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Guide To Buying A Property Under Auction

Auctioned property is a slightly riskier investment and as such, needs to be diligently investigated before the purchase is done. Here is what you should keep in mind. In the event where a home owner defaults on the loan taken, the lender is entitled to legally repossess the property. Such repossessed properties are ultimately sold through physical or electronic versions of auctions. Before you decide to buy such an auctioned property, here are the precautions you need to take.   Outstanding municipal tax and society dues Generally, default in payments of EMIs for a home loan, is a person’s last resort. So, it is very likely that the home owner must have defaulted in paying local taxes and society charges. Since the properties are sold under ‘as it is where it is basis’, it is the responsibility of the prospective buyer to discharge such outstanding dues. Always ascertain outstanding amounts in respect of society charges and municipal taxes in case these payments are to be made by the property owner itself. Bidding for a property without knowing the liability of such dues may enhance your cost. Legal due diligence In the case of a property auctioned by a bank, the legal titles are not with the bank. Also, the bank does not take responsibility for the title as it does not become the owner of the property simply because...

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GST changes will be beneficial for construction and infra sector

The provision of input tax credit in the upcoming GST tax regime, scheduled to roll out from July 1 this year, will be beneficial for the construction and infrastructure sector, according to a study. While prima facie, the GST rate does appear higher than the current taxation regime, the availability of input tax credit under the GST will neutralise the impact of higher taxes, ICRA said in its report on ‘Impact of GST on Corporate Sector’. “Under GST, the composite supply of works contracts fall under the 18 per cent GST rate with full input tax credit (ITC). While...

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Consider maintenance aspect before buying a second home

While the idea of owning holiday homes is slowly catching on, buyers should consider the costs and efforts involved in maintaining the place, before investing their money. When Ranjit Tendolkar bought a villa in Lonavala, it was with the intention of spending some time every month, in the green environs of the area. “Many times, we would not visit the villa for weeks or months, owing to our busy office routines. As a result, when we did visit, there would be knee-high grass in the garden, dust all over the house and some electrical equipment in need of maintenance,”...

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DLF Sales Bookings Fall 63% To Rs. 1,160 Crore In 2016-17

DLF said the impact of demonetisation on the consumer sentiments has “abated” and hoped that sales in primary market will rise with increase in number of transaction in secondary or resale market.   Realty major DLF’s net sales bookings fell 63 per cent to Rs. 1,160 crore during the last fiscal year (2016-17) due to demand slowdown in the property market. The company did not provide any guidance to the market for the current fiscal year (2017-18) due to uncertainties in the market following implementation of the Real Estate (Regulation and Development) Act, 2016 from May and GST (Goods...

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PM Modi’s affordable housing push to unleash investments worth Rs 84 lakh cr in seven years: report

Prime Minister Narendra Modi’s massive push for affordable housing for the country’s billion plus population will unleash a staggering Rs 84 lakh crore in investments over the next seven years, a recent report has said. The question that arises then is on the prospects of generating buyers for the ‘affordable’ 60 million houses. What makes the situation even more precarious is that home loans still remain out of reach for the poor and the growth in buying capacity of urban Indians continues to be low. The biggest hurdle for the central government in this ambitious program, are perhaps the state governments as most taxes and laws related to land...

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