IT Hub in India, this is the most sought-after choice for both the residential and commercial investors. As the city offers exclusive conveniences and great connectivity, Bangalore has become the ideal destination to own a dream home.  Some major localities in Bangalore which has given great price appreciations include RMV, Rajarajeshhwari nagar and HAL Layout. In these areas property prices have been appreciated in 7 – 21 per cent in the last year. With the growing affluent population in Bangalore, the property prices are expected to rise in future.

Chennai

The southern suburb of Chennai namely OMR, GST, ECR etc, is experiencing a drastic growth in recent years. Many IT companies have started targeting these locations which is ultimately making its employees to find suitable abodes in nearby areas. Hence, the investors find this a great opportunity and started investing in many high-end and mid-segment houses.  Southern Chennai which houses many posh localities such as Adyar, K.K Nagar, Velachery, Saidapet and other areas has its own specialties where the land values are already on the peak.  Investing in Chennai residential property is definitely a benefiting choice.

Pune

IT Industry is the prime reason for boosting the property rate in a city. Pune also has many popular IT/ITes sectors which have played a major role in increasing the property prices.  Localities in Pune like Baner, Bavdhan, Kalyani Nagar, Wakad and Viman Nagar have come up as top realty destinations. Many real estate developers are targeting these areas for its exclusive amenities.

Besides, these popular cities Ahmedabad, Mumbai, Hyderabad, and Kolkata etc. are also in the list of top real estate destinations in India. These areas have their own positive attributes for which builders and investors are showing interest.

 

Why Choose Villas Over An Apartment

There was a time, when people were in a dilemma whether to choose an individual house or an apartment. Later people started opting for homes, based on their budget and other favorable aspects. In the recent years, people started showing interest in gated community lifestyle which is suitable for all pockets.
When considering villas, apartments or expandable villas all has positive and negative sides. Which ratio is high? This is the fact we have to look out when we invest in a property. Besides lifestyle and budget constraints, there are also several other areas which an individual has to consider. Let’s check the deciding factors which will help you to choose between a villa and an individual house.

Attractive attributes

Attractive attributes

Negative attributes

Attractive attributes

Investing in a property is the most crucial decision which one could take in his life. When choosing a space for your lifetime, it is definitely worth analyzing various aspects of the property. So be precise in what you want and what you can afford.
Own a living space and be a proud owner.