7 Advantages Of Open Spaces In Homes & Around

 In this Blog we would be talking about Open Spaces in Homes & around it is a rare site in metropolitan cities, especially Mumbai.

Open space outside homes and open space in homes are both of exceptional importance.

The importance of open spaces in homes is often stressed upon because it has a direct correlation to the mental & physical well being of the people who live there.

This article dives into the 7 advantages of open spaces in home and here’s why you must watch out for open spaces

1. Recreational space in & around home

Kids don’t care much about furniture and styling. Home should be a space that thrives conversations, comfort, and peace. Cluttered homes breed chaos and a lack of communication. Similarly having space around your house for leisure walks after dinner and space for kids is to play is non-negotiable.

2. Breed Fitness

A house that has a chair or sofa every 2 sq-ft. only encourages lazy slumbering. Have minimalistic furniture and open concept flats. What is an open concept flat you ask? Open concept spaces are when rooms are redefined into one large space, removing partitioning walls. Open concept small houses make the house look large. It allows space for more activity, more walking around, it encourages space for more fitness.

3. Engage in activities

The advantages of Open Spaces in flats is that you can have more activities you can fit into the flat. You can practice yoga, skipping and many more physical activities. Open spaces around homes promote people’s engagement in gardening, running and walks around the house. Advantages of Open Spaces in Homes is that people with pets benefit the most. Animals love running around the house and playing, this is perfect for our furry friends.

4. Better conversations

Home is a place built for safety and thriving relationships with your loved ones. The benefits of an open floor plan is that it promotes healthier conversations. The kids, the husband, and the wife should all be able to communicate easily after a long day at work. Walls just create distances. Kids can narrate school stories as the mom works on office assignments and dad making Rotis. People in open concept homes have happier, healthier homes.

5. Great scope for designing

The sheer liberty of space gives makes way for classier home decor. You can now bring in big mirrors or rugs that would never be possible in a small house. The benefits of an open floor plan is how you can play with colors, designs, and interiors on each wall. You can create & sectionalize your home spaces without creating walls. That’s a huge advantage of open spaces home.

6. Environmentally benefits society

We live in concrete jungles with soaring temperatures and rising pollution. When there are open spaces around homes, it provides scope for having pockets for greenery. It makes air space more breathable. These tiny pockets of air make the surrounding cooler and more fresh. With the Delhi pollution incident, would you want to expose your kids to that quality of air? Make life better by planting more trees in open spaces.

7. Promotes social interaction

Don’t we all want to live in spaces that promote healthier social interactions? With your open concept floor plans for small homes, you can have great social gatherings around homes. You can promote conversations, you can have a gala time and be a great host all thanks to your open concept living room.

These advantages of open spaces in homes and around homes beat the luxury of a 5 BHK too!

That's why, you need to be aware of the importance of open spaces in homes and reap maximum benefits out of it!

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Are Sale Deed And Title Deed The Same Thing?

 While the two terms are often used interchangeably in the world of real estate, sale deed and title deed are not the same things. In this article, we would talk about how is one different from the other.

In Form: Title is a concept, deed is a document.

There are no specific documents known as title deed, as it the case with sale deeds. Title is simply a concept. A sale deed, which always has a documentary form, is a legal statement that confers this title on the owner. After you purchase a property and the registration is carried out, the buyer would receive a sale deed in a documentary form, which would confer upon him the tile of the said property.

Legal difference: Sale deed is an agreement; title deed is a statement.

In legal parlance, a sale deed is an agreement to sell a property to a buyer. As it typical of all agreements, at least two parties are involved in the transaction ─ at least one buyer and one seller. This is why the details of both the parties are mentioned in this document. Both the buyer and the seller have to sign on each page of the sale deed at the time of property registration for the same reason.

A title deed on the other hand is not an agreement, but a statement. It only talks about the rightful ownership of a person over a particular property. Apart from the ownership, title deed also speaks of rights, obligations and mortgage obligations of the owner. Do note here that sale deed becomes a title deed as soon as it is registered. A registered sale deed is a proof that a particular person now holds the ownership over a particular property.

