gemini properties

Property mutation is the transfer or change of ownership title from one person to the other under circumstances involving purchase of a property, inheritance due to death of owner or property will or through the registered power of attorney. The local municipal corporation is responsible for maintaining a comprehensive record of property ownership and transfers. It enables the authority to fix property tax payment liabilities.

The move has come after the civic body failed to collect tax arrears of around Rs 50 crore even when there are 7.60 lakh assesses within its jurisdiction. While the tax deposit procedure has been made online, several defaulters remain reluctant in depositing their property tax on time or wait for the waivers’ scheme to square up the arrears by paying only the principal amount while the penalty and interest amounts are waived.

Selling an under-construction flat could be a completely different transaction when compared to that of selling a completed property. In such a transaction the builder is also party as the first buyer given that you have neither paid the full amount of the property, nor you are in possession of it. Here are certain legalities and financial aspects that you must know before making a move.

The Reuters poll that was conducted between October 29 and November 14 showed national house prices will rise 2.8 per cent this year and 2.0 per cent in 2019, around half the rate of the current and expected rate of consumer price inflation. If that is so, the price rise will still be the lowest in a decade. On a positive note, however, real estate, which is emerging from the triple tsunami of demonetisation, the goods and services tax and the Real Estate Act, might actually benefit from softening property rates.

Through an order in 2011, the Supreme Court held that transferring property title through a general power of attorney was not valid. The top court directed municipal bodies not to register/mutate properties based on these documents. Following the order, states banned the registration of properties sold through GPA. The SC, however, said that genuine transactions carried out through GPA would be valid. In light of this, should you be entering property transactions that involve sale through power of attorney? Let us find out.