As Supertech goes bankrupt, buyers fear further delays in possession of their homes. When a developer goes bankrupt, the first step a buyer should take is to review the contract for options and other clauses.
The real estate company Supertech, which has completed various projects in Noida, Ghaziabad and Greater Noida, was declared bankrupt by the National Company Law Tribunal (NCLT). The developer failed to pay Rs 431 crore to a consortium of banks. The move could affect 11,000 home buyers from the company’s ongoing projects in the NCR region.
How did it all start?
The lawsuit was filed after Union Bank of India sued the RK Arora-promoted company. Since the developer whose two illegal towers have been demolished in Noida has not repaid a loan to a state-run lender. The loan was used for the Eco Village II project in Greater Noida.
Supertech Ltd, which plans to appeal the decision to the National Company Law Appellate Tribunal (NCLAT), said, there are 38,041 units in projects managed by the company, of which 27,111 units have been sold. Mr. Arora said the order will not affect a number of the group’s projects, including Golf Country, Supernova, Azalia, ORB, Hues, Esquare, Valley and Basera, as they are run by another company.
In January 2020, Supertech again applied for a Rs 1,500 crore loan from a newly established state anti-stress fund, to complete 12 ongoing housing projects in Noida, Greater Noida, and Uttar Pradesh. A year later, Union Bank filed an NCLT alleging that Supertech had breached its payment obligations of Rs 431.92 crore.
Demolition of Twin Towers
Things got critical when the Supreme Court on August 31, 2021, ordered the demolition of the twin towers built by Supertech in Noida. Due to illegal construction, aided by cooperation between the developer and the development authority. The court also ordered Supertech to pay Rs 2 crore to the resident welfare association of Emerald Court, due to the problems caused by the construction of the twin towers, which have restricted sunlight and fresh air for existing residents.
The Supreme Court stated that all investments from 633 home buyers who have booked apartments in the Twin Towers must be repaid at an interest rate of 12 percent. 248 home buyers took a quick refund, and around 133 home buyers took apartments in other Supertech projects.
Rejection to Debt settlement
The Union Bank of India has reportedly rejected a one-time debt settlement offer from Supertech. On March 25, 2022, the Bankruptcy Court decided to initiate insolvency proceedings against the developer firm that acted on Union Bank’s plea.
Effect on upcoming projects of Supertech
Projects that will be affected are Eco Village I, II and III in Greater Noida West (or Noida Extension), as well as the Emerald Court Project, which houses the Twin Towers.
Supertech in a statement said it would approach NCLAT to appeal the decision on the grounds that the case belongs to a financial creditor. The company stated that the NCLT request will not affect the construction of ongoing projects or the operation of the company. “We are committed to delivering units to selected allottees. Also we have a strong track record of delivering over 40,000 apartments over the course of the last 7 years. We will continue to deliver flats to our customers as part of our mission in 2022, and we committed to delivering 7,000 units by December 2022.”
Time taken by Supertech insolvency proceedings?
With the onset of insolvency proceedings or Supertech goes bankrupt news, buyers fear further delays in possession of their homes.
Prashant Thakur, Sr. Director & Head – Research, ANAROCK Group said, “Homebuyers who have invested in Supertech properties and waiting for the possession have no choice but to wait for their home until a resolution. Generally, such procedures take a long time before a solution is found. The only positive is that the Supreme Court has previously stated that owners are part of the creditors in such insolvency proceedings.”
Pankaj Kapoor, MD at Liases Foras said, “Following the example of Unitech and Amprapali, NCLT took over the case and the home buyers recognized as a creditor in the case. Which means that the waiting time for a decision must not exceed one year. Also, since only one company declared insolvent, this should not affect buyers who have invested in projects in other group companies”.
What should home buyers do, as Supertech goes bankrupt?
When a developer goes bankrupt, the first step a buyer should take is to review the contract for options and other clauses.
Aditya Parolia, a partner in law firm PSP Legal said, homebuyers who have invested in Supertech projects need to file their claims with a insolvency resolution specialist until April 8, 2022. They must also provide all documents to the professional. Documents like contract between the developer and the buyer, accounts statement, and correspondence regarding special privileges.
Kunal Arora, partner at Lakshmikumaran & Sridharan Attorneys, said, however, Supertech Limited’s insolvency proceedings are likely to be detrimental to its current projects. Homebuyers left without legal protection as they also have financial lender status. They are on an equal footing with banks and other lenders under the IBC. As a first step, home buyers should immediately register their claims by submitting the necessary documents to the IRP. This will allow them to participate in the decision-making process.
