How To Rectify An Indian Real Estate Violation

Are you feeling let down because your builder in India has treated you unfairly? Is your money gathering dust in a project that simply refuses to take off or have you landed in an awful mess because you were taken advantage of?

Well, here's help.

This list of contacts, phone numbers and websites will help you register a complaint and correct any wrong that has been done.

However, with that said, you must know that bureaucrats in the Indian government are in no hurry -- your filing a complaint can either hit the target or miss it completely.

What to do when builder lets down buyer/investor

1. First, write a physical letter (registered with acknowledgement due) to:

Economic Offences Wing

The Deputy Commissioner of Police, (Anti Land and Building Racket Section),

Economic Offense Wing,

Crime Branch, C-23/23,

Udyog Sadan, Qutab Institutional Area,

New Delhi-110016

This address is valid for offences committed in the Delhi New Capital Region area. Every police headquarters in every major Indian city has an Economic Offences Wing and therefore if you are located in any other Indian city, you must check online and figure out the local Economic Offences Wing address.

2. Now, write a strong post at the Consumer Complaints website (Google search for the website).

Next, post the situation on your blog, Twitter page, FB page, etc. Check for forums and groups (on Yahoo and Google) and post your grievance there.

Try and find other people who have received the same treatment and make a group that can jointly take on the builder.

3. File a court case with the consumer court. Here is the link to the Consumer Court website: http://core.nic.in/ You can even call the consumer court at 1-800-114000 or 011-27662955-58, or send a physical mail to the Ministry of Consumer affairs, Krishi Bhawan, New Delhi-110001

4. Is your builder registered with Confederation of Real Estate Developers Association of India (CREDAI)? If yes, go ahead and file another complaint at the CREDAI site (just Google it)

Credai maintains very high-quality standards and it will surely help extract you out of your situation.

5. Now, visit the Public Grievance portal and file another complaint there: http://www.pgportal.gov.in/

6. If you have signed an one-sided agreement, then file a protest with the Competition Commission of India.

You can mail your complaint to:

The Secretary, Competition Commission of India, The Hindustan Times House, 18-20, Kasturba Gandhi Marg, New Delhi - 110 001

Tel: + 91 - 11 - 23704651 Fax: + 91 - 11 - 23704652/ 011- 23704651

You must include a statement of facts, which should contain details of the contraventions of the Competition Act. You should also enclose:

a. A full list of all documents presented in support of each of the alleged situation.

b. A narrative that explains the situation.

c. Details of the remedy that you seek from the Commission.

Taking these actions will ensure that your hard-earned money is safe. Investment in Indian realty can be tricky. So, if you feel there's something wrong, follow our guide, and good luck.

Article Source: http://EzineArticles.com/7075850

Top 5 Things to Consider While Selecting a Property Management Company

Today you will find many property management companies which promises to provide great services. People with large property holdings will not be able to handle everything alone. It would really get on your nerves if you are on a holiday with your family and you get calls from your tenants troubling you for trivial issues. That is the reason why people hire these companies.

5 things you should consider before you hire property management companies -

Performance - The primary thing to be considered is the ability of the company to render good service. For this the first thing to be taken into notice is the number of years the company is in this business. This is because there is so much competition around that the one that performs well will only survive. Apart from that the longer you are in the business more experience you will have and you can handle things much better. Property management is not just handling properties but it is to educate your client on how he can earn more from his holdings. The one who has more experience can only guide his client on this route.

Fees - What would it cost you to start this relationship? The first thing that has to be very clear right from the beginning is the monitory structure. Is there any annual fees, what is the monthly amount you will have to pay, advertising cost, commission that you will have to pay if you lease your property etc

Advertising - Right kind of advertising gives good market to your property. So make sure what kind of a advertising the company offers, do they follow up the ad etc. which advertising agency they hire and what are the charges for these ads, is it included in the company charges or you will have to pay them exacta.

