The popular perception among non-resident Indians (NRIs) is that Indian real estate laws pertaining to inheritance of acquisition by way of gift are very complicated, but that is not really the case. In fact, they are quite simple.
NRIs and persons of Indian origin (PIOs) can acquire residential or commercial property by way of gift from a resident of India or an NRI or a PIO. On the other hand, a foreign national of non-Indian origin resident outside India cannot acquire residential or commercial property in India by way of gift.
However, any person resident outside India cannot acquire agricultural land/plantation/farm house in India by way of gift.
What is a gift?
Gift is defined under section 122 of the Transfer of Property Act, 1822 as: “the transfer of a certain existing immovable property made voluntarily and without consideration, by one person, called the “donor”, to another, called the “donee” and accepted by and on behalf of the donee.”
In other words, a gift is the transfer of an existing property and not of any future property. It must be made voluntarily and without compensation. It must be accepted by or on behalf of the donee. Such acceptance must be made during the lifetime of the donor. The donee can even be a minor (below 18 years of age). Also, the basic element of a gift is that it is given out of natural love and affection.
Transfer of gift
Section 123 provides that for making the gift of immovable property, the transfer must be affected by a registered instrument signed by the donor and attested by at least two witnesses. The transfer or handover may be made in the same way as goods sold may be delivered. Section 128 highlights that where gift consists of the donor’s whole property, the donee is personally liable for all the debts due by and liabilities of the donor at the time of the gift to the extent of property comprised therein.
A deed of gift of an immovable property is required to be registered as provided under the Registration Act signed by or on behalf of the donor and attested by at least two witnesses. The title cannot pass without there being a registered deed of gift.
Repatriation of funds
Sale proceeds of immovable property acquired by way of gift should be credited to a non-resident (ordinary), or NRO, account only. From this NRO account, NRIs and PIOs can remit up to $1 million per financial year, subject to satisfaction of the authorized dealer and payment of applicable taxes. Rules and regulations on gifts very specifically clarify that any ambiguity in terms of process and handover should be avoided. NRIs very often witness such transactions but have no clarity on the process.
Om Ahuja is CEO (residential services), Jones Lang LaSalle India. Source: LiveMint.com
Gurgaon-Manesar is one of the fastest growing cities in the country. The new Master Plan-2031, which merged Gurgaon and Manesar, expands the existing city to create more residential property units, social infrastructure like schools, hospitals, playgrounds, and physical infrastructure. The new master plan will create accommodation for an additional 21 lakh people. This will bring in around 23,000 hectare additional land for development. In fact, as most of the land in Gurgaon was already developed, the new master plan has given a new lease of life to its development.
The new plan will also help in containing the prices in the city. In fact, in order to further improve the availability of affordable houses, the Haryana government has also approved a ‘high density policy’ in its comprehensive housing policy. Under this policy, development authorities like the Haryana Urban Development Authority (Huda) will now be empowered to increase the density of population in group-housing projects. At present, the permitted population density is 80-100 people per acre, which has been increased to 100-120 people per acre. Now, developers can build more housing units per acre than they could have done earlier. In order to increase the land under residential and other commercial development, the new master plan has de-reserved the land earmarked for special economic zones.
The new plan has earmarked 16,000 hectares for residential purpose and 1,600 hectares for commercial purpose, 4,600 hectares for industrial areas, and 4,400 hectares for transport and communication facilities. Public utilities have been allocated 600 hectares, public and semipublic facilities 2,000 hectares, and open spaces 2,900 hectares. Several new sectors along Dwarka-Gurgaon Expressway like Sectors 95A, 95B, 89A, 89B, 88A, 88B, and 99A have also been proposed. These sectors are ideal for premium residential development. The new plan has indicated that residential areas would be developed along the neighbourhood concept; that is, there would be an adequate provision for all community facilities and services within the sectors.
The new plan has also proposed to develop connectivity within the Gurgaon-Manesar area, and to Delhi as well. Besides having connectivity with Delhi through roads like the 150metre-wide Northern Peripheral Road (NPR) and the 90metre-wide Southern Peripheral Road (SPR), the plan also included three major roads connecting Delhi and Gurgaon like Vasant Kunj to MG Road, among others. There is a plan to develop intra-city Metro system in Gurgaon; Sector 56 and Sikanderpur will be connected by a Metro line of 6.5km. A high-speed Metro service, Airport Express Link, between Sector 21 (Dwarka) and IFFCO Chowk (Gurgaon) has also been proposed.
