Tag Archives: Construction Monitor Hyderabad

Hyderabad Tops In Home Sales

A new survey by Property Research firm’s claimed that there has been a 6% hike in sales for the quarter ending 2018, when compared to the same quarter in 2017, which showed 12% dip in sales.

Among all the 6 metro cities, Hyderabad topped as the best performing real estate market with 49% sale, followed by Pune where sale rose by 22%. Bengaluru had a 5% hike, whereas sales were up in Chennai by 24 and by 27% in NCR respectively. Even the prices in Chennai, Hyderabad, Bengaluru, NCR and Mumbai remained stable on quarterly basis.

The study also reported that NCR has the most number of unsold piled inventories of around 300 million square feet and as estimated, it will take around 60 months to clear this inventory, followed by Mumbai which has 185 million square feet of unsold inventory, and will take 60 months to get sold. In this segment, Bengaluru was the best performer with only 152 square feet that will take 27 months to clear out the entire inventory.

According to Property Research firm’s, the new supply is also adding to the inventory and most of the properties that are getting included comes in the cost range of Rs. 50 lakh to Rs. 1 crore (39%), followed by 29% in the range of Rs. 25 lakh to Rs. 50 lakh (29%). In all these new supplies Bengaluru and Mumbai contributed the highest by 31% and 28% respectively.

 

Destination Bhongir

Bhongir is a rising town near Hyderabad and offers peaceful living options. The area has seen traction and is likely to rise as a residential area.

Bhuvangiri, a municipality of Nalgonda district, is situated 39 km from Hyderabad. It is located near National Highway 163. The Secunderabad-Warangal Route and Secunderabad-Bhongir MEMU (Mainline Electric Multiple Unit) connect it to the main city. Public transportation is easily available in and around this locality. Continue reading

Real Estate Is Moving Towards Elderly Homes

Why Real Estate Is Moving Towards Elderly Homes

Who doesn’t dream of a retirement life that is free of worries? Well, almost everyone. To fulfill this desire of a retired person, builders are coming up with retirement homes or elderly homes. Such elderly homes are not the traditional kind; but they are simply awesome with all the facilities provided.

Senior-Housing

Why this upgrade by builders?

Today many elderly people are financially independent but are lonely as the younger generation spends their time traveling across globe or is settled in some other city due to job opportunities. In such situations they are left alone and feel unsecure. This is the time when elderly person thinks of moving to a retirement home that provide them a safe environment and they can spend their free time in an active manner by involving themselves in various hobbies and indoor sports.

For builders this was the right opportunity to conceptualize the retirement homes for the benefit of elderly people and provide them the best in safe conditions. Factors that contribute to the growing trend of retirement homes in India:

  1. Fast changing mindsets
  2. Longer life spans
  3. Growing wealth
  4. Concept of nuclear family growing
  5. Need for companionship at an old age

Concept of elderly homes

Concept of elderly homes is not new, but the way it is seen has been changed and modified by the developers and builders. Previously old age home is now changed to  senior citizen homes or retirement homes, and now it is willingly accepted by the elderly people as it offer good and comfortable living. The concept of retirement homes has been borrowed from US and Australia where it is quite popular and widely accepted. Retirement homes builders are witnessing ocean full of opportunities in the future with many people opting for retirement homes knowing its benefits.

Huge market for retirement homes 

Broadly, India has 100 million elderly people, and if you take around 5% of them as the middle class, it will be like 5 million people. Number is quire huge and this gives a rise to construction of elderly or retirement homes. There are so many builders who are concentrating only in this segment, like Covai Senior Care Constructions, Antara Senior Living, Ashiana Housing, etc.

Leading real estate companies like Tata Housing have launched 12 projects across India with an investment of Rs. 1200 crore and it is estimated to get over by 2018.

Recent trends 

Today, retirement homes are regarded as a secure and peaceful place for a retired person. However, it’s not only limited to elderly people, even young people who are interested can invest in this prospect as the value of such property may increase over the years. Besides, it can also fetch good rental returns. At present, the price of retirement homes have appreciated by over 40% when compared to normal housing projects.

My take on retirement homes 

If you are charmed by the idea of spending your retirement life in a peaceful and good company then it is the right time to invest in retirement homes, even if you are young, you can invest in it and rent such property and use it when it is time for you.

