Property Thane

When compared to Indian citizens, there are several additional steps for an NRI when gifting a property located in India.

Just like anyone who owns property in India, non-resident Indians, too, are free to give their property to others. Like Indian citizens, they will be liable to pay stamp duty and registration charges to complete the formal arrangement, giving the property transfer legal validity; as long as the property cost is over Rs 100, which it invariably is.

What are the things NRIs have to take care of when gifting a property in India?

Under the current Indian law, prior approval from the Reserve Bank of India (RBI) is required for an NRI to gift India property. In a recent ruling, the Supreme Court reiterated the rules in this regard.

‘The requirement specified in Section 31 (of the Foreign Exchange Regulation Act, 1973) is mandatory and, therefore, (a) contract or (an) agreement, including the gift, pertaining to the transfer of immovable property of a foreign national, without previous general or special permission of the RBI, would be unenforceable in law,’ the SC said in a ruling in 2021.

‘The prior permission of the RBI is mandatory and any subsequent permission cannot be granted by the RBI. Transactions carried out without the RBI’s permission are opposed to public policy and, thus, unlawful,’ it added.

Stamp duty on gifting for an NRI

Some states allow rebates if the property is gifted to a relative. This means the stamp duty and registration charges are either fully exempted or partially levied against gifting to a non-relative.
Relatives in the legally defined list are:

• Father
• Mother
• Stepmother
• Spouse
• Siblings
• Children
• Child’s spouse
• Stepsister and stepbrother
• Stepchildren
• Grandparents
• Grandchildren
• Grandchild’s spouse
• Siblings’ spouse

All other relatives are considered non-relatives as per the legal definition.

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Maintaining Vastu tips for buying a new flat will provide you with positivity around the house and also improve your health. Check this article to know about the 10 most important Vastu tips for buying a new flat and how to remove negative energy from the house.

What Are Vastu Shastra Tips?

Vastu Shastra is known as Ancient Science Architecture which provides much knowledge about the dos and dont’s of lands and buildings in different directions. With the help of Vastu Shastra Tips, you can be able to bring positive energy to your house. Vastu tips provide ideas on the building structure to attract positive energy. As per the God of Eight Direction, if you plan your house accordingly, you will gain success, good health, and prosperity in life.

Benefits Of Vastu Tips

There are a few benefits of Vastu tips for home and they are the following:

• Improved energy: A Vastu maintained house experiences improved energy. The house members receive good energy from the sun, the moon, the cosmos, and the earth. There is always a better balance between the
• Happy souls: When your house is Vastu compliant, this will also help you feel relaxed in your home.
• Customized service: If you have purchased an already constructed house, you can still make a few changes in the house to make the Vastu of that house correct.
• Better relationship: A Vastu-compliant house helps you declutter any issues in your relationship with other members of the house.
• Building trust: When your relationship is strong, a strong trust builds between you and your family member. You can grow a faithful relationship.
• Increased wealth: Vastu principles provide an appreciable effect on your financial condition. When the principles are maintained, you will receive significant results.
• Loss reduction: The chances of any kind of unexpected loss in life can be reduced with proper Vastu shastra tips.
• A better life: Not only improved energy but proper maintenance of the Vastu ideas will help in improving the space in your house.
• Mind, body, and soul rejuvenation: Vastu-compliant homes provide you with a fresh environment, spacious room, and good vibes which help in rejuvenating your mind, body, and soul.

10 Most Important Vastu Tips For Home You Should Know

The 10 most important Vastu tips which you should know before buying a flat are provided in the following:

