That India is at the forefront of all emerging economies is a given. But one of the best indicators of this is that commercial real estate is always on the rise here. Some of the top, global, real estate investment giants are bullish on India and would like to develop commercial real estate in the country.
Some of the prominent big-ticket deals in the recent past are:
- Blackstone Group Lp, the world’s largest real estate investor invests US$1 billion in commercial real estate across India, making them the largest land-owning entity in the country among private-equity investors.
- Xander Group and a consortium led by Dutch pension fund asset manager APG announced a US$300 million venture to buy commercial assets across India’s main office markets: Bangalore, Chennai, NCR, Hyderabad, Mumbai and Pune.
- GIC Pte, Singapore’s sovereign wealth fund, and Ascendas Pte, a Singapore-based business-park developer invests 600 million Singapore dollars or US$480 million in India’s commercial realty considering that demand is always on the rise.
So what is driving the demand?
With India becoming a hub for top-quality talent in various fields, global Technology, Financial Services and Bio-technology giants have set-up shop in India. Companies like Xerox, ANZ, Morgan Stanley and Amazon have set-up tech-parks / office-parks / campus-parks with superior infrastructure and facilities, to serve global operations. This has raised the bar for Indian realty companies who have built similar facilities and sustained the demand for quality office space.
In fact, India’s top six cities have witnessed the largest net absorption of office space in the Asia-Pacific region, and some of the highest globally. This will only continue in the years to come, according to Cushman and Wakefield Inc, presenting a big opportunity for top Realty Houses in India.
One of the common asks we have at Clapdoor is how can a homeowner sell his or her property quickly. In fact, when we looked at the commonly used phrases by Clapdoor users to search on Google before landing on our website, we found the following phrases, all within the top 20:
sell my property fast
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how to sell land fast
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i want to sell my home fast
While we do not recommend trying to sell your property in a hurry, we definitely understand that many times one does not have the luxury of adequate time. It turns out selling property in India is not as complex as people think; it can be done at a relatively short notice provided you follow the below steps.
- Titles: Ensure the property you want to sell is in your name without any ambiguity.
- Outstandings: Ensure there are no bank loan EMIs or municipal taxes pending.
- Advertise: Advertise in local newspapers, portals and neighborhood bulletins with your contact details.
- Agents/Brokers: In case responses to the ad are few, hire an agent for quick leads.
- Cleaning: Even as you examine the responses, clean and paint the property to get a good price.
- Awareness: Enquire about recent sales in the locality to know the current market price.
- Negotiation: Include a negotiating margin in your price as smart buyers will find reasons to reduce the price.
- Honesty: Avoid false information about your property.
- Be clean: Insist on full payment in white to avoid Income Tax hassles at a later date.
- NOC: Get a no objection certificate from your housing society and municipal authorities.
- Sale Deed: Hire a property lawyer to create a sale deed on stamp paper. If buyer is taking a housing loan, ensure the bank makes a cheque for the full amount.
- Notarize: The sale deed must be signed by both parties in presence of a magistrate or Authorized Notary.
- Handover: Handover all keys of the property – both originals and duplicates, to the buyer.
- Inform the authorities: Inform the local Municipal Corporation of the sale so that you are free of all liabilities.
- Hire a CA: The sale deed and investments made from the sale must be factored in your IT Returns for that financial year.
- Preserve: The sale deed copies must be preserved carefully for your lifetime.