Sunday November 19, 2017
Home Business Key Pointers ...

Key Pointers before investing in Plots of Land

Apart from constructing a house, a plot of land is a great investment

0
145
Land Plots (Representational Image), Pixabay

March 10, 2017: Building a home from brick to brick and having the sovereign choice of the floor plan is a dream that many of us harbor but only a few accomplish.

Apart from constructing a house, a plot of land is a great investment. There are many who like to invest in land instead of a flat and argue that buying a flat is high maintenance and does not give good returns on investments when compared to a plot for sale in Chennai.

It is generally the second home buyer or investor who invests in land or a plot for sale in Chennai or any other flourishing city. Investment in both land and apartment has its own merits and demerits.

Follow NewsGram on Facebook

The few important merits of investing in a plot of land are:

  1. There is a lot of freedom to design and shape a plot, which is not possible in an apartment.
  2. With space availability vanishing quickly in the city, the rate of land is expected to appreciate very quickly.
  3. Flexibility to build as per the city’s future requirement helps the cost of land and property to appreciate very fast.
  4. The land is always in demand. The value normally appreciates due to zero depreciation of land.
  5. There is little or no competition for raw land, so being the only prospective purchaser is a huge negotiating advantage.

But, there are some demerits to investing in a plot.

  1. Land generates very low income if rented sometimes. It is difficult to reoccupy a land if tenant pushes it into litigation.
  2. Banks do not provide finance for buying a land/plot.
  3. It is essential to make legal checks on ownership history.

The key to a good investment is research and complete knowledge about the investment. Some of the things to keep in mind before buying a property are:

  1. Clear land title with no outstanding loans, taxes or mortgages must also be investigated. A buyer must ensure that the land parcel is not reserved for any government projects and does not belong to the agricultural category.
  2. Investigation on infrastructural development around the area should be made. Inquire availability of proper roads and Infrastructure in the area, also amenities within the projects and other developments coming up around the property needs to be researched.
  3. Landlocked properties or oddly shaped properties should be avoided. Required building setbacks could make a narrow plot worthless.

In the recent times, the southern state of Chennai has emerged as one of the top destinations for investing in land/ plot. Chennai is more appealing than other metros of the country, as it is a rapidly expanding manufacturing hub of India.

The state houses manufacturing units of top carmakers, as well as, other industries like IT industries, Telecom, etc. All these establishments are creating a big investment opportunity in the city with high growth and shooting prices.

The ideal destinations for investment in the city include:

  1. Gandhi Salai and Oragadam: They are the hubs of activities for the IT and manufacturing sectors. While Rajiv Gandhi Salai is an attractive choice due to its proximity to the various IT Parks and IT-SEZs, plots near Oragadam are ideal for investment, as it is an automobile hub. These locations are well connected by road and rail, and the presence of various multinational companies has triggered the real estate growth.
  2. Vandalur-Kelambakkam Road is one of the future growth corridors of the city, as it connects two important arterial roads Grand Southern Trunk Road (GST) with Rajiv Gandhi Salai. Easy connectivity and presence of many educational institutions in the vicinity have positively impacted the real estate sector in this area.

The land prices in these areas range between INR 500-2,500 per sq ft. The buyers have a variety of options to choose what can fit their budget.

In a city whose demographic is changing constantly with apartments becoming the norm rather than the exception, a plot as a mode of investment is becoming highly lucrative. The severe space crunch in the city has resulted in land prices going through the roof, sending plot developers and buyers scout for land on the outskirts. It has resulted in a spurt of real estate development in these localities.

 

 

Next Story

Triple Talaq verdict is a small victory. But there are more battles to be won

Are the divorced Indian women getting their due?

0
57
Triple Talaq was a harmful practice faced by Muslim women
Triple Talaq was a harmful practice faced by Muslim women. Pixabay
  • Women are asked to compromise for the sake of family honor, children, not being financially independent and many such reasons
  • It’s a tough decision for Indian women to file for a divorce even if their marriages have been exploitative, oppressive or unhappy
  • The problems are most dreadful for women whose marriages have not been formally ended

 New Delhi, September 3, 2017: Supreme Court’s verdict on Triple Talaq case is like a ray of sunshine. The verdict has been welcomed, applauded and celebrated all across India by the people who advocate for women’s rights. Judgement on Triple Talaq has been possible because of courage shown by strong Muslim women to change the course of their lives and a long struggle of groups such as the Bharatiya Muslim Mahila Andolan who did not put their foot down in spite of having to face pressure, threats from the Muslim community and outside of it.

