Tips NRIs Must follow to Reduce Tax Liability

NRIs (non-resident Indians) play a vital role in the development of real estate in India. However they face problems in selling their properties in India. Some useful tips are provided to reduce sale tax liability.

NRI faces Sales Tax Liability

NRI faces Sales Tax Liability in Selling of their Real Estate Property.

Before selling the property an NRI must be aware of some basic rules and regulations which govern the sale of any property in India.

As real estate investment is considered as the most suitable  option for investment, NRIs are tempted to invest more on properties especially in hotter areas like Mumbai or Bangalore. Continue reading

How to Invest/ Purchase Wisely on Resale Property?

How can you make a successful purchase of resale property? Do you purchase resale property as an option of investment? These tips will help you invest/ purchase wisely on resale property.
Useful Tips for Resale Property Purchase

Useful Tips for Resale Property Purchase

Your decision to purchase resale property must be supported by your purpose of purchase. Your purchasing purpose is of greater priority and importance.

Probably when you consider purchasing a property to settle down, then you have to consider the proximity to office site, close educational institutions needed for your children’s education, and so on. The area’s growth is not as mattered highly as your convenience is. Continue reading

When is the right time to Invest?

invest
When the right time to enter into realty is is a kind of intuitive decision and can’t actually be described in words- it is more or less based on judgment considering the past facts. As per the present scenario, it would be good for the small investors to wait for around 8 to 1o months if they plan to invest in certain areas within larger cities like Mumbai since a correction is expected there in the midterm.

However, if planning to invest in other cities, the right time would probably be now. Since this view is always subjective, one must study the local market and inquire into the expected dynamics and prevalent there.

A proper measure is affordability. Since realty is not a one day investment, one should plan well his wealth and then invest into the market. Also, taking a back seat and using the policy of ‘wait and watch’ should be a game of experts, who on one hand hope for the profit, do have the bravery to bear loss, if any.

How to Post a Property Ad on PropertyWala.com

This graphical demo will show you the simple steps to post a property listing on PropertyWala.com Please click the Play icon below to start the demo video.

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After viewing the demo video, click here to post your property listing now!

Real Estate Glossary

For investment or end-use purposes, either ways real estate is an asset class that has rapidly captured the imagination of families in India. Buying property is an integral part of financial planning for any family. For instance, perplexing to the lay person. Here is a glossary of most frequently used terms in the industry so that you are not at all a handicap when buying property in India. in the medical or legal professions, real estate also has its own vocabulary, much of which can be perplexing to the lay person. Here is a glossary of most frequently used terms in the industry so that you are not at all a handicap when buying property in India.

Built-up area: Built-up area denotes to the entire area of the floor including carpet area, walls, lobbies and corridors, atrium areas and basement. Always, check with your builder/agent on what concept they are using. In Mumbai, the basement, staircase, lift, and utility rooms like generator and electricity rooms are also taken as built-up area. In Delhi, the lift areas and staircase areas are included in the built-up area. In Chennai, the basement and atrium areas are excluded whereas in Bangalore, only basement is not included in the built up area.

Carpet area: The actual usable area within the walls of the floor is Carpet area.

Super area: This is as a rule regards to the entire area of the building which includes carpet area, lobbies and corridors, walls,  lifts, staircases basements, and other atrium and utility areas. In Mumbai, the area under water tanks and other utility rooms are included in the super areas. In Delhi, the basement is excluded in super area unless it is being used for commercial purposes. In Chennai, the basement and atrium areas are included in the super areas and in Bangalore, the basement is not included in the super area.

Efficiency ratio: Efficiency ratio is expressed as a share of carpet to super areas of the property.

Floor Space Index (FSI): Floor Space Index is the quotient of the ratio of the combined gross floor area of all floors excepting areas specifically exempted under these regulations to the total area of the plot.

Maintenance charges: These are charges taken by the maintenance society towards the maintenance of the property which includes costs of generator sets, security, landscaping, and common areas.

Market value: Valuation process evaluates the market value of the property. Demand and supply forces in the market and factors like type of property, quality and construction, its location, infrastructure and available maintenance are taken into consideration. Market value of the property is the price that the property commands in the open market.

Stamp duty: Real Estate Stamp duty is a type of tax accumulation by the Government of India. Stamp duty is established the agreement value or on the market value whichever is greater.