The new master plan has also revised alignment of sector-dividing roads of Sectors 76-77, 84-85, 81-81A-open space, 92-open space, 92-93-94-95, and 112. The road beyond Sectors 63A and 67A that ends up on Sohna Road will be extended. This road will work as a bypass of NH-8 in future and will relieve NH-8 and Sohna Road from heavy traffic congestion. A 60metre-wide road between industrial Sectors M3A and M4 will be further extended through the Aravali hills and the public and semi-public zones along the KMP up to NH-8. This will create a great loop which will provide commuters an option to avoid travelling on NH-8.
Are you looking to buy Goa Flats? Are you looking for flats in Goa in a non-touristy area of Goa? Goa Flat where the high-class native Goans live? Goa Flats in a safe Goan Neighborhood? Something in the middle of town and not in a remote area.
We highly recommend a Goa Flat in the resort community of Gera Astoria. Located between Dona Paula and Panjim in the high-end town of Caranzalem, minutes away from Miramar Beach. A Goa Flat that promises you a great high-end neighborhood, an awesome resort like complex with all facilities like Gym, Concierge, Pool and Terrace Garden.
This Goa Flat at Gera Astoria is located on a higher floor and offers great views of Miramar Beach. This Goa flat comes equipped with a brand new built-in kitchen and Daikin AC’s fitted in all rooms. The complex offers a 5 year builder warranty and is an eco-friendly complex. The best feature of this Goa flat is the outdoor living – huge balcony and view. The layout of this Goa flat is an open layout. It has 2 Bedrooms and 2 Bathrooms. The living area is pretty big and spacious. This Goa flat comes with 1 parking at the stilt level. It offers the residents of this Goa Flat with an awesome location as it is minutes away from Panjim, Dona Paula, several resorts like Grand Hyatt and Citadel Goa. This Goa Flat offers you conveniences with several shopping centres and grocery stores right outside the complex.
This Goa Flat will not only offer you a home but your investment will grow as it is located at in the elite neighborhood.
Please contact Aukeva for more details on this Goa Flat at India: 9871223021 or USA: 925.415.9151 or email firstname.lastname@example.org
Vatika has launched a subvention scheme for Vatika Lifestyle Homes, Gurgaon. The subvention scheme at Vatika Lifestyle Homes Gurgaon allows you to buy an apartment within this prestigious community by paying 50% of the cost of the apartment over 12 months and the rest at possession.
Heres an example – An apartment within this community will cost you approximately 1.2cr all inclusive. So your upfront cost of a Vatika Lifestyle Homes apartment in Gurgaon will be 60 Lakhs which is payable over 12 months. Yes the 50% payment is not expected immediately at the time of booking or within 3 months period but is spread over 12 months! This gives buyers time to organize funds. The rest of the payment is due at the time of possession. This is a great investment opportunity as you are buying a 1.2CR property and earning appreciation on 1.2CR by just paying 60Lakhs. At the time of possession at Vatika Lifestyle Homes Gurgaon you can either pay the outstanding amount or enjoy the appreciation by selling your apartment at Vatika Lifestyle Homes Gurgaon.
Life Style Homes is located within Vatika India Next (INXT) on NH8 and Dwarka Expressway intersection. Vatike Lifestyle Homes Gurgaon is a well designed residential complex with elegant yet contemporary architecture that captures the spirit and the style of the modern, urban way of life. Vatika Lifestyle Homes, Gurgaon is a group housing project spread across 12 acres* in Sector 83, Gurgaon. Vatika Vatika Lifestyle Homes, Gurgaon offers a combination of high-rise and mid-rise residential structures in a gated community format.
Vatika Lifestyle Homes complex offers a wide variety of compact, efficient and stylish apartments to choose from, ranging from one-bedroom homes to three bedroom homes with servant room and store. With a large Central Park at its heart, the planning of the project is resident-friendly and ensures cross ventilation. Three bedroom units enjoy a garden view as well as a boulevard view. The balconies are furnished with screens.
Vatika India Next (INXT) is a 700 acres* city that will provide a harmonious and fulfilled lifestyle to over 1,00,000 people. INXT is a complete city – with residential and commercial projects, marketplaces, educational institutions, medical institutions, clubs, entertainment facilities and lots of open space to spread your wings in. Everything your family may want in order to enjoy a truly fulfilling lifestyle has been thought of and provided for.