• North or North-East facing house If you want your house to be in the north direction then you need to ensure that the entrance of the house is in the North or North-East direction which is the best direction for entering sunlight, and proper ventilation. A proper ventilation system helps in increasing calming vibes in the house. Hence, north facing house is very important.
• South, South-West, or South-East located bedroom The bedroom in your house should be in the south, south-west, or south-east direction. This will provide a relaxing and cooling effect to the room which is necessary for a bedroom. Any person with the issue of anxiety, sleeplessness, or short-temperdness will feel relaxed in a south-direction bedroom.
• South-East located kitchenAccording to the Vastu shastra, the kitchen is considered as the ‘Agneya’ or fire which is required to be in the south-east direction.
• South or South-West located bathroom The southern or south-west direction of the house will help the bathroom to maintain a disinfected environment.
• The staircase on the side of the houseIt is suggested not to build a staircase in the middle of the room, rather you can construct it on the side of the house. This will not block your sunlight and also keep the hall looking spacious.
• Living room in the middle: The living room is suggested to be located in the middle of the house so that it receives an ample amount of sunlight and surrounds by a positive environment only.
• Proper ventilation: Sunlight is the most important element in a house, hence, proper exposure to the sunlight and ventilation system is important for a positive environment in the house. When your house is getting enough sunlight then it will be naturally disinfected.
• Colour of the house The colour of the house is also responsible for attracting good vibes in the house. It is suggested to go for neutral or pastel shades which will help in reflecting light as well. A dark colour like black generally spreads negative energy in the room.
• North-West or South-East location guest room: The guest room in the house should be constructed in the northwest or southeast direction of the house.
• North-East located pooja room: The pooja room in the house should be northeast located. This will help is spreading spiritual energy in the house and surround the house with positivity.

How To Remove Negative Energy From Home

Negative energy brings negative thoughts among members of the home. 4 techniques can be used for removing negative energy from the home:

Who Can Live in an East Facing House?

• Fresh air: Proper ventilation in the house will ensure that the house is always surrounded by fresh air. This will help to remove negative energy and spread positivity.
• Rearrange: Once in a while, you can rearrange the home interior in your house as it will help boost your mood and give a positive effect on your mind.
• Ring bell: The vibration from the bell will immediately remove the negative energy in your house. Hence, your pooja room should have a bell and you can ring the bell two times a day to keep the negative energy outside the house.
• Fragrance: Along with the bell, you can also light a fragrance stick or candle to energize your mood and keep the bad thoughts away.

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There are many things in your home that are close to your heart or have memories attached with it but are of no use. These are often dumped in that box holding all the things you do not need. However, there is an interesting way to bring to life these old memories and give them a place in your home’s décor – turn them into art.

And, while you thought art was expensive, these old memories will only make it priceless without you having to invest anything.

Give your wall a complete makeover with these quirky tips:

CD covers

We are all about streaming music and casting videos now, making CDs a yesteryear product. However, old, some of the CDs, yes, you can admit that you bought them because they had a beautiful cover. It was later that you fell in love with the songs. Why not turn these beautiful covers into an art?

Pick some colourful covers and create a collage. Use wooden framing to turn this collage into a wall hanging, an art piece that would be loved by the many music lovers.

Stamps or postcards

Many of our parents had the hobby of collecting stamps and postcards from around the world. Colourful and interesting, these stamps and postcards can be a piece of art, too. Use them to transform your otherwise drab walls.

Handkerchiefs

Bright, colourful and patterned handkerchiefs can be an interesting option, too. Use them in small frames and place them in a collage form on the walls. Make sure you use them on the wall you want to highlight the most in your room. This can make the otherwise pastel theme of your room come to life.

Old hand-written letters

Hand-written letters are a thing of yesteryear, but, remain close to our hearts still. Framing an old letter your best friend wrote to you, or a letter you received from your grandparents when you were a small child, could be a good way of keeping the memories alive. Also, the vintage look of the letter, a beautiful handwriting and the beautiful words written can do wonders to the overall decor.

Book covers

Many of us choose our books by their covers that attract our attention. Some quirky, some telling and some bright, these book covers can be a great way to deck up your walls. Make a collage of some interesting book covers and frame them to create a piece of art. Have some old or rare book covers? Try it now.

Currency notes

Frequent travellers have a hobby of collecting currency notes just like some have a hobby of collecting postcards and stamps. These can also be used to adorn your walls. Just like you would do to book covers and stamps, frame these currency notes to create a wall art.

Old photos

What better way than to say it with pictures? Old pictures of your parents when they were young, photos of your childhood and now photos of your little ones put together can create a beautiful family tree frame. A mix of monochrome and coloured pictures can be pleasing to the eye.

BONUS Point:

Wallpapers

Although not from the closet of old memories, left out wallpaper can also be turned into an art by just framing it. Have a piece of wallpaper that was used to decorate the walls of your bedroom? Use this left out piece and get it framed to add beauty to the plain walls of your living room. You could also frame a variety of wallpapers to create a multi-colour scheme.

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In matters that are considered complicated, we tend to believe any opinions that come our way. However, in matters as serious as property, public opinion should not be our guide. If you recently bought a property, it is important to understand your tax liabilities. Any confusion in this regard can cause major financial losses.

Myth: Property tax can be paid anytime

Fact: You can pay your property tax on both a semi-annual and an annual basis. In case of a delay in payments, a penalty is charged. However, municipal bodies are often seen extending schemes to encourage taxpayers to make payments by waiving penalty amount by a huge margin.

Myth: My tenant will pay property tax on rented unit

Fact: As the owner of the property, a landlord is responsible for paying the property tax, and not the tenant. It is illegal to force your tenant to do the same. In many countries, tenants are responsible for paying this levy, unlike India.

Myth: The Central government decides the rate of property tax

Fact: Land in India is a state subject and district municipal bodies assist them in collection of property tax. Typically, urban-local authorities are responsible for evaluating your property and collecting taxes accordingly. Your property tax amount includes utility bills such as power, water and drainage.

Myth: I can in any circumstance avail of a rebate if I am a senior citizen, a woman or a differently-abled person.

Fact: This is true as long as your property is not given on rent — this means the property must be self-occupied for you to claim rebates. You can also enjoy concessions if your property falls in a location that is prone to natural calamities or if you are a former staff of the Indian military services. In case you have rented out your property, you will have to pay taxes under the provisions of the ‘income from house property’ of the Income-Tax Act.

Myth: I can get away with defaults by paying a fine

Fact: Well, most of the times. Municipal bodies impose an interest on dues as penalty for non-payment. However, non-payment of property taxes for a long time might also force the municipal body taking over the property and selling it in the market to recover dues. There have been many such instances in major cities where a municipal corporation ended up auctioning the property to recover property tax dues. In February 2019, for instance, the Pune Municipal Corporation seized as many as 600 properties with a market value of Rs 500 crore over non-payment of property tax dues.

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Under-construction properties offer you the luxury to invest in real estate at a comparatively low price. They also give you the option of living in a brand-new house, something that a resale property does not offer. However, to be able to make the best use of your investment, you need to be well versed with several civic, legal, technical and financial aspects. It is in this context that you must know what role partial occupancy certificates have in the purchase process.

Buyers are aware that they cannot occupy a unit in a housing project, till the time the project has received an occupancy certificate (OC). Now, housing projects that involve large-scale developments, are typically built in a phased manner. Once a part of the project is complete, the developer has the right to apply for a partial occupancy certificate (POC) with the local authority.

For example, if a realtor is building a large housing project that involves construction of, say, eight towers, he could apply for a POC as soon as the work on the first tower is complete. Now, the question that arises, is whether it is legal to occupy a unit, which has received a POC and not an OC?

The answer is that you are well within your right to occupy a unit in a tower for which your developer has received a POC. However, the builder must apply for an OC after the completion of the entire project.

Here are some important things about POC that you need to keep in mind:

Home loan: Unless your developer has a tie-up with it, a bank would not be willing to issue you loan for a project that has received only a POC. If you are picking a fresh unit out of the unsold units lying with a developer, make sure he has in his possession an OC and not just a POC.

Validity: The validity of the POC expires as soon as the project is complete—technically, a builder must complete the project for which he has received a POC within seven years. Once that happens, the developer must apply for an OC with the development authority within 30 days. However, a POC is no guarantee that the developer will be able to get the OC too, as this would depend on several factors.

Ownership documents: While you will be able to apply for utilities using the POC, the authorities may not sanction you the documents that prove your ownership of the property. In Bengaluru, for instance, khata certificates by the city’s development body are not issued till you present an OC.

Project progress: Buyers that have been given a POC must closely monitor the progress of the project and ask the developer to issue the OC, as soon as the project is completed in entirety.

Possession: A POC gives the developer a chance to offer for possession the units that lay in a finished tower. If such was not the case, the buyer of tower A would have to wait to get possession till, say, Tower D was completed in a project. Hence, this arrangement works well for both, the buyer and the realtor.

It has been noticed that realtors also insist on buyers taking possession of units, saying they have received a POC for the tower. Upon arrival, buyers find their accommodations unfit for living. First of all, the developer can in no way force you to take possession of what is uninhabitable by standard definition. This must be brought to the notice of the Real Estate Regulatory Authority in your state.