In details: Sale deed traces titles

To register a property, the seller has to produce all past records related to a property, based on which a sale deed is created. This is to say, there should be a chain of documentary proof tracking the original ownership if a property and the change in the ownership thereof. Ultimately, a sale deed becomes a link in the chain, taking the form of a title document.

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Vastu Tips That Promote Good Health

 The adage 'health is wealth' holds true in our day-to-day lives. After a tiring day at work, we want to be at home to recuperate mental peace and comfort. According to renowned American director & producer Robert Evans, “buildings designed with careful attention to aesthetics arouse and enlighten their occupants, and that promotes their good health”.

To ensure buildings are designed carefully, 'Vastu Shastra' has laid down some important guidelines that help prevent illness, mental agony, negative energy, and promote good health and peace of mind.

Let's discuss some Vastu tips that will help keep your physical and mental health in a good condition:

General Vastu Tips:

• Light a candle or lamp daily in the northeast direction. It promotes good health.


• Constant dripping of taps produces negative energy and signifies deterioration in health. Ensure that the taps in your house do not drip.


• Using the space below stairs as a toilet, store, or kitchen can cause nervous sickness and heart diseases.


• Face north or east while studying or working. This promotes good memory.


• Planting Basil or/and Tulsi purifies the air in the house. Avoid plants like rubber plant, cactus, Bonsai and other milky plants. These might add to your illness and stress.


• Do not construct stairs or toilets in the northeastern corner of your house; it causes health-related issues and hampers the growth of children.

Bedroom Vastu Tips:

• A master bedroom in the southwest direction ensures physical and mental stability. Never construct a bedroom in the northeast direction; it causes health problems.


• Always lie with your head in the south direction while sleeping. It promotes a peaceful and a healthy lifestyle. Sleeping with the head in the north direction is not advisable as it causes stress and aches.


• A pregnant woman should avoid sleeping in the northeastern direction to prevent chances of abortion or miscarriage.


• A bed with storage space leads to brain and heart-related ailments. Also, avoid sleeping on wrought iron beds; opt for simple wooden beds.


• Avoid sleeping under light beams as it leads to depression, headache and memory loss.


• Do not place your bed in front of the mirror, it causes nightmares.


• Never align your bed with the toilet wall, as that brings negative energy.


• Keep mobile phones and other gadgets away from bed to have a sound sleep.

Health & Kitchen Vastu Tips:

• The southeast direction is considered ideal to have a kitchen.


• East is considered the best direction for cooking and eating, as it promotes effective digestion and good health.


• Designing the kitchen in the Northeast direction calls for serious health problems and accidents.


• Avoid constructing the toilet and the kitchen together. Place the two at a distance from each other.

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Here's How You Can Redecorate Your Home Under 10k - Home Decor Ideas

 A home is a perfect place for people to show off their refined taste and unique style. While the thought of designing and renovating your house with the latest home decor ideas can be overwhelming, it doesn't necessarily mean it would burn a hole in your pocket. Adding some inexpensive home decor items and making minor adjustments can transform the entire look of your home. Yes, several home decorating ideas on a budget can give your interiors a much-needed makeover.

Now, while you are on a spree to redecorate your home on a budget, we are at your disposal to help you with home decor ideas on a budget. We have curated a list of trending home decor ideas to redecorate your home on a budget.

Home Decorating Ideas On A Budget

Let's take a look at some of the savvy home decor ideas for your home that we have put together to help you redecorate your home on a budget. These low-budget home decor ideas will lighten your wallet and brighten your house. Check it out!

1. Home Decor Ideas - Ditch The Wall Paint For The Wallpaper

Gone are the days of dull wall paint colors; the new age house demands something trendy and modern, for instance, wallpaper. This is one of the easiest and most chic home decor ideas which can instantly change the mood of your home and transform your home into a dream home.

As much as it sounds like an expensive affair, wallpaper costs relatively cheaper than wall paint color; it is a smart home decor idea on a budget. There is an endless variety of wallpapers of different quality, so pick the one that suits your budget. This home decorating idea on a budget has tons of options to choose from. Opt for a dramatic or bold pattern wallpaper for the living room to highlight a particular wall, such as the wall behind the sofa.

If you want to make your house look spacious, then go for cool colour backgrounds such as blue, violet, or green, this will make the ceiling look higher, and the room appear bigger. This is also a clever home decor idea on a low budget to help you hide any wall imperfections or flaws.

