Month: March 2023

Buying a property is an exciting time and a major milestone in life which comes with a huge investment and a process that requires a considerable amount of time and effort. Before taking the plunge, it is important that you do your due diligence and make sure that you understand all of the legal aspects of the property before you commit to the purchase. To ensure that you are making a wise decision, here’s a guide to the key legal steps to consider when purchasing a property in Mohali.

Plan Approval

The Building Plan Approval is a document that gives permission to the builder to construct a building or modify an existing one. It must demonstrate that the proposed construction is in line with the rules and regulations of the local body. This approval process is important to ensure that all requirements and regulations are met and that the safety, health, and welfare of the public are protected.

Sale Deed

A sale deed is a legal document that transfers and conveys a right, title, or interest in real property from the seller to the buyer. It is a written instrument that serves as evidence of the transfer of the ownership of the property from the seller to the buyer and is usually executed in the presence of witnesses. The Sale Deed is done before the sale is officially concluded, ensuring that all of the requirements of the sale agreement are met.

Mother Deed

Mother Deed outlines the rights and responsibilities of the seller and the buyer and records the transfer of ownership from the seller to the buyer. The Mother Deed is the most important document in a real estate transaction and should be reviewed by an experienced real estate lawyer prior to the closing of the transaction.

Sale and Purchase Agreement

 A Sale and Purchase Agreement is a legal document that outlines the terms and conditions of a real estate transaction between a buyer and a seller. It is an agreement that, once signed and exchanged, binds both parties to the terms outlined within it.

The following is a checklist of items to consider when reviewing a Sale and Purchase Agreement:

-Property Details: Make sure the address, legal description, and other pertinent details of the property are correctly stated.

-Purchase price: Verify that the agreed-upon purchase price is accurately stated. -Closing date: Ensure that the closing date is clearly stated.

-Contingencies: Review any contingencies included in the agreement, such as loan approval, inspection or appraisal results, or other conditions that must be satisfied before the purchase can be completed.

 -Rights and obligations: Verify that the buyer’s and seller’s rights and obligations are clearly outlined.

-Signatures: Make sure that both the buyer and seller have signed the document.

Completion Certificate

A Completion Certificate is a document issued by a local government agency to certify that a construction of project has been completed in accordance with the applicable laws, regulations, and standards. This document is important for both the builder and the owner of the property to ensure that all the necessary work has been done according to the building codes and regulations set by the jurisdiction. It also serves as a record of the construction process.

Possession Letter

A Possession Letter is an important document that is issued by a builder to the buyer of a flat or property. It is issued after the builder has received a Completion Certificate from the local authorities. The Possession Letter confirms that the builder has handed over the flat to the buyer and that the buyer is now the legal owner of the flat. When attempting to buy or sell flats in Mohali, a Possession Letter from the legal owner of the flat is necessary.

Khata Certificate

 A Khata Certificate is a document issued by the municipal or revenue authorities in India. It is a record of the ownership of a particular property and contains important details such as the size, location, and land area of the property. The Khata Certificate is used to prove the legal status of the property. The Khata Certificate can be used as legal proof of identity when applying for loans, subsidies, and other government benefits.

Allotment Letter

 An Allotment Letter is an official document issued by the developer of a property under construction that specifies all of the details of the property and the payment plan for the buyer. It is crucial if you plan on booking a home that is currently under construction because it outlines the total cost of the property, including any other additional fees or charges if you are interested in buying apartments in Zirakpur.

Power of Attorney

The document outlines the rights and responsibilities of the individual granted Power of Attorney, including the ability to make decisions and take actions on behalf of the real owner. The individual granted Power of Attorney has a legal obligation to act in the best interests of the real owner and should not abuse the power granted by the document. If you are in the market for flats for sale in Chandigarh, you need to be aware of the rights of the Power of Attorney holder.

Buying a property is a major decision and an important investment. Whether you are buying your first home or an investment property, there are a lot of factors to consider when deciding where to buy. Two popular locations that have gained traction in recent times for property purchases are Zirakpur and New Chandigarh. Both have their pros and cons, and it’s important to consider what’s important to you before making a decision.

Location

The first thing to consider is the location of each place. Zirakpur is located just beyond the city limits of Chandigarh, making it an ideal choice for those who want to be close to the city’s amenities but still enjoy the peace of a suburban area.

Connectivity

Zirakpur is a convenient and strategic location to settle down in. Being near the capital city Chandigarh, it has a good level of connectivity, with three national highways: Delhi NH, Shimla NH, and Patiala NH. These highways ensure that one can easily reach their destinations in and around the city, making it easier to commute.

Range of Amenities

The proximity to the highways makes it convenient for people to shop for everyday items such as groceries, clothing, and other items. There are a variety of stores ranging from small family-owned stores to large retail outlets. It also has a robust public transport network, with buses, taxis, and auto-rickshaws providing easy access to the city.

