One can buy Properties which can be basically of four types. One is pre launch property, under construction property, ready possession property and resale property. A pre launch property is one which has no existence till now but is expected to be constructed in coming time. But the developer keeps ready the plan of the project on paper and some major details but not each and every tiny detail. Second is under construction property. If the construction is started but not completed then it is under construction phase. A ready possession property is complete and one can move in immediately. A resale property is a pre owned home that is on sale by owner. One can choose the type of property as per his or her requirements. Each one type has its advantages as well as disadvantages.

A pre launch property can be bought if one is ready for two to three years to get possession as it takes that much time to shape up.  It can be riskier to buy a home that does not have a foundation yet. There are some facts that need to be cleared before putting the decision into reality like clearance of land title, building FSI, complete layout of project, floor plans of buildings, the reputation of builder/developer, project completion date or possession time, banks or financial institution’s approval for the project, etc.  A pre launch property is riskier than an under construction property because if the developer is a small builder then he may have fund crisis if a minimum number of units are not booked and thus it can delay the progress of the project or he may compromise the quality if he wants to minimise cost, he may alter lay out or specifications to control costs. A buyer must be careful and be prepared to spend further on rented accommodation as nobody can predict future. The location of the project along with chances of future prospects of the area must be given consideration before finalising the deal. The fascinating offer of below market price can sometimes prove expensive because of delays and the market can take any turn positive or negative during a period of two to three years.  Builder’s capability to complete the project does play an important role in successful completion of such projects. Even reputed builders sometimes couldn’t complete the projects on time given several reasons here and there.

It is strongly advised to do your home work before buying a pre launch property keeping in mind all the factors that affect the decision of buying such properties and choose a repute or big builder instead of small or unheard builder who may not have sufficient funds to start the construction and may postpone the project. In most suburbs that are said to be upcoming hot spots have more land title problems and thus it is important to know the status of land title clearance as these lands usually belong to the farmers of that area and things are not transparent it can create conflicts in future and the site can be declared as disputed land by the government and thus the final loser will be the buyer of the property who invested in that project. The tag of disputed land can lead to stay on buy or sell of homes in that project in future. Under construction properties can also be riskier than those which are almost complete or near completion.  But they are better than pre launch. It is not always that a buyer is on loss while choosing a pre launch property but the risk factor is the highest in such cases even though all precautions are being taken.

One can take a copy of the project papers and get them stamped by government authorities/ municipal authorities to safeguard his/her investment. The buyer gets the price advantage in such projects and if he has considered all factors then he may see advance booking profit when the project is complete. A buyer gets more time to pay rest of the amount slab wise while in a ready possession he needs to pay huge portion of the cost of property as down payment at the time of buying it. A legal person’s help can be taken to check the pluses and minuses of the project as well as the approvals that are claimed by builder can be screened.

Ruchi Mahajan

Renting decision

• Rented properties are usually easy on your pockets while buying home is a big investment. With buying decision you have to be on tight budget.




• There is no liability in rented accommodation while in other case you have to pay down payment and loan EMIs monthly.




• You can move away any time from rented place while after buying a home it feels difficult to move out and go for rented house.




• In today’s time when people moves for better job prospects the rented place is better choice as they don’t need to worry for their home and to put it on rent decision.




• You can live where ever you go. Rented homes can be chosen near the work place, schools, in city centre while you have limited choice when you buy a home.




• You can use your money in more profitable avenues instead of blocking it into real estate for years.




• You can liquidate your investments instantly if invested in other options like stocks or financial instruments while it is difficult to get immediate sale of property.




• After buying home you need to pay maintenance cost and other expenses like wear and tear costs etc while the rented property has no such issues.




• If you are on a rented place you can switch to a better or luxurious accommodation after becoming financially sound but after buying a home in a location it becomes difficult to buy other home or switch.




• You no need to worry about the real estate prices or rising or ups and downs of interest rates if you live in a rented place but it surely affects the home owners.




• If the place where you are buying home is fully developed then the appreciation in price of property is not very much and over a period of years the depreciation also starts on the property. Instead one can invest in precious metal that has always shown upward rise.




• If you buy a home and wants to yield rents that is very low in India and also taxable. In short, the returns are less and the costs are big.