Sale deed: Sale deed provides the buyer the absolute and undisputed ownership of the property. With this law, the seller transfers his right of property to the buyer. Subsequently, it is executed to the execution of the sale agreement and after compliance of various terms and conditions detailed in the agreement.

Registration charges: The fees associated with getting the legal title registered in your name. This legal process takes place in the sub-registrar’s office in your local court.

In addition to the above, the following terms are normally used in the commercial real estate market and value getting familiar with, if you are consider to buy commercial place.

Common Area Maintenance (CAM): Common areas include hallways, pathways and utilities. CAM fees are accumulation by the landlords from the tenants to cover maintenance, property taxes and insurance in the case of Triple Net Lease.

Cap rate: Cap rate denotes to the capitalization rate. Capitalization rate is the restitution on investment on the property. The Capitalization rate is measured by the formula: Purchase Price / Net Operating Income from the Property.

Cash on cash: The yearly percentage return of your down payment not including appreciation. It is the first year’s cash flow divided by your initial down payment.

CPI: The Consumer Price Index is used to account the yearly rental increase so as to pay for inflation.

Full service lease: A Lease where the tenant pays rent to cover everything including utilities.

Gross lease: A Lease where the tenant only pays the rent and the landlord pays the taxes, insurance and maintenance.

Gross Leasable Area (GLA): The Gross Leasable Area or the total rentable area is the area which can be rented out for rental income. Itn’t include space for elevators, utilities room etc. does

Letter of Intent (LOI): The Letter Of Intent is a non-binding offer letter to buy a commercial place.

Mixed use: It is commercial properties with retail on the first floor and apartments on upper floors. Mixed use is the use of commercial and residential simultaneously.

Net Operating Income (NOI): Net Operating Income is the annual income after deduction of expenses like property tax, insurance, and maintenance but mortgage payments are exceptional.

Percentage lease: Percentage Lease is a lease where the tenant has to pay base rent plus a percentage of the tenant’s revenue.

If there is any real estate term that you are confuse of always check and verify. It is always better to ensure that you and the other party are working on the same understandings.

How to buy property on PropertyWala.com

The users looking for buying or taking on Rent/Lease any Commercial or Residential properties from owners, Builders/Developers or Dealers can utilize the services of propertyWala for getting them their desired choice of property at a reasonable price/rent.

Your requirement of property can be searched by using this facility to see the results of properties already posted by them. You will be able to see the property details to include layout/sketches, photographs, maps and videos (if posted by the seller) of the properties.
If your desired property is not available the requirement can be posted for reference of the users who may post their properties in future. Whenever any property matching your requirement is posted here, the information will be sent to you instantly through Email & SMS alert.
Please follow these simple and easy steps to search for property for buying/taking on rent through propertyWala.com :-
After you have decided on your requirement you can perform search activity by using Buy/Rent tabs in the Buyers section on the Left half of the home page.
You need to select:
The purpose Buy/Rent the property.
The Property Type you are looking for eg: Apartment, Hostel, Showroom and Shop etc.
The Location.
The Price Range to suit your budget.
The person Broker, Builders Owner or Any (This covers all choices) whose property you would like to purchase.

click on “search” and you will get the results posted as per your choice.

Analyse and Contact the seller/dealer of the Properties Matching Your Requirement

Search results will provide you all relevant information regarding the property. You can go through the details and contact the seller of the property of your choice.
Details of the Property
By clicking on the Title of the Property you can get all the details regarding the property like picture of the property, internal and external details of the properties etc. You can also get the contact details of the owner who posted the property.
Contacting the Owner of the Property
When you get the property of your choice, you can contact the owner of the property directly through the details provided on this site. If you wish to know more about the property you are interested in, you can send a message to the owner by typing your message in the message text box provided under Contact Owner on the Top Right corner of all the search result pages.

ADDITIONAL SEARCH OPTIONS

Advance SearchPropertywala.com facilitates to search property by providing more details (additional parameters for exact search) of the property you are looking for. If you want to make your search more specific then you need to perform search activity through Advance Search provided on the Top of the Buy/Rent section of the home page. The following parameters are available in advance search. All of these are not available in normal search. So click on Advance Search and a new page will open where you can mention: –
The Area (in sq meters only) for the property.
The City and Locality of your choice.
Your own Keywords to search the property.
The Listing time of the property i.e. the duration for which you want to advertise the property.
Your choice to find the only properties listed with photographs. Once you have filled your requirements just go ahead with search.