Document Registration – Requirements and Precautions

The Transfer Of Property Act 1882 and Registration Act, 1908 prescribe compulsory registration of certain documents. Transfer of Property Act mandates that certain documents to be valid; they should give “notice to the world”. Registration Act, 1908 gives the mechanism to the concept of “notice to the world”. The documents registered in Book 1 of Registration Offices are public documents, so any public may inspect such book; get copies of the same and a list of details of registered documents chronologically in the shape of an Encumbrance Certificate (EC). Documents affecting immovable property through sale, gift, partition, release, mortgage, lease, sale agreement are some of the compulsorily registrable documents. Registration Act is one of the oldest legislations made during pre-Independence period that are being implemented in almost all parts of the country without altering substantially for the last 200 years. Records containing the copies of registered documents in Registration Offices are permanent in nature (philosophically speaking they have to be preserved for eternity); therefore, record preservation is one of the prime objectives of the Registration Department. Civil courts heavily depend on the records of Registration Department in deciding the issues like title, ownership, possession of immovable properties.

Majority of parties invariably approach solicitors, advocates or professional document writers to get their documents prepared; and, at times, also for registration. But, it is better to know some of the important aspects of document and its registration so as to check whether the person who is entrusted with its preparation and registration is acting properly.

One must know that the Transfer of Property Act and other civil laws in India keep the onus on the purchaser/beneficiary under the document to take all the responsibility of verification of the title, ownership, possession of property. It is not the responsibility of the Registering Officer or Registration Department to check all these aspects. The role of the Registrar or the Department is very limited in these aspects. The Registrar is empowered to verify certain issues but such power is limited and he cannot undertake roving enquiries. Therefore, it is the purchaser who must take all steps and precautions to record all the recitals/covenants properly pertaining to the transaction in the document; and get it registered as per the provisions of Registration Act, 1908. The mistakes in documentation may result in civil disputes and the parties have to undergo mental and physical strain besides incurring financial loss. “A stitch in time saves nine” is an apt phrase for documentation. Document is the final product of the transaction. The intent and objects of the transaction which may be part of mental design will go waste if you could not record properly the same by using proper and appropriate language/recitals in the document.

Sale-Deed

Following are some of the requirements and Precautions in document registration:

  1. Full and identifiable property description:

If there are any blanks, erasures, interlineations and alterations in the document, the parties shall attest them with their signatures or initials. So, please check whether there are any blanks, erasures, etc; in the document which require attestation by the parties before submitting it to Registrar for registration.

  1. Attest blanks, erasures, alterations

Property shall be described with full details to identify the same without any ambiguity. In case of agriculture property, the survey number (old and new), full extent of survey number, and if part of it is transacted then all the four boundaries of the property, extent of property under transaction, village name, panchayat name, mandal name, district name shall be written clearly. The details like pattadar pass book and title deeds may also be recorded to link the ownership with the details of property. In respect of house property, the details like door number (old and new), assessment number of the property, street name, and village/city name shall be mentioned. In respect of vacant lands situated in remote places the property description requires a lot more caution and effort. The people are cheated by fraudsters by creating multiple documents by selling the same property with various descriptions. It is in the interest of the buyer, the description of property must be full and complete. It is better to avoid vague description of boundaries like “neighbour’s property”. Make genuine efforts to know the current owners of the properties abutting the scheduled property and record in the document. Property description is heart of the documentation as ultimately the Registration Department converts these details into index particulars; and also uses to generate,Encumbrance Certificate (EC). Accuracy of these details will result in proper indexing and help people to know the registered transactions on the property.

  1. Check whether property is Assigned/Government/ wakf/endowment lands, etc.:

Purchase or otherwise dealing with the government, assigned, wakf, endowment, scheduled areas (1 of 1970 Act) lands is prohibited and entails criminal proceedings. Therefore, it is advised to check and ensure that the property under transaction is not one of these lands.

  • Check whether property is Assigned/Government/ wakf/endowment lands, etc.:

Document other than will deed shall be presented for registration within four months from signing by the parties. In case of delay in presenting within the stipulated four months citing unavoidable circumstances by the parties, the Registrar may condone the delay after collecting the penalty. But in any case, the delay shall not exceed four months. That means a document shall be presented before the concerned Registering Officer for registration within four months without any penalty; and within eight months by paying penalty. But no document shall be accepted for registration after lapse of eight months from the date of signing (execution) by the parties. Therefore, the parties are advised to present the document before the Registering Officer concerned at the earliest possible day after execution of the document.

  • In respect of document executed outside India, the document can be presented for registration before the jurisdiction Registering Officer within four months after its arrival in India. The party presenting the document may have to prove to the satisfaction of the Registering Officer that the document was received in India on a particular date with documentary evidence like courier delivery receipt, affidavit from carrier of the document, etc.
  • Will deeds can be presented at any time:

There is no time limit to present will deeds. A will can be presented for registration even after 50 years. A Will can be presented by the beneficiary/executor even after the death of the testator/testatrix. The Registering Officer will conduct enquiry as per the provisions of Registration Act, and may register the will if he is satisfied that the will was properly executed by the deceased testator.

