3 Star Hotel for Sale Munnar Kerala India

http://www.jaghey.com/postdetail?id=315:- Sale Price : Rs.8.50Crore
Land area: 17.64 cents
Built up area: 12000 sq. ft.
Number of rooms: 17 + option built-in for 24 more room.
Star category: 3 Star
Location: In Munnar Town
Floors: 4
Amenities: Lift, car park, restaurant, dormitory, café, rooms with balcony and attached toilets, STP, Rain Water Harvesting, Hotel license
Expected Income (per month):
High season - 18-25 lakhs.
Low season 12-15 lakhs.
Building Age: Newly constructed.
Condition: Unfurnished
Sale: As is condition.
The advantages this property has is its location. It is in the highest point in Munnar city and has a beautiful view of the city below and the surrounding areas. Guests will have the best view in Munnar from this property.
It has 17 double rooms with balcony and attached bath with option to build another 16 standard rooms with attached bath and 8 budget rooms (total 24 additional rooms) for back packers in the upper floors. The property also has provision for  restaurant, internet cafe, gift shop and lobby.
Other options built-in to the project are rain water harvesting, capsule lift, car parking, high capacity sewage treatment plant, pollution control board certified and hotel license for the past 7 years.
This is a good project to invest due to the high demand from tourist and the lack of hotels in Munnar city due to lack of land and building space. Most hotels are far flung and it causes inconvenience for tourist.

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Latest stamp duty for property sales in Kerala (2014 budget proposals)

Latest stamp duty for property sales in Kerala (2014 budget proposals)

The proposed stamp duty for all land registrations in panchayats, municipalities and corporations are 6% of the sale value.

The stamp duty for selling land as per the existing rules are as follows (pre-budget 2014):

Panchayats: 5%
Municipalities: 6%
Corporations: 7%

(Before 2011, the stamp duties were 7, 8, 9% respectively. Govt announced a 2% deduction in 2011 for the respective sectors, which made it 5%, 6% and 7% for panchayats, municipalities and corporations respectively.)

As per the new budget proposals, government will unify the stamp duty to 6% for all sectors. This means a 1% increase for all land/property sales in the panchayats and 1% reduction in the corporation areas.

The stamp duty is calculated based on the actual sale value of the property. However, it is required that the sale value cannot be lower than the "fair value" of land, as determined by the government. The existing fair value of land in Kerala was fixed in 2010, which will be revised as per the current budget proposals. Government will introduce necessary amendments to the Govt Stamp Act to enable these changes.

For family property partitions, the stamp duty is fixed to Rs 1,000, irrespective of the value of the land. There are no changes proposed for family property partition and gifting of land for immediate family members. For this purpose, the immediate family is defined as wife, husband, children, brothers, sisters, children and grandchildren.

Registration charges for land/property sales

In addition to the 6% stamp duty, there will be an additional 2% registration charges for all kinds of property registrations in Kerala. The registration charges are not changed as per the current budget proposals.

Download sample sale deed (Aadharam format)

You can download sample sale deed from the government website. The copy available at the government website is in Malayalam.

Important official websites regarding land registration

Here are some of the official websites to find more information about land registration in Kerala:

Land registration official website: http://www.keralaregistration.gov.in/

Expenses involved in property purchase

The following are the mandatory fees for land registration in Kerala:

Stamp duty: 6% of sale value(proposed value in 2014 budget)
Registration Fees: 2% of sale value
Documentation fees: This is the fees you pay to the document writers and the charges depends on the writers. You may want to negotiate the price before you start the documentation process.

Depending on your case, you may have the following additional expenses:

1. Fees for your realtors/brokers: The fees charged by brokers vary from 1% to 3% of the market value. In many parts of Kerala, the buyer has to pay 1% and seller has to pay 2% of the sale value. In certain areas like Ernakulam, Kakkanad, Kalamassery etc, the buy is not obligated to pay any broker fees. Instead, the seller is responsible for the entire fees (up to 3%). In many cases, the buyer/seller will negotiate a smaller fees, especially in case of sales for large amounts, above 50 lakhs. Some sellers/buyers would even negotiate for a fixed realtor fees, irrespective of the value of the property.

2. Fees for obtaining documents like encumbrance certificate.

3. Payment of all pending taxes and fees for the property.

4. Pending fees for residents' associations to which the property belongs.

5. Buyer may have to pay a membership fee for the residents' association


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