• Finding a good tenant is hard work and getting your property back sometimes difficult or takes your sweat as the laws favour tenants. Due to some bitter experiences people prefer to keep their properties vacant instead of renting them. In such a case there are no returns from your investment.




• You are liable to repay your home loan and interest for years and sometimes it feels like a burden on the shoulders of home owner. You cannot quit it.

Buying decision

• Buying a home is a lifetime decision both financially and emotionally. It gives you a worth of owning something while living on rent is nothing to do with it.




• When you pay interest for your home loan you may consider it as you are making asset instead of spending money while paying rent does not make you owner of any piece of property.




• Renting yields can be an advantage at the age of retirement. As the conditions are improving and new laws are coming in favour of home owner that will benefit the owners of property in future.




• If we see the past records the real estate has shown unbelievable growth and those who have invested in property five years back are enjoying capital appreciation in doubles and triples. Isn’t it enough to motivate you to invest in property?




• In spite of sky rocking prices people are opting to buy home as the graph is going upward only. Have you ever seen a person who was not happy after buying a home or regretting his decision? Buying a home is like building asset for you and your coming generation.




• The risk factor is very less while investing in properties as compare to investments in financial instruments or stocks.




• Various factors drive the real estate growth in a particular region and if you are smart enough to see the future prospects then go ahead and invest in property in that location as location plays very important role in real estate growth.




• You save on taxes when you buy a loan for as long as you pay the interest.




• Even though you don’t want to rent out your home you can move in and enjoy stress free life by not worrying about paying high rents.

It is definite that in a country like India which is so densely populated

Ruchi Mahajan

When you go to buy a new property then you can choose the floor of your choice like which floor is most suited to you like higher floor or lower or middle floor. You have option for directions, location and sq ft area and can see the construction quality too while property is under construction. Apart from these one can also make changes in the home during construction like electric points, wall finish, extra telephone and TV points, kitchen design, etc while in a resale property there are limitations of major alteration and the choice is limited.

You get the fresh property while buying a new home but in a resale property you get the used home. It can be renovated but still it is used.

New property won’t give you advantage of location as most probably it is a bit far from the city as all the upcoming projects are coming at a distance because the city areas are saturated and more expensive as compare to out skirts while a resale property will have developed surroundings.

Resale properties are ready possession while to get the possession of new properties you need to wait for months and years.

You can save on rent if buying resale property as it is readily available while a new home may not be available immediately and thus one needs to continue on the rented accommodation till possession time.

The resale property usually costs you less as compare to a new property depending on the age of property and location.

Due to increase in lending rates i.e. interest rates and sky mounting property prices developers are constructing small flats so as to fit in the budget of the buyer but the resale properties usually have bigger carpet areas than new flats.

You get the advantage of getting what you see in resale property but in new property the finished product may differ from the one you saw as a sample. The promises may not be fulfilled as projected in the fancy brochure but in the resale property you may not face such a situation as the things are already there.

There is no problem of delayed construction or registration or taxes in case of resale property.

It is suggested to involve or take services of lawyer to verify all the documents of property before finishing the deal of resale home as the things should be legally right and in place in order to avoid any unexpected consequences in future. The buyer must be careful while buying a resale property. The lawyer’s fee is an addition to the cost of flat or home. In case of new property it is sold by directly the builder or developer and thus it is not necessary to hire the services of lawyer.

In case of finding a resale property you need to take assistance of real estate agent as he can guide you and help you best in finding the suitable match to your requirements because he is in the field and more knowledgeable than you While in a new property you usually don’t need an estate agent to find the home as everything is on internet and the advertising media do the rest of the job.

In a resale property you don’t face problems like water issue, road issue, maintenance or society formation etc as all these are already in process while in a new society which is yet to develop various issues come on the way.

Nowadays all upcoming residential projects are highly luxurious and with plenty of amenities but the buyer has to pay for these facilities whether he uses them or not and that adds to the monthly maintenance cost but in a resale property it may not cost you that much.

A new property gets more appreciation while a resale property does not appreciate at that rate.  Over a period of time depreciation starts on the property.  In future the return from new property is more as compare to old (resale) property.

In short one needs to check his requirements like whether he needs early possession or can wait for two three years along with his budget to buy the property, location of the property etc and as per his requirements whatever fits best in his frame , he must go for that. Too much thinking can lead to miss an opportunity. That is why it is suggested to be moderate in taking decision instead of going into too much of thought process.