2. Home Decor Ideas On a Budget - Elevate Your Ceiling

Don't forget about your ceiling when you redecorate your home on a budget. Improving your ceiling is one of the best home decorating ideas on a budget. There are tons of home interior upgrade designs to experiment with if you're looking for home decor ideas on a low budget. You can add a faux wooden beam with a beadboard or create a farmhouse-style look using a shiplap board in the dining room or the kitchen area. In case you don't have a creative head and still want to try home decorating ideas on a budget, in that case, you can simply paint the ceiling of the room with an accent color in order to create contrast and some depth in the room.

3. Home Decor Ideas - Spruce Up The Staircase

In most homes, a staircase is the very first thing you see when you enter the house. So why not try a home decor idea to revamp your stairway? Create a bold statement by painting the staircase all black and white, or you can also paint it with a striped runner. To redecorate your home on a budget, you can also use peel-and-stick flooring and break the monotony look of white steps. This is one of the home decor ideas that are light on the pocket and can brighten the staircase.

4. Home Decor Ideas - Display The Wall Art

If you're skeptical of trying any home decor ideas on the floor or the floor area is less, then start playing with walls. You can invest in some quirky wall art, antique wall clock design, photo frames in different shapes, and some vinyl stickers to transform a boring bedroom into a lively one. This home decorating idea on a budget is all you need to spruce up your home decor ideas game.

Hanging beautiful wall art in your bedroom can elevate its beauty quotient. For your bedroom home decor idea, you must opt for something that is subtle and can help calm your senses.

Another home decor idea to try for wall art is to create a collage of a few matching frames that have your precious memories, and this can change the overall look of the wall.

5. Home Decor Ideas - Accentuate The Look With A Rug

Love the warm and cosy vibe in the house? Then why not try some affordable home decor ideas to create the same vibe in your home? Carpets and rugs are the two best home decor items and the most vital feature to bring an artistic and aesthetic touch even to an empty space. Rugs can make the room appear bigger and cleaner while giving it welcoming vibes.

Try out a geometric-patterned jute rug to get rid of the 'meh' factor from the house. If you're budget-conscious, this home decor idea is brilliant as you can grab gorgeous spreads and rugs from a local market at a very affordable price.

6. Home Decor Ideas - Curtains To Change The Game

Just by changing the curtains around the house you can change the entire look of your home. This home decor idea is not only economical but also looks very appealing. If your house has a soothing white theme, then for decorating a home idea on a budget, you can use curtains with a splash of colour to go with the soft furnishings. Just mix and match some sheer curtains behind the bed, and you'll have an impressively small budget big makeover ready with this creative home decor idea. You can simply change the aesthetic of the room with this low-budget home decor idea.

7. Home Decor Ideas - Enhance Interiors With Indoor Plants

Who doesn't like greens? And when you can have a small-sized garden inside your house, then why not? It is impossible to go wrong with the home decor idea of having indoor plants or planting trees on the premises. This idea will not only make the home interiors look fresh but are also one of the home decor ideas on a budget.

You can place some air-purifying indoor plants and place them in the living room or the bedroom. Indoor plants such as Snake Plant, English Ivy, Peace Lily, Golden Pothos, and Ficus are considered good air-purifying plants for homes. While you can always buy planters as per your home decor theme, you can also try your hands on some DIY designs and paint the old pots. It is another creative home decor idea on a budget.

8. Home Decor Ideas - A Table Runner for Low Budget Home Decor Idea

Here's a home decor idea to redecorate your home on a low budget, especially for Indian homes. It's a brilliant trick to use your old zardozi dupatta that has been lying at the back of your closet for ages and use it as a runner. All you need to do in this home decor idea is to cut and sew the dupatta to size. This will save you bucks and offer an ethnic touch to the space, making it an ideal home decorating idea on a budget.

In case you want to keep the contemporary and modern look in your room, you can opt for a plain runner in a brighter colour.