Reactions women in country face when they consider getting a divorce

There are many other societies where higher rates of divorce are often equated with an expression of choice that women possess and the liberation of women. But, sadly this is not the case with India as divorce evokes dark, shameful reactions, taunts, rage, and pity from the society, often a woman is blamed for it. It is not considered as a suitable option for women suffering from unhappy marriages, they are asked to work it out, to solve the differences even if there’s no easy solution to it. They are asked to compromise for the sake of family honor, children, not being financially independent and many such reasons.

Why do Indian women hesitate from taking a Divorce?

It’s a tough decision for Indian women to file for a divorce even if their marriages have been exploitative, oppressive or unhappy. One reason for this could be the low status of women or not enough respect and value given to them in the society, especially rural India. Another reason is that the women who have low income don’t spend their independent share on themselves out of guilt, they utilize most it in taking care of their homes and save the rest. Also, some regressive and unequal practices are still going on like inheritance, asset ownership which means that no matter which religion a woman belongs to they are denied access to owning assets.

It means that most often than not an end of marriage leaves women with a financial crisis, along with emotional pain, on top of that they not only have to manage their own life but also their children’s without much financial aid.

Divorce Percentage

According to 2011 census on Indians marital status, “among divorced Indian women, 68% are Hindu, and 23.3%, Muslim.” This implies that more Hindu women are getting divorced than Muslim women.

The State governments have failed to empower Muslim women, issues related to their rights and needs are hardly addressed by politicians. Thus their social and economic conditions are degrading- they have unequal access to job, education and other opportunities in life.

More failed marriages were recorded in rural India with 8.5 lakh divorced persons and in urban India, the number is 5.03 lakh divorced persons. Maharashtra has the highest number of divorced citizens which is 2.09 lakh persons. The state which holds the record of lowest failed marriages has 1,330 divorcees.

Negatives of Triple Talaq

A Muslim man being able to end a marriage by a means of disrespecting and utterly irresponsible manner of triple talaq (uttering the word talaq 3 times, it can be oral, written or electronic). The practice of triple talaq was gender biased and gave unequal rights to Muslim women. So, it’s a victory worth celebrating that this shameful practice has culminated legally.

Why is Separation more harmful?

More dissolved marriages in India happen through separation and not a formal divorce. It’s a growing concern as separation (abandonment by a husband) is more common for women in all religions than a divorce. It puts women in a more dangerous spot as they can’t ask for alimony as there is no legality connected to it, which further weakens their financial status. Also, their husbands take away their freedom to remarry. According to census data, “More women than men in India are separated (out of a marriage without a formal divorce).”

So, though triple talaq was definitely a truly intolerable practice, it is only one of the ways through which married women could be abandoned. There are women across different communities who continue to face problems of abandonment, also called separation without having a proper means to survive or lead a decent life.

Also Read: Ishrat Jahan, a Triple Talaq Petitioner Writes to West Bengal CM Seeking Security After Supreme Court Verdict

Effectiveness of Divorce Laws

Marital dissolution in India comes under various laws but more often than not, the decisions don’t benefit women in a big way.  No matter how strong or secure is the legal framework, the single legal right that an Indian woman has after getting a divorce- the right of maintenance from her spouse or alimony. But maintenance or alimony reaches them much late due to the ‘prolonged legal processes’ and they are sometimes provided with very small and negligible amounts. Another loophole is that the court doesn’t ensure regular payment from their husbands.

Obviously, the problems are most dreadful for women whose marriages have not been formally ended, who are separated and not divorced from their husbands. Even for those women who have a formal divorce, the courts (be it family courts or formal courts) turn out to be grueling and intimidating places to seek justice, especially for the ones who are illiterate, not much educated, or belong to poor families.

