What is Agreement to Sell, and when should it be executed?

Posted on December 31, 2014 by Anukampa

It is an Agreement executed between the Buyer and Seller at the time of purchase. It is different from the Sale Deed. Generally, the Sale Deed is signed after the transaction is deemed to have been completed, i.e. before handing over the premises to the purchaser / at the time of registry.

An agreement to sell is an important document in the process of sale and purchase of property. This agreement contains the terms and conditions agreed upon between the parties, and bind them. An agreement to sell is the basic document on which a conveyance deed is drafted.

It is always advisable to have an agreement to sell in writing. It precedes the execution of a sale deed. This agreement is signed and executed by the seller and buyer on a non-judicial stamp paper. It has legal value and if need be can be produced as evidence in a court. The agreement specifies the procedures to be followed leading to the execution of the conveyance or sale deed. It records the understanding reached between the parties, and is binding on both.

The main clauses in an agreement to sell are:

Names of parties with age, their residential addresses, date and place of execution of the agreement, competence of parties to enter into the agreement, their rights and liabilities, brief narration with details of documents on how the seller got the property, exact location and description of the property, consideration amount, and mode and time of payment, timelines for various acts to be completed and responsibilities, production and inspection of title deeds, period of completion of transaction, expenses to be met and who will meet the cost of transfer, penalty and forfeiture clauses in case of default, conditions for delivery of possession, declaration by the seller that the property is not subject to any government acquisition.

The execution of an agreement to sell needs to be witnessed by two persons capable of entering into contract. It is advisable that the witnesses be from the sides of both parties – one from the purchaser’s side and one from the seller’s side.

The agreement is a pre-requirement for sale of property. Generally, the purchaser pays some token amount as advance earnest money to the seller, which is acknowledged by the seller in the agreement itself. An agreement to sell is required to avail finance from a bank. It also binds the parties to perform their parts of the agreement as agreed upon. It pens down the intent of the parties on paper and makes them legally obligated.

What is rainwater harvesting? Why do you need it in your building?

Posted on December 24, 2014 by Anukampa

Rain water harvesting

Rainwater harvesting is a technology used for collecting and storing rainwater from rooftops, the land surface or rock catchments using simple techniques such as jars and pots as well as more complex techniques such as underground check dams. Commonly used systems are constructed of three principal components; namely, the catchment area, the collection device, and the conveyance system.

Why do you need it?

Buildings with the facility of rainwater harvesting seldom face issues in water supply. The technique provides an independent water source used to supplement the main supply. It does not only provide water in case there is a short supply, but can also help mitigate flooding of low-lying areas, and reduce demand on borings and wells, which may enable ground water levels to be sustained. It also helps in the availability of potable water, as rainwater is substantially free of salinity and other salts. Thus, it helps you live in an eco-friendly, sustainable environment.

Advantages

Rainwater harvesting is an accepted freshwater augmentation technology in Asia. The bacteriological quality of rainwater collected from properly maintained rooftop catchment systems, equipped with storage tanks having good covers and taps, is generally suitable for everyday use, and frequently even meets WHO drinking water standards. Notwithstanding, such water generally is of higher quality than most traditional, and many of improved, water sources used in our cities. Contrary to popular beliefs, rather than becoming stale with extended storage, rainwater quality often improves as bacteria and pathogens gradually die off.

As a residential society, buildings often execute higher pressure on the regular water supply in that area. Thus, making sure the building you live / move in has an alternative clean water supply system of its own, such as rainwater harvesting, assures an uninterrupted supply of fresh water throughout the year.

How are Maintenance Charges Calculated?

Posted on December 16, 2014 by Anukampa

There are different procedures or methods adopted by an association or society for collecting monthly maintenance fee. Some of the important practices that are prevalent are following.

Flat monthly fee:
Under flat monthly fee, apartment owner’s association or society calculates sum or total maintenance charge and divides equally among all flat owners. This system is generally followed where apartments are of the same size.

Per Square feet rate:
Under this method, rate or fee varies depending on square feet owned by apartment owners. Larger the square feet owned, higher will be the monthly maintenance fee. This is widely practiced in Apartment societies with different sizes of apartments.

Partial flat rate:
Under this method, association or society charges flat rate for a limited square feet and each additional unit will be charged extra. For e.g.: Flat owners who owns up to 1000 sq ft will be charged fixed rate and for addition of 100 sq ft, will be charged 2 per cent extra. In this case, all flat owners with 1000 sq ft pay equal amount but flat owners of 1100sq ft, 1200 sq ft and 1500 sq ft pay different amount towards monthly maintenance fee.

