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A restrictive covenant is an agreement that a seller writes into a buyer's deed of property that restricts how the buyer may use that property. For example, the seller may want the buyer to leave a building's original facade intact. As long as they don't break the law, restrictive covenants can be as specific and arbitrary as the parties are willing to agree to.
The registration fee is calculated at the rate of 1% of the agreement value of the property with a maximum cap of Rs. 30,000/-.
A sale is a complete out-and-out transfer of ownership of a property (with all its rights and liabilities) from one person (or more) to another (or more) in exchange for a consideration, i.e. money. As per Section (17) of the Registration Act 1908 registration of a sale is mandatory when the value of the immoveable property exceeds INR 100/-. If a property is transferred for something other than money, the transaction is referred to as an exchange and not a sale.
A contract of sale or an agreement to sell is a document prepared by both parties which entails the mutually agreed upon terms by which the sale will take place. As per the Transfer of Property Act 1882, a contract of sale or an agreement to sell in itself does not created any interest in or charge on the property mentioned in the contract. Therefore, an actual sale and an agreement to sell are two distinct concepts.
The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. It contains specific provisions regarding what constitutes a transfer and the conditions attached to it.
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An asset that cannot move from one place to the other is considered to be an immovable property. In India, real estate is considered to be an immovable property.
Central Business District (CBD) is a commonly used term in commercial real estate to describe an area in the city that contains a high density of commercial, retail and business establishments, as well as government offices. CBDs usually coincide with the city centre and tend to be the central hub for the city's transportation networks. Nowadays, CBDs have also begun to include entertainment hubs, restaurants, hotels, medical care and residential complexes.
A logistics park is an industrial area specifically designed for storage, management, distribution and transportation of various goods. These parks are designed to be well connected to major roads and railway stations thereby reducing the cost of goods transport. They are also equipped to host facilities to execute all logistics tasks at significantly lower costs.
Under the present GST regime, landlords are not liable to pay GST against their real estate rental income, provided the premises is let out for residential purposes. Rent arising out of a residential property being used for business is however applicable for GST as services are being supplied. In addition, if the rental proceeds of a residential property exceed 20 lac rupees per annum, GST is applicable at the rate of 18%.
Multi-Modal Logistics Park (MMLP) refers to a freight-handling facility encompassing a minimum area of 100 acres (40.5 hectares), with various modes of transport access. It comprises mechanized warehouses, specialized storage solutions such as cold storage, facilities for mechanized material handling and inter-modal transfer container terminals, and bulk and break-bulk cargo terminals. It is a type of Logistics Park where various value-added services are rendered in addition to rail/road-based transportation. The purpose of MMLP is to reduce coordination among different parties during transfer of cargo from one mode to another.
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