RUCHI MAHAJAN

A terrace garden can be a landscape gardening or potted gardening. Landscape gardening is the art and practice of laying out grounds by planting trees and shrubs and adding decorative pieces to it. It looks just beautiful and attractive. For landscape ideas you may take professional help or can go through websites or magazines. Landscaping is most suited in bungalows, row houses or villas as they have more space than in flats. But in an apartment as well one can do landscape gardening. It can be in terrace if it is very spacious and society allows doing that or on roof tops. A kitchen garden is a garden that mainly has plants of vegetables or kitchen herbs. These plants can be grown in the pots easily. A window garden can be developed by planting small flowery plants which need less water. These pots can be kept between the grills and the glass shutter of the window. The water drainage system should be in place for such gardens. If you have a roof top in your possession then there cannot be any better place for gardening than this one. It has much more scope to develop a landscape as well as big potted garden.  Here are some simple tips to make your garden flourish all through the year.

• First of all you need to decide what type of garden is most suited to your home depending on the space availability, budget and finally the time factor which you can devote to develop and maintain it. It is one the most relaxing and satisfying thing one can do in spare time.
• For landscape gardening you need to plan and design, if you want you may take help of professional, landscape architects or home gardeners. Nowadays magazines and internet are replacing the professional services. You can make your own design but things to keep in mind that the capacity of your terrace and the proper drainage system is there. If you are not sure then it is advisable to take professional advice.
• After deciding the space and design for your garden now you need to choose the plants. If it is a kitchen garden then can go for vegetable plants or seeds along with herbs, sweet Neem plant, basil, catnip, rosemary, etc. If it is a terrace or roof top garden then can have a mix of flower plants, creepers and other decorative plants. For window garden go for flowery or decorative small plants which require less water.
• While choosing flower plants you must make a selection like that your garden remains flowery all through the year. Flower plants are usually seasonal so have a mix of them as per your taste and fragrance choice to keep your garden look fresh in every season.
• Have a mix of potted plants, creepers, flower plants, exotic orchids and shrubs in your garden as it will be attractive and refreshing. Arrange these plants as per the sunlight requirements. Those plants which require less sunlight should be kept in half shade.
• If space allows then one can decorate their garden by placing small water bodies like fountains, sparkling lights, fixtures, small stones and other decorative garden accessories to make it look just the perfect. All these items you can get from nurseries and garden shops.
• Frequent pruning of plants help them grow faster and look proper. Pruning is trimming a plant or shrub by cutting the dead or unwanted branches/stems of the plant.
• Use of fertilizers and manure is important. One can take help of gardener in using them. Pesticide spray is also required once in a month to keep weeds, pests and other harmful insects away from your garden. You can use herbal Neem oil as a pesticide spray on plants. Just boil Neem leaves and then after cooling it add to the water that you give to plants to keep weeds and insects at bay.
• If space allows one can make sitting arrangements in the garden by using cane, wooden, bamboo or wrought iron furniture. It will serve a perfect relaxation spot in your home.
• If you want to keep mosquitoes away while enjoying then grow some mosquito repellent plants for example Rosemary, Ageratum, Neem, Basil, Catnip, Marigold, etc.
• While choosing for pots go for earthen pots instead of cemented pots which are quite popular today but plants soil cannot breathe in them and thus the growth is affected.
• Similar looking plants should be kept together.
• Do check if the plant has grown enough and needs more space then transfer it into bigger pot.
• Do not over water your plants as in different seasons water requirements are different.
• Making a walk way of stones if landscaping, it will look cool and inviting.

Ruchi Mahajan

It is the key concept behind every real estate purchase.  Appreciation can be understood as the increment or enhancement in the market value of the property over a period of time. The actual fact is that the value of houses or apartments never appreciates at all but the value of land on which the property is built gets appreciated over a period of time. The value of houses actually starts depreciating after years of usage.  Then the question comes how the owner gets profit on his or her property. The depreciation value is usually lesser than the appreciation value of the property as it happens in most of the cases and thus the owner of the property gets benefited. If we see the present scenario the demand for residential properties increased and for the prime locations huge group of buyers is easily available.