9. Home Decor Idea - Give Old Furniture A Makeover

Transforming an old-fashioned sofa into a designer slipcover is one of the trendy and cheap home decor ideas on a budget. Instead of spending thousands on a new sofa set, you can use inexpensive slipcovers that are also super easy to wash. Tons of slipcover designs are available in the market, and you can decide on the look as per the theme of your house. This quick and easy home decor idea on a budget will help give your home a visual appeal in no time.

10. Home Decor Ideas - Home Decoration Items From Flea Market

Adding a painting or any artwork adds character to the space and makes it look appealing. Don't worry; we know we are talking about home decor ideas on a budget here, so we are not asking you to add an MF Hussain artwork.

You can simply go for an affordable piece of art or some canvases in abstract prints to brighten up your home. Some geometric shape designs on canvas are an excellent option to add an edge to the area, and it is a good option when you are looking for home decor ideas on a budget.

Summing Up

We hope this curated list of home decor ideas on a budget has inspired you and given you many home decorating ideas on a budget. Just remember that to make your house look aesthetically pleasing, you don't have to make a hole in your pocket but look for creative home decor ideas.

Do keep in mind the availability of space, the home decor pieces you pick, and the maintenance; all the elements should go with the interiors of the house before you pick up any item for home decorating ideas on a budget.

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MHADA to undertake digital mapping, survey of its land parcels across Maharashtra

 The Maharashtra Housing & Area Development Authority (MHADA) has decided to undertake mapping and survey of all the land parcels under its control in housing boards of Mumbai and all other cities controlled by its divisional boards across the state through advanced computer technology.

The housing board has already started the work and is currently in advanced stages of developing the Geographical Information System (GIS) driven mapping and Robotic Process Automation (RAP) systems for the same.

With this digitisation and mapping of its land parcels across the state, MHADA will be able to get information about the development potential on the said land parcel and layout, any illegal encroachment on the plot and any ot .

MHADA plans to identify existing development rules and schemes applicable to the Mumbai board and other boards as well with this information. The authority will review how these development and redevelopment schemes, rules and acts can be revised or amended that can help it in effective planning and execution of any new development scheme on these land parcels

The authority has roped in RAH Infotech CE Info Systems and Replete Business Solutions to study and provide a consolidated report on land available with MHADA across the boards in the next six months. To keep a close tab on the GIS mapping and RPA system work, the authority has set up a high-level committee of the Mumbai board of MHADA and other board's working officers.

In addition to this, MHADA Mumbai headquarters has informed all its divisional boards including Pune, Konkan and Nashik, and housing societies that are governed by them among others to cooperate with these agencies for the collection of data as mandated.

Last year, the government of Maharashtra’s town planning authority the City and Industrial Development Corporation (CIDCO) started geo-tagging land parcels in Navi Mumbai under its various plot sale schemes.

The move, apart from helping applicants, will also be an additional step towards efficient digitisation of land records. With this Navi Mumbai has become one of the first big cities in the country to initiate the process of the digitisation of land records by the government administration.

Digitisation of land records and such efforts towards the same assume significance in the backdrop of unclear ownership and title. Most land parcels in India are subject to legal disputes and the issue might take Indian courts a century to resolve at their current rate of progress. Lack of clarity on ownership and title makes it immensely difficult to buy land for retail and housing developments.

Rationalising charges for conversion of leasehold into freehold properties in Mumbai can unlock huge value: Report

 Leasehold to freehold conversion charges as high as 60-70% of property value in Mumbai; lowering of charges can spur redevelopment of properties in Mumbai, unlock asset value.

The Maharashtra government should rationalise state charges levied for converting leasehold properties in Mumbai into freehold. This will help in unlocking value of housing, commercial and industrial assets in the city and should be a part of the development agenda that the government has undertaken, India Sotheby’s International Realty (ISIR) has said in its whitepaper titled 'Why Leasehold Property is shackling Mumbai's Real Estate Potential'.

The consultant, in its report, has pointed out that the conversion charges to change property rights from leasehold into freehold are as high as 60-70 per cent of the property value. The amount is typically paid by sellers. Required payment of such a high rate to convert them is often deferred by the landowners to the next generation. This stalls development and actually lowers state revenues.

"Mumbai's real estate market is not only the most expensive in India, it is also among the top few real estate markets that command such high capital values in the world. In fact, in some localities, the per square feet rate has crossed the Rs 1 lakh figure,” said Samir Saran, managing partner, ISIR.

