The estimated market value of the property that is according to the records maintained by the Government is called the Property Guideline value. Under ideal circumstances, the property guideline value should reflect the true market value of the property.
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Real estate is considered as the most booming industry in Chennai and research and experts state that real estate is one of the safest investments to your future.
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CREDAI which stands for Confederation of Real Estate Developers’ Associations of India is the apex body for the Indian real estate industry.
If the developer has included a warranty of any sorts in regards to the completion of the project in a signed contract, the buyer can take strict legal actions against the developer for delays caused by them. Also, as per the Consumer Protection Act 1986, a buyer can file a complaint against the developer stating “deficiency in service” in case of delayed possession.
You have to obtain Planning Permission from the CMDA before you undertake any development as per the Town & Country Planning Act. The permission is valid for 3 years from the date of issue. You can renew the Planning Permission for another period of 3 years after the date of issue by an application within the validity period of issued Planning Permission.
Chennai Metropolitan Development Authority is a statutory organization of the Tamil Nadu Government. Its responsibility, among others, is to regulate all physical developments within the Chennai Metropolitan Area on planned lines. For serving this purpose, a master plan to designate the land use permissible in the entire Chennai Metropolitan Area has been prepared by CMDA.
TAMIL NADU REAL ESTATE REGULATORY AUTHORITY. The Real Estate (Regulation and Development) Act, 2016 aims to regulate and promote the real estate sector by controlling the transactions between buyers and promoters of both residential and commercial projects. It also has provisions for establishing a regulatory authority at the state level called "Real Estate Regulatory Authority" (RERA) for monitoring the real estate sector and adjudicating disputes relating to Real Estate Projects. The main aim of the Act is to protect buyers and help investment in the Real Estate Sector.
An approved plot is one that has been verified by the CMDA. It basically means that the plot can be used for real estate transactions and the owner can modify the plot according to his/her wishes. The procedure for getting a plot approved is fairly simple.
The market value of the property refers to the guideline value that is decided by the government. This value depends on the zone where the said property lies.
General stamp duty and property registration charges are listed below.
A consumer can file a complaint against developers by clicking on the below mentioned linked.
A mortgage is a financing option in exchange of title for debtor's property with the condition that if the person defaults on the loan then the mortgaged property will be taken over by foreclosure and upon payment of the debt, the conveyance of title becomes void.
A mortgagor is a person who borrows money for the purpose of purchasing a real property while a mortgagee is an entity that lends money to a borrower against the security of a property.
If you own a home, you will be expected to pay property tax to the urban local authority under which the property lies.