There are various factors that contribute to the appreciation of prices of real estate in a particular area:

The supply and demand ratio

If the demand is more than supply then it is obvious that the price will rise in that particular area. If the supply is more then demand will automatically come down and in other case if the demand and supply are equal that is very rare then the price will be stagnant. But if we take a long period it is not possible things to stay the same as there will be ups and downs in the graph.

Home loan interest rates

This is another factor that potentially contributes to the real estate appreciation. When the interest rate or the cost of borrowing goes up then the cost of property will go up and thus the property rates will appreciate.

Real estate market drivers

if in a location new industries are coming up or already existing industries are expanding or educational institutes are opening or new infrastructural development is happening in that area for example a connecting bridge is coming up that connects the area to a national highway or a prime location of the city or any big company is opening its office there which can employ thousands of head counts then no doubt the demand in that location will shoot up and thus the rates of real estate will rise.

Inflation

Inflation is a word that no one likes to here but it is there and will always be there as it is just a mathematical calculation in percentage that shows how much we need to pay more for the same goods and services that we are currently using. It indicates the increase in price level. If inflation increases things get costlier and thus properties do get costlier because the cost of construction will increase. For example if petrol and diesel prices rise the transportation cost will increase and thus everything that needs transportation will be affected. The inflation plays important role in property price appreciation.

Growth in Population

Population growth is correlated to the demand for residential properties. The main reasons for population growth is employment opportunities in the area due to which many people migrate from other parts of city, state or country and thus the demand for residential and rented properties increases.

Development/growth in the economy

There is a scope of development in developing economies and this process of development drives growth in all sectors whether it is real estate sector or industrial sector or education sector. As the city grows, employment opportunities increases, infrastructure progresses and the city get a new shape and recognition. If we take example of Pune city which was known as pensioner’s paradise some years back because of its peacefulness and distance from highly active metro city of Mumbai but today it has become mini Mumbai in terms of development in IT sector, automobile sector, education centres, real estate sector and we should not forget to mention that huge pool of population are migrating to the city from different parts of country due to employment opportunities.  Only in the Hinjewadi IT Park approximately 70000 tech people are working today which can double in the coming years and thus the real estate in that area will definitely go up in coming years.

Ruchi Mahajan

Reasons of increasing waste problem

• Along with the development of economies the living standard has gone up and it contributed to increase in waste as people prefer to use new things instead of reusing or repairing the old one.

 

• Hi-fi lifestyle has encouraged people to use digital homes, the usage of all electronic home appliances  like microwave, washing machine, refrigerators, food processor, coffee maker, induction cooker, electronic gas etc. has increased and thus the production of these appliances has increased that is why the waste simultaneously has risen.

 

• Lack of sense of social and environmental responsibility among citizens makes the problem severe. In India it is a common sight to see overflow of stinking garbage in every nook and corner.

 

• Rise in population is another factor that makes the entire management system difficult to operate smoothly and efficiently. Many big societies and new townships are coming in the picture and if they don’t manage their waste it will be a big problem in near future.

 

• Lack of education in developing countries like India is one of the reason contributing to the problem as the people don’t understand the importance of waste management. They don’t respond or participate in keeping their environment waste free, don’t recycle or reuse the items that can be reused.

 

• Lack of time has made educated people to escape their responsibility towards environment and neglect such issues.

 

• The problem becomes severe due to the behavior of both the residents as well as the government authority. Both have a attitude to neglect such an important issue.

 

• Increase in production in order to fulfill the demands of rising population leaves a lot of garbage without proper disposal behind.

 

Practical methods to manage waste in your society or apartment:

• Start from yourself and do take responsibility of at least the waste that is produced in your household.

 

• Segregation of waste at source makes things easier in waste management process. Keep dry and wet garbage separate.

 

• It is a good idea if you can make compost of kitchen waste like vegetable peels, food waste, tea and coffee leftover, garden leaves etc. this compost can help to make the soil fertile and provide nutrients to your apartment garden.

 

• One most important step is to avoid plastic bags from super markets as much as you can. Do remember to take your carry bag with you.

 

• Always prefer products with less packaging or cardboard packaging instead of plastic packs.

 

• Give instruction to your house maid to segregate the dry and wet garbage.