The residential flats in Zirakpur offer wide areas and parks for recreational activities. The walking tracks provide a great opportunity for the residents to exercise and stay fit. The city also boasts of great infrastructure and public transport facilities.

Significant return on investment

The prices of residential property to invest in Zirakpur are quite attractive compared to the prices of projects in Chandigarh. This makes Zirakpur a very attractive investment destination for those looking to invest in property. Not only can you find luxurious property in Zirakpur with top-notch amenities at reasonable prices, but the overall cost of living is also lower in comparison to New Chandigarh. This means that you can make a significant return on investment when you purchase a luxury Property in Zirakpur.

Furthermore, there is also an abundance of new projects in the area, giving you plenty of options to choose from when looking to invest. With affordable price and desirable location of Fio Homes II, it’s no wonder that it has become a hotspot for property investors.

A branded realty

Developers are using several strategies to turn their properties into branded realty. This can include features such as distinctive architecture, landscaping, and interior design elements. Developers are also investing in improved amenities and materials, such as high-end finishes and fixtures, energy-efficient systems, and high-tech security systems.

The presence of such facilities makes it an attractive option for people looking to settle in a convenient location, with easy access to all necessary services.

KS Group is a renowned builder in Zirakpur, with a reputation for creating homes that are not only high-end but also extremely functional. Their homes are designed with meticulous attention to detail, ensuring that the end product is of superior quality.

Fio Homes II is the perfect place to live for anyone looking for a safe, secure, and comfortable living space. The gated neighborhood is carefully monitored with CCTV surveillance and also provides secure parking. Children can enjoy the playgrounds and the lush green gardens that are part of the complex.

The Fio Homes II is the 3BHK flats in Zirakpur offering a luxurious lifestyle with its two spacious levels and two balconies. You can spend some quality time outdoors, soaking in the scenery or enjoying a cup of coffee with friends or family. The FIO Club is perfect for a weekend getaway and offer a wide range of features and facilities that enhance the quality of life for residents. These amenities include well-equipped gymnasium, spacious party hall, indoor games, and library.

Zirakpur is a desirable destination to live and invest in in general because of its convenient location and well-connected transportation infrastructure. With all these aspects taken into consideration, in the housing apartment in Zirakpur is an ideal place for those looking for a great place to call home.

In India, even though the land is a state subject, you are still required to pay stamp duty whenever you buy, sell, rent, or generate paperwork related to the property. So, how do you intend to pay for it? Previously, while buying apartments in Punjab and completing the registration required the buyer to be present in the registrar’s office. They now have the option to finish the same tasks via an online portal.

What is an E-Stamp paper?

E-stamp paper is a type of paper upon which various documents can be printed or stamped. It is a secure paper used for legal transactions and the registration of documents. It is usually issued by government authorities in different states, with a specific face value and validity. The face value of the e-stamp paper is derived from the value of the transaction, such as the transfer of property or the registration of a company.

Importance of E-Stamp

E-stamp paper is an important part of the Indian legal system. It is used for various transactions such as the sale of property, transfer of shares, sale of motor vehicles, lease of immovable property, and registration of documents. It is also used for the registration of marriage, gifts, exchange of foreign currency, and other documents. The e-stamp paper ensures that the transaction is legally valid and binding. It is also used for court fees and filing of cases at the court. The e-stamp paper is printed with the official seal of the state government, which serves as a guarantee of authenticity. When purchasing a property in Chandigarh, e-stamping has provided various advantages, including the removal of counterfeit stamp papers, better convenience, and greater transparency and accountability.

How to Get Your Documents E-Stamped?

Applicants must go to an ACC designated by SHCIL upon filling in the application form as instructed in the e-stamping system. The e-stamp certificate is generated quickly, and a user can easily download the application form from the SHCIL website.

To complete the process of E-Stamping for a property in Punjab, the following steps must be taken:

1. Go to https://www.shcilestamp.com/ and log into the electronic stamping portal.

2. Upload the document that needs to be stamped, or use a template to draft the document.

3. To complete an e-stamping transaction, the user must enter the relevant transaction details, such as the state, stamp denominations, the names of the two parties involved, and any other additional information.

4. Fill out the application and submit it to the collection center.

5. Make the necessary payment via Credit Cards, Debit Cards, e Stamp Checks, Demand Drafts, online payment, or online banking.

6. The document is e stamped and combined with the stamp paper sample required, and the user obtains the e-stamp certificate which can be validated using a QR code.

Various Payment Options at the E-stamping Portal

The e-stamping portal is a secure and convenient way to pay stamp duty and other taxes on transactions in the process of buying a property in Chandigarh or Punjab. It offers various payment options to users, such as

• Credit/Debit Cards: Credit/Debit cards are fast and convenient, allowing users to quickly and easily make payments without having to be physically present. Additionally, users can easily keep track of their payments with statements and other records. The process is safe and secure, and users can pay the amount instantly. All major credit cards and debit cards are accepted, including Visa, MasterCard, and American Express.