One of the reasons behind such an exorbitant pricing is government fees and charges associated with real estate, Saran said. "It is surprising that subsequent governments have shied away from unlocking the true potential of Mumbai’s real estate by easing the leasehold to freehold norms."

"We believe some serious rethinking is required to create a more robust and equitable housing market in Mumbai," he felt.

The whitepaper noted that property ownership in Mumbai is largely in the leasehold format. Residential, commercial and industrial land have all been leased on varying tenures. As the lease periods come up for renewal or are at the tail end of the lease, the current lessors, mostly government agencies, demand conversion charges for change to freehold status.

"Today, sellers are required to either take permission from the lessor authorities for changes in individual ownership or pay conversion charges of 60-70 per cent," the paper said.

There are nine types of leases available in Mumbai today. The whitepaper is focussed on collector’s land given on lease between 1950s and 1980s for development of housing societies and for commercial and industrial development. These are mostly located in central and western suburb localities such as Bandra, Versova and Chembur.

Besides high conversion charges, the whitepaper has elaborated on other practical problems in undertaking conversion of leasehold to freehold properties. The quality of some assets of over 30-40 years has deteriorated and these buildings are in need of redevelopment.

In order to unlock value of properties in Mumbai, ISIR has suggested that the Maharashtra government should come up with a long-term policy initiative to facilitate property owners who wish to convert their assets from leasehold to freehold.

The consultant has urged that the conversion charges should be significantly lowered. And the reduced rates should be applicable for a longer period so that everyone gets decent time to complete the entire process.

The conversion rates and FAR (floor area ratio) should be attractive enough for land owners and developers to go for redevelopment. It also pitched for liberalising stringent societal norms (like castes and reservation) to facilitate redevelopment. The payment of conversion charges should be allowed in instalments as such large sums of money are difficult for pensioner allottees or even for builders.

"A system of hefty fines and even cancellation of licences can be put in place as disincentives to a few unscrupulous developers who queer the pitch for those with serious, long-term intent to stay in the redevelopment market," the whitepaper said.

Housing sales in Jan-Jun at nine-year high in top eight cities: Report

 Knight Frank India highlighted that the residential sector has recorded a 9-year high sales volume in January-June 2022. The previous high was recorded in the first half of 2013, when sales were at 1,85,577 units.

NEW DELHI: Housing sales rose 60 per cent annually in January-June this year across eight major cities at 1,58,705 units, the highest half-yearly demand in nine years, mainly driven by lower base effect as well as mortgage rates, according to Knight Frank India.

Housing sales stood at 99,416 units in the first six months of 2021, the consultant said in its 17th edition of half-yearly report 'India Real Estate: Residential and Office Market H1 2022', which was released on Wednesday through a webinar.

Knight Frank India highlighted that the residential sector has recorded a 9-year high sales volume in January-June 2022. The previous high was recorded in the first half of 2013, when sales were at 1,85,577 units.

The consultant has listed several factors for the increase in housing sales such as homebuyers' need to upgrade primary lifestyle, low interest rates on home loans and comparatively low home prices to the pre-pandemic levels.

The renewed need for home ownership sparked by the COVID pandemic is also driving sales.

Housing prices increased across all markets in the range of 3-9 per cent year-on-year (YoY). This also marks H1 2022 as a period in which prices have grown in YoY terms across all markets for the first time since the second half of 2015.

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, "Home buying has witnessed a strong rebound since the advent of the pandemic and continues despite inflationary concerns in the economy."

Giving the breakup of housing sales city-wise, Knight Frank said that housing sales in Mumbai rose 55 per cent to 44,200 units in January-June 2022, from 28,607 units in the year-ago period.

For the period under review (H1 2022 vs H1 2021), Delhi-NCR saw more than two-fold jump in sales to 29,101 units from 11,474 units, while sales of residential properties in Bengaluru grew by 80 per cent to 26,677 units from 14,812 units.

As per the report, Pune witnessed a 25 per cent rise in sales to 21,797 units, from 17,474 units, whereas housing sales in Chennai rose 21 per cent to 6,951 units from 5,751 units.

