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A Sneak Peek into the Poshest Areas of Navi Mumbai

Blox Social Feb 9, 2023

Having Been designated with the status of a planned city, Navi Mumbai lies on the Konkan coast of Maharashtra, hosting a population of over 16 lakh residents within an area of 108.6 sq km. In recent years, this MMR region has witnessed exponential growth in its infrastructure, with the real estate sector playing a crucial role. As Mumbai continues to bear space constraints and increasing inflation, Navi Mumbai is proving to be a safer bet for investment purposes, with companies like Wipro Infotech, Bank of America, Barclays, and Ranbaxy setting up their operations. 

The city also offers efficient transportation with a smooth network of roads and railways, with an upcoming international airport to soon be operational. Hopefully, sometime this year, the long-delayed Line 1 Metro of Navi Mumbai will be opened for public use, covering 23.40 km and 20 stations. Over the years, the city has also seen a boost in its social infrastructure with the rapid development of schools, colleges, hospitals, malls, etc. Listed below are a few examples.

  • Ryan International School
  • Orchids The International School
  • St. Lawrence High School
  • National Institute of Fashion Technology (NIFT)
  • DY Patil University
  • MGM Medical School

When it comes to offering recreation services, Navi Mumbai has the following to offer.

  • Inorbit Mall (Vashi)
  • Nexus Seawoods
  • Raghuleela Mall
  • DY Patil Stadium

Hence, it is easy to understand why a house in Navi Mumbai could serve to be fruitful as time passes by. Thus let us look at some of the poshest areas of the MMR, especially for investment purposes.

1. Panvel

One of the most popular choices among home buyers, Panvel offers seamless transportation with its network of roads and railways. Offering an alternative solution to those wanting a break from the congested life of the financial capital of India, this Raigad district taluka offers ample land space, improving your standard of living, with the current price per sq ft being around ₹6,830. Regarding social infrastructure, the city has reputed the following educational institutions:

  • Delhi Public School 
  • DAV Public School 
  • Thakur Arts and Science College

For recreation purposes, Panvel has the following to offer:

  • Mahalaxmi
  • Orion Mall
  • K Mall

2. Kharghar

One of the upscale neighbourhoods of Navi Mumbai, Kharghar, serves as an industrial centre, given its proximity to CBD Belapur, Taloja, and Kalamboli. Offering excellent connectivity, with the availability of buses, autos, and a partially opened metro. Therefore, Kharghar is an area expected to boom, especially for investment purposes, with the current price per sq. ft an estimated ₹ 8,796. 

One of the key attractions of Kharghar is Central Park, which is spread over an area of 80 hectares and is one of the largest parks in Asia. The park has several jogging and walking tracks, play areas, gardens, and a lake. Another popular tourist attraction in Kharghar is the Pandavkada waterfall, located in the nearby hills and a popular picnic spot.

3. Nerul

A premium locality in Navi Mumbai, Nerul is a focal residential and commercial real estate investment point. Located on the harbor lines, it is one of the most strategically located areas in terms of connectivity, less than 10km from the upcoming international airport in Navi Mumbai. In terms of educational institutions, it has the best schools and colleges across all streams. 

  • Ryan International School
  • Presentation Convent School
  • Delhi Public School
  • St. Xavier’s High School and Junior college of science
  • MGM High School and JR. College of Science and Law College
  • SIES Graduate School of Technology
  • SIES College of Arts, Commerce, and Science

4. Ulwe

An upcoming area in Navi Mumbai, Ulwe, offers smooth connectivity, with its proximity to the Navi Mumbai International Airport adding benefits. The locality offers a sports complex, medical clinics, and office space, fueling demand for residential buildings, with the current price per sq. ft being around ₹7,660. Listed below are some residence options for comfortable living in Ulwe. Ulwe is also known for its beautiful coastline and scenic views. The area has many parks, gardens, and recreational facilities for residents. Additionally, many educational institutions, healthcare facilities, and shopping centres exist in and around Ulwe.

5. Ghansoli 

Witnessing rapid growth, courtesy of its proximity to commercial and industrial hubs such as Reliance Corporate Park and Loma IT Park, Ghansoli serves as an employment epicentre. Boasting top-class social infrastructure, the Navi Mumbai locality has a current price per sq. ft of ₹11,826. Ghansoli is also known for its natural beauty and has several parks and gardens. Khairane Lake, which is located nearby, is a popular tourist spot in the area. The Sarovar Vihar Garden and Gansoli Hill Garden are popular among locals and tourists.