 

• Follow the three R’s- Reduce, Reuse, Recycle. Always try to reduce the production of waste like plastics, electronics, electricity, packaged food, etc. as the usage is directly connected to the production and thus the waste. If things can be repaired then it is better to repair instead replacing it as it can save money, energy and waste. Reuse all the items till the time they can be used. If not possible to use then recycle it or put it in recycling bin. It is the best way to save your environment. Glass bottles, plastic bags, tins, cans, paper waste, etc. can be recycled. Recycling helps in reducing production of fresh items and thus saves resources and energy.

 

• Be aware of new methods of waste management and make others aware of the issue and do take action if things are not going in the right direction as they supposed to be.

 

• You can start from your family members then take this awareness to the society level to control the waste in your society.

 

• You can opt for different colored bins to separate the garbage in your society and to encourage residents to learn how to segregate the garbage.

 

• It is a good idea that instead of discarding something that is useless to you, giving to someone who may want or need it.

 

• Participation of each and every individual who is directly or indirectly responsible in production of waste at each level is very important in this mission of waste management as it is not in hands of one or two people or group to keep your environment clean and waste free.

 

• If required take help of various NGOs who volunteer in teaching waste management techniques to societies.

 

• Conduct regular awareness programs in your society meetings or gatherings to make people realize their responsibilities.

 

• All builders and developers should install the waste management and composting system in their projects so as to get a green certificate from construction authorities along with serving and saving the environment.

 

• CREDAI KOCHI has took the initiative to implement eco friendly waste management system called the Aerobic Microbial Composting system which is a solid waste management system approved by Clean Kerala Mission. We can also learn and implement such techniques in association with government authorities to keep our city clean and waste free.

 

We all should join our hands as a responsible citizen to fight the problem of waste and make our city, our country and our Earth a better place to live forever.

Ruchi Mahajan

The government has made some rules and regulations in connection with the transfer of property so as to protect the rights of both the parties. The first question is

Who can transfer the property?

• Any individual
• A company
• A trust

To whom the property can be transferred?

• Any individual
• A company
• A trust

What are the ways of transfer of property?

• Sale deed
• Gift
• Will
• Release deed
• Lease
• Leave & license

What is the process of transfer of property?

Each of the above transfer deed has different procedure to be followed as per the laws applicable in that area. The Property Act which has provisions (rules and regulations) and the procedure to be followed regarding transfer of property is applicable in most of the cases.

What are the precautions a buyer should take before buying the property?

• A buyer must check all the deeds of title that are related to that particular property which he/she is interested in buying.
• All the documents of property must be examined carefully to clear any doubts regarding ownership of the seller.
• It is advised to involve a legal person (advocate) for assistance in the transaction of property.
• A search report is a good idea to know all the previous transactions on that property and it also helps in finding the previous owner’s details and the current owner’s authenticity.
• One very important point here is that the buyer must check if the property has any pending amount on it like property Tax, Electricity bill, water charges or society/maintenance charges, etc. If there are any dues then first the seller must clear all these dues then only go further.
• Before finalising the transfer deal the buyer should determine the terms of transfer like the amount of transferring the property, stamp duty and registration charges.

What is stamp duty in case of transfer of property?

After the complete check is done the next step in the transfer of property is stamp duty.  Stamp duty is like a tax which goes to government like any other taxes paid to government. As per the Stamp Act each and every document has to be stamped except a will. It is very important part of any transfer process of property. The amount of stamp duty is not same in each case as all deeds have different stamp duty as per the market. It is determined or calculated as per the type of transfer and it may differ state to state and place to place. The stamp duty document is a paid agreement and considered as a proper legal document.  This is produced in court as an evidence of transfer of property.

The respective state governments fix the market value of properties in an area at the beginning of each year and this value is taken as a base for calculating the amount of stamp duty of property in that area.

What is registration of property?

After stamp duty is done the next is registration of the property. As per the Indian Registration Act 1908, all the transfer of immovable properties has to be registered compulsorily. Registration of property is basically a process of recording the copy of the document of transferring the title in the immovable property. The registration is done at the registrar’s office after the parties executes all the required documents.
It is important to note that the agreement must be registered with the sub registrar with in a period of four months of execution of documents and due to any specific (unavoidable) reason if it was not done in that time then a particular charge has to be paid along with the application for registering the documents of execution to the sub registrar of assurance within a further time period that cannot exceed four months.

Conclusion

The transfer of property term looks quite simple but in reality it goes through a process and it is advisable to follow the process to escape any loss and legal issues relating to the property. All the care and precautions must be taken seriously in spite of knowing the owner of the property well as it will be in the purchaser’s favour and the things will go smoothly in future.

