Smart tips to get property documentation right!

Smart tips to get property documentation right!

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Daunted by the paperwork involved in buying a home? Don’t let it discourage you, just get it right. In the end, the trouble you take will only benefit you.   Finding the right home is exciting. Though the process of buying a home can cause heartache, it is most important that you get the paperwork right. Identity You can establish your identity through copies of passports, birth/school leaving certificates, driver’s license or organizational identity/labor cards. You may have to provide a certificate of your educational qualifications too. Proof of residence Copies of a valid resident visa stamped on your passport, utility bills or insurance premium receipts can provide proof of residence. You will need your employer to certify your designation, length of employment, passport number and salary slip, along with a copy of your latest work permit. You will also need three years’ tax returns and copies of bank statements for the past four months. Self employed If self employed, you have to provide a brief introduction to your business or profession and copies of trade licenses/certificate of incorporation, copies of balance sheets, profit and loss statements for the past three years and details of current and savings accounts for the past six months. Proposed buy The details of your proposed buy are required. These are the builder’s allotment letter, cash receipts, construction plans, cost, approved drawing and agreement of sale/sale deed. Have the deed inspected thoroughly to prevent fraud. Take out homeowner’s insurance in advance. In addition, a lender’s coverage insurance may be required. Get a completion certificate from the seller as it tells you that your home conforms to local laws. Additionally, details of assets and liabilities are required from all applicants. Finally, you may need to show your PIO card, Power of Attorney to a local representative, guarantor forms along with net worth and Continuous Discharge certificate. The paper is as important as the home itself! Don’t let this get you down; the thing to remember is that when the home is finally yours, it will have been worth the effort. Do you have tips on documentation? How did you keep track of all the paperwork? Are there any additional documentation requirements for homeowners in your part of the world? Tell us about them!

Construction Planning

Construction Planning

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Building a Home : Projects : Construction Tips

In case of any construction project, proper planning is very important to ensure

that the timelines are met and the construction is strong and durable. With the

rapid development taking place in the industry, there is often a multiplicity of

factors to be considered and decision making can be complex. To avoid your

dependency upon the site engineer or contractor, it is advisable to be aware of

certain important aspects with regard to construction planning.

Building Configuration

An important feature is regularity and symmetry in the overall shape of the

building. A building shaped like a box, such as rectangular both in plan and

elevation is inherently stronger than one that is L-shaped or U-shaped such as a

building with wings.

Separation of Blocks

Separation of a large building into several blocks may have to be done in order to

obtain symmetry and regularity of each block. Separated sections can be treated

just like expansion joints.

Adverse Elements

Even before the construction commences, it is essential to check for certain

adverse factors whose existence would necessitate the abandonment of that

particular site for construction.

1. Immediate neighbourhood of rivers carrying heavy floods

2. Reclaimed soils; land subject to subsidence or settlement

3. Smoke or obnoxious odour due to vicinity to industrial areas

Besides the above factors, you must also ensure that the construction site should

not be a part of a land depression. The topographical conditions of a site not only

determine its elevation and foundation, but also affect the laying of sewers and

drains.

Geological Conditions

The geological conditions of the site are also important factors to be considered

due to their effect on the foundation and the subsequent life and strength of the

construction. If there is a rocky base on the surface or below, the site is optimum

as it provides an excellent base for laying the foundation and also prevents

damage due to moisture.

Orientation

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In northern India, longer walls are generally placed towards north & south and

shorter walls towards east & west, so that minimum possible walls are exposed

to the sun. The general wind direction of the site also determines the orientation

of the building.

Plinth

It is a good practice to keep plinth level 60 to 75 centimetres above natural

ground level.

Damp Proof Course

Provide a Damp Proof Course (D.P.C.) at plinth level in cement concrete by

adding water -proofing compound in the ratio 1 : 2 : 4.

R.C.C. Bands

Provide R.C.C. bands at sill, lintel and roof levels for load bearing constructions.

Brick Masonry

Soak the red bricks in clear water thoroughly before use.

It is desirable to provide expansion joints after every 30 meter length of

wall.