It is only a matter of time before Navi Mumbai experiences a sudden boom in the inflow of people as it continues to open its economy for further expansion. The MMR region is a perfect destination for people looking to live a luxurious life away from the hustle and bustle of Mumbai. With the international airport nearing completion, the city only has happy days ahead, making it one of the favourite destinations for investors in India, especially in the real estate sector.


8 Reasons Why NRIS Should Invest in Property in Mumbai

8 Reasons Why NRIS Should Invest in Property in Mumbai

Blox Social Feb 9, 2023

Today's exchange rate for a dollar stands at ₹82 and is not looking to move down anytime soon. Though this might not serve as good news for Indian immigrants overseas, it is the most appropriate time for NRIs to invest in the country of their ancestors. Undoubtedly, India remains one of the developing nations globally, with an expected growth rate of 6.4% for 2023-24, making it a land of opportunity and investment. 

The depreciation of the Indian rupee serves as an opportunity for NRIs residing USA, Canada, the Middle East, the UK, and many countries of Europe, with the conversion rate working entirely in their favour. Some of the popular choices among NRIs when it comes to investing in Indian cities are NCR, Bengaluru, and Hyderabad. 

Governed under the FEMA (Foreign Exchange Management Act) regulations, NRIs can purchase residential and commercial properties and receive immovable property as a gift or by inheritance, with not many legal formalities involved in this case. As the Indian real estate industry witnesses a shift of dynamics, providing top-class infrastructure, amenities, and sustainable living, there isn’t a better time to put your money, whether residential or commercial. 

As the Indian real estate market looks to touch estimated ₹13 lakh crores, here are some reasons for NRIs to park their money.

1. Diminishing value of Indian currency
The INR has been on a consistent downfall since experiencing an 8.6% drop in 2018 to an all-time low of ₹82. The global pandemic has further impacted the rising interest rates and petroleum prices. While this is a challenge for Indian citizens, NRIs, especially those living in countries with stronger currencies, can leverage this opportunity by investing in their homeland.

2. Diversifying their investment portfolio 
Many of the NRIs have their families and friends living in India. Hence, having their second home in their native country helps them reconnect with their roots. The non-resident can also let out their property on lease, serving as an additional source of income. 

3. The rapid growth in the economy 
As discussed earlier, India is a resurgent economy, the most significant proof of this being its ability to endure the aftermath of COVID-19, which shook some of the strongest economies. The rising disposable income of the middle class and purchasing power are other examples. Therefore, an NRI can maximise their ROI as years pass by.

4. High resale value
When it comes to preferred choices of investment, real estate remains a safe bet, especially given the current economic and political climate in the world. The recent fluctuations in securities, gold and stocks have only increased the reliability factor for ROI results in real estate. 

5. The regulation in real estate
The government and concerned authorities continue to take measures to protect the interest of the realty buyers, establishing governing bodies and introducing acts like RERA and FEMA, helping build the trust of the NRIs when making investments in real estate. 

6. Commercial investments
Having the benefit of currency exchange, an NRI could maximise the opportunity of investing in commercial properties as they provide better returns. With the tenant wanting to attract customers to the property, they will ensure proper maintenance, removing the hassle of constant monitoring for the landlord.

7. Streamlining of processes by the RBI
To attract further investment from foreign land, the RBI has reduced the need to apply for prior approval for NRIs in the case of immovable properties in India. Nonetheless, in the case of making investments in agricultural land and farmhouses, the need for consent remains. 

8. Tax benefits
Like any other Indian citizen, an NRI can have the right to deductions 80C and 80TTA under the Income Tax Act while also enjoying the indexation benefit for properties held in India. Being a beneficiary of foreign currency, a streamlined taxation process only makes things better regarding investment from overseas.

The bottom line is that this is the perfect time for an NRI looking to invest in India's real estate sector. As the country continues to grow by leaps and bounds, individuals of Indian descent can get top-quality services and goods at better rates than where they reside. Adding to the emotional quotient, this also opens up the gates for them to come and visit their roots and reconnect with them. 

The recent pandemic has made many realise the value of their loved ones, with some NRIs even shifting back to live with their parents. Unfortunately, the currency value of India is losing hold. However, with the current solid foreign policies and international positioning, it's only time before the exchange rates swing in our favour.  An NRI can purchase a much larger property in India than what is available back in their respective countries, providing them with the dual benefit of luxury living and living in their home country.  