Ruchi Mahajan

1. It is a good idea to do some homework before selecting the location to rent a house. The location should be close to the work place, market and transportation facility.
2. If moving with family then looks for good schools, hospital and recreation facilities as well. If you are alone then try to find suitable roommates who can share apartment with you and thus the rent will be half. It is important to know the habits of roommate like smoking or drinking, etc. before sharing room as it may be difficult for you to adjust with him.
3. One important factor that needs attention is the cost of living. Select a location that is appropriate as far as the necessities are concerned and not over budget. Decide in advance how much rent maximum you can afford.
4. After selecting the area look for the right sized property. You can take help of various advertisement Medias like newspapers, internet or a real estate agent who can find you the place as per your requirements. In case of agent helping you, he may charge one to two months’ rent from you. Be prepared for that.
5. Keep your records ready like previous landlords number, employer’s information, two three references if possible can help you get the property on rent fast.
6. After finding the property check it out carefully to find anything negative, unhygienic or hazardous that can harm you or your family. Discuss all the points with your landlord. If there is any issue ask him to get it fixed before moving in.
7. Check on the inventory as well to avoid future conflicts with landlord and get it done in writing so that you don’t lose your security deposit.
8. Get a chance to know you your new neighbors to get information about the property, landlord, utility things and the area as well.
9. If you have pets then inform your landlord in advance because in some societies pets are not allowed.
10. A written agreement is good option that can include all the points from the amount of security deposit to notice period. It is better to discuss or make it clear how much time will be needed to return the deposit amount by the landlord after termination of the rental agreement.
11. Negotiation works most of the times so it is better to bargain for the rental amount and the security deposit amount. You can get the idea of rentals in that area from newspapers and internet or websites.
12. One needs to know before moving in what amenities are there like swimming pool, gymnasium, clubhouse, etc. and is there any charge for using it by the tenants. Which parking comes in that property as it may create problems if the parking space is not mentioned in the agreement?
13. It is also better to discuss what changes one can do in the house like painting, coloring or wall hangings, etc. the landlord should be informed in advance.
14. Last but not the least the rental law favors the tenant and it is the responsibility of the tenant to keep the premises or house in good condition as it was prior moving in. if he does any damage to the property then as a responsible tenant he should compensate it.
15. Keeping the house neat and clean can help you retain your deposit amount safe otherwise you may lose some of it.

Ruchi Mahajan

The law related to rental of properties is called the Rent Control Act. There are some short comings of this law as it is very generous and usually the points included in this law favours only one party that is the tenant. That is why it needs to be corrected as soon as possible to protect the rights of land lord. This act talks about eliminating exploitation of tenants by their respective owners but the rights of owner and its protection is missing and thus it is just one sided Act. Due to this law the rental market has became fearful of unpleasant tenants and their prior bitter experiences. Sometimes situation comes when a landlord refuses to rent their properties in spite of being vacant and loss of rent as the law doesn’t permit them to take actions against such tenants.

In some areas of country people (tenants) are still paying rents that were there more than 50 years back. The tenants have almost become the owner of those properties and the landlord cannot take any action just because the rental law has tied their hands. It is not fair as the law should promise to protect the rights of all the parties involved in the transaction not to favour just one.  The owner is being exploited by the tenant here as they are losing their properties along with the rent. The inflation and the real estate rates are sky mounting but the rent amount is same that does not make any sense.  If you do a research and get the statistics in your area then you can find that there are more cases of exploitation by tenants than by landlords.  The law should be such that can be able to protect the rights of both the parties and encourage the healthy relationship between them.

In the year 1992 a Model Rent Control Act was proposed by the central government which was circulated to all the states. It has certain modifications in the existing regulations in a view to improve the law of rental properties. It also prescribed a rent level beyond which the rent control couldn’t apply. In the year 1997 the New Delhi Rent Control Act was passed which was based on the Model Rent Control Act but this new act was resisted by many traders who are sitting tenants and thus this act has failed.  Only some of the states in the country have introduced the new Model Rent Control Act.