• Net Banking: It allows users to pay their stamp duty and registration fee online, without having to visit a physical branch. The portal supports various banks and financial institutions, including major nationalized banks, private banks, and cooperative banks. To avail of this facility, users must have an active net banking account with any of the supported banks. Net banking payments are quick, secure, and transparent, making them a preferred choice for many users.

• Cheque/Demand Draft: You can also make payments by cheque or demand draft, which can be sent to the designated address of the e-Stamping portal. This payment option also helps to reduce the risk of fraud as the cheque or demand draft can be tracked and traced. The payment is processed quickly and easily and customers receive an e-receipt for their payment. This payment option is also beneficial for customers who do not have access to online banking or debit/credit cards.

• Cash Payment: Cash payments are made directly to the bank accounts of the state government. This option is especially useful for those who do not have access to net banking, credit cards, debit cards, or ATM-cum-debit cards.

• UPI: Unified Payments Interface, or UPI, is an innovative payment system developed by the National Payments Corporation of India (NPCI) to enable quick and secure payment transactions. It is an instant payment system that allows you to make payments using your mobile device. UPI offers customers the convenience of making payments without having to use a credit or debit card. It is a safe, secure, and reliable payment option that is available 24×7.

The e-stamping services has proved to be successful at providing a secure, transparent, and convenient way of stamping transactions during purchase of commercial or residential projects in Punjab.

The city of Chandigarh, known for its well-planned infrastructure and quality of life, also offers plenty of investment options for various budgets in its periphery. Whether you are looking for a luxurious bungalow, an affordable housing option, or a mixed bag of society flats, independent houses, and villas, the Chandigarh periphery has something for everyone.

Chandigarh’s ever-developing framework has been a major factor in driving the growth of land and technology in neighbouring areas like Panchkula, Mohali, Zirakpur, and Derabassi. With the recent advancement in infrastructure, such as the improved connectivity between Chandigarh and the nearby areas, as well as the increase in the quality of public services and amenities, the neighbouring cities have also seen a remarkable improvement in their infrastructure.

Panchkula

Panchkula is an ideal choice for those looking for a luxury accommodation. The area is home to some of the most luxurious bungalows in the region, ranging between Rs 5-10 crore. These properties offer the perfect blend of luxury and convenience, making them an attractive investment option.

Mohali

On the other hand, Mohali is a great option for those looking for something in between. The area has a mix of society flats, independent houses, and luxury villas. Whether you are looking for a house to live in or want to invest in property, Mohali has something to offer for everyone.

Zirakpur

But, for those looking for something more affordable, Zirakpur is the place to be. From independent houses to villas and society flats, there is something for everyone in Zirakpur.

Zirakpur has witnessed a major transformation in the past few years, making it the ideal destination for home buyers looking for a blend of modern amenities and connectivity. There are a wide range of commercial and residential properties in Zirakpur making it one of the most preferred destinations for people looking to invest in property.

The development of the Chandigarh-Ambala expressway, Chandigarh-Patiala highway, and the Zirakpur-Kalka highway in Zirakpur is a major growth stimulator for the region. This improved connectivity has opened up the region for business, commerce, and investment opportunities and has been a major factor in the growth of the region.

Not only that the four-lane flyover constructed by the National Highways Authority of India (NHAI) through Zirakpur has been a great boon for the area, helping to ease traffic flow and stimulate growth in the area. It has helped to reduce congestion and improve the movement of vehicles.

Investing in top-notch property in Zirakpur is a great opportunity for individuals aiming to set up retail outlets or restaurants. There are wide range of commercial projects available, ranging from affordable properties to luxury properties in Zirakpur. These projects are well-equipped with all the necessary amenities for efficient business functioning. Furthermore, the location of the commercial projects makes them ideal for retail outlets and restaurants as they are close to residential areas, and the local population can easily access their services.

Unlock the Potential of Living in the Perfect Location

Fio Homes II is the 3BHK flats in Zirakpur providing a truly exceptional living experience. The homes are surrounded by all necessary amenities, including the International Airport, the Sports Authority of India, the market, schools, colleges, and hospitals, providing residents with easy access to the city.

These huge, open, two-sided, and ready-to-move-in apartments in Zirakpur are the largest low-rise flats at 152 square yards. Offering all-inclusive amenities and facilities at a fair price was the main objective of its construction. Additionally, all significant National banks have given their approval. Rent is equal to EMI here, thus you are free from rent. Through its careful selection of locations, a significant amount of attention has been dedicated to providing the most practical amenities to its residents.

The next generation of consumers has began to prioritize environmental sustainability and conservation. As such, having a location that allows easy access to nature and the outdoors is highly sought after. Due to its central location and the 9-acre MC park that it adjoins, one can both enjoy the bustle of the city and the peace of the outdoors.

With their commitment to quality and timely delivery, KS Group is the best developer to invest with. Investing in Fio Homes II is a sure-fire way to get great returns on your investment.