Make sure you have bought space in declared commercial areas
As the country gets into the mood for the festive season,
commercial property has become a hot buy. Many people feel that this period, especially the coming Navratra, is a very auspicious time for such a purchase.
In terms of investor safety, the best properties are in the declared
commercial areas, whether a shopping complex, mall, office complex or a market, as they are constructed as per sanctioned building plans.
An important point is to ensure that
commercial property be purchased only in areas where commercial activity is specifically permissible under the local civic law. In Delhi, over 90 per cent of the city comes under the municipal corporation (MCD), the rest being under the New Delhi Municipal Council (NDMC) and the Delhi Cantonment.
The MCD area has 12 zones ¬ City, Central, South Delhi, Karol Bagh, Sadar Paharganj, West Delhi, Civil Lines, Shahadra South, Shahadra North, Narela, Najafgarh and Rohini. The MCD had also notified 2,183 roads for commercial activity, mixed land use and public shopping streets. The Supreme Court accepted the notification, subject to judicial scrutiny.
Sometimes, even in noncommercial areas like
residential zones, people do put their property to commercial use. But this is risky business. Senior MCD officials point out that changing the land use of the property from residential to commercial or even industrial to commercial is a serious offence. The penalty can be demolition of the premises or hefty fines.
When the law comes calling, many owners decide to quickly sell the property, even at a low price, rather than face a huge penalty ¬ and escape. An unsuspecting buyer who may not have had the sense to run a check laps up the deal, only to realize later that he has been badly duped.
In
residential areas, commercial use of property is permitted under specific conditions. Small shops measuring around 20 sq meters can carry out any of the following trades ¬ fruits and vegetables or flower shop; bakery; confectionary store; kirana or general store; dairy products shop; stationery, books or gift shop; Photostat, fax, STD, PCO booth; cyber café; cell phone booth; LPG booking office without stocking cylinders; atta chakki; meat, poultry and fish shop; paan shop; barber shop, hair-dressing salon, beauty parlor; laundry, dry-cleaning and ironing; sweet shop; chemist store; optician's store; tailoring shop; electrical, electronic repairs shop; photo studio; cable TV, DTH operator's centre; hosiery, readymade garments, cloth shop; ATM.
Buyers should definitely have all property papers checked by a lawyer and verify the antecedents of the property. This is essential even if a person knows the seller well.
Courtesy:- HT Estates dt:- 19-09-09