Mixed approach:
It’s a central approach to maintenance charging. Generally followed in apartment societies with variable sized apartments. Here there is a per square feet charge, which is generally low plus total expenses divided equally among the flats.

The common expenses will include the amounts determined to be payable as such by the Society or Association. It includes expenses such as expense of administration, maintenance, repair or replacement of common areas and facilities. So long as there is no dispute, any system acceptable to all the apartment owners can be implemented on the basis of agreement or consensus.

Method of calculating maintenance fee varies depending on the agreement or byelaw of an association.

What are Maintenance Charges? Why should I pay them?

Posted on December 10, 2014 by Anukampa

In real estate, the residents or owners of a property in a specific area are charged for maintenance and operations of the commonly owned property areas. This charge is called maintenance charge.

Maintenance charge is generally levied periodically. It is required to fund operations related to upkeep, maintenance and upgradation of such areas, which are not directly under any individual’s ownership.

The main charges levied by the society can be categorised as -

(i) Property Taxes

(ii) Water Charges

(iii) Common Electricity Charges

(iv) Contribution to Repairs and Maintenance Fund

(v) Expenses on repairs and maintenance of the lifts of the society, including charges for running the lift

(vi) Contribution to the sinking fund

(vii) Service charges

(viii) Car Parking Charges

(ix) Interest on the defaulted charges

(x) Repayment of the installment of the loan and interest

(xi) Non-occupancy charges

(xii) Insurance Charges

(xiii) Lease rent

(xiv) Non-agricultural tax

(xv) Other charges.

How are Built-up and Super Built-up Areas calculated?

Posted on December 2, 2014 by Anukampa

In our blog last week, we defined the calculation of the carpet area of a property, which is essentially the area between the walls of a property.

Built-up Area or BUA consists of this carpet area along with the area covered by walls (thickness of external walls, internal walls and columns) and additional areas mandated by the authority such as flowerbeds, dry balcony etc. It is typically 10-20% more than the carpet area and is also sometimes known as the plinth area.

Super Built-up Area or SBUA consists of BUA and the proportionate area under the common spaces of a building. This includes area covered by common amenities, such as the area of lift shafts, lobby, and corridor, proportionately divided among all flats using those amenities. The common usable areas, such as a swimming pool, garden and clubhouse, may also be included in it.

Image: Anukampa Platina Terraces

To calculate the cost of a property, per square foot rate quoted by the developer is typically applied on the super built-up area. This is the reason super built-up area is also sometimes referred to as the saleable area.

A builder can place anywhere from 65%-85% of the super built-up area as carpet area. That means, if the price is quoted as Rs.1000 per sq. ft. super built-up area, the carpet area could be anywhere from Rs.650 per sq. ft. to Rs.850 per sq. ft. If this break up is not mentioned in the agreement, demand that the vendor/ builder mentions it in the sale deed.

What is Carpet Area and how is it calculated?

Posted on November 26, 2014 by Anukampa

Simply put, Carpet area is the area between the walls, that is, the actual area to lay the carpet on. This area does not include the thickness of the inner walls. It is the actual used area of an apartment or commercial unit. Additionally, carpet area must have a permanent roof over it, at a normal height.

Carpet area is calculated by multiplying dimensions of a room, i.e. length x width. We get the total carpet area by adding carpet areas of all the rooms, varandas, passages, gallery inside the main door and balconies.

Depending upon the builder practice, carpet area may be 50% to 70% of the saleable area. It is used to calculate the cost of the property you’re buying. So, if you’re planning to buy an apartment or an office, always check the ratio of carpet area to the saleable area; because higher the ratio, the better value you get for your money!

There are other terms as well, that will help you size up the value of space you’re getting for the price you’re paying. These are: built up area and super built up area, about which we’ll talk in the upcoming blogs. So if you found this information useful, do follow us and share the post with your friends.

Invest in Jaipur, invest in the future.

Posted on November 18, 2014 by Anukampa

The Pink City of Jaipur is being viewed by experts as the closest alternative to Gurgaon! The city, while imbibing all the benefits of a big city, also shuns the drawbacks of big cities like pollution, traffic jams and land saturation.

The city is expected to emerge as one of the ten mega-cities of India’s Future.

It has already become a favourite of national and international IT firms and even the major Indian and international MNCs are setting up their feet here.

Prestigious projects including, Mahindra’s 3,000 Acre SEZ, Anil Ambani’s Mega City Development Plans and Hero Honda’s INR 700 Crore plant are in the city’s developmental pipeline!

Several international hospitality chains including Marriott, Radisson, and Hilton have already established themselves here.

