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What is the difference between under development and under construction

Understanding the Difference Between "Under Development" and "Under Construction"

  1. Definition:
  • "Under Development": Refers to a stage where a project or product is still being created, refined, or enhanced in preparation for its final version or release.
  • "Under Construction": Relates to the physical process of building or renovating a structure, such as a building, road, or infrastructure.
  1. Key Differences and Benefits:

a) Under Development:

  • Involves non-physical aspects like software, applications, websites, or any intangible creation.
  • Focuses on refining and enhancing features, usability, and functionality.
  • Allows for continuous iterations and improvements based on feedback.
  • Benefits:

    • Provides opportunities for innovation and creativity.
    • Allows developers to gather user feedback and address issues before the final release.
    • Enables

While the term real estate development encapsulates a range of functions within the industry, construction specifically addresses the building aspect of real estate. Construction is an art form that brings together engineering, project management, people management.

What is the difference between development and construction company?

Real estate developers conduct the planning, zoning, layout, design, and all the things that fall outside the realm of a construction company. Similar, but not quite the same as a developer, custom builders provide similar building planning and design services, but to a much higher, personalized, and invested degree.

What are the three phases of development and construction?

It's important to understand the details of the process. The three phases followed are the Design Phase, Construction Phase, and Post-Construction Phase. Design Phase - A projects begins with figuring out the scale of work, which determines project cost and provides enough information to give a beginning estimate.

What is a development in construction?

Construction site development refers to the improvements done to prepare a site for construction. It is the first and most crucial step towards a successful commercial construction project.

What is level of development in construction?

The Level of Development (LOD) framework allows the Project Participants to understand the progression of a Model Element from conceptual idea to precise definition and description.

Can we sell under-construction flat in Mumbai?

Bank NOC: Approach your bank that has issued the home loan. Obtain a NOC (No Objection Certificate). Tell them why you want to sell your under-construction flat. Also, inform them that the outstanding loan amount will be repaid from the sale proceeds.

What are the registration charges for ready to move flat in Chennai?

The stamp duty and registration charges are the same for both men and women in Chennai. In the case of a sale, the stamp duty would be 7% of the market value of the property. The registration charges would amount to 4% of the market value of the property.

Frequently Asked Questions

Do I need to pay tax if I sell my flat in India?

What is capital gains tax in India on property sale? The capital gain tax for the short term will be applicable as per the income tax slab rate. Based on your annual income, you will have to pay an applicable capital gain tax. However, in the long term, the capital gain tax payable will be 20.8% with indexation.

What is considered the purchase date of a home?

Mortgage Purchase Date or “Purchase Date” means the date on which a Mortgage Purchase occurs. Mortgage Purchase Date . The date of payment by the Authority for any Mortgage Loan purchased under this Agreement. Mortgage Purchase Date means the date on which a Mortgage Purchase occurs.

What does non builder attached mean?

Some sell every lot to a home builder before the roads even go in. These are called builder-attached lots. Other developments have lots open for anyone to purchase, which they may advertise as having lots NOT builder-attached.

What does it mean when a building is under construction?

What does under construction mean? Under construction refers to a building, structure, or project that is unfinished but actively being worked on.

FAQ

Why do construction sites leave lights on?

Proper construction lighting is a critical component to worksite safety, not unlike the equipment and gear used by workers. It improves nighttime visibility, making workers less prone to hazards in the evening, and also ensuring the safety of passersby in high-traffic zones.

Why buildings are covered with green cloth?

The green clothing is safety net used as a covering to prevent any construction material from falling outside the site and causing any damages. Also they reduce the dust coming out of the construction site.

What are the 4 stages of building construction?
Planning, Preconstruction, Construction & Close-Out

The construction process is typically divided into 4 essential phases: Planning, Preconstruction, Construction and Close-out.

Can we sell under construction flat in Mumbai?

Bank NOC: Approach your bank that has issued the home loan. Obtain a NOC (No Objection Certificate). Tell them why you want to sell your under-construction flat. Also, inform them that the outstanding loan amount will be repaid from the sale proceeds.

What is the difference between under development and under construction

Can I sell an unregistered ready for a possession flat in Bangalore before registration?

As per Section 17 of the Registration Act 1908, all transactions involving the sale of an immovable property above the worth of Rs 100 must be registered. This means that all immovable properties are to be registered. The rule is applicable even on the gift of property.

What is the process of registration of a flat in Bangalore? Check your email to verify!
  1. 2.1.1. Step 1: Register yourself.
  2. 2.1.2. Step 2: Register the documents.
  3. 2.1.3. Step 3: Details of witnesses and Sale Deed.
  4. 2.1.4. Step 4: Identification proofs.
  5. 2.1.5. Step 5: Select the property type.
  6. 2.1.6. Step 6: Calculate the stamp duty.
  7. 2.1.7. Step 7: Other details.
  8. 2.1.8. Step 8: Payment.
Can I sell my flat without registration in India?

According to the Indian Registration Act of 1908, all transactions involving the transfer of rights to immovable property valued at more than Rs. 100/- must be registered.

What are the downsides of buying a lot of land? Land can be expensive to trade into and out of. There's real estate agent commissions, surveys, title insurance premiums, transaction taxes, etc. and all of these costs (those that you pay when you buy land and those that you pay when you sell it) reduce your profit.

  • What questions to ask when buying land to build a house?
    • With that in mind, here are eleven essential questions to ask when buying land—including some that might not be very obvious.
      • How is the property zoned?
      • Are there any building restrictions?
      • What are the access rights?
      • Are there any utilities and/or utility hook-ups?
  • Is it better to have land or cash?
    • CASH IS KING – Maintain your liquidity - Purchasing land requires a HUGE capital investment. Once the cash is spent, you lose your ability to act quickly on future needs and investment opportunities. Liquidity is how quickly your assets can be converted to cash.

  • What are the registration charges for construction agreement in Chennai?
    • The charges one has to pay is 1% of the property's market value. Moreover, the registration charges for construction agreements have increased from 1% to 3%, with effect from July 10, 2023.

  • What are the stamp duty and registration charges in Chennai 2023?
    • Stamp Duty in Tamil Nadu 2023

      GenderStamp DutyRegistration Charge
      Stamp Duty for Men4% of property value0.5% of total property value
      Stamp Duty for Women4% of property value0.5% of total property value
      Stamp Duty for Joint owners4% of property value0.5% of total property value

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