Real property and personal property are the main classifications of property in the common law. Real property refers to land and the improvements made by human efforts—buildings, machinery, the acquisition of various property rights, and the like. Real property is also termed realty, real estate, and immovable property. In countries with personal ownership of real property, civil law protects the status in realty markets, where realtors work in realty selling real estate. Scottish civil law calls it heritable property, and in France it is said immobiliser. Personal property, roughly speaking, is private property that is moveable, as opposed to real property or real estate. In the common law systems personal property may also be called chattels or personality. In the civil law systems personal property is often called movable property or movables - any property that can be moved from one location to another. This term is in distinction with immovable property or immovable, such as land and buildings. Movable property on land, that which was not automatically sold with the land, included many kinds of livestock; in fact the word cattle is the Old Norman variant of Old French chattel, which was once synonymous with general movable personal property. Personal property may be classified in a variety of ways. Tangible personal property refers to any type of property that can generally be moved (i.e., it is not attached to real property or land), touched or felt. These generally include items such as furniture, clothing, jewellery, art, writings, or household goods. In some cases, there can be formal title documents that show the ownership and transfer rights of that property after a person's death (for example, motor vehicles, boats, etc.) In many cases, however, tangible personal property will not be "titled" in an owner's name and is presumed to be whatever property he or she was in possession of at the time of his or her death. Intangible personal property or "intangibles" refers to personal property that cannot actually be moved, touched or felt, but instead represents something of value such as negotiable instruments, securities, goods, and intangible assets including chose in action. Accountants also distinguish personal property from real property because personal property can be depreciated faster than improvements (while land is not depreciable at all). It is an owner's right to get tax benefits for chattel, and there are businesses that specialize in appraising personal property, or chattel. The distinction between these types of property is significant for a variety of reasons. Usually one's rights on movables are more attenuated than one's rights on immovable (or real property). The statutes of limitations or prescriptive periods are usually shorter when dealing with personal or movable property. Real property rights are usually enforceable for a much longer period of time and in most jurisdictions real estate and immovable’s are registered in government-sanctioned land registers. In some jurisdictions, rights (such as a lien or other security interest) can be registered against personal or movable property. In the common law it is possible to place a mortgage upon real property. Such mortgage requires payment or the owner of the mortgage can seek foreclosure. Personal property can often be secured with similar kind of device, variously called a chattel mortgage, trust receipt, or security interest. In the United States, Article 9 of the Uniform Commercial Code governs the creation and enforcement of security interests in most (but not all) types of personal property. There is no similar institution to the mortgage in the civil law; however a hypothec is a device to secure real rights against property. These real rights follow the property along with the ownership. In the common law a lien also remains on the property and it is not extinguished by alienation of the property; liens may be real or equitable. Many jurisdictions levy a personal property tax, an annual tax on the privilege of owning or possessing personal property within the boundaries of the jurisdiction. Automobile and boat registration fees are a subset of this tax. Most household goods are exempt as long as they are kept or used within the household; the tax usually becomes a problem when the taxing authority discovers that expensive personal property like art is being regularly stored outside of the household. The distinction between tangible and intangible personal property is also significant in some of the jurisdictions which impose sales taxes. In Canada, for example, provincial and federal sales taxes were imposed primarily on sales of tangible personal property whereas sales of intangibles tended to be exempt. The move to value added taxes, under which almost all transactions are taxable, has diminished the significance of the distinction. | ||||||||||||||
| India Real Estate | ||||||||||||||
Market has been seeing multi level rise in the past few years. If industry sources are to be believed, this upward drift has no sign of coming down or even lying flat for few more years to come. The facts that major real estate companies in India are going public, proves the potential of the Indian property market. We provide a common platform for Indian property owners, potential buyers & property dealers in India. We have comprehensive listings of residential & commercial property in all the major as well as the second tier cities in India, including real estate in Bangalore, Mumbai, Delhi, Agra, Hyderabad, Gurgaon, Chennai, Pune, Kolkata, Noida and so on. The 'IT' boom has brought Bangalore in to international map, so there is a great need to fulfil the requirements of all IT and related firms and investors. Here at ''Roch.' we have committed ourselves for providing office spaces and industrial sites for commercial activities and on the other hand serving the employees of these firms by providing best residential plots, flats and houses.We always make sure that the property which we are marketing has clear titles, good quality construction & appreciation factor and right location for respective purposes. | ||||||||||||||
| Real Estate | ||||||||||||||