What more, by also becoming a major centre of educational excellence and the setting up of schools, colleges and universities of national repute, it has become a perfect platform to grow and nurture talent for the collective growth of the city.

The Advantage

Jaipur is very strategically located at a 4-hour drive from Delhi on the Delhi-Mumbai Highway. With an efficient transport network that offers connectivity via all means of transportation, and the development of the metro link, it serves as the perfect destination to set up shop with both national and international operations.

With the positive development and rich future potential, Jaipur is seeing a massive boom in the real estate sector, which is collectively benefitting the builders and investors of the region. This presents you with the perfect opportunity to invest in property, and watch your investment grow manifold.

Why pay for property space you cannot use?

Posted on November 12, 2014 by Anukampa

While buying an apartment or an office, it is important to analyse the quality of the architectural planning, so that do not end up paying for space you will never be able to utilise efficiently. This space is called ‘Negative Space’

Negative Space is the area not occupied by any useful construction. This part of the property plan is often neglected, used inappropriately as an afterthought.

The term ‘Negative Space’ comes from the world of art, where it was used as a composition tool between objects in both two- and three-dimensional work. However, in times of rising property prices, shrinking living areas and smartly designed homes, there should be no room for space that is not utilized efficiently.

Having no negative space in an apartment means, having no neglected or unutilized areas on the floor plan. Since the cost of your purchase is calculated on the basis of square foot area, every inch matters.

Smartly designed apartments and other properties will always have the layout in such a way that your property smartly uses every inch of the space you’ve paid for, while providing you an airy, efficient and comfortable living / working area.

Browse through 2 & 3 BHK modern lifestyle apartments in Jaipur that offer you zero negative space with the Anukampa Group.

Why invest in Mansarovar Extension?

Posted on November 5, 2014 by Anukampa

Mansarovar, Jaipur is not only the largest residential colony of Asia, but is also one of the fastest growing areas of the Pink City.

Located in the south-west of Jaipur, the entire region is very well planned with parallel roads crossing at regular intervals. The colony enjoys all the comforts of the city life with fine markets, malls, restaurants, hospitals and educational institutes along with the peace and tranquility of being away from the hustle-bustle of a hectic city life. For residents, it offers the perfect lifestyle equipped with modern amenities, while for investors, it provides a good opportunity to grow and prosper through their investment in this fast developing area of the capital city of Rajasthan. Mansarovar is easily accessible from the major point of the city. It is located at distance of about 7 km from the city centre. The closest railway station is 4.5 kms away, while the International Airport of Jaipur is at a distance of 10 km from this region.

The Mansarovar Extension is coming up to be a bigger, better and more promising extension of this well-planned colony of Jaipur. It is dotted with modern-day amenities in open spaces with a confortable proximity to the city centre and all major markets and utility areas.

Mansarovar Extension is also home to two of the most sought after residential projects of the city – Anukampa Platina and Anukampa Platina Terraces, located opposite each other, and are all set to give the people of this city, a taste of the international high life!

Fascinating Infrastructure by Anukampa Group

Posted on May 10, 2014 by Anukampa

Anukampa Group is incredibly satisfying their clientele by creating the world class architecture in Rajasthan. As the real estate market of the city Jaipur is growing on a very rate and the major developments is taking place at the Jaipur – Ajmer highway, C-Scheme, Jaisinghpura and various other posh locations.

Anukampa Retreat We have our under construction projects such as Anukampa Platina at Mansarovar Ext., Royal Celebrity at Jaisinghpura Ajmer road, Anukampa Residency at Shanti Nagar, Anukampa Tulip at Mahal road Jagatpura and many more. These all residential projects are equipped with basic amenities like outdoor games, Basketball court, Gym facility, swimming pool ,etc. which gives you the feeling of beautiful and secured surroundings. They all are among the best residential properties of the city situated at the prime locations. All these under construction projects are ready for sale and almost ready for possession. We provide you the best from 1 BHK apartment to your own luxury facilitated villas. We also assist you easily available loans.

Apart from these all under construction projects, Anukampa is also engaged in many upcoming projects. The recent upcoming projects of our includes Anukampa Retreat at Sodala, Anukampa Pride at Mahapura Ajmer Road, Anukampa JTN near Rajmandir, Anukampa Township and many more. These all upcoming projects offers you all club house facility that are specifically planned with infinity swimming pool, in-house cab facility for residents, zero-monthly maintenance for five years, landscaped terrace and stretcher lifts increase the convenient factor of the place more.

So plan yourself with a list of facilities you want in your dream home because Anukampa is here to fulfill them as customer satisfaction is our major priority of working.

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