Housing Update

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F.A.Q.s
 Q: I live in an apartment constituted under the Apartment Ownership Act, 1963 What happens in case of destruction or damage to the common property?
A: If, within sixty days of the date of damage or destruction to all or part of the property, it is not determined by the Association of Apartments Owners to repair, reconstruct or rebuild, then and in that event,-
a) the property shall be deemed to be owned in common by the apartment owners;
b) the undivided interest in the property owned in common which shall appertain to each apartment owner shall be the percentage of the undivided interest previously owned by such owner in the common areas and facilities;
c) any encumbrances affecting any of the apartments shall be deemed to be transferred in accordance with the existing priority to the percentage of the undivided interest of the apartment owner in the property as provided therein;
d) the property shall be subject to an action for partition at the suit of any apartment owner, in which event the net proceeds of the sale together with the net proceeds of the insurance on the property, if any, shall be considered as one fund and shall be divided among all apartment owners in percentage equal to the percentage of undivided interest owned by each owner in the property after first paying out, all the respective shares of the apartment owners to the extent sufficient for the purpose and all charges on the undivided interest in the property owned by each apartment owner.
  
Q: What particulars must 'Deeds of Apartments' under the Apartment Ownership Act contain ?
A: Deeds of Apartments must contain the following particulars, namely:
a) Description of the land as provided by Section 11 of the Act or the post office address of the property, including in either case the liber, page and date of executing the Declaration, the date and serial number of its registration under the Registration Act, 1908 and the date and other reference, if any of its filing with the competent authority.
b) The apartment number of the apartment in the Declaration and any other data necessary for its proper identification.
c) Statement of the use for which the apartment is intended and restrictions on its use, if any.
d) The percentage of undivided interest appertaining to the apartment in the common areas and facilities.
e) Any further details which the parties to the deed may deem desirable to set forth consistent with the Declaration and this Act.
A true copy of every Deed of Apartment shall be filed in the office of the competent authority.
Courtesy: www.legalpundits.com
 
Q: What is the purpose of collecting amounts towards Sinking Fund in Co-operative Housing Society? What should be the contribution from members towards Sinking Fund? When can the amount collected for Sinking Fund be spent by the society?
A: The purpose of collecting Sinking Fund is to accumulate and keep sufficient funds with the society so that the property of the Society i.e. building can be reconstructed in future. The contribution to Sinking Fund is a statutory obligation. Sinking Fund has to be contributed as decided by the General Body of the Society. It should be at least @1/4 per cent per annum on the cost of the each flat excluding the cost of the Land. On the resolution passed at the meeting of the General Body of the Society and with the prior permission of the Registering Authority, the Sinking Fund may be used by the Society for reconstruction of its building/s or for carrying out such structural additions or alterations to the building/s as in the opinion of the Society's Architect is required for carrying out such heavy repairs as may be certified by the Architect. However permission is not usually granted by the Registrar to withdraw amounts from the sinking fund.
 
Q: What is Vaastu Shastra?
A: Vaastu Shastra is the Vedic system of Architecture & Design. Vaastu Vidyaa is one of the sixty-four identified ancient Indian Arts. Vaastu Shastra was given by the sages for betterment and welfare of society. It is believed that affliction of Vaastu creates sorrows and disappointments. Vaastu Shastra i.e. science or "shastra" of structures, tells us how to build a house or office for greater happiness and prosperity. Houses, villages, towns and cities should be designed according to the principles of Vaastu.
 
Q: What are the basic principles of Vaastu Shastra?
A: The basic principles of Vaastu are Vaastu Purush Mandala i.e. a man lying with his head-pointing North-East, in a grid of 64 squares dedicated to different Gods. It is believed that the world comprises of five basic and essential elements known as SPACE, AIR, FIRE, WATER & EARTH.
 
Q: What would constitute an ideal plot?
A: •Square Plot : is the best shape of a plot in which all four sides are straight and equal in length and it has equal angle of 90 degree at all four corners.
•Rectangular Plot: having its length not more that double the breadth (length and breadth not more that 1:2) is a very good plot. A rectangular plot has four straight sides and equal angles of 90 degree at all corners with opposite sides of equal length.
 
Q: How does one determined direction of the plot?
A: Direction of a plot can be determined by any of the two modern simple methods by using a compass, the device for finding direction which has a freely moving needle which always points to the magnetic North. Make two lines crossing each other dividing a paper in four equal parts at 90-degree angle. Place a compass on paper in the middle of your plot and align it with two lines in the North and the South of the needle of the compass. Extend these lines on the plot and mark it to have exact direction.
 
Q: What should be the proportion of the dimensions of a house?
A: The proportion between length and breadth should be 1:1 but it should not exceed 1:2 ratio. The size of length, breadth of a house, affect the fortune of the person who lives in it.
 
