How to remove bars in buying a property

Lucknow

The dream of running an ATM, parlour or a shop in your home may soon come true with Lucknow Development Authority (LDA) cutting down land use conversion charges.

According to the new rule, a person can apply for change in land use from residential to commercial based on LDA sector rates rather than DM circle rates of the area. The policy would be applicable in all LDA developed localities which applies to more than 45% of the city including Mahanagar, Aliganj, Gomtinagar, Janakipuram, Kanpur Road, Sitapur Road and Vasantkunj Scheme, among others.

This is a big decision for hundreds of residents who couldn't afford paying land use conversion charges based on DM circle rate which keeps increasing every year depending on development of the area. On the contrary, LDA sector rates are cheaper and were last revised in 2014. LDA VC Satyendra Singh Yadav said, "Usually, LDA sector rates are about 1.5 to 2 times cheaper than DM circle rate, so this is going to help many residents who had been long planning to change land use."

LDA officials said they already have 80 applications asking for land use.

"Earlier, it used to cost a whopping amount for changing land use from residential into commercial. Hence, we have only 80 applications. Once we apply LDA sector rates, we are sure to get many more applications," said an official.

Though it applies to independent houses, people living in apartments or group housing projects can also apply but they need to take special permission from LDA. Besides, there are certain conditions to approve the change in land use. A certain road width or parking space is mandatory for running commercial activities.

All applicants need a 'no-objection certificate' from their neighbours before applying for the scheme as they might get disturbed due to the emergence of a commercial set-up in the vicinity.

Commercial activities which may lead to nuisance or cause pollution would strictly be prohibited in residential areas.

Source: The Times of India, Lucknow

LDA to help allottees avail loans

Lucknow

In a first of its kind initiative, LDA has decided to tie-up with banks and make the loan process of MIG and LIG (middle income and lower income groups) flats easier. LDA is also planning to give possession to those making 25% payment at initial stage so that rest of the amount may be paid in EMIs (equal monthly instalments) through home loans from banks.

 LDA VC Satyendra Singh said, "Those applying for MIG and LIG flats can now get possession easily after making 25% payment and the rest in EMIs through home loan. We will help people avail loan without much paper work."

LDA is planning to make new set of MIG and LIG flats especially for middle, lower middle and lower income groups. Singh said, "So far, people who bought flats from LDA and were living on rent had to pay EMI as well as rent. This will help them live in their house after making 25% payment."

Source: The Times of India, Lucknow

Railways to ask NBCC to redevelop Gomtinagar and Bhubaneswar stations

The railways is mulling a plan to offer two stations to National Buildings Construction Corporation (NBCC) for conversion into the country’s “most- modern” rail premises as part of a redevelopment plan.

“We are in discussions with NBCC for redevelopment of Gomtinagar station in Lucknow and Bhubaneswar station in Odisha,” said a senior Railway Ministry official.

The plan for modernisation of the two stations is part of a railways’ initiative to redevelop 400 major stations across the country.

Talking about the project, NBCC Chairman and Managing Director Anoop Kumar Mittal said, “The modalities are being worked out. After receiving the work order, we will prepare detailed project reports for the two stations.”

The plan envisages vertical development of rail premises with the construction of shopping malls, eateries, parking lot, office complex and other commercial ventures, he said.

The redevelopment plan is to be implemented on a turnkey basis. NBCC would prepare a business model for leveraging the real estate development of the two stations.

Mittal said the real estate prospects differ from station to station.

“One can leverage the real estate to develop modern facilities at stations. Once we get a concrete offer, we will decide how to go about it,” he said.

Railways wants to showcase a few station modernisation projects to attract private players for such projects.

It is already working on the modernisation of a few stations such as Brijawasan and Anand Vihar in Delhi and Habibganj in Bhopal.

NBCC, a PSU of Urban Development Ministry, is engaged in the business of project management consultancy services for civil construction projects and civil infrastructure for power sector and real estate development.

'Smart City Ltd' to modify Lucknow

Lucknow

Divisional commissioner has instructed the Lucknow Municipal Corporation to form SPV (special purpose vehicle) 'Lucknow Smart City Limited' within three weeks to begin development projects under Smart City mission on priority. He has also made departmental committees to review progress every month in their fields.