  1. Competent Registrar/Sub Registrar Office: Documents in respect of immovable property transactions such as sale, lease, mortgage, release, partition, agreement/development agreements etc shall be presented to the jurisdiction Registrar/Sub Registrar Office for registration. Party shall find out the jurisdiction Registrar/Sub Registrar Office. Eg. Hyderabad Municipal Corporation Ward No.1 and 2 fall under the jurisdiction of Chikkadpalli Sub Registrar, whereas Ward Nos.3 to 5 falls under the jurisdiction of District Registrar, Hyderabad. If you want to register a sale deed pertaining to a property falling under Ward No.3, then you shall go to District Registrar, Hyderabad and present the document before the Joint Sub Registrar for its registration. If you are registering a property falling under Ward No.1 of MCH, then either you may present the document before jurisdiction Sub Registrar, Chikkadpalli or you may present the same before the District Registrar (Joint SR I), Hyderabad for its registration. It is always advisable to get the documents registered with the jurisdiction Sub Registrar. Documents other than immovable property transactions like movable property transactions, affidavits, etc., may be registered in any Registrar/Sub Registrar Office
  2. Persons competent to present the document for registration:

Person signing the document is called executant of the document. The executant can present the document for registration. If there is more than one executant in the document, then any one of the executants can present the document. But admission of execution shall be done by all the executants. The claimant (beneficiary) may also present the document. Any attested power of attorney holder may present the document. Attested power of attorney comes into picture when the document which shall be registered is actually signed by the principal but due to certain reasons, if the principal is not in a position to present and admit the execution before the Registering Officer, then the principal gives the power to the agent authorising him to present and admit the execution of the document, which the principal has signed. This power requires attestation. This power shall be attested by the Sub Registrar of the area where the principal resides if he is in India where Registration Act, 1908 is in force. If the principal resides outside India, then the notary public/Consul/Vice-Consul of India shall attest such power of attorney.

To make it clear, once again, it is to inform that the attestation is required in case of the power authorising the agent to present the document executed by the principal; but not in the case of the general power of attorney which authorises the agent to sign on behalf of the principal. When the Agent signs the document on behalf of the Principal, he automatically becomes the executant, so he presents the document in the capacity of executant.

Such general power of attorney is optionally registrable document; and if parties wish to get it registered, they can get it registered. A power which requires attestation, even though it is registered as per the provisions of Registration Act, 1908 instead of attestation, shall not be accepted by the Registrar/Sub Registrar as it is incurable defect.

  1. Affixing of photograph and fingerprints:

In respect of sale deed, the photographs and fingerprints of both the seller and buyer shall be affixed in the prescribed format under Section 32A of Registration Act, 1908. In respect of other documents, the photograph and fingerprints of presentent shall be affixed.

  1. Route Map:

A map/sketch shall be enclosed with the non-testamentary document affecting immovable properties clearly drawing the route leading to the scheduled property. This route map shall be drawn so that even a stranger can locate the property by using the landmarks mentioned in the map. The map must indicate where exactly the property is located and the nearby landmarks such as post office, police station, temple, mosque, chowrastha etc.

  1. Address proof of parties, witnesses/identifying witnesses:

Along with the document, the parties shall also enclose copies of address proof of the executing, claiming parties, attesting witnesses and identifying witnesses. The address proof recognizable by the department includes passport, ration card, Aadhar card (UID), bank passbook containing the full address of the person, driving licence etc.

  1. Production of PPBs & TDs at the time of registration and to get entries made:

The parties shall produce pattadar passbooks and title deeds issued by revenue department if the document affects agricultural land.

Construction Monitoring Services in Hyderabad

Property Construction Monitor Hyderabad

Property Construction Monitor Hyderabad

 

Once the loan is closed and construction has commenced, NFS will perform a monthly walk of the property to confirm that the work has been completed. If any questionable methods or materials are observed they will be reported for further inspection.  Any deviations from the project drawings are also noted and reported.   NFS also reviews all change orders to verify the validity of the charges.

Construction monitoring is designed to compare the progress of construction work with the project schedule and is conducted through periodic visits to the construction site. More intensive monitoring may occur based on a client’s specific request. In the final phase of construction monitoring, NFS will provide the client with a report that includes findings and certification of any costs or project milestones.