The city is spread over the prime Sectors 82, 82A, 83, 84 and 85 on NH8 in Gurgaon. This area is undergoing considerable infrastructural development, and INXT is very strategically located at the intersection of NH8 and the upcoming 150m wide Dwarka Expressway.
Please contact Aukeva USA:925.415.9151 India: 9871223021 for more information.
Godrej Horizon, Pune offers you uninterrupted view of the green hills and the bustling Pune city below. Step into your balcony at Godrej Horizons Pune and let the panorama unveil. 70,000 SQFT of Green Park at Godrej Horizon Pune will let you lose track of time as you walk leisurely through the vehicle-free green park brimming with beautiful ﬂowers, chirping birds and lush greenery at Godrej Horizon Pune.
Godrej Horizon Pune offers you a dedicated jogging track, the well-manicured garden and its various facets swiftly reveal themselves. At Godrej Horizon Pune there is a large central open space that features swimming pool, club house and a play area for children to explore. And the best part – all of this right in your backyard within the Godrej Horizons Complex at Pune. Godrej Horizons boosts of a great location – 15 minutes’ drive to MG Road from the gates of your hilltop retreat, Godrej Horizon. Godrej Horizon Pune is stone’s throw away from the famous Corinthians Club, which provides you access to the social life of the city in a matter of minutes. Proximity to schools, hospitals and major city hubs ensures easy access to all the conveniences of modern life for all Godrej Horizons residents.
Godrej Horizon is a modern residential project spread over 8.64 acres with 70,000 sq.ft of open green spaces. Godrej Horizon Pune has brought its years of experience to provide high living, state-of-the-art luxury apartments in the upcoming locality of NIBM annexe.
Godrej Horizon Pune is a complex of ﬁve towers, 12 storeys each, rise up on a spread of 8.64 acres like the neighboring mountains of the Deccan Plateau. The orientation of the buildings offers a view of the landscaped central park and recreational area from the inside, and the beautiful city from the outside.
The 2 BHK apartments at Godrej Horizon Pune is 1137 to 1361 sq. ft. and 2.5 BHK are 1383 to 1716 sq. ft. and 3 BHK 1619 to 2031 sq. ft. Godrej Horizon Pune has been Pre-Certified Gold Green Homes by IGBC.
Please call Aukeva at USA: 925.415.9151, India: 91.9871223021 or email email@example.com for more information.
This beautiful, well-lit and airy sea facing flat is located in the prime locality of Caranzalem, minutes away from Dona Paula, Panjim and Miramar Beach. The flat is located in the resort community of Gera Astoria at Caranzalem.Caranzalem is a nice and safe town very close to Panaji and Dona Paula. It enjoys sweeping views of the ocean and is in a non-touristy area of town.
Gera Astoria, is a eco-friendly building offering lavish living right in the heart of Panjim, comprising 2 bedroom eco-friendly resort styled apartments in Caranzalem, Goa. Gera Astoria is spread over 11,000 sq. m., set in a unique T-Shaped layout that offers refreshing views of the swimming pool, the lush landscaped gardens and the clubhouse, as well as the sea. Astoria is well equipped with all modern comforts such as designer lobbies on each floor, a concierge service, landscaped terrace, ample parking and much more.
The flat is located on a higher floor and enjoys sea-view from the balcony and one bedroom. The apartment is 2 Bedroom and is 128sq.m. There is a swanky brand-new modular kitchen installed in the apartment alongwith with chimney and hob. The apartment is fitted with high-end Daikin AC’s in all rooms. The community is strategically located between Panjim and Dona Paula and enjoys 5 year builder warranty.
Hiranandani project at Thaiyur is the newest project by Hiranandani group in Chennai. Hiranandani Chennai project at Thaiyur is at the very initial offering stage and offers investors to buy a Chennai flat at discounted rate.
Hiranadani project at Thaiyur Chennai promises Chennai Flats that are modern and offer a Urbania concept with all facilities to ensure an active and luxurious lifestyle. Hiranandani Thaiyur Chennai Flats are located on the Old Mahabalipuram road in Kanchipuram District a high growth corridor in Chennai. The well-established infrastructure and the increasing development of IT companies have lured in skilled professionals to its fold and earned it a place among the fastest growing cities in India thus making a strong case for owning a Chennai flat in this corridor.