5 Mistakes to Avoid While Buying a Flat in Mumbai

5 Mistakes to Avoid While Buying a Flat in Mumbai

Blox Social Feb 8, 2023

Buying a flat or an apartment is undoubtedly one of the most crucial decisions in every individual’s life. And we know it takes years of toil, savings and planning to finally buy a flat that is perfect for you. Naturally, you must do thorough research before you take the leap and make a decision.

Moreover, a poor property investment can take a heavy toll on your financial health as a considerable amount of money is required to build this asset. Add to all this the fact that real estate fluctuates and changes regularly, and you have your task cut out.

With so many decisions to make and a myriad of options available, you can feel a bit overwhelmed, which may result in you making a grave mistake while purchasing a house. And so, to help you, we have curated this list of the top mistakes you can make while buying a flat.

1. Not Setting a Strict Budget

This is arguably one of the costliest decisions you can make when buying a flat. Consider this, you have seen the house of your dreams, it ticks every box on your checklist, and your family loves it. The only hitch is that it is a lot more expensive than you had planned. You feel you’d be able to handle a little financial stretch, so you go for it, however, that backfires on you.

It drains you out on various levels, leaving you ill-prepared to handle unforeseen medical expenses, rising school fees etc. The financial strain causes a massive increase in stress, disturbing your family life.

2. Not Researching About the Builder

Another major mistake you should avoid while buying a flat is not researching the builder. It is recommended that you always research and then buy from a trusted builder, as that ensures all the legal aspects are taken care of. This includes loan approvals, clear land titles, etc.

3. Little or No Down Payment

This is quite fundamental. The larger the home loan principal amount, the more the burden of interest that would fall upon your shoulders. Therefore, while buying a flat, it is recommended that you make as high a down payment as you can. While this would certainly feel more tedious, believe us, it’s a better decision in the longer run.

4. Overlooking RERA Norms

Another critical box you need to tick while buying a flat is checking out the RERA (Real Estate Regulation & Development Act). This norm is mandatory for all ongoing projects stating that they must apply to the regulatory authority to register them within three months.

5. Ignoring Paperwork and Legal Verification

Finally, when buying a flat, check out the legal verification and paperwork thoroughly. If you fail to pay attention to the documents, there are high chances of you losing both your money and your property.

In summary, research plays a significant role in determining whether or not you make a sound decision when buying a flat. Ensure you avoid all the common mistakes mentioned above and do your due diligence when investing in real estate. 

Best Direction to Study: Vaastu Shastra Tips for Your Child’s Study Room

Best Direction to Study: Vaastu Shastra Tips for Your Child’s Study Room

Blox Social Feb 8, 2023

Buying a residential property and turning it into a home for the family brings immense joy and satisfaction. More so when you know you have provided your children with a safe and nourishing environment to grow. So, when you buy a flat or apartment in Mumbai, it is a good idea to spend some time designing the interiors to align with Vastu, the ancient Indian system of design, layout, and arrangement. Apart from bringing joy, success, and good health, following the directions of Vastu Shastra can bring your children a bright academic future and ensure many accolades and achievements. Let us take a look at some of the basic guidelines for your child’s study room as entailed by the scriptures.

Best Direction for Study Table 

According to the principles of Vastu, the best direction for a study room is the North-East. This means you may want to turn the northeast corner of your home into a study room. If this seems difficult in the modern layout of your home, pick a room with an entrance to the North or East directions.
Now that you have decided on the room to convert into your child’s study, let us take a look at the best direction to place the study table. It is best to place the table such that the student faces East while studying. East is the direction associated with the rising sun and scientific breakthroughs. This indicates the start of a glorious academic career.

Vastu Tips for The Study Room

  • It is best to have a study table made of sturdy wood with a simple design. Pick a square or rectangular table over a circular one.
  • Do not place the study table up against the wall. Leave a few inches gap between the study table and the wall. This makes for a free flow of ideas and creativity.
  • Do not let the wall in front of the child remain blank. Put up informative or motivational posters for brilliant academic results. Similarly, if possible, avoid placing the table and chair with a door right behind the child when he/she is seated.
  • The study table should remain free of clutter. Do not stack books on the study table. Place cabinets or shelves on the western and southern walls to hold books.
  • Keep the colour of the study room light. Cream, lemon yellow, and light mint are all very conducive to memory and motivation.
  • Ensure there is no beam or cabinet right over the study table. This east or north wall can display certificates, accolades, or medals.
  • Having a swing or a hammock in the study room is not a good idea. Remove any mirrors that can reflect negative energies from the study room.