Browsing Directly without performing Search

Apart from searching your property through search on Buyers section you can also browse your properties directly through the tabs provided just below the buyers and sellers section(somewhere in the middle of the home page) for Residential and Commercial properties.

Residential Properties Search
If you are interested in buying residential properties, please click on Residential tab available on the middle of home page.

Browse Residential Properties through cities
If you need a property in a particular city, you can directly find your property from this section. Click on the city where you require the property. The properties available in that city will be shown in the search results. You can select properties matching your requirements and contact the owner of the property directly through Email & Telephone.

Browse Residential Projects
If you need to buy properties available in projects, you can browse through residential projects. You need to mention the city and property type. Respective properties will be displayed in the searched results.

Browse residential Properties through property type
You can also search properties through property type e.g.: Flat, Farmhouse, Service Apt.etc.You can search directly by clicking the property type.

Commercial Properties Search
If you are looking for commercial properties, please click on the Commercial tab.

Browse commercial Properties through cities
If you need a commercial property in a particular city, you can directly find your property from this section. You just need to click on the city of your choice and the properties available in that city will be shown in search results. You can further contact owner by Email or Telephone.

Browse commercial Properties through property type
You can also search properties through property type e.g.: Showroom, Cold Storage, Hotel, Office Space etc. Click on your choice and the search results will show the details of the available properties of the type in the State/Region. Browse commercial Projects
If you want to buy commercial property as a part of commercial projects, you can browse through commercial projects. You need to select the State/Region and property type, available searched results will be displayed.

Posting your Requirement
If your matching requirement is not found, you can post your requirement by entering the same in the Buy & Rent section. A click on the post your requirement tab in the section will save it as alert in your account. This feature will keep your requirement publicly alive and in future, whenever any matching property is posted buy a seller; you will instantly get an appropriate Email & SMS alert.

Taking on rent/renting out property on PropertyWala.com

Rent activity is performed on propertywala.com in two ways:
Taking Property on Rent

If you are interested in taking a property on rent, please visit the Buyers section available on the Top Left half of the home page. While taking property on rent you only have to select the purpose as Rent. Rest of the procedure is same as it is followed for buying a property. 
For further process click on the following link:
http://www.propertywala.com/site/buy.html

Rent Out Your Property
If you want to rent out your property, please visit the Sell/Rent Out section available on the Top Right half of the home page. You only need to select the purpose as Rent Out before posting your property or requirement. Rest of the procedure is same as it is followed for selling the property. 
For further process click the following link:
http://www.propertywala.com/site/sell.html

The feature/Facilities available to the buyers/sellers are also available to the users interested in renting out/Taking on rent any commercial or residential property to the same extent and proportion .

How to sell property on PropertyWala.com

INTRODUCTION
The process of posting/advertising properties on PropertyWala is so much simple that anyone with just basic knowledge of networking can himself post the properties of his own. Tips and help are provided at every stage during the process of listing. Users are advised to move mouse over to take help for knowing about the usage of each function.

The Owners, Builders and Dealers etc who want to sell or rent out their properties can post/list them on PropertyWala to search buyers/tenants and get them a reasonable price/Rent. The detailed description in text, videos, layout/sketches and photographs can be posted on the site. A satellite map of general area of your property will be generated and displayed by the site. You can easily identify and mark the exact location by dragging the marker to it or by double click on the exact location.
After you have posted your property, an alert will be sent to you by through Email & SMS instantly whenever any user searches for a property matching the details of your property.

The “SEARCH”
option in this section can be used to find buyers who have posted their property requirements matching your property.

PROCEDURE FOR POSTING PROPERTIES/PROJECTS
Before you carry out the activity of posting, new users are advised to register themselves on this site by filling their existing Email-ID (for getting response to your advertisement from the interested party) and a new or existing password during the simple 2 minutes registration process.
On successful registration an Email will be instantly generated by this site giving you the details of your password along with your Email- Id. You are required to activate your account by clicking on the appropriate place on the E Mail. You can change your password any time through your profile section on the home page.
Please follow these simple steps to post your property
Before selling your property you need to post it in order to make it visible to the buyers. You can post your property using the Sell/ Rent Out section on the Right portion on the home page.
You need to select:
• The purpose whether you want to sell your property or Rent it Out.
Property Type of your property eg: Apartment, Hostel, Showroom, Shop etc.
• Number of Bedrooms in your property (Optional).
• The Region in which your property exists.
• The City and Locality in which your property exists.