Common facilities: While the law says that the housing units of a partially completed project cannot be handed over without giving the occupants access to common facilities, there have been several instances where buyers have to wait for long to be able to use common facilities.

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 There is a certain way in which one would like one’s wealth to be distributed. This makes it important for all of us who have the privilege to own assets of any kind to create a Will. However, for certain people, it is even more important to create a Will. Non-Resident Indians (NRIs) are one such kind. Considering your assets are located in different nations and across investment options, Will creation would mean you are creating for yourself a database of all your properties in one place.

At the same time, you are also foretelling the manner in which they are to be divided after you. In the event of an NRI dying without creating a Will, his inheritors might not even be aware of the wealth possessed by the deceased. All these reasons make it mandatory for NRIs to create a will. Before you do that, here are certain points that you like to consider:

1. You do not need to create multiple Wills because your materials assets are spread across countries. A single Will suffice created keeping in mind the local law applying to different properties in different countries will do. However, there is an exception to this rule. In case you own a property in the United Arab Emirates, you will have to create a separate Will document and register it with the Dubai International Financial Centre. For clarity’s sake, you could, however, go for creating separate Wills for assets in different countries.

2. Your Will must be drafted keeping in mind the succession law that applies to you according to your religion. While the Hindu Succession Act covers people from Hinduism, Sikhism, Jainism and Buddhism, succession laws for Muslims and Christians are different.

3. Registering your Will is not a must. It would be valid even otherwise. However, to ward off any legal complexities in the future, one must register it. In case you are registering your Will in a country where you now live, approach the local embassy to do so.

4. It is your personal choice how you want to distribute your wealth after you are gone. You may, by and large, be aware of the legal aspects of this, too. However, it would be the best to take assistance from experts when you are creating a Will. Since your assets are located in different countries there might arise certain complexities in the matter you might be aware of. Also be mindful of the fact that errors in your Will would lead to legal hassles for your successors.

5. While creating a Will at an early stage is part of sound financial planning, it is also advisable to review your Will from time to time. As you keep adding more assets, it should reflect in your Will. In case changes have to be made in the documents, you will have to revoke your previous Will and register the new one all over again.

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 A little extra never harms! These cupboard designs for small bedrooms ensure extra storage space and lend your compact room an organised and spacious feel.

Storage is the foremost thing to consider while designing your home from scratch or even renovating. Especially when you are designing your small bedroom, storage becomes a daunting task. However, it is not impossible. With innovative thinking and professional assistance, you can achieve a cupboard design that fits your bedroom layout excellently and provides enough space to store all your stuff. Today, we are discussing some brilliant ideas for a cupboard design for small bedrooms that will help you overcome the storage trouble and lend your boudoir an organised and stylish feel.

Cupboard Designs for Small Bedrooms

Balancing style with functionality is the key while designing a small bedroom space. Below are some practical cupboard designs for small bedrooms you would fall in love with:

1: The Grey and Gold Glam with Ample Storage

Your compact bedroom space can look ultra-modern and have ample storage space with a floor-to-ceiling cupboard. Install wooden cupboard design and paint it all grey along with golden handles to lend it a subtle yet glamorous twist. Paint the accent wall of your bedroom in the same colour and keep all things neutral for an elegant look.

2: Beige Wardrobe with a Mirror Panel and Glossy Finish

Design a floor-to-ceiling wardrobe on the side wall of your bedroom that ensures ample storage space for your clothes, footwear, accessories and travel bags. Layer it with a beige high gloss laminate sheet to add a contemporary feel to the decor. Install a mirror panel in the middle to make your room look open and spacious.

3: The White Plush of Cupboard Design with Dressing Table

Make the best use of every inch of your small bedroom space with a floor-to-ceiling wardrobe in front of the bed. The white paint over the wooden cupboard and the black handles perfectly complement the white bedding. Complete this wardrobe design with a pastel pink dressing area on the right and layer the mirror with recessed lights to create a dreamy setting in the room.

4: Multi-Functional Wardrobe with Mirror Doors

Multi-functional furniture pieces make a small home look organised and stylish. Design your compact bedroom space with a cupboard featuring a mirror sliding door. Install a walk-in closet section on the right of this cupboard where you can hang and display your treasured clothing collection. The full-length mirror on the wardrobe door acts as a dressing mirror and makes your room look bigger and brighter.