The Indian real estate sector plays a significant role in the country's economy. The real estate sector is second only to agriculture in terms of employment generation and contributes heavily towards the gross domestic product (GDP). Almost five per cent of the country's GDP is contributed to by the housing sector. In the next five years, this contribution to the GDP is expected to rise to 6 per cent. According to Jones Lang LaSalle, faster economic growth in Brazil, Russia, India and China (BRIC) could result in the property markets of those nations recovering at a faster rate than the UK and US real estate markets. It has also been suggested that India's property sector could begin to improve from late 2009 and may attract up to US$ 12.11 billion in real estate investment over a five-year period. The information technology (IT) and IT-enabled services (ITES) sector alone is estimated to require 150 million sq ft of office space across urban India by 2010. Organised retail is also responsible for the growth in commercial office space requirement. The organised retail industry is likely to require an additional 220 million sq ft by 2010. Moreover, growth is not restricted to a few towns and cities but is pan-India, covering nearly all Tier-I and Tier-II cities. Almost 80 per cent of real estate developed in India is residential space, the rest comprises of offices, shopping malls, hotels and hospitals. According to the Tenth Five Year Plan, there is a shortage of 22.4 million dwelling units. Thus, over the next 10 to 15 years, 80 to 90 million housing dwelling units will have to be constructed with a majority of them catering to middle- and lower-income groups. Moreover, India leads the pack of top real estate investment markets in Asia for 2010, according to a study by PricewaterhouseCoopers (PwC) and Urban Land Institute, a global non-profit education and research institute. The report, which provides an outlook on Asia-Pacific real estate investment and development trends, points out that India, particularly Mumbai and Delhi, are good destinations. Residential properties are viewed as more promising than other sectors and Mumbai, Delhi and Bangalore top the pack in the hotel ‘buy' prospects as well. The study is based on the opinions of over 270 international real estate professionals, including investors, developers, property company representatives, lenders, brokers and consultants. Apart from the huge demand, India also scores on the construction front. A McKinsey report reveals that the average profit from construction in India is 18 per cent, which is double the profitability for a construction project undertaken in the US. The real estate sector is also likely to get a boost from Real Estate Mutual Funds (REMFs) and Real Estate Investment Trusts (REITs). In fact, according to a CRISIL paper, the REITs would have the potential to hold at least 5 per cent share of the total global real estate market by 2010, the size of which would reach US$ 1,400 billion in the next three years. The paper titled, ‘Indian REITs; Are We Prepared', says that by 2010, REITs alone would hold a market size of US$ 70 billion of the total real estate market as its concept is gaining ground in countries like India and other developing nations. According to the Federation of Indian Chambers of Commerce and Industry (FICCI), the Indian real estate sector is likely to experience consolidation wherein bigger players may opt for outright buy of smaller firms or forge joint ventures or business alliances with them. Foreign direct investment (FDI) into India in the real estate sector for the fiscal year 2008-09 has been US$ 12.62 billion approximately, according to the latest data given by the Department of Policy and Promotion (DIPP). | ||||||||||||||
| Government Initiatives | ||||||||||||||
The government has introduced many progressive reform measures to unlock the potential of the sector and also meet increasing demand levels. The stimulus package announced by the government, coupled with the Reserve Bank of India's (RBI) move allowing banks to provide special treatment to the real estate sector, is likely to impact the Indian real estate sector in a positive way. RBI has decided to extend exceptional concessional treatment to the commercial real estate exposure which are restructured, up to June 30, 2009. | ||||||||||||||
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The 2009-10 budget has also given sops to the realty sector. Developers of affordable housing projects (units of 1,000-1,500 sq ft) have been granted a tax holiday on profits from projects initiated in the financial year 2007-08. Such projects would have to be completed before March 1, 2012. At the same time, the finance minister allocated US$ 207 million to grant a 1 per cent interest subsidy on home loans up to US$ 20,691, provided the cost of the home is not more than US$ 41,382. This subsidy is expected to give a further boost to the housing sector. | ||||||||||||||
| World Real Estate | ||||||||||||||
Real estate is a legal term, which refers to immovable properties. The term real estate covers land accompanied with anything perpetually attached to the land, for example buildings. In many instances, real estate is regarded similar to real property (in some instances realty) in contrary to personal property (in some instances termed as personalty or chattel). In common law, the terms real estate and real property are mainly used and on the other hand under civil law jurisdictions, the term immovable property is used. With the growth of ownership of private properties, real estate is an important segment of business nowadays. For buying real estate, a substantial amount of investment is required and every piece of land has its own characteristics. As a result, the real estate business has developed into various discrete segments, such as residential real estate, commercial real estate, and industrial real estate etc. Most of the times, specialists are consulted for valuation of real estate and for ease of transactions. Usually, the real estate business includes the following: Appraisal: Professional valuation services Brokerages: Providing assistances to the seller and buyers in transactions Development: Improvement of land for usage through annexing or replacement of buildings Property Management: Management of a property for the owners Real Estate Marketing: Supervising the sales aspect of real estate business Relocation Services: Moving business or people to another country. A real estate broker is a person who functions as a mediator between real estate buyers and real estate sellers. Real estate brokers function through the real estate agents who function as their salespersons. For rendering their brokerage services, they receive. | ||||||||||||||
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