MJK Real Estates

 Government Records Establishing Land Ownership Most middle-class individuals buy properties either to fulfill their dream of building their own home or as an investment in plots or other types of land. Regardless of the type of property, decisions to purchase are generally based on original documents and encumbrance certificates. Once a property is bought, it is registered at the sub-registrar's office in the presence of both the buyer and the seller, along with two witnesses. Many believe that the process of acquiring the property ends here. However, whether it is a residential plot or any other type of land, the government maintains extensive records. Experts suggest that understanding these records is essential for a safe purchase. Here is information about the key government records related to land. Government Records: Properties, whether residential plots or other types of land, are recorded and maintained at multiple levels by the Department of Registration and the Revenue D...

Chennai Real Estate: The Best Places to Buy Your Dream Home Chennai, the capital city of Tamil Nadu, is the fifth largest and fourth most populous metropolitan area in India. Over the past 15 years, Chennai has witnessed unparalleled growth across various sectors. This growth is significantly driven by the automotive industry (50% of automobile manufacturing companies have set up their factories here), information technology, petrochemicals, and financial services. Overview of Chennai Real Estate Chennai ranks fourth among the most populous cities in India. In such a scenario, the common dream among the city's residents is to own a home. If you are looking to buy a house in Chennai and are confused about where to invest, we provide details on some key areas in Chennai, analyzed based on infrastructure, favorable local amenities, purchasing power, and appreciation value. OMR (Old Mahabalipuram Road) OMR, also known as Rajiv Gandhi Salai, is a 50-kilometer stretch extending from Madh...

 Why is a Rental Agreement Typically Made for 11 Months? Have you ever rented a house? If so, your landlord likely instructed you to sign a lease for a period of 11 months. In India, lease or rental agreements are customarily made for 11 months. Even if the same tenant renews the agreement multiple times, it is still signed for 11 months each time. Have you ever wondered why rental agreements are only made for 11 months? Rental Agreement: A rental agreement is a written document that establishes a legal relationship between the landlord and the tenant. It is considered beneficial for both parties as it outlines the terms and conditions that both must adhere to. However... 11-Month Lease Agreement: In reality, such 11-month lease agreements are more advantageous to the property owners than the tenants. There are several practical issues involved in renting houses or shops in India. Issues with Tenancy: Legal experts state that in India, evicting a tenant can be very difficult. Due t...

 Surge in Investments in the Real Estate Sector: Is This the Smart Idea? As the Indian investment market experiences significant fluctuations and declines, there is a growing need for safer investment options, especially for retail investors. In this context, the real estate sector, traditionally trusted by Indians, has attracted substantial investments in the first half of 2022. Real Estate Sector: In the Indian real estate sector, institutional investments have surged to approximately $2.6 billion in the first half of 2022. This represents a 14% increase compared to the first half of 2021. Post the COVID-19 pandemic, the Indian real estate sector has seen substantial growth. Impact of the Russia-Ukraine War: Following the Russia-Ukraine war, the stock market faced considerable instability due to interest rate hikes by the US and UK. Consequently, many investors began shifting their funds to the real estate sector. Office Sector: The real estate sector saw a significant influx of ...

 Beware of Double Document Issues When buying a house or plot in urban or suburban areas, one crucial thing to be aware of is the issue of double documentation. This means there are two registered deeds for the same property. Double documentation is different from fake documentation. Here is a compilation of information provided by real estate legal experts on this topic. Sale Deeds: A fake document is an illegal copy of an original deed. Double documentation, however, means that there are two owners and two registered deeds for the same property. Both deeds are registered as legal documents in the sub-registrar's office. How Does This Happen? Almost 33 years ago, before 1985, when property ownership was transferred through sale deeds, the new owner's name might not have been updated properly during the land revenue scheme survey in 1985. As a result, the previous owner's name or their heirs' names might still be listed in the UDR (Updating Registry Scheme) records. Bef...

  How to Repay a Home Loan Easily? For those struggling to repay home loans and ending up paying twice the principal amount in interest over their lifetime, here are three simple methods to repay it more easily! Many people take home loans because they can't afford to pay a lump sum amount and because they receive tax benefits on the interest and principal components of the EMI (Equated Monthly Installment). Most people want to repay their home loans quickly. In India, although home loans are typically taken for 15 to 20 years, statistics show that people generally repay them in about eight years. If you repay the home loan over the chosen tenure, the interest paid will be very high. Let's see an example: - Loan Amount: ₹25 Lakhs - Repayment Tenure: 30 years (360 months) - Interest Rate: 10% - Monthly EMI: ₹21,939 Here, the loan amount is only ₹25 Lakhs, but the total interest paid would be approximately ₹54 Lakhs. (See Table 1) Instead of repaying the loan over the entire tenu...

The Process of Auctioning a House In India, statistics show that people who take home loans usually repay them within 7 to 10 years. However, the number of people unable to repay their home loans is also increasing. What happens if a home loan is not repaid? The banks repossess the houses and auction them. Is buying an auctioned house profitable or risky? Advantages: When a house is put up for auction, the bank's legal experts thoroughly investigate the property. They comprehensively review the documents to ensure there are no defects or issues. Only after confirming that the documents are clear and free from any problems does the house go up for auction. Buying a house through a bank auction reduces the chances of legal issues. There won't be any trouble from the previous owner. The price of the house in a bank auction is usually reasonable, as the bank aims to recover its money rather than make a profit. This makes it a good deal compared to buying from builders or other sell...