5: Behind-the-Bed Fitted Cupboard Design

The stylish behind-the-bed cupboard design is not limited to large bedroom spaces. Your small bedroom can also look spacious and beautiful with customised furniture. Install a fitted cupboard design all along the wall behind your bed with several sections serving your storage purpose. Paint the wardrobe in the same finish as the bed and its headboard for a uniform look.

6: Install Fitted Wardrobe into the Wall with Sliding Doors

Wardrobes with sliding doors are trending in modern homes. If you have a compact bedroom space, the wardrobe with sliding doors will make an ideal choice for you. Install a fitted wooden wardrobe into the wall and fix it with sliding doors with a full-length mirror. Sliding doors will leave ample space for you to move and save your bedroom from looking congested and cluttered.

7: Wardrobe Across the Bathroom Door

Utilise every inch of your small bedroom innovatively, and you can turn it into a luxury space. A cupboard design fitted across the bathroom door is a unique storage solution for compact bedrooms. This floor-to-ceiling cupboard design with a vanity unit offers ample space to store all your stuff. Paint it in a combination of light and dark wood finish to achieve a contemporary look.

8: Wardrobe with a Work Desk Serves Two Purposes

A work desk attached to your wardrobe is a practical and modish addition to your bedroom. Upgrade the functionality of your compact space with the inclusion of a floor-to-ceiling wardrobe that has a work desk attached to it. Install various sections as per your requirement and paint the cupboard in a combination of white and brown for a rich, contemporary look.

Cupboard Design For Bedrooms: Stylish Finishes

Veneer Finish Cupboard Design

In addition to being one of the most affordable solutions for finishing your closet, a veneer is the most prefered material because it can imitate the cosy feel of genuine wood. You may use it to match the decor of your space because it is created from thin sheets of natural wood and has a range of designs. For example, a light-coloured veneer will look great in a Scandinavian-style home. A deeper colour may work better in a traditional home. Additionally, this material requires routine polishing for maintenance.

Laminate Finish Cupboard Design

Due to its wide variety of colours and textures, laminate is quite popular. They are available in matte and glossy finishes. While laminates offer benefits such being scratch-resistant and simple to clean, their brittleness prevents them from being durable. The entire sheet has to be replaced once a section chips off.

PVC Foil Finish Cupboard Design

To create a beautiful coating on the surface, PVC foils are pressed into an MDF board. They have the benefit of being available in several coatings, such as semi-gloss and scratch-resistant.

Lacquer or Polyurethane paint Finish

Another alternative is to paint your cabinets’ surfaces with lacquered or polyurethane paint. These paints have a nice shine and come in various colours. They require minimum upkeep.

Mirror Finish Cupboard Design

Mirrors reflect light and provide the impression that the room is more significant than it is. They are particularly well suited for covering the surfaces of cabinets and wardrobes in small spaces.

Glass Finish Cupboard Design

Installing glass on the surface of the wardrobe is a stylish design choice that gives the space a feeling of lightness. Among other variations, glass can be found in transparent, opaque, printed, frosted, and stained forms. You may select the kind that best matches the decor based on the design style of the area. Make sure everything inside your cupboards is organised if you utilise transparent glass. The mess will be visible otherwise.

Opaque or Coloured Glass Finish

For a contemporary wardrobe, coloured or opaque glass is a more practical alternative to plain glass. The colours may be matched to the room’s colour scheme. The material also reflects light, enhancing the room’s brightness and airiness.

Solid wood Finish Cupboard Design

Nothing beats the warmth of wood. Solid wood adds a charming element and is quite versatile. It suits the theme of any room, whether it’s modern, country-style or rustic. Although wood is more expensive than other materials, it is highly durable. You will have to use just a coat of polish to look as good as new.

Metal Finish Cupboard Design

Brushed metal has been in the Indian households since long, just as old iron almirahs. While they might not match the decor in a modern home, they will be the perfect addition to an industrial-style room.

Stainless Steel Finish Cupboard Design

Stainless steel is a popular element used for kitchen cabinets, bringing a minimalist and modern touch to your bedroom space. It has a reflective surface, which is easy to maintain and enhances the spaciousness of any area.