Hyderabad saw 23 per cent growth in sales to 14,693 units from 11,974 units, while Kolkata witnessed a 39 per cent rise in sales to 7,090 units from 5,115 units.

During January-June this year, housing sales in Ahmedabad rose 95 per cent to 8,197 units, from 4,208 units in the corresponding period of the previous year.

On the supply side, the new launches increased 56 per cent to 1,60,806 units, from 80,566 units during the period under review.

Strong growth in sales velocity, has led to a modest decline in unsold inventory to 4,40,117 units in H1 2022.

Moreover, the strong uptick in sales also brought the quarters-to-sell (QTS) level down to 7.8 quarters from 10.9 quarters in the first six months of 2021. This means that builders need nearly 8 quarters to sell their unsold inventories at the current sales velocity.

Talking about office market, Knight Frank India mentioned that leasing jumped over two-fold to 25.3 million square feet in January-June this year, from 12.25 million square feet in the year-ago period, indicating the potential of the market on the back of a waning pandemic and the promise of a sustained economic recovery.

"The robust performance delivered by the office market during H1 2022 has set the tone for 2022. Physical occupancy levels are rising as more companies want their employees to return to office," Baijal said.

At the same time, he said hiring across many sectors has picked up as India's economic growth continues. "With the current pace of leasing, we expect the year 2022 to see leasing volumes close to the peak of 2019 and exceed in the next year," Baijal added.

He noted that the focus amongst occupiers for this year will remain on flexibility, in leasing terms to allow real-time expansion and contractions indicating a strong year for managed office spaces.

New completions of office space also picked up significantly with 24.1 million square feet getting delivered in H1 2022, a 61 per cent growth annually.

On rental value, Bengaluru and Pune office markets recorded maximum annual increase in rents at 13 per cent and 8 per cent, respectively, mostly due to higher demand and lack of Grade A space.

Hyderabad, Mumbai and NCR also witnessed moderate increase in their rental values, whereas the rental values in Chennai, Ahmedabad and Kolkata remained stable.

Documents Required For Buying Property

Planning to buy a property? Well, get ready for a major paperwork as the process involves providing (to authorities and the bank in case you are taking a home loan) and acquiring several documents (this ensures your ownership over the property).

Here is a list of documents that are required for buying a property:

Sale Deed:

This is the most important piece of paper required for property purchase. Sale deed has to be produced in original as it establishes the ownership of title of the property. You need to register the sale deed in the Sub- Registrar's Office of the area where the property is located.

Extracts:

Khata certificate or extract is known by different names in different states and is an important document for the registration of a new property. It is also required if you want to transfer the ownership of the property at a later stage. This document is a proof that the property has an entry in the local municipal records and the construction has been done according to an approved plan. Banks ask for this paper before granting you a home loan.

Mutation Register Extract:

This specific document is for Gram Panchayat properties and provides the details of previous ownership. Though not required in original, this is mandatory to produce if the property you are buying is in Gram Panchayat jurisdiction.

General Power Of Attorney:

This document is required to prove whether the sale or purchase of a particular property is being done by an authorised person on behalf of the owner of the property. This has to be produced in original for getting a home loan.

Copy Of Building Plan:

A buyer must acquire a copy of the building plan approved by the statutory body to establish that the construction of the property is legal and is done according to set rules and regulations.

No-Objection Certificates (NOC):

There are as many as 19 NOCs that have to be acquired by a developer from different authorities while building a housing project. However, the number may vary according to specific state rules. Ask your developer to provide you the copies of these NOCs, and keep it in your personal record.

Allotment Letter:

An allotment letter is one of the most important documents required for getting a home loan. It is issued by a developer or the housing authority, stating the description of the property and details of the amount paid by the buyer to the developer. Do keep in mind that an allotment letter is not the same as an agreement of sale. An allotment letter is issued on the letterhead of the authority while a sale agreement is documented on a stamp paper. Moreover, an allotment letter is issued to the first owner and other owners can ask for the copy of the original letter from the seller.

Sale Agreement:

This document lists all kind of information about the property ― the terms and conditions, the possession date, the payment plan, the specifications, the details about the common areas and facilities, etc. The agreement also holds the developer responsible for the construction of the property. This document has to be produced in original for property purchase and acquiring home loan.

