Consultation India - Pune, Mumbai Real Estate/ Properties Investment, Property Management Services

The handover from builder to co-operative is a critical process that requires due diligence from both sides. It can take anywhere from three to five months for the handover legalities to come to fruition, involving financial, operational and technical aspects. We bring you a complete guide that helps you understand the entire endeavor from start to finish. Initial Stage of the Handove r Typically, the average time for the construction of a residential complex and sale of houses/flats is three years. It is advisable that during the final stages of construction, the buyers should get actively involved in the legal process to ensure things are on track. At the same time, registration of your co-operative is imperative to ensure a hassle-free handover. What are the property certificates and documents to be obtained from the builder? You may be familiar with some of the below-listed certificates as the builders sometimes use them in their marketing and advertising strategi

Occupying a house without a completion certificate or occupation certificate is classified as an illegal activity as that house is considered as unauthorized structure by the authorities. For this reason only, when the RERA Act, 2016 was introduced and was not fully introduced till 1st May, 2017, the builders were in rush to get their Occupancy certificates so that the ongoing real estate projects do not come under the ambit of the RERA Act,2016 provisions. The whole intent of the RERA Act, 2016 for its applicability is to protect the consumers through the construction period of the project. Therefore, once a project has the occupancy certificate the risk to the homebuyer decreases consequently. Now, let us understand the difference between the two terms: Completion Certificate and Occupancy Certificate. As per Section 2 (q) of the RERA Act, 2016, "completion certificate" means the completion certificate, or such other certificate, by whatever name called, issued by

A commencement certificate is a document that proves the legitimacy of a real estate project. We explain what exactly a commencement certificate is and its importance for a developer, as well as a home buyer. A commencement certificate is a document from the local municipal authority that permits the developer to begin construction of the project. The commencement certificate (or CC) is usually granted, only after the developer has met the legal requirements and obtained the relevant sanctions for the building’s plan. How can a developer obtain a commencement certificate? Before beginning the construction of a new building or project, the developer must obtain a commencement certificate from the local authorities. Once the developer submits his plan for the project, the municipal authority will begin conducting several preliminary checks, before authorising that the project is fit for commencement. During this time, the developer must be able to provide all the necessary no-ob

A completion certificate is an important document that states a property has been built, according to standards and proves the legitimacy of a real estate project. We explain its importance, for developers and buyers A completion certificate is a document that is awarded, after the inspection of a real estate project, stating that it has been constructed according to the approved building plan and that it meets all the necessary standards set by the local development authority or municipal corporation. This certificate needs to be obtained by developers, as well as owners of standalone properties. It is required, to ensure the supply of utilities like water, electricity and drainage system. Importance of a completion certificate for developers A completion certificate contains all the details about the building, including the location, identification of the land, details about the developer/owner, the height of the building and the quality of materials used. It also states wh

MahaRERA has also announced extension of time limits for all statutory compliances in accordance with the Real Estate (Regulation and Development Act 2016).  Maharashtra Real Estate Regulatory Authority (MahaRERA) on Thursday extended the period of validity for registration of all registered projects where completion date, revised completion date or extended completion date expires on or after March 15, 2020 by three months. MahaRERA has also announced extension of time limits for all statutory compliances in accordance with the Real Estate (Regulation and Development Act 2016) and the rules and regulations made thereunder, which were due in March, April and May 2020 to June 30, 2020. The authority's order read that in view of the partial lockdown in the state earlier and the eventual nation-wide lockdown, the construction work in MahaRERA registered projects has been severely affected and supply chains for obtaining construction material have been disrupted. Labour work

The app tracks through a Bluetooth and location-generated social graph The Indian government has unveiled an app called Aarogya Setu designed to alert users if they have come in close proximity with any Covid-19 positive patient. The app tracks through a Bluetooth and location-generated social graph. It calculates the user's risk of infection based on recency and proximity of COVID-19 patient."We understand the nature and sensitivity of the topic and have taken strong measures to ensure that your data is not compromised. Your data will be shared only with the Government of India. The app does not allow your name and number to be disclosed to the public at large at any time," said the app. The app is currently available on Google Play Store for download. Released on Wednesday, the app has already been downloaded over 5,000 times. To use the app, one needs switch on Bluetooth and location and set location sharing to "always". How to Download:

Millions of people around the globe are working from home due to the coronavirus lockdown. In order to work smoothly and to remain connected to teammates, professionals are using a video conferencing app called Zoom.   The app slowly started gaining popularity and has now become the top app under the free section of the Google Play Store in India. The app has surpassed popular apps like TikTok, WhatsApp and has more than 50 million downloads. For those unaware, Zoom is a free HD meeting app with video and screen starting for up to 100 people. One of the high points of the app is its simplistic user interface and the host of interesting features. The free version of the app enables users to add up to 100 participants in a call, users can also enjoy unlimited 1-to-1 meeting and 40 minutes of group callings. Apart from professional meetings, people are also using the video conferencing app for their personal things. For instance, in the times of coronavirus when we are practicing