Summing Up Cupboard Design For Small Bedrooms

Cupboards are any bedroom’s necessity. They not only keep your clothes and other stuff organised but also keep the rooms clutter-free. Cupboards also give the decor of your rooms a systematic look, making the space more efficient. Today there is a plethora of modern and innovative cupboard designs for bedrooms.

You can take inspiration from the above ideas to organise your bedroom space systematically if you intend to give it a makeover or make a new one. You may also seek expert assistance with the design of your bedroom’s cabinets.

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Buying a home is one of the most essential financial decisions you’ll make, as well as one of the most exciting experiences you will have in your life. Buying your dream property in Thane isn’t difficult, however, there are a few things to keep in mind. In the following post, we’ll go over some of the things to think about.

In any case, purchasing a 2 BHK flat in Thane on a single salary can be difficult and intimidating for some people. Even when you’re buying a home, homeownership on a single wage is very much possible with little financial awareness.

So, Are you looking to buy a flat in thane?

Here Are Some Points to Consider Before You Begin:

Financial Planning

Assessing your present financial responsibilities, such as previous loans, insurance amounts. And so on, is the first step toward good financial planning for your dream home. This will provide you with an accurate view of your genuine earnings. Your budget will be controlled by the quantity of EMI you can afford to cover and your monthly costs. In addition, when finalizing your budget and loan amount, you should account for hidden costs such as registrations, stamp duty, and maintenance.

Once you’ve agreed on a loan amount, determine what you’ll be able to put down as a down payment. They typically vary from 15% to 20% of the value of the property and give the bank confidence in your credibility. You could also choose to take out a loan with no down payment, but your regular EMIs will rise as a result.

How to Improve Your Credit Score

This is very important in your credit application. When you apply for a loan, the lender will check your credit rating because it is a great predictor of the individual’s credit quality. Before applying for a loan, check your credit score with any of the credit agencies such as CIBIL, Experian, and others to confirm that it is in the good range.

Make a plan for one down payment in your budget

The government of India teams allows for an 80% mortgage, which means you’ll have had to pay 20% upfront in your home. You should start saving as quickly as possible if you want to buy your ideal home. However, even a 20% saving is significant and not always possible. Additional possibilities for getting a down payment on a home loan for new projects in Thane do exist, although.

Have you recently purchased any high-priced items and signed up for Amazon prime video? Trying to keep track of your income and expenditure can help you in a greater understanding of your financial plan. Thus, rather than paying for just a gym membership, one can either avoid all those needless costs and achieve cost-cutting success, or you can locate alternate sources for your needs, such as: If you spend too much money purchasing meals online, try to reduce it by cooking at home and working out at home. It is the most effective way to save for a down payment on a 2 bhk flat in thane. And it is necessary to practice financial discipline.

Go for The most Suitable EMI Plan for You

This may be the most important thing to consider when applying for a home loan on a single salary. Calculate how much you’ll be able to pay each month on your home loan. Your property loan should not exceed 40% of your net income to maintain your household functioning properly. Try increasing your EMI to acquire a shorter loan term if you have extra money aside from your monthly salary. Also, keep in mind that the best duration for a home mortgage is 15-20 years.

Changes in home loan policies, mortgage rate volatility and government relief are all things to monitor. You’ll have had to pay EMIs monthly, which is likely to be much greater than your current rent. Hence, are using an online EMI calculator to decide how much money you’ll have to set away each month to pay back the mortgage. If people educate themselves on what is a good fit for themselves, they can get a 2 BHK flat in Thane.

Invest in an Insurance Policy plan

You and your family will require financial insurance to cover your debt in the event of unemployment, injury, or death. Premium plans are available for both short and long durations to safeguard single-income investments from unforeseeable occurrences that could result in non-payment.

Getting insurance coverage for your 2 BHK apartment is usually a good choice. Because you and your family may require financial protection in the event that you lose your job, have an accident, or die suddenly, your loan may be covered in Thane. You can choose from short-term and long-term premium plans that safeguard you from unforeseen events.

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 It would be wrong to assume housing societies are preferred by buyers only in big cities where space is premium and buying an independent residence might not be an option. Even in Tier-II cities of India, group housing is gaining popularity for the benefits it offers homebuyers that are otherwise not available. For one, living in a housing society means there is round-the-clock security service available for your benefit—in an independent home, you will have to pay a bomb to be able to do that. There are so many other pressing arguments that could be made in favour of investing in housing society flats. Those who have already formed an opinion in favour of society flats and are eager to invest, must now note that they would need to acquire a number of NOCs, the short form used for no-objection certificates, to buy such a property.