Services provided - The following are the minimum services that a property management company should provide

1. Prepare qualified tenant forms should be provided
2. Online services which you can track any time
3. Collect amount from the tenants on your behalf
4. Make proper agreement with the tenant before leasing the property and collect all the necessary fees
5. List your site with photographs on multiple sites to attract customers
6. Inspect your property regularly and suggest repairs whenever required.
7. Answer tenant calls for repairs and maintenance.
8. HOA violations.
9. Recommendations on property rents values based on market conditions.

Maintenance - The biggest question is maintenance. Many times it so happens that NRI's hire these companies who take care of their holdings. Just in case something goes wrong they should take good care of the property in the absence of the owner.

1. They should provide all time access to the tenants for maintenance and repair
2. Use licensed contractor to handle construction issues
3. Give proposal to the owner for approval
4. Photograph's of the property before and after the work is done
5. 24 hrs maintenance service in every holding

A property management can survive only if it provides elite services to the clients. With so much competition around the services needs to be the best to attract, maintain and retain your clients. Property owners who take time to find through answers for the above mentioned points will definitely hire the best property maintenance service provider. After paying good money to these companies if they do not give you results it's a waste to hire them. Through inspection in the beginning can relief you from major tensions in the coming years.

Article Source: http://EzineArticles.com/7069903

Home Affordable Modification Program Update for 2012

2012 Home Affordable Modification Program Update

The good news for homeowners is that the home affordable modification program or HAMP as it is called has been extended through 2013.

HAMP is a program offered by the government beginning in 2009 with the economic recovery act. While compliance by the bank is optional, HAMP allows homeowners to apply for modification to their loans and get the payment reduced down to 31 percent of their gross monthly income. There's an application process that begins at the lender when you will need to provide them all of your income documentation as if you are applying for new loan. They're going to evaluate this information to see if you qualify by the standards of the investor. They're not required to talk you about the program assistance however, they receive incentives from the government for modifying those loans. These may include extra money to cover the reduced amount of principle and there are also incentives for the borrower to make regular payments. If you make regular payments after the modification you also get some money back to give you some incentive to continue paying for loan and create equity in the process

Here's a little bit about how it works:

As long as you have a job and you're still struggling to make your mortgage payments you maybe eligible for HAMP. It allows for you to lower your mortgage payment down to 31 percent of your verified monthly gross income. Gross income is the amount of money you make before taxes are taken out. This means, if you have a $50,000 a year salary and your take home income is $1500 dollars every 2 weeks, your gross income is still $50,000 even though your paycheck is smaller.

For example: If your monthly mortgage payment is $1,650, and your income is $50,000 per year, that payment currently equals 39.6% of your income. HAMP will lower your payment down to 31 percent of that gross income or $1,291and your savings is $359 per month.

President Obama has announced changes to the program and intends to be even more aggressive with elements of the program. Mortgage lenders got the information in February but the new information for homeowners won't be available until June, so you can check out the government website at http://www.makinghomeaffordable.gov then. For now:

You may be eligible for HAMP if you meet all of the following criteria:

1. You occupy the house as your primary residence.
2. You obtained your mortgage on or before January 1, 2009.
3. You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
4. You owe up to $729,750 on your home.
5. You have a financial hardship and are either delinquent or in danger of falling behind.
6. You have sufficient, documented income to support the modified payment.
7. You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

One great thing about the HAMP modification is that the government considers entire payment including your tax escrow and your insurance escrow and homeowners association fees to calculate what your final monthly payment needs to be to reach the goal of 31 percent. This gives you an even better chance saving money in the program.

Mark Elkins has been using his knowledge and insight into how to help people in foreclosure to take the offensive, reverse the process, save their home and minimize their losses.

If you are experiencing difficulty making your mortgage, Mark has systems that may allow you to escape your trouble or at least exit the problem with your dignity intact.

Mark Believes the place of real estate investors in this economy is to build prosperity by helping people. He spends his days making real estate deals that help homeowners, sellers and tenants to resolve their housing issues. He also works with prospective real estate investors to teach them his process and how to make profitable, enlightened investments that help both buyer and seller.

Article Source: http://EzineArticles.com/7077982