Home buyers should avoid default on the EMI
Sonam Chandwani, managing partner, KS Legal & Associates, said, home buyers must file a claim to the bankruptcy attorney or insolvency resolution professional. Once the claim approved, the home buyer becomes a creditors committee member and financial lender. Hence, giving them the right to vote on important decisions along with other financial lenders. However, the court has yet to rule on whether home buyers secured or unsecured creditors, and it is time for the courts to do so. Home buyers should keep an eye on the various announcements by checking the Supertech website regularly. They need to work together as a team. Also they should prevent default on the EMI loan, even after their developer goes bankrupt. Sense, this could turn into yet another lawsuit that will only make things worse.
A plan to issue property cards to apartment owners may soon begin with projects registered with MahaRERA, a senior tax official said. The scheme of issuing individual property cards for apartments (vertical objects) was approved by the state cabinet in 2019. All apartment owners were to receive these property cards with information about carpet areas, utility rooms, loan information, and 7/12 extract (Utara) of the land.
Committee to solve objections
However, the project gave rise to a number of proposals and objections, after which a commission was set up to make recommendations to the state before the project was launched. The purpose was to map the vertical growth in cities and rural areas and maintain an independent rights register and registers of flats and individual apartments units.
“The Committee on Vertical Property Cards presented its recommendations to the government and proposed a gradual implementation of the scheme. Discussions are underway with the Maharashtra Property Regulatory Authority (MahaRERA). The final decision will be made by the government,” the official said.
The state issues property cards for urban areas and 7/11 declarations for rural areas that define the property rights of one or more persons. However, there is no document confirming the ownership of a person who owns an apartment in a house built on a particular site.
With this in mind, the Ministry of Revenue decided to adapt the Maharashtra Land Revenue Code, the Property Register and Apartment Registration and Building Codes to the Maharashtra Land Revenue Code of 1966. This allows the state to issue a property card for apartments. Maharashtra has about 56 lakh property cards for plots and 2.5 crore 7/12 extracts. “But there is no evidence that vertical buildings such as apartments or commercial complexes were built on these lands,” the official said.
Developer Supertech was declared bankrupt by the National Company Law Tribunal (NCLT) on Friday, which could affect 25,000 home buyers. The company law tribunal enacted in response to a petition filed by the Union Bank of India due to non-payment of dues. In response, the developer indicated that it would file an appeal to the National Company Law Appellate Tribunal (NCLAT) against the NCLT measure.
Order will not affect the company operations
“Because all the company’s projects are financially viable, no financial party or creditor can suffer losses. The order will not affect the operations of any other Supertech Group company, the real estate firm said in a statement.”
“The NCLT order will not affect the construction of current projects or the operation of the company. We are committed to give possessions of apartments to homebuyers. We have extensive experience in commissioning more than 40,000 apartments over the past 7 years. Under our ‘Mission Complete-2022’ mission, we have set a goal of delivering 7,000 units by December 2022.”
It also states that Supernova, ORB, Golf Country, HUES, Azaila, Esquire, Valley. Basera, Metropolis and Pentagon Mall and hotels will not be affected by the decision.
NCLT is the authority for the insolvency resolution process of companies under the Insolvency and Bankruptcy Code (IBC). An NCLT’s decision can be appealed to NCLAT.
Earlier this month, officials announced that the Supertech’s Twin Towers in Noida would be demolished on May 22 according to the Supreme Court order. On August 31, 2021, the Supreme Court ordered the demolition of Supertech Apex (100 meters) and Ceyane (97 meters) buildings because the twin towers were erected in violation of building codes.
In its quest to promote real estate and promote the construction industry, the government of Maha Vikas Aghadi (MVA) has extended the period of stamp duty exemption for investors who sell their property within one year of purchase to take advantage of this exemption.
The corresponding bill was approved by the state legislature on Wednesday. However, investors may be exempt from stamp duty even in the event of a resale completed within three years of the purchase of their property. On such deals, stamp duty is paid only on the difference in the price of the property and not on the full amount.
It should be noted that according to the RERA Act, which enters into force in the state on 1 May 2017. It generally takes at least three years to complete a project within the conditions and rules of RERA Act.