These committees are meant to monitor projects of drainage, sewerage, heritage building, solid waste management, roads, transport, smart parking and urban mobility nodes.

Once formed, the SPV will ensure its board of directors meets every third or fourth Saturday of a

month to review the progress of projects regularly. The SPV will have three main directors-divisional commissioner as chairman, municipal commissioner as CEO and one director of local bodies of UP.

The SPV can later add as many directors as needed in the board. LMC has recommended to include district magistrate and an official from tourism department. The commissioner said, 'Formation of SPV is a prerequisite to Smart City funds from the Centre and state government. The SPV's name has to be registered with the Companies Act in 3 weeks to be able to begin work on time." Total Rs 1,000 crore will be given by both Centre and state government for Smart City developments.

The first board meeting will take place in July and set agenda for prioritising projects. "The board will see which projects have to be done on priority and also allocate funds towards them. Smart City goals will be achieved through setting timeline for individual work," said LMC. The commissioner was meeting key departments of UP after Lucknow ranked first in the fast-track round.

Source: The Times of India, Lucknow

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Realty check in Lucknow

Lucknow

Real estate in Lucknow is reaching sky high and the same is evident in various inroads it has been making towards development of the city.

Kartik Kaushal, a banker by profession and a prospective homebuyer, says, "I am sure I want to invest in the city because it has the potential and while it is making progress, the positivity around helps me as a homebuyer."

The way ahead is Smart.

The central government announced 13 more smart cities and Lucknow has made it to the top. Urban Development Minister Venkaiah Naidu remarked that these cities had improved the quality of Smart City plans by up to over 25 percent to become eligible for selection.

Lucknow Municipal Corporation has been aspiring towards the agenda of Jeevant (Liveable), Sugam (Mobility), Swachh (Clean) and Samruddh (Prosperous) city, a goal to be realised by 2020.

Source: Times Property, The Times of India, Lucknow

Get the maximum from renting in lucknow

Before you leap in finding for the tenants and delve into imaginary calculation for stuffing your wallet back, there are certain pre-do things, which will save you from many troubles.

Before you work on the sign boards 'for rent' that is stuck somewhere in the front yard of the property, there are certain things that you need to do in order to avoid future obligations. Leasing out a property is not an easy task for landlords. A lot of preparedness and sensible thinking is required before taking a final call. If you want to avoid instances such as tenants breaking out their lease and leaving before fulfilling their terms, or tenants overstaying without paying rent, or having destructive tenants, you must exercise precaution.

The main purpose which lies in leasing out a property is making an extra income and stuffing the wallet back, but it is not easy. It is better to be on renter side when it comes to increased cash flow, potential tax benefits, appreciation over time and flexibility to sell or lease out later. But, if you wish to have a healthy relationship with your tenant, consider the following titbits.

Research beforehand

Before renting out a house to the tenant, you must find out the current rental rates in the area and know whether listing the property is even worth the effort you put in.

Calculate the monthly mortgage with the current market rates. You may also hire a quality property manager, CE rich in experience and acknowledge with all the services they provide.

Know your tenants

While it can be a pain to screen tenants in detail, but it is definitely a better option than choosing a tenant who doesn't pay rent on time, or doesn't care for your property.

Before shaking hands with the new tenant, scan and screen the credit report of your tenant.

Also run a criminal background check. Also check if your tenant has good references concerning rental payment, housekeeping, and property maintenance from all previous landlords.

Legal side

Assuming you're not an accountant or deeply familiar with rental tax laws, it would be wise to engage an accountant to help you sort through the tax implications of renting your house. Consult a certified public accountant and look up all the relevant tax codes related to investment properties. A real estate lawyer can help ensure that your lease agreement does not contain any illegal provisions, while also protecting you from the financial harm that could result from tenants exploiting loopholes in your agreement.

Documents

Keep everything in writing. You will need to create a document that covers points that are specific to your property, in detail.

This paper should cover things like repairs, pets, deposits, late payment charges and utilities among others.

Thus, taking an extra care for your property below before letting the tenants to stay in your house and going through all essential steps mentioned above will keep you away from little less desirable tenants and will help you to fetch all benefits of being a landlord.

Source: Times Property, The Times of India, Lucknow