Property Valuation

Property Valuation

Property valuation is an important component of a property transaction. The valuation process evaluates the market value of the property. A comprehensive valuation report contains value of all the major assets of a property and also the basis and manner in which the valuation has been performed. Valuation or assessment of a property can be a self-assessment or through an external source. One can seek the service of various professional agencies or hire a Government registered valuer for a fee as prescribed by the valuers association. Some real estate agents too conduct valuation based on prevalent market rates.

It is, though, always advisable to conduct an official property valuation, since the valuation report comes handy in different financial transactions. For example, if one uses the valued property as a security against a loan, the bank's loan approval process would be expedited if the property is certified by an official valuer. Such certification also becomes essential in situations, where the correct value of the property has a legal bearing-such as, a will statement, insurance papers, business balance sheets etc.

Determining Factors

Demand & Supply
The factors that have an impact on the market value of a property are demand and supply forces operating in the market, type of property, quality of construction, the local infrastructure available and maintenance of the property as well as that of the premises.

Layout
Layout of premises and ancillary costs too are given importance in a property valuation. The layout of the premises in terms of optimum space utilization in an efficient manner helps the premises notch up valuable points. Ancillary costs of holding the premises like society outgoing for maintenance of the building, municipal taxes, etc would also determine the marketability of the premises.

Location
Another prime determining factor, when it comes to property valuation, is the location or setting of the property. The valuation of an apartment or independent house, which is set near to the bustling market or office area can be quite high than that placed in a remote area.

Safety & Security
Safety and security of the apartment is another factor which is closely looked upon in the present times. With incidents of robberies, burglary or theft increasing day in and day out, people are shifting base straight away. Today, a property located in or near the riot prone area has lower rates, even if it is in the best of location and filled with all the modern conveniences and amenities.

Other Factors
Additional factors, such as plush green surroundings, good quality roads nearby, civic amenities like safe drinking water and systematic drainage system add to the valuation of the property. Good connectivity of the property with the bus depot, railway station and airport is equally important and adds to the face value of the apartment or house.

Property Valuation Methods

Investment Method
Based on discounted cash flow method, it takes into account the future cash flows that the real property can bring to the investor. The method is a practical and discreet one, extending a fair view of the value of the property.

Comparative Method
In this method, the latest sales figure of property in the market is devised. Based on the comparative values, it derives capital values for properties and rental yield.

Contractoral Method
A cost-based approach, it is generally used in rating all the compulsory purchases.

Residual Method
This method is generally applicable in development projects, where the real estate developer sells most of the property.

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Measurements

Measurements

Punjabi measurements can be confusing.
Depending on location and intended usage, Punjabis use different measurements to describe land
size. Here we outline the most common application of each measurement you need to know and
how they convert*
in to international standards.
Punjabis only use these measurements so it is wiser and easier to learn them and do the
conversions yourself.
Karam – 1.7mtr or 5.5ft
Used when measuring width of farm track (pehi) or roads.
Marla – 25m²
Used when measuring a smaller plot
Biswa – 40m² 1/100 of an acre.
Used when measuring a plot and part of a keela
Kanal - 500m² 8 kanal = 1acre
Used when measuring a medium or larger plot or part of a keela
Bigha – 1000m²
Used when measuring part of a keela.
Keela – 1 acre
Used when measuring a parcel of farm land.
Marabba – 25 acre or 10 hectares
Used for measuring a large parcel of land.
*Punjabi measurement use feet and yards. Converting to metric we have rounded off to make
comparison simpler.

Punjabi Time

Punjabi Time

1 minute in Punjabi is not 60 seconds.

Punjabis use a different timescale to most others.

If you understand what they mean you can get on with planning your time better.

Here is a simple guide:

1 Minute - Soon

5 Minutes - 30 minutes or so

Today - I will do it eventually

Tomorrow - I may not do it

It will take ‘x’ minutes – Absolute minimum. Excluding traveling time

In 1 or 2 days - I know it needs doing. Remind me

I’m on my way - I will leave soon

After a cup of tea – 30 minutes to 1 hour