Click on “Post Property” option and you will find a new page with five tabs on the top of the page (Basic Information-Additional Information-Attachments-Map-Preview).

Each tab has a function to create your advertisement on propertWala.The basic information page opens when you click on post property. Use previous and next buttons down below to navigate as per your requirement.
Proceed as under:
•  Basic Information Fill the basic information about your property here:
The purpose Select if you want toSell or rent out.
The type: Select from drop down menu.
Area: Select units from drop down menu eg sq m, sq feet, sq yards, hectares or acres.
Price: Select from the range in drop down menu. If you want to be  more specific mention the same in the summary below.
Available from: Date from which the property is available for the deal.You have to select date month and year from the drop down menu or type it in dd/mm/yyyy format
Title/Tagline: This will appear on top of the advertisement.
Summary/Description Write the description and summary as you deem fit.
•   Additional Information
(The info is optional but we recommend that it should be filled to provide better description of your property. At the end of this page you can create check boxes for additional features specific to your property.The help is available to guide you).
For residential property you can provide further details of your property like  number of bedrooms, bathrooms, floors and all the additional features of your  property in the text box at the end.
For a residential or commercial landed property you can mention the
direction i.e. facing……and describe the additional features in the text box  at the end.
For a commercial property you can fill the details as per the self explanatory
format and describe the additional features in the text box at the end.
•  Attachments
You can upload up to 6 pictures/floor plans, a video and documents(such price list etc ) of your property. The details could be from data/source already available in your computer or from a website.
•  Map
When you go to this page you will see a map showing general area of your property location. You are required to simply move the marker or double click the exact location of your property. This location will be visible on the map and a satellite view in your ad.
•  Preview
You would surely like to know how your property advertisement will look on the web after being listed. For this, click preview (right most) tab. This will instantly display on your monitor screen as to how exactly how your advertisement will appear on the propertyWala. You can view the details your project as you posted and finally edit any of the information of your property.
MAKING YOUR PROPERTY LIVE ON THE SITE
If you are satisfied that all the details you have mentioned are correct, make it visible (advertise) to users by clicking “make it live” button on the left bottom of the last page. Your advertisement will appear soon under Latest properties section on the right side of the home page after Admin approval of propertyWala.
POSTING PROJECTS ON PROPERTYWALA
Builders and brokers can post projects along with the properties in that project. Please note that this facility is accessible only after you have logged on to the site using your ID and Password. The posting of projects involves all the above mentioned steps also.
You can post projects by clicking the link “Post Project” in your account section: button available on preview page of your property details. Please note that when you post your property, it is in Draft Mode and when you click on “make it live” your property will become live immediately after admin approval of PropertyWala.
Once your property becomes live it is visible to all users. Users interested in your property will directly contact you either through email or phone number available in your contact information.
Posting project on propertywala.com involves listing the following details of Your Project:-
•  Basic Info
This page requires the basic information about your project like project name, title, summary, description, location and Features of the project.
•  Pictures
You can describe your project better if you upload the picture and video of your project. You can upload up to 20 images and a video of your project.
•  Manage Properties
This page needs the information of the availability of the properties present in your project. You need to select the properties amongst the list of properties available on left side and add these properties in the list available on the right side.
Properties available in the project are posted by the normal process of posting the properties.
•  Preview
You would surely like to know how your project details/advertisement will look on the web after being listed. For this please go to preview tab (top right) and view your project details as you posted. You can edit any of the information of your project/property if you feel that any thing is missing or not in place.
•  Making Your Project/property Live or visible on the site
Once you are satisfied about all the details of your property/project you may wish to make it live so that it visible to the users on this site. Your project can be made live if it contains at least one live (Available for sale/rent) property. If at least one property available in your project is live, your whole project remains live and People interested in your project / properties can contact you directly through your contact information on this site.
Click here to post your property listing now!