Floor-Wise Registration Benefits in DDJAY Projects
Advantages of registration by floor wise in DDJAY plots in sonipat projects- The best exclusive for both homebuyers and investors, you have defined access in the best projects.
The real estate industry in Haryana is on a growth trajectory with factors like government initiatives encouraging organized development. Through the Deen Dayal Jan Awas Yojana (DDJAY, the Haryana Government has presented people with a platform to buy plots in low and medium potential towns and drive organized colonies.
Floor-wise registration is a unique aspect of every approved DDJAY project that entices both prospective buyers and investors. If you are contemplating purchasing your dream house or eyeing on earning some handsome return through investing in property, then understanding floor-wise registration can be crucial.
What is Floor-Wise Registration?
Floor-wise registration is an uncommon feature in some projects that can empower you to register the individual floors of your residential property to different owners and hence be owned by different persons! Meaning, one building can have different owners for the individual floors as opposed to having a single owner (usually the developer or the landowner) who has ownership rights over the entire building subject to all rights set forth as per the project approvals of the government of otherwise. This benefit is available in these projects in government- approved DDJAY projects.
More Ownership Flexibility
The floor-wise registration facility empowers the home buyers with most unique ownership options. Any home buyer developing multi-storied buildings on a certain plot of land can register some of the floors with their near and dear ones as in the above mentioned case or can sell separate floors to third parties. For example, parents developing three storied buildings can opt to register the ground floor to himself/herself and can register the first and second floors to their children.
This would help prevent much future conflicts over the land and help in administration and sharing.
It is a wonderful idea for families who want to stay together and keep their own ownerships.
Better Investment Opportunities
Floor-wise registration is another major attraction for DDJAY projects for investors expecting good returns. The investor can spend a smaller amount to buy one floor and earn maximum money (by selling an individual floor compared to selling an entire building) when the market for resale is high. The investor can sell off a floor at any point of time and does not have to wait till a whole building is sold off.
Alternatively, individual floors can be rented out on a strategic basis to generate income.
Due to increasing suburbisation, the demand continues for floors in a building to be rented out to students, working professionals and small families.
Easier Property Distribution Among Family Members
Splitting property over the many family is yet never a hassles to others. But, thanks to floor-wise registration, everything seems easier for occurrence it easier to allow everything. Family members can have their own registered floor without even dividing the one property.
Parents are free to distribute the floors among their children without facing unforeseen problematic legal entanglements when transferring the property.
This reduces complexity in legacy planning and provides full disclosures of ownership rights.
Easier Financing Options
Most of the banks and financial institutions have a tendency to prefer properties that are proven and documented for lending. Since each floor is registered separately with all the legalities, the process of obtaining home loan or a loan against the property becomes simpler. While buyers choose for a floor, the loan for it becomes approved individually without the consent or association of other owners in the building. This makes the property more attractive and easy to sell in the future.
Higher Resale Value
Floor wise registration projects bring higher resale value since it has more reach as compared to only independent house for sale. Not everyone can afford a fully independent house so initially they can go for a part of the house which is in the form of a floor. This is where the buyers find value.
Having access to a larger pool of potential buyers, much improves the resale possibilities of floors.
In increasing urban areas like Sonipat, with developing infrastructures and the need to have individual mobile homes, these units are gaining quite a bit of traders to invest from first time home buyers.
Rental Income Potential
By owning a property with three floors, investors can enjoy rent from each floor on a separate basis. It can aid investor in earning a steady rental income stream from the property. A tenant can rent a single floors without disturbing the property ownership rights. This situation can be achieved in a developing city with expanding job prospects, opportunities for further education and better accessibility and connectivity.
Clear Laws and Transparency
DDJAY projects, being government approved, are conceived and designed under strict planning standards & guidelines. Registering project by floors gives ownership rights with authentic registered document, which is safe and valid at the time of future resale, inheritance, loans or other dealings regarding property. Buyer has to make sure that project is approved with all the requirements.
Supports Multi-Generational Living
It is in the interest of many Indian families to have a joint family where joint living and independent space and freedom is maintained for the family members. In such a scenario, Floor-wise registration is the best way as one parent can have one floor, another one or two floors for the children to use with their own family, and up to the further generation can live in the other floors.
Why DDJAY Projects Stand Out
DDJAY projects provide an interesting opportunity by providing a lifestyle and investment opportunity in an affordable and well-planned infrastructure with the added advantage of a network of wide internal roads, green public spaces (parks), utilities, services and amenities, and integrated planning of communities with smooth access to the highways and key urban nodes. Projects under DDJAY with Floor-wise registration present an interesting choice.
Conclusion
Floor-wise registration is a boon to Bangalore real estate investors and houses seekers. It provides them more flexibility, has their own convenience, tools for mind good financial planning, resale advantages and additional income generation options. For families, it provides easy and quick solution to property sharing, build stronger family relationships to stay together by living in a different manner. For investors, it provides multiple opportunities of value appreciation and earning considerable rental incomes with least possible efforts.
With expansion of urban populance in the state of Haryana including the city of Gurgaon, the DDJAY projects, being made available along with the ease of registration on a floor-wise basis seems an attractive and wise investment decision. Future-ready, safe, Government-backed life-style developments, these projects offer not only an associate-living opportunity but also return on investment for years ahead. The buyers are advised to check the due diligence in the project, document the confirmation of project approval and take professional advice in the matter.