Q: Which are the ideal locations for various rooms in a home ?
A: •Drawing room: (Northeast or the North or the East) It must nor be located in the Southwest portion of the house. More vacant space should be given in the Northeast corner of the drawing room. The door is preferable on the East towards the Northeast side.
•Kitchen: (Southeast) The presiding deity of the Southeast is Agni, the God of fire; hence kitchen may be located the southeast corner of the house. Location of the kitchen has health implications.
•study room: (North or East or Northeast) These directions attract the positive effects of Mercury increasing brain power, Jupiter increasing wisdom, Sun increasing ambition and Venus helps in bringing about creativity in new thoughts and ideas. Books may be kept in the Southwest side of the room. Study room may have door on the East or the North, or the Northeast
•Bedrooms: (Southwest) Bedrooms located in the South direction and will be congenial for comfortable living. The Master bedroom may be on the upper storey, if any, in the Southwest portion of the house. Correct direction while sleeping brings mental peace, good thoughts and spirituality. One may sleep with legs towards the West and head towards the East. One should never sleep having head towards the North Pole and legs towards the South Pole.
•kid's room: (Northwest or West) To have a better concentration they should have a separate study close to their bedrooms.
•Bathroom: (East) Attached bathroom may preferably be in the North, or the East of a bedroom. Shower, bathing tub and wash basin in the bathroom may be in the Northeast, or the North or the East direction. One may have bath in the North or the East area in the bathroom. Bathroom should never be constructed in the center or in the southwest corner of the house.
•Storeroom: (Northwest or Southwest) It is very beneficial if grains and other provisions are stored in the Northwest store. All heavy things may be stored in the Southwest of the storeroom. Garbage may be collected in the Southern side portion of the house.
 
Q: What is Feng Shui?
A: Feng Shui is the ancient Chinise practise of understanding the vital energy known as “chi” . In its traditional form, Feng shui is a discipline with guidelines that are compatible with many techniques of architectural planning. It deals with analysing and influencing the interaction between people, buildings and the environment in order to enhance the quality of life.
 
Q: What are the basic principles of Feng Shui?
A: The basic principles of Feng Shui are :
• Yin and Yang
• Five Elements : METAL, WOOD, WATER, FIRE and EARTH
• East/West Compass Directions
• Solar System
• Environment
Feng Shui is based upon a set of theories and complex calculations derived from the Yi Jing. This includes an in-depth understanding and application of the theories of Yin and Yang, along with the balancing of the Five Elements and taking into account the physical relationship between the natural environment and the magnetic field. It recommends that you build structures, whether residential or commercial, so as to have a positive atmosphere inside. The ownership of premises is not so important, whoever occupies and stays in the building is the recipient of the positive or negative effect.
 
Q: What is the role of the five basic elements?
A: The Ancient Chinese believe that the five basic elements constitute every compound of the universe and the circle of life is linked with these five elements. Therefore, it is important to have a correct ratio of all the five elements in your life. Every element can bring disadvantage or advantage to your life. The shortage of any one element can and will bring disturbance in your life. Feng Shui can be applied to analyze the energy (Qi) of a city, state, country or even the world.
 
Q: How is a Feng Shui reading done?
A: A Feng Shui practitioner using a Lo-pan (compass) determines the energy characteristics of a building and its resultant effects on the building's occupants. Calculations are done according to the basic principles, then remedies are prescribed where necessary in order to balance the energy so it will have a positive effect. The best time to have a Feng Shui consultation is when you want to :
•Move into a new home or office
•Buy, remodel or sell a home or business office
•Increase your prosperity
•Boost your health
•Improve your relationships
 
Q: What is Bagua According to Fengshui?
A: The ‘Bagua’ is an energy map of the movement of energy or “chi” with flexible templates divided into nine parts according to which a plan of your property, land, house, apartment, or even a room could be designed. It is a symbolism that helps in developing positive and intuitive relation with the home you live in.
 
Q: What is the impact of tools used in Feng Shui?
A: •Wind Chimes: are considered the most useful and attractive tools to activate positive Chi and suppress negative energy in living space. The tinkling of Wind Chime stimulates creativity in the place where it is installed and helps Chi to flow upward and fill the room with creative energy. A wooden Wind Chime would be neutral and it will also help to compensate if there is any lack of wood element.
•Plants: are considered extremely powerful Fengshui cures, and they’re also effective stimulants. Apart from the decorative purpose, plants contribute to a great extent in deflecting away the negative of Shar Chi. Fading or dry plant in the home or office produce negative energy instead of absorbing the same. Artificial plants also can be used because it is easy to look after them. Thorny plants are not preferred in home or in the office because they can breed negative energy.
.Mirrors : In Feng Shui, a mirror brings the energy of water. Mirrors are also used to expand a space, as well as to draw the beneficial Chi in. With proper placement, they can dramatically shift the flow of energy in any given space. They also bring a sense of refreshment and calm. Generally, there are three categories of mirrors in Feng Shui - Typical mirrors, Concave mirrors and Convex mirrors. According to Feng Shui, effects of the mirror, depends upon their placing.
 