Possession Letter:

This document is provided to the buyer by the developer, and sets a date on which the latter would grant the former the possession of the property. The original copy of this document has to be produced for getting a home loan.

Payment Receipts:

Collect original payment receipts from the developer if you are buying a new property. If you are buying a resale property, ask for a copy of receipts from the seller to be produced to the bank.

Property Tax Receipts:

Property owners have to pay taxes. Ensure that the previous occupier/owner had paid property taxes and there are no pending due. Property tax receipts also help in proving the legal status of the property.

Encumbrance Certificate:

An encumbrance certificate is required to prove that the property does not have any pending legal dues or mortgages. This is one of the key documents banks ask for before they grant you a loan. This certificate also has all the details related to the transactions happened over a period of time. In India, a Form 15 is issued if a property has any encumbrance registered; otherwise, a Form 16 will be given to the owner, stating there are no encumbrances.

Completion Certificate:

This document is required for getting a home loan. This paper establishes the fact that the building is constructed according to an approved plan.

Occupancy Certificate:

An occupancy certificate is issued by the local authority to the developer to establish the building is finally ready to be occupied and the construction has been done according to a sanctioned plan.

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How Does Paying An Extra EMI In A Year Help You?

 After buying a new house, Rekha Nigam has had to use a lot of her financial wisdom to prudently manage her household.

The reason: Remove the home loan EMI (equated monthly instalment) that gets debited from her bank account automatically, besides other essential monthly bills, and there's barely anything left for Nigam to spend elsewhere. It's a tight-rope walk every month, and she often wonders if there's a way to part-prepay her home loan. That, she thinks, might bring down her EMI and provide her tight financials a bit of breathing space.

In her present set-up, Nigam cannot save every month and build a balance to prepay her loan, she knows. However, at the end of every financial year, some extra money – reimbursements, bonuses, etc – would get credited into her salary account. This additional money might not be huge but it would be about a month's EMI. Could she use this money to prepay her loan? And, if she could, would it make any noteworthy difference to her financials?

Let's do the maths.

A tiny step or a giant leap?

Even a humble start can prove a giant leap when it comes to battling the burden of EMIs. In fact, saving one EMI equivalent of money every year and making a lumpsum prepayment of three EMIs' worth every three years can be an effective tool for bringing down the total cost of your loan. Over time, paying extra EMIs brings down your principal amount, thereby substantially reducing your interest outgo through the loan tenure.

Suppose, you have taken a home loan of Rs 30 lakh at an interest rate of nine per cent for 20 years. You have to repay in 240 EMIs of about Rs 27,000 each – a total of Rs 64,80,000 at the start of your repayment cycle. Of this, your principal amount is only Rs 30 lakh, while you are to pay an interest of Rs 34,80,000 over the full tenure.

If you save one additional EMI in each of the first three years, and pay a lumpsum amount of Rs 81,000 (Rs 27,000 multiplied by three), you will be able to reduce your EMI by about Rs 725 to Rs 26,375. By this time, you have paid 36 EMIs, so over the remaining 204 months, your savings would be Rs 1,47,900.

Alternatively, you could maintain your EMI at the original Rs 27,000 even after this part-prepayment and bring down your tenure by about 16 months. That translates into a saving of 27,000 x 16 = Rs 4,32,000, which is more than 14 per cent of your total principal amount.

Subsequent Savings

If you decide to follow a strict regimen even after your first reduction in EMI or tenure, and go on part-prepaying your home loan every three years, you will be making substantial savings on the cost of your home loan.

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Precautions To Take While Preparing Property Documents

 Document writing is a professional's job which requires expertise and thorough diligence. Whether you are a buyer or a seller, it is important to take precautions while framing a property document.

Here Are Some Precautions To Take While Drafting Property Documents:

• Thoroughly check the particulars of the parties

The names of the parties concerned are material part of the document. Therefore, names should be correctly recorded in the document. To ensure this, verify the names from academic records, passport, or Aadhaar card to get the correct spelling (names) of the parties. If a person's name is recorded differently in different records, mention the different versions of the name as alias.

If a woman name is recorded as the daughter of a person in one link document and in another document it is recorded as the wife of a person, then it is better to record both aspects to avoid any confusion.