Hiranandani Chennai flats at Thaiyur is benefitted with tourist attraction places, educational institutes, engineering and medical colleges, hospital with modern equipments and star hotels in the close proximity with ample connectivity by road, train and air.
Urbania is a concept developed by House of Hiranandani in Chennai to ensure that life is not simply about living; it is also about feeling the joys and inspirations that every day brings. The magnificent clubhouses, parks, and recreational spaces, host some of the most modern amenities, making it your perfect venue for a healthy and privileged lifestyle. Modern gymnasium, Badminton Court, Squash Court, Billiards, Snooker and Swimming Pool is a part of this development by Hiranandani at Thaiyur Chennai.
Chennai Flats at Hiranandani Thaiyur are a medium rise buildings with open floor plan to maximize living space. They have 2 and 3 Bedroom apartments – 1200 and 1500sq.ft
Hiranandani Thaiyur Chennai Flats offer investors and end-users a unique plan to grow their investment in their Chennai Flat. Since the Hiranandani Chennai flats at Thaiyur are at an early development stage they are offered at a discounted price of Rs.3300/sq.ft at a unique payment plan in which 40% downpayment is made and the rest is linked to construction. The launch will be in 12 months at Rs.3750/sq.ft.
The appreciation is handed over to the customer or the customer is allowed to resell the property as per their timeline. Also there are no transfer charges for the first sale at Hiranandani’s Chennai flats at Thaiyur.
For more details call USA:925.415.9151 India: 91.9871223021 or email firstname.lastname@example.org
KG Earth Homes, Siruseri Chennai is in prelaunch and the project will be launched August 21st. Please note that the pre-launch basic price is Rs. 2799/sq.ft valid upto 20th August 2013.
The basic price will be revised to Rs. 2999/sq.ft. from 21st August 2013. All other charges will remain the same.
About KG Earth Homes
Designed for those who dare to care for our planet, with earth-friendly elements built into the very fabric of its creation, KG Earth Homes will change your lifestyle forever.Spread across 4.88 acres, surrounded by the high-tech world of Siruseri, KG Earth Homes will redefine urban living and prove that we can live, with all the modern amenities and comforts that we are used to, while at the same time nurturing Mother-Earth.
12 Blocks in Stilt + 4 Floors
412 Earth-Friendly Apartments
2 BHK + 1 T Compact Homes: 570 – 575 sq.ft.
2 BHK + 2 T: 930 – 1010 sq.ft.
3 BHK + 2 T: 1160 – 1210 sq.ft.
3 BHK + 3 T: 1215 – 1265 sq.ft.
Contact 91.9871223021 or email email@example.com for more information. Please visit Aukeva for more information.
What is subvention? Subvention is a payment plan that allows you to make part payment towards buying an apartments upfront and the rest at possession. If financing is an issue or investment is the only criteria then subvention schemes are the way to go considering you end up buying a much higher value property by paying only 30-50% upfront and the rest is payable on possession.
Under a subvention scheme, a buyer is expected to pay a part of the total cost as down payment and pay the rest after getting the possession so it is very investor friendly as well as end-user friendly. The return that you get at possession on the property will be on the total cost of the property and not on the payment you have made. Moreover if you are financing, then you will pay EMI on the loan amount once you get possession of the apartment.
Generally, this down payment is 30-50 per cent of the total amount. Therefore, on buying an apartment for Rs 1 Crore, for instance, you have to arrange for Rs 30-50 lakh at the beginning, and then the rest could be paid once you get the possession. At the time of possession, you can retain the property or sell it depending upon your preference. If you are an investor we would recommend buying 2 units in subvention plan as opposed to one unit in construction linked. That way you can utilize the proceeds from the sale of one unit to fund the payment on the other unit or just sell both if you do not want to retain any units.
A subvention scheme boosts consumer confidence at a time when salaries are increasing at a modest pace and home loans are also not affordable by many people. It significantly reduces home purchase costs and extends substantial savings to property buyers.
The proposition ensures future cash flow for a developer, at the one end, and rules out the possibilities of collective burden of rent and EMIs on the buyer, at the other. A buyer can reap in benefits of price appreciation during the construction period and enjoy higher returns on the partial, down payment after a few years.
Notably, a residential real estate project generally takes 2-5 years to complete, and a buyer has to pay a booking amount anywhere in the range of 10-15 per cent of the total price of the unit. Paying 30 – 50 per cent down payment under a subvention scheme, in this case, could be a win-win situation for both buyers and developers.