Why go in for Joint Development?
1. Maintenance & Upkeep Of Individual Bungalows Is A Cumbersome Process:-
With the passage of time maintenance and upkeep of individual bungalows is becoming a cumbersome and also an expensive process. Repairs, leakages, electricity failures etc. are not easy tasks to handle as an individual but become much more manageable when there is a society to handle the same.
Finding servants for upkeep of the house is much more easier in an apartment complex when compared to an individual house. You can share your domestic help with other apartment owners.
2. Security In Numbers:-
An apartment complex gives you the security of numbers. A thief would think twice before trying to break into an apartment when compared to an individual house. An apartment complex also facilitates the appointment of security guards as costs are shared by all the owners. You can enjoy your vacations peacefully knowing that there is someone taking care of your house.
3. An Answer To Your Expanding Family:-
Developing your property is the best answer for your expanding family and the need for independence of the various family members. By allotting different apartments in the same complex to different family members you fulfill the twin objectives of keeping the family together and giving the family members their independence. Further each one is free to deal with his share, the way he pleases.
4. Experience The Joys Of Community Living:-
In an independent house you and your family members tend to get lonely and isolated but this is not the case in an apartment complex. Every member of the family has the opportunity of interacting with the people of their age. Your elderly parents, your children and your spouse, all of them have company. You get to interact with people of different communities, backgrounds and experience. It is more fun to live in an apartment complex.
5. Maintain A Link To Your Past:-
Joint development enables you to fully exploit the potential of your property and at the same time retain an interest in it. This ensures that you do not fully cut off the memories of your past.
6. Your Home, The Way You Want It:-
Joint development gives you the flexibility of designing your house the way you want it. The apartments that come to your share can be planned as per your specifications and in a way that the needs of the various family members are fulfilled.
7. Maximum Value For Your Property:-
Joint Development gives you better and safer returns than outright sale. While in an outright sale you sell at today's prices, joint development gives you an option to encash your apartments at any time taking advantage of the then prevailing market prices, hence you can sell your share when the markets are at their peak.
8. The Drawbacks Of Outright Sale:-
There are very few buyers with the resources to buy large properties for cash. Normally an advance is paid, agreement entered into and balance is paid over a period of time. Most of the times the balance amount gets inordinately delayed thus affecting your realization.
9. Faster Transaction Time:-
We have come across people who have taken 12-18 months to find a person who is capable of buying their property outright and then waiting for a further 12-18 months for him to complete his payments. As against this they would have realized their money much faster had they gone in for joint development from day one.
10. Tax Benefits:-
Any investment of the land consideration in retained built space is exempted from Capital Gains Tax. As against this, with outright sale, this tax becomes payable.
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