Struggles faced during and after a divorce

Taking Divorce is a tedious process with repeated court trips, cases getting postponed, and lawyers charging heavy fees and most important but sidelined factor- to deal with patriarchal attitudes shown by lawyers as well as judges. All these reasons contribute to women feeling helpless with wasted efforts, and even lead to dissuasion of women (by family, relatives, friends, lawyers) to pursue the cases after a point.  Those women, who have taken up employment (for financial security) after the end of marriage, even if their employer pays them very less, they get little sympathy from the courts regarding alimony.

This should be the focal point in viewing the triple talaq judgment by the court. Muslim women have been successful in getting triple talaq scrapped by law but the war is not over yet. Indian women still have to face difficulties in getting some alimony or maintenance which is due to them, on which they have a deserving right.

Also Read: Namaz Offering Mamata Banerjee Remains Silent on Triple Talaq Verdict

Muslim Women (Protection of Rights on Divorce) Act

But, there has been a setback for Muslim women, we are talking about the Muslim Women (Protection of Rights on Divorce) Act 1986, also known as MWA. This was widely seen as a patriarchal response in response to the clamor by the Muslim men to the Supreme Court judgment in the Shah Bano case in which her former husband was forced to pay continued alimony to her.

“The MWA drastically limited the husband’s liability to his former wife. It stated that once a woman’s iddat expenses (covering three months’ subsistence) had been paid and she had received her mehr (dowry) and any other money or property that had been gifted to her at the time of marriage, the husband had no further financial responsibility towards her.”

This law came was criticized by women activists and others who were sensitive towards women’s rights. It was called a discriminatory law that singled out Muslim women and deprived them of maintenance rights which are available to all the other divorced Indian women. They were taken for granted and the act had some harmful consequences. It encouraged a higher rate of divorce in Muslim community as it allowed Men to get away from the marriage without providing any maintenance for their wife’s survival.

Revision of Act

As per MWA, the husband should provide “reasonable and fair provision” during the 3 month iddat period. A clause was further added in 2001 by a Supreme Court judgment that “during the iddat period, a Muslim man is liable to make a payment to his ex-wife that will secure her ability to sustain herself in the future. As a result, courts began to require men to give their ex-wives substantial lump-sum amounts or to transfer some material assets such as land, a house, or gold and jewelry.”

The implementation of the law made divorced Muslim women heave a sigh of relief and will force the ex-husbands to give a substantial lump-sum amount to their wives. This would thus release the divorced Muslim women from worrying over the unreliability and uncertainty of periodic payments (by law) for maintenance.  This might make them even better off than non-Muslim counterparts. But in most other cases of divorce, lack of financial support from husbands remains a big concern for them.

The war is not over

The point we are trying to make is that the problems faced by divorced Indian women are plenty, and they are because of the social, cultural, economic and legal practices that are still present in all religions. This Supreme Court verdict should be reminders for all of us to take note of this small victory, to keep in mind the loopholes present in Divorce rights still and should also motivate us to take up more such battles in future in order to make our country more gender sensitive. So, that both the genders can live a life of peace and dignity.


NewsGram is a Chicago-based non-profit media organization. We depend upon support from our readers to maintain our objective reporting. Show your support by Donating to NewsGram. Donations to NewsGram are tax-exempt.
Click here- www.newsgram.com/donate

Next Story

Korea is Emerging as an Important Economic Partner for India

Fast growing economic relations between Korea and India

0
174
economic
Representational Image, Source-pixabay

Feb 28, 2017: When India liberalized in 1990s, international companies were reluctant to invest in India. Korea was the first country which dared to invest in India when other countries were reluctant to take the economic risk of investing in the 1990s. Korea subsequently became the 4th largest investor during the 1990s.

NewsGram brings to you current foreign news from all over the world.

Bilateral economic relation between India and Korea is important for both India and Korea, Korea’s Trade Minister Joo Hyung-hwan had said last year, “Fostering close economic ties with India is the top priority for Korea.” Further, the Federation of Korean Industries (FKI) had said last September,  “Korea needs to deepen economic ties with India and Vietnam for its economic growth,” reported Korea Times

NewsGram brings to you latest new stories in India.

Economic relations with India is important for Korea as its relation with its 3 important trading partners- US, Japan and China is declining. Relations with US are fast declining due to America’s policy of protectionism and the new policies of Trump. Historical issues with Japan and Japan’s economic stagnation, as well as Korea’s decision to deploy US missile system, has soured Korea’s relation with both these two countries, hence relations with all 3 countries have become precarious.