Any small mistake will put the parties in trouble as the deed will have to be made all over again. The seller may not be available or his whereabouts may not be known to the buyers. Or the seller may demand additional money or put conditions to execute rectification deed in favour of the purchaser. In a nutshell, it is the duty of the buyer to ensure that the particulars are entered correctly.

• Age of the parties

With all the records available, verify the correct age of the parties. Don't put any approximate age. It is advisable to record the true age of the parties concerned.

• Profession and Addresses

The profession of the parties concerned, their present, and permanent addresses should also be properly documented without any errors. Any vague description of the parties will create confusion. It is important to get it cross-checked by another person to ensure that there are no mistakes.

• Link document numbers

It is important to record correctly the link document number, date of registration, sub-registrar/registrar office name, and district name correctly.

• Money paid

You must record the details of money paid in numbers as well as words. This is an important part of the documentation process and proper care should be taken when recording this information.

• Cheque or Demand draft number

If the amount is paid through a cheque or a demand draft, details such as its number, date of issue, bank and branch and the amount should be properly recorded. Take expert's advice in recording the details of these instruments.

• Schedule of the property

It describes the details of the property by mentioning in which village or city the property is located.

• House location

It is equally important to correctly spell the district name, the sub-registrar office name, the town survey number, the plot number, the extent of the land, and all the four boundaries of the property. If it is an apartment, it is important to list the entire piece of land on which the apartment is built. Apart from that, flat number, common areas, car parking area (if any) should also be listed.

It is vital to get full particulars of the owners of the adjoining properties rather than mentioning them vaguely such as 'the neighbour's property'. If there is a road along one of the boundaries, then its width should also be mentioned along with its name (if any).

• Attesting witnesses

Attesting witnesses play a crucial role in the event of a dispute regarding the document's validity. It is important to have reputed and respected citizens to stand as witnesses. Their version regarding the execution of the document will be very critical in case of any dispute regarding the validity of the document in the court of law. Transfer of Property Act mandates that two witnesses should be present, but if parties wish then more than two persons may be taken as attesting witnesses.

For a foolproof job, give comprehensive and factual information in the document.

Don't leave everything on the document writers or lawyers, it's important to actively participate in the documentation process because your stakes are higher.

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Things To Keep In Mind While Buying An Office Space In Thane

 Choosing the ideal commercial real estate is a critical stepping-stone in one’s business journey.

Meticulous attention, therefore, needs to be paid to every crucial detail to ensure that the choice aids in promoting business growth rather than posing unwarranted challenges and repercussions. This is especially true in the case of selecting a commercial property in Thane, which involves a significant deal of investment. However, the growth in infrastructure and housing, as well as connectivity between business and commercial hubs in various corridors of the city, has aided in the rise of several new commercial and business hubs, such as the Worli- Prabhadevi- Lower Parel axis.

Factors that determine the ideal office space

Some of the important points to consider while buying office space are as follows:

1. Location and Accessibility of the commercial property:

Connectivity poses the biggest challenge while looking for office spaces in Thane. It is important to take into account the proximity to both rail networks and roadways before buying office space in a particular location. Similar attention requires to be paid to the type of locality, as a posh location resonates stability while a developing one poses questions about longevity and growth potential.

2. Space for your company to grow:

The commercial real estate you opt for should have enough space to not just accommodate the current technologies and workforce but also offer sufficient room for the addition of both physical and technical components as the business grows. This is important as it projects a positive image of the company to the key stakeholders, and aids in gaining popularity and fame in the competitive market.

3. Budget:

Before deciding on a final price, take into account the facilities as well as compare it to the prices of other office spaces in the neighbourhood. Calculate the total cost of buying or leasing the space, which includes both the lumpsum cost of buying the property as well as various other costs such as construction and restoration costs, moving expenses, parking charges, electricity bills, food and beverage costs, etc.

4. Infrastructure:

The comfort of the employees of an organisation is of pivotal importance as it promotes motivation and positive drive, which in turn aids in the growth of the company. It is, therefore, important to take into consideration the age of the property as well as the essential facilities offered by the commercial real estate, such as power backup, internet, security, parking, recreation, dining options, etc., before opting for a particular office space.

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