In the current scenario, if an investor buys an apartment and wants to resell it within a year, a certain exemption from stamp duty is granted by charging only the price difference. The bill however states that the annual maturity has not allowed for a large profit from such a trade since the pandemic. The number of resale making such a profit is very negligible.
Encourages more investments and sale-purchase deals
The bill is based on the need to stimulate business in connection with the rapid development of the global economy and the post-pandemic situation.
If the annual period of validity of the permit is extended to three years, this privilege will used by a larger number of investors, according to the wording of the purpose of the bill. This decision would not only improve investment volume. But also speed up the signing of sales contracts, which would ultimately benefit the state’s large revenue from stamp duty.
Revenue minister Balasaheb Thorat said, various reports from the real estate industry point to the losses they have suffered, especially in the post-COVID period. “This decision will encourage investors to enter into real estate transactions and in turn help the government generate revenue and create jobs.”
Builders can misuse this service
Experts from the cooperative sector and stamp duty sector also shared their opinion and said, “This could be a step towards pleasing builders and their investors. It is very possible that builders are financing politicians. We all know that the election is just around the corner. Hence there is a possibility that funds will be given to political parties.”
Vinod Sampat, president of the Registration Fee & Stamp Duty Payers Association said, “Builders also have the opportunity to abuse this service by selling apartments to their employees/assistants. As well as taking out home loans and using these funds for personal needs. Therefore, they can receive funds at a very low price. We all know that housing mortgage rates are much lower.
CREDAI Maharashtra strongly opposed the proposal to introduce a 1% metro surcharge on all property purchases in Pune, Mumbai, Thane and Nagpur from 1 April and called on the government to reconsider this decision.
Given the rise in prices of key raw materials, including cement and steel, Maharashtra realty developers are planning to stop buying raw materials and construction work on their sites. The developers have also requested the MahaRERA (Maharashtra Real Estate Regulatory Authority) with a request to extend the deadlines for completion of current projects by at least 6 months. Then they have time to put the construction work on hold until prices get rationalised.
Projects will be stopped or delayed-
The real estate sector has proven resilient in the difficult times caused by the pandemic. The industry has been able to survive thanks to the easing of the stamp duty, lower mortgage rates and agreements by developers. Indian real estate, the second largest employer, is in a recovery phase. It will not be able to absorb this runaway price increase, and many projects will be delayed or stopped without government intervention, which ultimately affects consumers and construction workers at a large pace.
Currently, about 10,000 construction sites in Maharashtra directly or indirectly employ about 1 million workers. Any closure of works will directly affect them and may also result in a minimum delay of six months.
The price of steel, the main component of building materials, was Rs 42,000 per tonne a year ago and rose to about Rs 84,800. Cement prices increased to Rs 400 from Rs 260 for a bag of 50 kg. The rate for 4-inch bricks was Rs 6,500 per thousand and increased to Rs. 8000. Sand and wash sand show the same price increase. Along with building materials, electrical cables, fixtures, tiles, pipes, plumbing, manufacturing, sand and secondary minerals also increased by 40% to 45%, according to the industry body.
Requires Government Intervention-
CREDAI Maharashtra, through its various city associations, has already sent several inquiries to Deputy Chief Minister and Finance Minister Ajit Pawar and Revenue Minister Balasaheb Thorat on various issues requiring government intervention during the pandemic. In addition, CREDAI-Maharashtra strongly opposed the proposal to introduce a 1% metro surcharge on all property purchases in Pune, Mumbai, Thane and Nagpur from 1 April and called on the government to reconsider this decision.
Price beyond affordability-
This was stated by the President of CREDAI Maharashtra Sunil Furde, “Prices of steel, cement and other building materials have been steadily rising over the past 2 years. Now they have risen to a level that many developers cannot afford, especially in Tier II and Tier III cities. The association of 61 member cities affiliated with CREDAI Maharashtra had no choice but to temporarily suspend purchases and suspend construction work.”
While some material price increases in recent weeks may be related to the war between Russia and Ukraine. More than 60 Maharashtra CREDAI departments have asked the government and agencies to check if there has been a recent rise in construction materials cost, over past few months, naturally or due to cartelization and profiteering.
The prices of important building materials, including steel, cement, brick, sand and wash sand, electric cables, tiles, pipes, plumbing, sand, secondary minerals, among others, increased by 40% and 45%. The effect of this on access costs is around Rs 400-600 per square feet. It is expected to affect home buyers, especially in affordable segments.
In addition to steel and cement, the prices of hardware like glass panels and other raw materials have risen sharply.
Planning to buy your dream home? Maybe now is the best time to buy your dream home at the best price. After a steady rise in raw material prices, primarily steel and cement, developers have announced that prices are expected to rise by Rs 400-500 per square foot. The announcement was made by members of Credai Gujarat and applicable to about 40 city chapters of the developer organization.
The decision was made at a board meeting in Credai Gujarat held on Tuesday in Palanpur. Raw material prices have been a nightmare for developers for some time now.
While steel prices have reached Rs 80,500 per tonne, cement costs Rs 430 per bag, increasing construction costs for ongoing projects. Steel prices fluctuated around Rs 60,000 per tonne at the end of December. While cement prices in the same period were Rs 325 per bag.
The rise in steel and cement prices also affected construction contractors. The Gujarat Contractors Association (GCA) has been waiting a long time for the government’s demand to revise the cost of the project in line with rising prices. In line with their contribution, the state government recently allowed a rise in property prices by as much as 5% in line with rising raw material prices.
Constant surge in prices is major problem
Credai Gujarat chairman Ajay Patel said, steel and cement prices have risen sharply as a result developer profitability has fallen significantly. Until now, most developers have tolerated the costs, but as prices continue to rise, the input costs are increasing. Developers suggest that in addition to steel and cement, the prices of hardware like glass panels and other raw materials have also risen sharply. Hence, the prices of properties both commercial and residential will rise in Gujarat from 2 April.
The Real Estate Regulatory Authority (UP-RERA) has decided to play a more active role in the mediation between builders and development authorities.
UP-RERA plans to open a microsite in its official window where the affected developers will be able to register complaints against the relevant authorities. Rera found that the most common complaints were delays in approving maps, unfinished roads or underdeveloped civilian infrastructure around communities. These procedural delays often prevent projects from being completed on time, and the burden ultimately falls on homebuyers.
In addition to resolving disputes between builders and buyers, Rera will also mediate with relevant authorities when receiving complaints from developers on the microsite. Developers often question the role of the regulatory authorities when it comes to interfering with industry or development authorities, which are primarily responsible for issuing completion certificates or developing civilian infrastructure around projects.
A platform to lodge complaints against authorities-
Rajive Kumar, the UP-RERA chairperson, said, builders often complain that the local development authority handles issues related to their project. This often hampers the overall growth of the project. In some cases, roads have not been completed, maps have not been approved and urban infrastructure in disarray. Hence, we decided to create a platform on UP-RERA’s main website, so that developers can file pending complaints of any development or industrial authority in the state. We can take over all the cases and become an intermediary between the developer and the competent authority.
At the end homebuyers had to suffer –
Manoj Gaur, the Credai national vice-president, said, at present, RERA cannot issue directives or take action on any industry or development authority. Procedural delays often become an obstacle to timely implementation of the project. We have long demanded that the development authorities comply with RERA law. This measure will partially solve the problem. Unless the RERA Act is amended to give it the power to intervene in the affairs of the competent authorities.
Several projects built in Noida and Greater Noida, but lacked proper roads access, sewer lines or electricity connections. The responsibility of the development authorities is to develop basic public services. In the absence of these services, projects remain unfinished for a long time and developers are fined. As a result, homebuyers suffer the most.
Land records information on the ‘banglarbhumi.gov.in’ portal not only helps users save time and effort, but it also helps the Revenue Department to offer more transparency.
Located in the eastern part of the country West Bengal has become one of the most developed states. Of course, it makes sense to buy property in West Bengal as it can really help you make a smart investment. If you want to buy land, one of the most important things is to check the land records. There have been cases of fraud where people have been caught in making fictitious transactions. Anyone could have avoided such transactions simply by consulting the land records.
If you have chosen a plot for investment, you have to check the land records and registration. However, now you do not have to visit government authorities to check land records. With Banglarbhumi, you can check the land records by a few clicks.
With this website, you can find a lot of other information that will be extremely useful and practical for the people of West Bengal. On Banglarbhumi, you can find detailed information about the registration of a particular property in West Bengal. You can find information like owner’s name, plot number, land area, property value and much more.
What is Banglarbhumi?
In West Bengal, documents related to land and real estate are available online through Banglarbhumi 2022, also known as Banglarbhumi. If you have land in West Bengal and want to see all the details of your land then Banglarbhumi can help you out.
This website has been launched by the West Bengal Land Registration Ministry to help people easily see all the information related to their land. Detailed property information such as owner name. Property area/size, plot number, and value of property is available on the Banglarbhumi website. This portal reduces user effort and also helps the Department of State Revenue provide greater transparency.
The main services provided by the portal are: Conversion application, Plot maps and related information. ROR application, mutation application and related information, ISU administration, Thika ownership, land allocation, etc. In this article, we have discussed all the important points related to this website which can help you understand things better.
Services available at Bangalarbhumi.gov.in
Before proceeding, please review the services available on the Banglarbhumi Land Information and Registry website. Some of the services are.-
– Online land records/Bhulekh West Bengal/ West Bengal land record search by name – Digitization of maps and records – ROR application – Training (ARTI and LMTC) – ISU management – Land distribution – Thika tenancy – Rent controller – India and Bangladesh border demarcation – The state administration for land use
What is RoR?
RoR (Record of Rights) are records that contain information about how the owner acquired land rights. It also contains detailed records of all property-related transactions over time.
How you can register on Banglarbhumi website?
If you have previously used the Banglarbhumi website. You will need to log in with your credentials in order to use the citizen services. To use the online citizen services, citizens must have to register on the portal at “https://banglarbhumi.gov.in/BanglarBhumi/Home.action”. Follow the given steps for registration.
– Simply visit www.banglarbhumi.gov.in – On the top click on the ‘sign up’ option. – Now create your Bangla bhumi profile and log in to “‘Citizen Services” as a “citizen”. – The public registration Bangla bhumi form appears. – In the form, fill all mandatory fields, such as name, guardian name, address, email address, PIN code, municipality, PS, district. OTP received via email with ID and phone number, password and verification details. Finally click on ‘Submit’ for successful registration.
If you are a department user, then visit “citizen services” and click on “Department User”. Also enter your username, password and fill in the captcha data.
Types of forms available on Banglarbhumi and how to download them?
There are several types of forms available on the website.
Application for Mouza Map Application for Mouza Map Mutation_Application_Bengal Declaration for Mutation Mutation application form Application for Dumdum cantonment land Form 1(D) Application for Post-facto conversion Lease of Tea garden in Retained land Affidavit for Conversion Application for Conversion Application for Conversion
To download the forms, click on the ‘download’ option and select the desired Banglarbhumi form by clicking on the appropriate PDF file. The forms are available in both English and Bengali language. Or you can simply visit “https://banglarbhumi.gov.in/BanglarBhumi/Forms” and select “Downloads”. A new web page opens with a list of forms, further download the desired form.
How to View Land Records at Banglarbhumi website?
Follow these simple steps to view land records in the state of West Bengal. To access West Bengal khatian & plot information in West Bengal visit Banglarbhumi website. You do not need to register to receive this information. Follow the below steps.
– Visit Banglarbhumi’s official website ‘banglarbhumi.gov.in’. – On the top right corner of the homepage, click on the button “Know your property” option. – Select the following- District name, Block, Mouza – There are two search options in land registers: Plot and Khatian – Fill all your details. – Enter the captcha code. – Finally click on the “View” button to view the land records.
Check Land Records if you have a Query Number
Follow these steps to find the details of the plot using the application number.
Visit the Banglarbhumi portal, on the top right corner click the “Query Search” button. A web page is displayed on the screen. Now complete the details like Query number, Question year, and Captcha code. Finally click on the ‘Show’ button. Your information will be displayed on the redirected page.
What is Mutation Application and how to file it?
Mutation is the transfer of property from one person to another through the sale or transfer of property. Mutation can only occur after registration of ownership.
The mutation application form is available on Banglarbhumi online portal. Users must fill in all the required data correctly, otherwise the application request can be rejected. Once the application form has been submitted with the relevant data, an application number will be generated for the user which will allow them to check the status of application.
Process to fill Mutation Application
– Visit ‘banglarbhumi.gov.in’, login to your account, click on “Citizen Services” and then go to the “Online Application” tab. – The list is displayed. – Select the ‘Mutation Application’ option. – Fill in the basic details of applicant, Particulars of Transferer, List of Enclosures, upload the necessary documents. Finally click on the “Submit” button, a reference number will be generated.
If the fee is paid via “online mode” the case of mutation number will be registered quickly. If fees are paid using ‘counter payment’ option of GRIPS. Then you can confirm your payment and register your case using the Application- GRN Search from Online Application option.
How you can pay the fees?
After registering, you can pay the fee in the “Online application” menu and click on “Pay fees” option. Then fill the Request type, Application number and click “Next” for payment options.
Check the status of a Mutation application
Follow these simple steps to check the status of your mutation application.
– Go to the Banglarbhumi’s official website – On the homepage, click on the “Citizen Services” option. Further click on ‘Mutation Status’. – There are two options for searching for mutation status: “Deed wise search” and “Case wise search”. Choose the desired option. – Further choose the Mouza, District name, and Block. – Finally click on the “Search” button.
How to check Mouza details on Banglarbhumi portal?
A user can easily check the status of Mouza application by given steps-
– Simply log in to ‘banglarbhumi.gov.in’ official portal, on the homepage click on “Mouza Information”. – A web page opens, now select the district for Mouza. – The Mouza information will be displayed.
How to easily Fill a Land Conversion Application?
If you want to fill a land conversion application then simply follow these given steps.
– On the homepage of Banglarbhumi portal, click on the “Online Application” option. – Select the ‘Conversion Application’ option and fill in all the required details such as district name, block, police station, mouza details. Also fill other details like Jurisdiction List No., Khatian No., Area of the Plot, Plot No., and existing classification of the plot. – After confirming the required details, click on the “Submit” button. An application number is generated once you submit the application.
Documents required for Land Conversion application on Banglarbhumi?
Land Conversion requires several documents, following are some of the documents.
– Sketch map of the property and its surroundings (at the entrance from the road) – Receipt of rent. – NOC from the West Bengal Pollution Control Board. – Current record-of-rights. – An affidavit stating creation of alternative/compensatory water resources. – Mutation certificate. – Detailed project report (DPR) reviewed and approved by the competent authority.
File and Submit Public Grievances or Complaints on Banglarbhumi
The Banglarbhumi website also allows the user to submit their comments or complaints online. Follow the steps below to submit your comments online on Banglarbhumi Portal.
– Visit the official website of West Bengal Department of Refugee Assistance and Rehabilitation and Land and Land Reform (banglarbhumi.gov.in). – Click the “Public Grievance” option in the upper right corner of the official then select “Grievance Application” from the menu. – Now fill the required fields, fill the captcha and click “Submit”. By this way you can easily file complaints on Banglarbhumi online portal.
How to check status of Grievance Application on Banglarbhumi?
You can check the status of your request after submitting a complaint request on the Banglarbhumi portal,
– Go to Banglarbhumi’s official website, then click on the “Public Grievance” option. – From the drop-down menu, select “Grievance Status/Description”. – To see your report status, enter your username and captcha and click “Show” option.
In conclusion, we note that the Banglarbhumi portal (banglarbhumi.gov.in) is an attempt to provide digital services to the citizens. The portal allows the user to get information about Mouza, mutation services, search for properties, and handle complaints.
FAQ-
How do I request certified copies?
On the ‘banglarbhumi.gov.in’, this request will be displayed in the ‘Service Delivery Option’. Select whether you want to receive a certified copy of ROR, land information from WB Land Information. Then it will ask your details and then take you to the payment gateway. Further make the payment and complete the process to get certified copies.
Does the mutation fee vary on land?
The mutation charges or fees varies according to type of land. The mutation fees is different for non-commercial land, non-agricultural land, commercial and industrial land, or agricultural land. It also depends on location, rural area, and municipal areas under Kolkata Metropolitan Development Authority (KMDA) jurisdiction.
How online land records have boosted real estate in West Bengal?
The advantage of online land record is that you can check the land records and find out all the details about the land. You can also check if the land has any outstanding obligations that may bother you after the investment. In general, Banglarbhumi has only advantages and contributes to greater transparency in land investment. It has also boosted the real estate market in West Bengal as many people have trust on land records due to the availability of land records over the government portal.
What are some other services offered in Banglarbhumi?
The ‘banglarbhumi.gov.in’ portal offers several services in addition to the ability to view property information. By using the website, you can take advantage of various citizen services, but to do so, you must first create an account. By creating an account, you will be able to use all citizen services like Digitisation of maps and records, ROR application, ISU management, Land distribution, Thika tenancy, etc. You can also file a complaint by public complaints or public grievance option. It is undoubtedly the best government portal in India integrating government services with land registration information for West Bengal citizens.
How do i search mutation status by deed wise?
You should enter the correct document number and document year, if you prefer to check the status of your mutation case using the deed wise search option. Finally, click the “Submit” button to view Plot Khaitan land ownership status using the capture option anytime, anywhere.
Banglarbhumi: Thika tenancy on website
The West Bengal Land Ownership (Acquisition and Regulation) Act, 2001 allows owners to acquire shares in land constituting such property for the development and fair use of such land. The Kolkata authorities cover 100 wards of Kolkata Municipal Corporation.
Planning to buy commercial property in Noida? In this article, we have summarized some important factors that can not be ignored when investing in commercial real estate. Commercial real estate provides an attractive return on investment by creating multiple sources of income within the same category. In a thriving city like Noida, investing in the commercial segment contributes to a strong diversification of the investor portfolio. However, there are many things you need to know before investing in commercial real estate.
Factors before you buy commercial property in Noida!
1-Budget PLANNING–
Every real estate investment comes with a big capital and therefore requires careful planning. Do not start researching your property until you have the right budget that determines what type of property you can buy. Once you are sure of the locality, allocate your budget to the purchase. Put a buffer with at least a 30% on what you are planning, as there are always extra costs. This will help narrow down the commercial business opportunities available to you. In case you can not get the full investment amount, there are usually options for a small payment along with a mortgage for the remaining amount.
2-Property Location-
The most important aspect to consider is where your commercial property is located and how economically profitable the locality is. The location of your business is the most important aspect for its overall success. Both capital gains and rents are determined by the location of the property. The property should be situated in a safe, green and ideal area for your customers.
Investing in a developing area will be a plus point and give a higher return on investment than in an already developed area. While other factors may be compromised, the location factor should be a must in your decision making process. In addition, the area must be well connected so that travel is not a problem for your customers or employees.
3- Check the legalities-
If you are a newbie then it’s better to consult a property lawyer. A good lawyer will ease the litigation process and ensure that your commercial property is free of any legal issues. This is something you don’t want to deal with later. The tenant or buyer can renegotiate or evict you or even sue you if there is a dispute regarding your property. So, before you buy commercial property in Noida make sure that there are no legal consequences for your property.
4- Structure of lease-
Analysis of the rental structure can provide great benefits in the long run. There are also closing periods where tenants cannot leave the premises. Try to formulate a lease structure that works for you. The longer the lock-in period, the more stable your rental income source will be.
5-Additional Charges-
Generally these are the charges that are spent on the operation and maintenance of the property. Additional charges can drain your profits if you do not take them into account and allocate money in advance. These charges are often not mentioned directly, many people make the mistake of not including them in their budget plans and end up suffering. There are various types of hidden fees such as GST, parking fee, renovations, broker fee, preferred location fee, stamp duty and registration fee. These costs usually recommended to discussed in detail when concluding the contract.
6- Security deposit-
Security deposits for commercial leases are very loosely regulated. This way, owners can charge what they deem appropriate and use the deposit they deem appropriate (even charge interest on the payment). Requiring a deposit also a method used by landlords to cover the risk of a tenant not paying rent on time. If the tenant fails to pay rent, the landlord can deduct funds from the deposit to maintain income, at least for a short time.
In most cases, the deposit after you move out of the property is used to pay for any damages that may have occurred before a new tenant moves into the property. If the landlord uses the deposit to pay compensation after the end of the lease, they will give you a receipt.
7- Find ideal Tenants-
Once you have bought commercial property in Noida, now it’s time to get an ideal tenant. Find your ideal tenant by determining the location and budget of the property. Whoever you choose as your tenant can play a big role in increasing or decreasing the value of your property. Ideally, multinational companies can be good tenants because their presence in your property adds value. A good tenant not only pays rent on time, but also makes large deposits and is more likely to stay longer. A good tenant should have a healthy track record of on time payments, a positive credit report, and a stable source of income. They should have good references from past landlords, and there shouldn’t be any history of eviction or dangerous behavior.
8- Diversify your portfolio-
Commercial real estate is not free from risk and loss. However, investing in multiple properties in different localities can reduce income volatility, which means less risk. By diversifying your investment across different localities, you can take advantage of ups and downs in different markets and protect your money from a major correction in a particular market. If all your properties were in the same market and that market suffers a slowdown, your portfolio would suffer losses. Therefore, if you have enough funds, then try to diversify your investments.
Conclusion-
Remember that there is no universal rule for investing in commercial real estate. You need to do proper market research before making a final decision. So in order to buy commercial property in Noida, you need to consider all the above factors.