Let us have a look at those documents.

One of the many benefits of living in a housing society is that you get to enjoy a great number of amenities there. However, to provide those amenities to you, the developer needs to acquire several NOCs himself—from the construction stage to the handover-phase, builders have to get at least 50 approvals from various government agencies. If your developer does not have an NOC from the electricity department, for instance, he would have to largely depend on private sources to supply power. The same is true of water, too. While all these things could be privately managed, they would shoot up the bill for the developer who would pass it on to you in the form of hiked maintenance charge. Make sure your developer has all the approvals in place and there are no ongoing issues between him and any government departments.

About under-construction property

In case of an under-construction property, an NOC must also be taken from the banks that are the financers of the project. This would ensure they will not be able to challenge the sale in future. In light of several recent developments where builders have gone insolvent and banks are dragging them to the court to recover money, this becomes an all-important document. In case of any future trouble between the two parties, this document would safeguard your interest as the buyer.

Importance of RWA

The law makes it mandatory for the housing societies to form a residents’ welfare association. These legal bodies enjoy great power in terms of sale and purchase of property. As a home buyer, you will also need to get some NOCs from these bodies as well. In case you are buying a resale property, an NOC by the RWA is required, saying it does not object to the ownership transfer. In case you are taking a home loan, the bank would demand this document before sanctioning the loan.

Secondary market

The case of a resale flat where the seller is still servicing a mortgage, his bank would have to issue an NOC that all dues with it have been cleared.

So, these all were the important NOC’s that you need to buy a flat in a housing society

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 There are a number of documents required to buy a property in India to ensure if the asset bought is legally free of any claims and litigations. One of such documents required for the purchase of the property in Maharashtra is 7/12 extract. This is an important piece of paper required when the buyer is investing in plots in the rural or semi-rural areas of the state. Since the state has scrapped the usage of this document in the urban areas of Maharashtra including suburban areas of Mumbai, the document holds importance only in those locations where land plots do not have city survey number.

What Is 7/12 Extract Document?

The 7/12 extract is an information document prescribing details about a specific piece of land such as survey number, area, date and more particulars about the existing owner’s name. This extract is a combination of two forms. Form 7 talks about the details of the land owners and his rights while Form 12 lists specifics about the land type and usage. ‘Saat-Baara-Utara’ is the regional term for 7/12 Extract Document in Maharashtra. The document is maintained by the revenue department of the state for tax collection purpose. The extract is issued by the Tehsildar or the concerned land authority. Buyer can get the copy of the document after paying the official fee or file petition under Right to Information Act to get the copy.

Why Is 7/12 Extract Important?

7/12 extract Documents is an important indicator of the legal status of the plot. It is used for finding information about the ancestral information of any particular land. Past disputes, litigation, court orders etc, that could affect the land ownership or its legal stature can be found in this piece of document. Apart from this, 7/12 Extract is a record of all the activities done on the land in the past. It is important to document so as to identify the land to establish the exact location along with its physical nature. For agricultural land, the extract also keeps a record of the crops that were last grown on the land.

“The land title document (7/12 extract) in one’s name, is very important and it is widely used in rural and semi-rural areas, for identifying owners, for sanctioning of agriculture and non-agricultural loans, etc. These documents are available (in digital format) online now,” says Maharashtra revenue minister, Chandrakant Patil.

How To Get 7/12 Extract Online?

This document can be derived from the Tehsildar’s office which has jurisdiction over the city where the land is location. You can obtain the extract for the desired tenure. Alternatively, you can obtain the 7/12 document online by following these steps-

1. Visit Maharashtra government’s website.
2. Select the division, district, Taluk and village name from the list given on the website.
3. You can search the extract by feeding in any of the following details:-

Land owners would be able to print 7/12 land record receipts online with digital signature that would ensure authenticity.

Can You Transfer The Title In 7/12 Extracts?

Industry experts say that 7/12 Extract is a land record for tax collection purpose and can be produced as a proof to show the possession rights of the land. But, the document is not a proof of an established title. Therefore, one cannot transfer the title on the basis of 7/12 as it does not act as a proof of ownership.

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