Q: What is the impact of the following items according to Feng Shui?
A: •TV in the bedroom: is doubly harmful for a bedroom because when the TV’s uncovered surface serve as a mirror which directs the (energy) Chi back to the bed, make it very strong for resting and when the TV is on, it creates an illusion of an open, busy world around you, creating busy, noisy surrounding in your bedroom, which is positive neither for intimacy nor resting.
•Clutter: considered harmful, is a crowded and untidy collection of things in a dirty state or those possessions that are neither useful nor beautiful. This clutter does not create any positive energy.
•Toilets: are considered to be a place where germs multiply and cause health problems should be located at a remote position. Poor health gives rise to expenses, missed opportunities, bad effect on the relationship between family members, particularly the husband and the wife.
 
Q: What should a purchaser keep in mind while purchasing a residential flat?
A: Some important points to keep in mind while buying the flat:
•Locality – Proximity to workplace, educational institutions, hospitals, shopping areas, entertainment centres, transportation, pollution levels.
•Quoted area of the flat i.e. Carpet, Built Up Area and super Built Up Area
•Car parking space
•Quality of construction
•Reputation of the builder or seller
•Sufficient water and electric supply, other utilities
•Cost components: price, stamp duty, registration charges, transfer fees, maintenance charges, any other payments
• Appreciation of the property for resale and rental.
•Any other distinguishing features or advantages of the property
 
Q: What is meant by Carpet Area, Built-Up Area & Super Built-Up Area?
A: •Carpet Area is the area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls. It is the actual used area of an apartment/office unit/showroom etc.
•Built up Area is the carpet area plus the thickness of outer walls and the balcony.
•Super Built Up Area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc. The plinth area along with a share of all common areas proportionately divided amongst all unit owners makes up the Super Built-up area. Sometimes it may also include the common areas such, swimming pool, garden, clubhouse, etc. This term is therefore only applicable in the case of multi-dwelling units.
 
Q: How can knowing the Carpet Area, Built-Up Area & Super Built-Up Area of a flat help me in purchasing a flat?
A: This break up is extremely essential as builders can place anywhere from 65% to 85% per cent of the super built area as carpet area. That means, if the price is quoted as 1,000 sq ft super built up area, the carpet area could be anywhere from just 650 sq ft to 850 sq ft. If this break up is not mentioned in the agreement, demand that the vendor/ builder mention it in the sale deed.
 
Q: Should I inspect a property before buying it?
A: Yes. It is important to inspect the property, probably this is the largest single investment you will ever make. You should know all the details of the property and need for any major repairs / modifications before you buy. You can crosscheck the commitment made by builder and actual implementation. A close inspection points out the positive aspects of the property, as well as the maintenance that will be necessary to keep it in good shape. After the inspection, you will have a much clearer understanding of the property you are about to purchase.
Few important points to check while inspecting…
•Plumbing systems, drainage, water faucets and sanitary fittings.
•Electrical systems, circuit breakers, wires, capacity of the electric meter, functioning of light fittings
•Roof, walls, ceilings, floors, paint work.
•Foundation, basement and visible structures.
•Doors and windows, latches, locks.
•Structural stability of the building.
 
Q: Checklist for buying residential or commercial property.
A: •Identify the property you wish to purchase
•Crosscheck of current market rates of property in the vicinity and last known transactions, current market trends.
•Formulate commercial terms.
•Distinguish between negotiable and fixed terms and conditions of the contract, eg. Price, payment schedule, time of completion etc.
•Avail of services of Propmart for legal opinion, valuation or property related matters.
•Check for clear titles of the property. Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property.
•Finalise commercial terms of purchase of the property. Ascertain transfer fees, stamp duty and registration charges to be paid on purchase of the property.
•Ascertain outgoings to be for the property i.e. property tax, water and electricity charges, society charges, maintenance charges.
•Request Vendor to obtain, if applicable, consent, permission, sanction, no objection certificate of various authorities such as the (a) society (b) the income tax authority (c) Municipal Corporation (d) the competent authority under the Urban Land Ceiling and Regulation Act (e) any other authority.
•If you are looking for loan for property purchase, contact financial institutions and ask for a pre approval letter, many options are available for loans. Propmart can also assist you for loan requirement.
•Permanent Account Number of Vendor and Purchaser under Income Tax laws Payment of stamp duty on the formal agreement or document for transfer of the property, signing by both the Vendor and Purchaser and registration.
•After payment of the entire sale price, take over legal possession of the property and check the receipt of original documents from the Vendor of the property.
•Make sure that property holder’s name is changed in all related records, e.g. society, Electricity Company, municipal corporation, Index II etc.
 
Q: What is a Sale Deed?
A: Sale Deed also known as conveyance deed, is a document by which the seller transfers his right to the purchaser, who, in turn, acquires an absolute ownership of the property. This document is executed subsequent to the execution of the sale agreement and after compliance of various terms and conditions detailed in the sale agreement.
 
Q: What Is Leasehold Property?
A: Leasehold Property is property leased to a lessee for a stipulated period. The Lessee pays lease premium and annual lease amount as fixed and mutually agreed by the Lessor and lessee. The land ownership rights remain with the Lessor and a prior sale-permission is normally required if you plan to transfer the property.
 
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