Maharashtra state, Delhi, Tamil Nadu, Karnataka are some states that have come up with new Rent Control Act that has provisions related to the disputes between the two parties, the tenant and the land lord. The new act has provision regarding fixation of rent along with decree of possession of property.  The rental agreement has become an integral part of the Rental Laws in India. A rental agreement can be understood as a document that legally binds both the parties into a contract or agreement. This agreement contains all the points that are of his interest like duration of agreement, amount of rent, notice period, details of the property, items included in the property, etc. This agreement is signed by both the parties on mutually agreeing on the conditions written in that document. The landlord should get this agreement registered and a duplicate copy of the same should be given to the tenant in order to avoid any future conflicts. The question here is how many of us really go for a rental agreement and then registers it?

In short we can say that the rental laws in India needs to be revised in order to protect the rights and properties of landlords from tenants, termination of old tenancy, rule of rent amount increment as per the market inflation, rights of tenants, etc. If the rental laws give protection to both the parties in the rental Act then the rental market can grow fast and more and more people will encourage entering into the rental market and can see it a viable option to earn income.  The government should also revise the rental taxation system to motivate people in contributing in growth of rental market in India.

Ruchi Mahajan

WHY WE NEED HOME INSURANCE?

In today’s time nothing is certain and anything good or bad can happen anytime. So the need of the hour is to be prepared for any such situation whether it is a man made or natural calamity. In both the above cases we need to protect our property that is the fruit of our life long hard work and hard earned money.  Manmade disasters include burglaries, explosions or theft while natural calamities include flood damage, earthquakes or fire, etc. We never want to lose or damage our dream home. Home insurance is the perfect solution to be tension free and enjoy life in the dream home. There are various companies and financial institutions that offer different home insurance plans to protect your home. Home insurance helps to protect your interest as an individual and as a family.  It also protects you if you have a housing loan or a third party liability.

SITUATION IN INDIA

If we see from India’s point of view which has a population of 120 crores and approximately 240 million homes but out of them not even one percent homes are insured. It gives us an idea that Indian population is not as acceptable for insurance as western countries. As the information is spreading about the benefits of home insurance the picture is changing and more and more people are coming forward to opt for home insurance as per their requirements.

COMPANIES OFFERING HOME INSURANCE

Some of the top insurance companies that offer home insurance plans are as under:

1. Bajaj Allianz General Insurance Company Ltd
2. Cholamandalam Ms General Insurance Company Ltd
3. Future Generali India Insurance Company Ltd
4. HDFC General Insurance Company Ltd
5. ICICI Lombard General Insurance Company Ltd
6. National Insurance Company Ltd
7. Tata Aig General Insurance Company Ltd
8. United India Insurance Company Ltd
9. Cholamandalam Ms General Insurance Company Ltd
10. Future Generali India Insurance Company Ltd
11. HDFC General Insurance Company Ltd
12. ICICI Lombard General Insurance Company Ltd
13. National Insurance Company Ltd
14. Tata Aig General Insurance Company Ltd
15. United India Insurance Company Ltd

A GENERAL HOME INSURANCE POLICY COVERS

1. Fire and allied perils
2. Natural calamities like earthquake, cyclone, rock slides, storms, tornado, explosions and implosions, volcanic eruptions, lightening etc.
3. Burglary/robbery
4. Jewellery/precious stones
5. Domestic appliance
6. Electrical equipments
7. Plate glass
8. Peddle cycle
9. Personal accident insurance
10. BAQQAQE Insurance
11. A) Public liability B) Workmen’s compensation

ITEMS NOT COVERES

1. Cash
2. Jewellery valuing more than Rs.15000/- and if it is not in the policy along with the valuation report of a government approved valuation jeweller.

FACTORS CONSIDERED WHILE CALCULATING HOME INSURANCE AMOUNT/PREMIUM

1.location of the property
2. Area of the house
3. Rate of construction (approx.) (Rs./sq.ft.)
4. Age of the house as more than 50 years old houses are not insured
5. Only solid constructed house are considered for insurance

TYPES OF INSURANCE PLAN

1. Standard or fixed cover
2. Flexible cover(expensive )

INSURANCE CLAIM

In case of loss or any incident one can claim the insurance amount as per the policy taken by giving the details of the loss to the 24 hour call centre office of the particular insurance company. A surveyor appointed by the company inspects the site and report the loss to the company. The claim is processed within 7 to 15 days as per the report submitted by the inspector.

Ruchi Mahajan