Follow Newsgram for the latest updates from around the world

In January last year, a Memorandum of Understanding (MoU) was signed between the India and Korea for establishing the platform “Korea Plus” a joint initiative of Ministry of Commerce and Industries of both countries, a platform established to promote and facilitate Korean investments.

Go to NewsGram and check out news related to political current issues.

Few of the Korean startups are also doing business with Indian companies. Bangalore based real estate portal NoBroker had announced that it has raised $7 million (Rs 50 crore) in one round led by KTB Network, a Seoul-based VC firm in December last year. Softbank of South Korea had had led one round of funding for the Gurgaon-based True Balance, the CEO of True balance is Cheolwon (Charlie) Lee, a Korean.

Follow NewsGram on Facebook

 

Prepared by Upama Bhattacharya. Twitter @Upama_myself

 

Next Story

Cultural Innovation: British Council launches £50,000 seed fund to boost India-UK Cultural Ties

It is a culmination of a five year programme that aims to introduce an enthusiastic Indian audience to the best contemporary arts of UK

1
316
British Council. source- http://alexandria.aaschool.ac.uk/
  • British Council India is investing £50,000 in a one of its kind cultural project
  • It is a culmination of a five year programme that aims to introduce an enthusiastic Indian audience to the best contemporary arts of UK
  • PM Narendra Modi and PM David Cameron announced a year long programme in 2017

In an attempt to strengthen the cultural ties between the nations of UK and India, British Council, India is funding a one of its kind cultural project. It plans on investing £50,000 (Rs 50 lakh approximately) in this project. In this innovation funding, the Council will select five projects by the end of July 2016. It will invest £10,000 in seed funding of each project.

In the Open Call, the details of the funding have been provided clearly. They are claiming that this is a culmination of a five year programme that aims to introduce an enthusiastic Indian audience to the best contemporary arts of UK. They have an ambitious aim for online audience, which are 10 million people in 2016 and 50 million people in 2017.

In the eligibility criteria, they’ve mentioned that the participant should be based in UK or India. He or she should have a track record of creating new digital projects or successful experiences that have reached new audiences. They have specified that it is acceptable if the audience that had been reached before had not been of the scale that the British Council is currently aiming for.

Follow NewsGram on facebook: NewsGram

“We want to have ideas from India and Britain and bring those ideas together to make brilliant new things. In return for this seed funding, we would like to see a prototype or proof of concept of your project that we can test with potential audiences in September and October 2016. Following user testing in autumn, we will make a number of commissions based on potential audiences and costs of projects. Full commissions must launch during 2017” said Alan Gemmell, director of British Council, reports business-standard.com.

Noon, UK time, Friday 08 July 2016 has been declared as the deadline for submission of applications.

The British Council is partnering with Manchester International Festival on a digital co-commission for 2017. If the project submitted to this open call is selected, it will be launched during the festival in June/July 2016.

Follow NewsGram on Twitter: @newsgram1

India's Prime Minister Narendra Modi's walks with Britain's Prime Minister David Cameron as they leave 10 Downing Street after their meeting, in London, November 12, 2015. Photo: Reuters
India’s Prime Minister Narendra Modi’s walks with Britain’s Prime Minister David Cameron as they leave 10 Downing Street after their meeting, in London, November 12, 2015. Photo: Reuters

During the November 2015 visit of PM Narendra Modi to London, he and PM David Cameron has announced a year long programme in 2017. It is to celebrate the cultural ties between the two countries and the 70th year of independence for India.

According to business-standard.com, Gemmell added: “With the British Council, we believe that culture has a powerful role to play in helping people understand one another. India’s cultural relationship with Britain is incredibly important. We want to develop stronger cultural relations between Britain and India. We want to celebrate, reconnect, revive and inspire the next generation of people culturally. We want to develop stronger cultural relations between Britain and India.”

The British Council is one of UK’s international organisations that take various measures to strengthen the cultural ties between different nations. It also works at providing educational opportunities to the masses.

-The report is compiled by a Staff-writer at NewsGram.

ALSO READ: