General Questions

The valuation process evaluates the market value of the property. Demand and supply forces operating in the market, as well as other factors like type of property, quality of construction, its location, the local infrastructure available, maintenance, are all taken into consideration before the market value is decided.

Typically, if a real estate agent is asked to judge the value of a piece of property, he would do so based on information of recent sales or purchases of similar properties in that area.

Though this may give a fair idea of the property's market value, an official property valuation would carry more weight. E.g. if you need to use this piece of property as a security against a loan, the bank's loan approval process would be faster and smoother if the property is certified by an official valuer. Many banks now insist on valuation certificates before issuing loans using properties as security. The value thus certified may also have chances of getting a higher amount of loan sanctioned.

Another benefit of official valuation is that it is a useful negotiating tool when selling the property. Such certification also becomes essential in situations where the correct value of the property has a legal bearing—such as, a will statement, insurance papers, business balance sheets etc.

The price that a property can command in the open market is known as its market value. Stamp duty is based on the market value or the agreement value of the property, whichever is greater.

When a piece of property is given or 'leased' to an individual (known as the 'Lessee') for a stipulated period of time, by the owner of the property (known as the 'Lessor'), the property is referred to as Leasehold Property. A certain amount is fixed by the Lessor to be paid as lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission.

There are several benefits: if you convert the property to a freehold property, you become a full-fledged owner by getting the sale deed and having it registered. A freehold property has better marketability and can be sold, mortgaged or kept for standing security, which cannot be done with leasehold property.

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If the transfer takes place within three years of purchase, the income tax exemption under Section 54F of the Income Tax Act does not hold good.

Residential Questions

The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid. When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.

Legally, the actual area owned by the individual is the basis for calculation of maintenance charge.

Co-operative Housing Societies have a statutory obligation to collect a Sinking Fund. This is done so that in case the building needs to be repaired or reconstructed in the future, the society has sufficient funds to carry out the work. The amount to be contributed is decided by the General Body of the society; it should be at least ¼ percent per annum of the cost of each apartment, excluding the cost of the land. This fund may be used after a resolution is passed at the General Body meeting with the prior permission of the Registering Authority. This could be to carry out reconstruction, repairs, structural additions or alterations to the building as the architect thinks is required and certifies.
A lease agreement can be reached in either of two ways, depending upon each case: In cases where the lease contract is from year-to-year / exceeding one year's rent / reserving yearly rent, then a registered instrument can be created, which both the lessor and the lessee must execute. In cases other than the above, an oral agreement followed by delivery of possession is considered enough.

About Elite

Every face tells a story and every home an epic.But few get the opportunity to be labelled with an aristocratic premium address. Get to own your slice of life at QADRI ELITE

The elixir of life is the perfect mix of sweat and leisure. Brewed in the right blend can charge you beyond every exception. Get close with QADRI ELITE.

About Pride

The title to the property is free from all encumbrances and is absolutely clear. The site is located amidst developed Residential area which ensures your Convenience / Comfort.

Designed by Qualified Architect, so that the space is efficiently utilized, ensures free air circulation and ventilation, and executed by well experienced Engineers.

About Landmark

Finding the joy you want to live for makes life all the more interesting. Owning a home is one of them. Happiness prevails, when, what we think, say and do, are in harmony. We, at Ruby, think, say and do everything to give you this joy, in terms of comfortable living. We have given our best to delight you, at Ruby’s Landmark.

It is important to find your joy. It becomes a beautiful reason to live for! Come, Live the joy!