New lower tax slabs, as announced in Budget 2020, will come into effect Dividends received from mutual funds and domestic companies will be taxable at the recipients hands The current financial year 2019-20 is closing on 31st March as usual and the new financial year 2020-21 is starting from today (April 1). In view of the lockdown to check the spread of corornavirus, the government had earlier extended the deadline for filing income tax returns for 2018-19 as well as that for linking PAN with Aadhaar by three months to June 30. Here are some changes in income tax rules that will come into effect from April 1, 2020, as announced in Budget 2020: 1) New tax slabs, as announced in Budget 2020, will come into effect. However, the old tax slabs will also remain in effect, giving a choice to the individual to opt between the two. Under the new tax rates announced in Budget, there is zero tax for income up to ₹2.5 lakh; 5% for income between ₹2.5 lakh and up to ₹5 lakh; 10% for

An occupancy certificate is an important document you need to obtain, while buying any new property. We explain what it is and why you need it An occupancy certificate (OC), issued by the local authorities, certifies that a building is fit for occupation and has been constructed as per the approved plan and in compliance with local laws. What is the importance of an occupancy certificate? An occupancy certificate is a document that is issued by a local government agency or planning authority, upon the completion of construction of a new project. The certificate is proof that the project has been built, by adhering to the applicable building codes, relevant regulations and laws. It is the responsibility of the developer to obtain an occupancy certificate, once the project has been completed. The certificate is an indication that the building is suitable for occupancy. An OC is required, when applying for water, sanitation and electricity connections. For home owners, an OC is

Dear Readers, Greetings to you, Nowadays, we are all sitting at home because of lock down due to corona virus therefor thought to write this article to utilize plenty of free time to check and make the order of property documents, owned by you for long time however could't able to update the latest legal documents requirements or addition of new documents time to time. Reason: it will be very beneficial to keep all of your property documents upto date as per the law for various reasons like if you decide to sell it or transfer it to your family members or relatives or anyone else or any unexpected unfortunate events where your family/relatives will require to know about it because when you wish to do any property transaction as mentioned earlier by visiting registration authority then these list of documents are necessarily required.  Also It's very worthwhile for new buyers looking to purchase in near future. Thus hereby, just sharing the summery of property ow

Checking land records online is very easy today. With one click button, you will come to know information about the land owner. It is important to check the land record before purchasing the property because real estate is a non-transparent sector where a lot of black money is involved. Not only that, maximum frauds take place in real estate deals. Recently the government of India has modified real estate bill which will protect the buyer against any frauds. However if you are buying and land or property it is recommended that you should check land or property record on your own. Today I will share information about how to check land records online in India. How to check Property/ Land Records online in India? Under National Land Record Modernization Program (NLRMP) to computerize Record of Rights (RoR) launched by the government of India many states started providing RoR online. First thing is to find out online portal applicable for your state for checking land and property re

What happens if your property documents are lost or misplaced? How you will prove ownership on the property? Well, recently I got a case of lost property document. My friend wanted to purchase a property. He selected one property at prime location and reasonably priced. He was about to buy the property. However, before finalizing the deal he asked for the original paper from the owner. The owner was unable to produce all property documents. The owner expressed that the old sale deed is misplaced by his banker due to negligence. Now my friend is in confusion about what to do next? He has taken advice from the advocate and decided to proceed further. Misplacement or loss of property documents such as sales deed, property registration documents, and the title deed is a serious matter. You should not take it lightly. If any of your property documents are missing or lost you may face problems at the time of selling a property. Here is complete information about what you should do to

Amid growing concerns over the coronavirus pandemic, Finance Minister Nirmala Sitharaman on Tuesday announced a slew of financial relief measures to help deal with the pandemic-induced economic crisis in the country.  In a press conference, Sitharaman touched upon the taxpayers' concerns surrounding Income tax returns, compliance, and the deadline related to GST, IBT related matters, bank related compliances etc. This comes after the Finance Minister revealed that the Narendra Modi-led government is working on a financial relief package to help people in the light of the COVID-19 pandemic. In her tweet addressed to her 2.8 million followers on Twitter, FM added that she will be addressing the media on “statutory and regulatory compliance matters” on March 24. Income tax related:  FY 2018-19 the last date for IT returns will be now extended to June 30, 2020.  For delayed payments, interest rate reduced from 12 to 9 percent.  No extension but on delayed deposit of TDS,