December 2018 Vol 01

Where there is a Will…

Although it is not compulsory to make a will, there are more reasons than one to write a will. Also, while it is not mandatory to register a will; by doing so, you will lay to rest the innumerable doubts surrounding the execution of your will. Therefore, some of the important reasons to make a will are as follows:

By making a will, the property belonging to the person i.e. the testator passes on to such persons as is the desire of the testator. This is subject to the personal law applicable to the testator. However, if a person fails to make a will, his property will devolve as per intestate succession as per the personal law applicable to him. For example, if the deceased is a Hindu, in absence of a will, his property will devolve as per the Hindu Succession Act. It may, therefore, happen that the property of a deceased who was a Hindu and who dies without leaving a will and who has his wife, one son, one daughter and his mother surviving him will devolve upon all four of them equally, i.e. each will get one-fourth share. However, it is possible that the deceased may have desired that his entire property should go to one particular person, say for example to his wife, but this desire will not be implemented if the deceased did not leave a will to that effect;

While making a will, the testator could appoint an executor to execute the will. An executor is a person appointed by the testator to carry out provisions of the will as the legal representative of the deceased. Therefore, a person could appoint someone trusted as an executor to distribute his property in a manner as written in the will. The executor could also be a beneficiary under the will; By making a will, the testator can make his intention clear to his family and distribute his assets amongst his heirs. For example, the testator owns two properties and he has bequeathed one to his son and the other to his daughter. In this way, both would get an independent property and each one would be able to deal with the respective property in the manner, which they individually desire;

Source:Times Property, Saturday 8 December 2018

Resilient Realty

With the festive season behind us, it’s time to take a good hard look at how this market is performing. The RBI’s unchanged repo rates came as a huge relief even as the market faces a liquidity crunch following the NBFC crisis. Here’s what to expect – Economists and entrepreneurs rely a lot on the positive ‘market sentiment’ or ‘consumer confidence’. But for a home-buyer, sentiments don’t get a home loan sanctioned nor does pure confidence pays off the EMI. What seemed to have worked in favor of home-buyers this season is the largely unchanged interest rates, following RBI’s latest monetary policy review. Despite fears of a repo rate hike owing to inflation, real estate market data suggests a surge of nearly eight percent in housing sales in India’s top seven cities in the first three quarters of 2018 as against the same period in 2017; Inflation in Check: The current stance of the RBI to control inflation seems to be in favor of home-buyers, feels Gaurav Kumar, managing director, and co-head, Capital Markets, CBRE India. “This change in the stance of the RBI from neutral to calibrated tightening is an indication of the intent to keep inflation levels in check. Homebuying sentiment has further received a boost with property rates not increasing significantly across the country. Moreover, the depreciation of rupee against dollar has attracted NRI home-buyers,” he says.

Pain Points: The liquidity crisis among Non-Banking Financial Companies (NBFCs) has cast a shadow of gloom over an otherwise auspicious festive homebuying season. According to a recent report from Anarock Property Consultants, after the banking system’s freeze on real estate funding due to rising non-performing assets, NBFCs and HFCs were the sole sources of funds for cash-strapped developers. Now, however, NBFCs themselves are struggling and their loan disbursals to developers have slowed down significantly. The ongoing NBFC crisis post-IL&FS default has made things even more difficult for developers; Elections around the Corner: The first three quarters of 2018 have proved to be bittersweet for the real estate industry following policy reforms such as RERA and GST, in the last couple of years. With general elections coming up early next year, both, industry experts and home-owners are keen to know what’s in store. General elections won’t directly impact real estate, feels Shah but infrastructural development and implementation of policy reforms in the run-up to the elections will matter.

Source: Times Property, Saturday 8 December 2018

Large Offices in demand in 2018 with growth in business confidence

Commercial property market continued to be buoyant in 2018, led by robust business confidence and bright prospects in the fastest growing economy in the world. The optimism in the Indian economy has gained further momentum with the year closing on a cheerful note. The cherry on the top has been India’s jump of 23 spots in the World Bank’s ease of Doing Business index to Rank 77th.

“The increased investment in the commercial real estate is confirmation of the robust office demand story in India. With the year 2018 expected to close on a record high in terms of overall leasing volumes and leasing demand spreading across a wider spectrum of occupiers, the year ahead continues to exhibit signs of a positive trend which is expected to retain the growth momentum,” said Rohan Sharma, head of research, Cushman & Wakefield. During the first nine months of 2018, large office leasing rose 35% to 18.2 million and accounted for 50% of total leasing. And the year is also expected to close with space leased through large deals growing 35% from last year. As a result of the large deals, the average deal size has risen 27% this year to approximately 34,200 sq ft. Total gross leasing for 2018 is likely to move closer to 50 million — 38 million sq ft by October end — highest ever as companies’ appetite for office space remains robust. Interestingly, occupiers are pre-leasing spaces — around 9 million sq ft till September 2018 — across top cities, especially in Bengaluru and Hyderabad due to tight vacancies in the preferred office corridors.

Source: The Economic Times, Wednesday 12 December 2018

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