Modern Constructions And Vastu Shastra

Vastu is an elaborate set of guidelines from ancient India that formulate the best practices in construction, design, and home maintenance. Following these diktats helps harmonise the various natural elements and harness the positive energies surrounding us. Vastu helps us achieve domestic harmony, individual success, good health, and collective progress. In the modern era, it may not be possible to comply with every guideline as prescribed in the texts. 

If you are a prospective homebuyer, your Blox relationship manager will help you identify and buy a Vastu-compliant home or apartment. You can also work with an interior designer who understands these principles to create a wonderful home environment. It is also a good idea to make small changes like picking the right accessories or plants, colour options, and designs to keep your home vibrant and Vastu-compliant.


Ready Reckoner Rate in Maharashtra: Know Its Meaning and Importance

Ready Reckoner Rate in Maharashtra: Know Its Meaning and Importance

Blox Social Feb 8, 2023

Like all markets, real estate follows the law of supply and demand. This means when any locality or neighbourhood experiences a high demand for residential or commercial property, the prices go up. Similarly, any area that experiences high supply or inventory can find developers struggling to find buyers at a fair price.

Since the value of transactions and the asset price is considerably high, the government sets a minimum property value for every city, neighbourhood, locality, and area. This is referred to as the Ready Reckoner rate in cities like Mumbai and Circle Rate in cities like Chennai and Delhi.

Key Points to Know about Ready Reckoner Rate

  • Ready Reckoner Rate or Circle Rate is the minimum amount for which a property can be registered. Even if the sale price or transaction value is lower, this is the amount on which stamp duty and registration amount is calculated. 
  • If the property price or sale value is higher, the registration and stamp duty to be paid is on the actual value of the transaction and not on Ready Reckoner Rate.
  • The Circle Rate or Ready reckoner rate is set for every state, city, and locality by the state government. It is also periodically revised by the government.
  • Ready reckoner rate helps prevent exploitation of sellers and buyers of real estate. It helps stabilize markets and prevents free fall.

Why is the Ready Reckoner Rate important?

Ideally, the ready reckoner rate or circle rate is the minimum value that any property buyer needs to pay the seller during the real estate purchase. Now in practice, the property value may be different. This cost of the flat or any property is established as a result of negotiation between the buyer and seller, in this case, the property developer and the home buyer. In legal terms, the sale of a property is only complete when it is registered in the name of the new owner and the stamp duty is paid. The ready reckoner rate is the minimum amount that a property can be registered for, and registration charges and stamp duty must be paid on this registration amount. This makes understanding the circle rate or ready reckoner rate an important part of your home-buying decision.

Does the Ready Reckoner Rate change?

Property registration and stamp duty charges are collected by the state government. In addition, the government undertakes revision of ready reckoner rates periodically to maintain the stability of value and to prevent developers and homebuyers from falling victim to exploitative practices.
Since the real estate values over a long-term period are on an uptrend, the ready reckoner or circle rate increases over time. In some exceptional cases, the state government allows for rebates or concessions to stimulate market growth. For example, the real estate market experienced a slowdown as a result of the COVID-19 pandemic, and there was a large unsold inventory with property developers. To encourage homebuyers to invest, the Maharashtra government waived the stamp duty on the ready reckoner rate by 2% (for registrations between January and March 2021). With a pick-up in demand, however, the ready reckoner rates were hiked in most parts of the state from March 2022.

How to calculate Ready Reckoner Rate?

The state government determines the ready reckoner rate depending on the city, the locality, the street or exact location, the property type, size, and other factors. However, it is important to remember that this is the minimum value for property registration. This means that if the actual transaction value is higher, the registration and stamp duty must be paid on the higher value. The exact calculation of the minimum registration charge and stamp duty will depend on three factors – 

  • The measurement of the built-up area of the unit
  • The measurement of the parking slot (open or covered)
  • The circle rate of the location

Ready Reckoner Help – Any change in the ready reckoner rate can impact the price of your home. This is because construction costs in any circle or even the stamp duty increases with a change in the ready reckoner rate. Your Blox relationship manager can help you understand these circle rates, guide you in picking the right locality or neighbourhood to optimise your asset value, and help identify the perfect apartment or flat in Mumbai and Thane to suit your financial and family needs. With expert guidance, homebuying can be the realisation of your aspirations without the stress or any hassles.

Exposing the 10 Biggest Real Estate Property Myths

Exposing the 10 Biggest Real Estate Property Myths

Blox Social Feb 8, 2023

Have you ever heard that a pool automatically adds value to a property? Or that a home's value is solely based on its location? Well, it is time to put these real estate myths to the test! In the world of real estate, there are a lot of misconceptions and misunderstandings that can lead to costly mistakes.

And so, in this article, we bust some of the biggest real estate property myths. From the idea that only rich people can invest in real estate to he belief that home renovation projects always pay off, we'll take a closer look at these popular beliefs and see what the truth really is.

Stick with us as we uncover the truth behind some of the biggest myths and arm you with the knowledge you need to make informed decisions about your real estate journey. Whether you are a first-time homebuyer, a seasoned property investor, or just someone who loves to learn, this guide is for you. So, let us get started and dispel some of the most common real estate property myths once and for all.

Top 10 Real Estate Property Myths

Investing in real estate is only for the wealthy

While real estate may require significant capital, there are various investment options available, such as REITs and crowdfunding platforms, that allow small investors to invest in real estate.

Location is the Only Factor that Determines a Property's Value

This is one of the oldest and most persistent real estate myths out there. While it's true that location can play a big role in determining a property's value, it's not the only factor. Other important considerations include the property's size, condition, and age.

Properties in a highly desirable location can still be priced lower if they are outdated or in poor condition. On the other hand, a well-maintained and updated property in a less desirable location can still command a high price. Real estate prices are always negotiable

While negotiation is a common practice in real estate, the seller may not always be willing to negotiate the price. Market conditions, demand, and location are some factors that can affect the seller's willingness to negotiate.

A Home Inspection is Not Necessary 

A common misconception in India is that a home inspection is not necessary when buying a property. In reality, a home inspection can uncover hidden problems with a property that may not be immediately visible. 

From structural issues to electrical problems, a home inspection can provide valuable information that can help you make a more informed decision when buying a property. Skipping a home inspection can result in unexpected expenses down the road, so it's always a good idea to invest in one.

Renovating a Home Always Adds Value

Home renovation projects can definitely improve a property's value, but they are not a guarantee. The key is to choose the right renovations and ensure that they are in line with the local real estate market. High-end renovations like a chef's kitchen or a luxurious master bathroom may not be a good investment if the rest of the neighborhood has more modest homes.

Additionally, some renovations may not recoup their full cost when it comes time to sell the property. It's important to do your research and consider factors like the local real estate market and your own financial goals when deciding whether to undertake a renovation project.

You need a large down payment to buy a property

It is a myth that you need a large down payment to buy a property. There are various financing options available, including loans with low down payment options.

Real estate investments are only suitable for residential properties

Real estate investments can also be made in commercial properties such as office spaces and retail outlets. Commercial properties offer different investment opportunities and can provide higher returns than residential properties in some cases.

Bigger is always better

When it comes to real estate, the adage "bigger is better" is simply not true. While a larger property can be more appealing to some buyers, it is not a guarantee that it will be worth more. In some cases, a smaller, well-designed property can be more valuable than a larger property that is poorly designed or in disrepair.

A higher-priced property is always a better investment

The price of a property is not always an indication of its quality or potential for growth. It is important to evaluate various factors such as location, demand, and infrastructure before investing in a property.

Real estate investments are tax-free

While real estate investments offer tax benefits such as deductions on home loans and rental income, they are not entirely tax-free. Capital gains tax is applicable on the sale of a property.

It is important to remember that the value of a property is determined by a combination of factors, including location, condition, and design.

From all the points mentioned above, one thing is clear, it is extremely important to be aware of the common real estate property myths and understand that there is more to the real estate market than meets the eye. Therefore, it is crucial that you do your own research and consider all of the factors involved before making a real estate decision. By doing so, you can make a more informed decision and avoid any costly misconceptions. 

What Are The Different Types of Property Ownership?

What Are The Different Types of Property Ownership?

Blox Social Feb 8, 2023

Owning a property, real estate, apartment, house, or flat is an aspiration most of us cherish. 

Property ownership is a legal concept that defines the rights and responsibilities of owning, using, and disposing of property. However, not all property ownership is the same, and several types of property ownership exist. It is essential for individuals looking to buy or inherit property, as well as for real estate investors, to know the different types of property ownership deemed legal in India.

Each type of ownership has its unique characteristics, and understanding these differences is crucial for making informed decisions about your property. Let’s delve into each type of ownership in detail and explore the legal implications associated with each type.

Individual ownership

Single ownership or sole ownership refers to a situation when one individual buys or inherits a property, and it is registered in the name of this individual. In such a case, this single owner has complete ownership rights over the property and can sell, mortgage, lease, gift, or will it according to their wishes. Even if other parties may have assisted in the procurement of funds or assisted in the buying process, the legal right of the asset rests with the individual on record. Let us understand this with an example. If a father helps his son by lending him funds to buy a property or by helping him locate and purchase the real estate, the son whose name is registered as the owner has complete legal control over the property, not the father. When a sole owner dies intestate, the relevant laws of inheritance determine who comes to own the property next.

Joint ownership

Joint ownership is when several individuals jointly own a property or immovable asset. Joint ownership or co-ownership of a property can be complicated, and each individual may have limited rights over the property. Let us take a look at some of the common forms of joint ownership.

  • Coparcenary - Coparcenary is by far the most common form of joint ownership in India. Coparceners are those who have claims on ancestral properties. For example, in a Hindu Undivided Family (HUF), three generations have a claim on the ancestral property by virtue of birth. This property cannot be sold, mortgaged, or leased by any one individual as it is jointly owned and claimed by all three generations.
  • Joint tenancy - Joint tenancy is when all the co-owners are deemed to have equal interest and legal rights in the property. The sale deed mentions all the owners as co-owners or joint owners. In case of the death of one co-owner, the surviving tenant gains the rights over the property. In such cases, the property documents must specifically mention "joint tenancy". If not, the property is assumed to be a tenancy in common.
  • Tenancy in common - Tenancy in common refers to joint ownership of a property or immovable asset in which two or more persons jointly gain legal rights. While they jointly own a property, the rights of all co-owners may not be equal, and the sharing scheme is stipulated in the property documents. The individuals holding the property also do not have any rights of survivorship. This means that if one of the owners dies, the interest of that person's share passes on to his/her legal heir and not the other co-owners.
  • Tenancy in its entirety - When the two owners of a property are married to each other, they can opt for tenancy in its entirety as the ownership protocol. They both jointly own the property and have equal interests. Any change in this status or sharing arrangement requires the other's permission. On the death of one of the co-owners, the surviving spouse gains full control of the property.
  • Fractional ownership - Fractional ownership of commercial properties has been gaining popularity in the country. It allows the cost of the property to be divided into several fractions and distributed among the fractional owners. This is usually a long-term investment and has a specified lock-in period. Unlike REITs, however, fractional owners can choose to invest in certain properties and have full control over their investments.

Ownership by proxy

Property ownership by proxy or nomination is a process whereby a property owner gives another person the right to hold the property in case of the owner's death. The nominee or proxy, in this case, does not gain legal ownership but holds the title of the property so that it does not go unclaimed or become the subject of litigation. In most cooperative societies, the property owner needs to name a proxy who can act as a trustee of the property on the owner's death till such time it can be handed to the legal heirs. This is ownership by proxy. It is a temporary right to bear the property title but does not give the nominee the right to sell, mortgage, gift, or will the property.

We at Blox offer a customer-centric online platform that provides end-to-end support to homebuyers. We bring you direct listings of RERA-registered properties from verified developers and builders with a track record of delivering high-quality projects on time. Our digital platform makes it possible to buy your dream property in seven clicks. You can contact your Blox relationship manager if you plan to buy a property jointly with your spouse or a co-owner. 

Do Daughters Inherit Their Father's Property? Know All About It

Do Daughters Inherit Their Father's Property? Know All About It

Blox Social Feb 8, 2023

Since time immemorial, Indians have placed a lot of value on land and gold as indicators of wealth. One of the main reasons the country's culture places a high value on property and gold is because these are considered the mainstays of inheritance. However, we see a marked difference in how they are endowed between the two. 

Traditionally, the gold jewellery is inherited by the daughter of the family or given to her during her wedding as "stree dhan". At the same time, the son stands to inherit the land or the real estate. To understand the legal rights of the daughter on her father's property, let us look closely at the legislation and judicial precedents set in the country.

The laws of inheritance in India have been very complex and varied. Many of them are highly coloured by religious, caste, and cultural factors. Let us clarify a few relevant terms to understand the legal validity of a beneficiary's claims.

What is an ancestral property?
While there is no clear law that defines "ancestral property", various judgements have clarified the concept. Land, property, or real estate inherited by a Hindu male from his father, paternal grandfather, or paternal great-grandfather is ancestral property. This property passes on to his children, grandchildren, and great-grandchildren of the inheritor by virtue of their birth. In legal parlance, the word "coparceners" is used to represent an heir who has the legal right to an ancestral property by birth.

What is self-acquired property?
The Hindu Succession Act of 1956 defines a self-acquired property as one that the owner buys or acquires through his own resources or by a division of ancestral property. It can be inherited by the legal heirs or can be gifted or willed by the owner.

Who is an heir?
Any person who stands to inherit the property of an ancestor after the latter's death, in the absence of a will, is referred to as an heir. Now arises the question, can a daughter be the heir of her father's property, or what are a daughter's rights on her father's property?

Daughter's Right in Father's Property
Before 2005, the daughters could not claim the same rights as sons on the father's property. So long as they remained unmarried, daughters were considered "members" of the Hindu Undivided Family (HUF). Until 2005, sons were considered coparceners and could ask for their share in the ancestral property through sale or partition. Daughters could not make such a claim.

In 2005, the Hindu Succession Act was amended to secure the rights of daughters as coparcenaries in the ancestral and self-acquired properties of their fathers. In 2011, the Supreme Court of India further upheld the amendment by ruling that daughters have equal rights in the father's ancestral or self-acquired property if the father died before the amendment was introduced in 2005, provided that the property was not divided before November 2004. Following the amendment, these are some salient points daughters should know -

  • A daughter has rights at par with the sons regarding acquiring, holding, maintaining, and selling property.
  • A daughter can claim an equal share in her father's property if the father dies intestate.
  • The most significant change made by the amendment is that daughters hold equal rights over their father's property even if they are married.
  • Any legal restrictions placed on property rights shall be irrespective of gender.

In 2022, a Supreme Court bench further ruled that when the father died intestate or without a will, the Hindu daughter would directly inherit the father's property if there are no other legal heirs. By this ruling, the apex court of India placed the rights of the daughter over other male relatives, such as the father's brothers.

Existence of a will – When it comes to property inheritance, it is important to remember that a property owner can bequeath his/her property or immovable asset through a registered will to anyone. This means that self-acquired properties can be passed on to any beneficiary through a will. This does not apply to ancestral properties, though. If a registered will exists, it supersedes any claim of inheritance by legal heirs such as sons and daughters. In some cases where there is a legal ground to challenge the will, both sons and daughters can equally do so in a court of law.

Women and Property Ownership
Unlike many other countries, the Indian legal system does not inhibit women from buying, owning, maintaining, or selling real estate and immovable property. In fact, states like Maharashtra offer women a 1% concession on stamp duty. This is done to promote financial empowerment among women and encourage them to acquire and own property. 

You can consult your Blox Relationship Manager to know more about the stamp duty and registration charges of your choice of locality or neighbourhood.

5 Tips for Owners to Avoid Property Disputes in Real Estate

5 Tips for Owners to Avoid Property Disputes in Real Estate

Blox Social Feb 7, 2023

In layman’s words, a property dispute is a legal discourse concerning properties in India, with the number of cases in the court currently being sizeable. Over an estimated 66% of the matters in court on the above subject are pending to be solved. Given our 1.4+ billion population, the availability of land and the strings attached to it pose a significant challenge to the judicial system. The parties in contention include the buyer, seller, co-owners, and legal heirs.

Before dishing out some valuable tips to avoid such situations, let's find out the reasons that cause such kinds of disputes.

  • Co-owners and legal heirs claiming their share: One of the most common reasons for property disputes to occur, especially when there are conflicts and the seller does not have enough description in the ownership documents. Issues include easement of rights, inadequate representation by the seller, delays in delivery of possession, and when a party post-receiving advance refuses to hold his end of the bargain.
  • Property owner unaware of inheritance: A potential buyer needs to do all their R&D before entering into a transaction, as the seller, especially in the case of a resale flat, could attempt to keep the customer in the dark. For example, if the property is inherited, the potential purchaser should ensure no other heirs can claim their rights to ownership.
  • Will or gift deed: If made in favour of one of the legal heirs, other parties involved could challenge the process as the will or gift deed holds no importance in the eyes of the law.

5 Tips to avoid property disputes 

1. In-depth detailing during the title search
One of the essential steps before entering into any transaction with the seller. A detailed verification is to be carried out by a lawyer or title investigator. Another way to avoid future legal hassles is to see if leading banks approve the property and if no mortgage is attached.

2. Sanctioned site plans
Before purchasing, the buyer could consult the services of an architect who would prepare a site plan. The sanctioned plan often differs from the built-up area, amounting to illegal construction. Another benefit associated with approved site plans is low risk when it comes to delaying or cancellation in the execution of the projects while also helping maintain transparency among the home buyers. 

3. Inherited property 
Extra caution needs to be there while purchasing an inherited property. Firstly, ensure that the beneficiary's name is mutated in the government or revenue record depending on the nature of the property. Requisite proof of inheritance is to be provided to the buyer, eliminating all doubts.

4. Sales deeds, title proof, and other documents
The final purchase agreement signing should occur after the stamp paper dates match the transfer paper dates. The title proof should have all the necessary information to avoid future troubles.

5. Municipal consent
Ensure there are no violations regarding the house's structure, layout, and construction. Approvals from the necessary departments are obtained, even in the case of licensing. 

Ways to solve property disputes

There are two ways to go about this: mutual consensus or a legal battle. Nonetheless, let’s look at some ways to avoid property disputes.

  • Constructing fences: One of the most traditional ways of securing your property, helping prevent trespassing. Signs and posters using tags are another way to protect your property from intruders.
  • Land Surveyor: The professional has more knowledge than the average individual, helping you understand your property's dividing lines to prevent confrontation with the neighbours.

While factors like budget, locality, documentation and resale value are crucial during the buying decision process, avoiding property disputes is equally vital for the buyer to live in peace and comfort, saving them resources like time and money, among many others.

All You Need to Know About IGRS (Inspector General of Registration and Stamps)

All You Need to Know About IGRS (Inspector General of Registration and Stamps)

Blox Social Feb 7, 2023

Homebuying in India involves a series of decisions that you will be required to make. Which is the locality or neighbourhood that I want to live in? What are the facilities and amenities that my family needs? Which builder or developer is trustworthy and likely to deliver the apartment as promised? What is the best price to buy this property at? Are all the documents and permits verified? Once you get answers to all these questions and secure the funds, it is time to make your dreams come true and buy the property. Now the final but most important thing to do at this time is to register the property and pay the stamp duty. This secures your ownership and complies with real estate laws. Let us find out some more about the government department that will help us in the registration process.

Inspector General of Registration and Stamps (IGRS)

The full form of IGRS is Inspector General of Registration and Stamps. This office or department is responsible for the registration of real estate and immovable properties. There are two different laws that govern this process:

  • The Registration Act of 1908 - Section 17 of the Registration Act 1908 mandates that all immovable property valued at INR 100 must be registered on sale
  • The Indian Stamp Act of 1889 - When the sale of immovable property is registered, it is mandatory to pay stamp duty

Property Registration and Stamp Duty Process

Things to remember during the registration process:

  • The registration of a property is usually done at the local IGRS office. You will need to fill in a form and make an appointment to complete the registration process. In Maharashtra, this appointment can be made through the department's website. Check the office timings and reach the office before your allotted time.
  • Collect all relevant documents, including the sale deed and your KYC information, such as your PAN and Aadhar card. Remember to pay the stamp duty and registration charges beforehand and carry the receipt. Most cities, such as Mumbai, allow for digital payment these days.
  • The seller and the buyer will need to be present during the registration. They will also need additional witnesses. If the property value is over INR 50 lakh, the buyer will need to deduct 1% TDS from the property value and will need to submit proof of TDS during registration.
  • Following the registration process, a receipt will be issued. The registration of documents takes about a fortnight and can be collected after this period on the production of the receipt.

Maharashtra IGRS website

In Mumbai, the IGRS office works very efficiently, despite the high volume of registrations. In addition, the Government of Maharashtra's Department of Registration and Stamps website is very well designed to provide you with all necessary assistance and information. The site also has a grievance redressal system in place.

Get Expert Guidance

Our end-to-end digital platform is designed to bring home buyers and real estate investors closer to finding the right investment opportunity and property through the use of high-tech tools. Blox’s mission is to offer you a seamless homebuying experience without the stress and mess that usually go with traditional home searches. This includes offering you the expert guidance of our relationship managers, who will help you find all the registration and stamp duty related information you need and help you get the paperwork done. Our relationship managers are experts in different Mumbai neighbourhoods and suburbs and will also help you locate the IGRS office and access the department's website.