Broker’s Corner: How To Sell A Property Fast?

Want to help your clients sell property fast? Go online. Now, that’s no-brainer. With digital modes going immensely popular, everyone knows that going online is not a choice but a necessity.

At the same time, you will realise that when everyone is going after digital media to sell a property, it is not easy to get the right kind of visibility. It is an increasingly cluttered space and you have to develop some strategies in order to be successful. Here’s what you can do to sell property fast.

Register with high-quality online property listing sites

You may be having a huge network or a database of property buyers, but getting a property live on a listings site opens windows of opportunities you never know.

If you post details on credible property listing sites like Makaan or PropTiger, it gives you visibility before people who are searching for properties – and that’s your target group. Most times, buyers have the option to filter properties as per their specifications and preferences, and therefore your chances of getting qualified leads are much brighter.

It saves a lot of time as you don’t have to deal with enquiries that are irrelevant. You get synthesised results and you can close the deal faster.

While posting an ad on property listing sites will give you a head start, you still need to attract people to contact you. How to do that?

Take great photographs for property advertisement

A picture is worth a thousand words. If you visit any property listing sites, you will find that many sellers post low-quality photographs. If it is an external view, the photograph should present a full view of the external façade from 2-3 sides i.e. front, left corner and right corner.

When you showcase the inside view of the property, make sure that a picture is clicked from a corner perspective. This will cover the maximum space and a buyer a better idea of the property.

Do not just put random photos. Put at least one photograph of the entrance lobby, living room, kitchen, all the rooms and washrooms.

It is a good idea to put photographs of major facilities available near the house. Similarly, if a property is located inside a project having clubhouse, swimming pool, gymnasium, kids’ play area, etc. then why not to showcase that? All these features help sell property in a much faster way and give a visitor on property listings site reasons to contact you.

Provide a virtual tour

If you really want to up the game and score over your competitors, go for a virtual tour of a property. No, we are not talking about developing a 3D virtual tour of each and every property. That’s expensive.

You can go for it if the real estate developer has developed the 3D virtual tour. If not, then you can create a brief video of the property from mobile handset capable to create good-quality videos. Just put 20-30 seconds of intro and that will provide your online property advertisement an edge.

How The Annual Value Of Your House Is Determined

Sure, you invested in another property to earn more money. But, similar to your other incomes, the money you earn as rent would be subject to taxes, depending on the actual value of the property. Mind you, even if your property is not let out for a part during a year, you will have to pay taxes based on the notional rent receivable. But how does one arrive at the actual value of a property?

According to Section 23(1)(a) of the Income Tax (I-T) Act, the annual value of your property is the amount it is expected to earn you when let-out from year-to-year.  Based on four factors, the annual value of a property is arrived at.

Municipal value

For the purpose of charging local taxes, municipal bodies evaluate your property.  While assigning a value to your property, municipalities take into account a lot of factors. These include the location, the size, the amenities, etc. For instance, a 1BHK apartment in a housing society that is close to the city is expected to fetch more rent than a similar unit in the suburb.

Actual rent received or receivable

This is the amount you receive from your tenant on an annual basis. However, your actual income would be calculated on the basis of who pays the utility bills of the rented unit.

Fair rent

You might be getting less in rent for your property than others who have rented out similar properties in the same area. This means you are not earning what is known as “fair” amount as rent. The rent that similar properties with similar amenities in similar areas earn is the fair rental value.

Standard rent

Areas where the Rent Control Act is in place, a standard rate is fixed. Landlords of such property have to stick to this amount, irrespective of the market value of their properties. For instance, properties in Delhi’s Connaught Place fetch owners meagre annual amount because buildings in the area fall under the ambit of the Rent Control Act.

Now, the annual value of your property will be the highest among these amountsthe rent received or receivable, the fair market value or the municipal valuation.

Sample this. Your municipality has valued your property at Rs 1.20 lakh annually while its fair market value is Rs 3 lakh. You, on the other hand, are earning Rs 2.80 lakh annually as the rent from the property. As the fair market value of your property is the highest amount of the three, the actual rental value of your property is Rs 3 lakh, and based on this amount you will have to pay taxes on your house property.

First-Time Renter? Here’s How To Appear Financially Stable

Being a first-time tenant could be a challenging. Many landlords prefer tenants with a rental history that they could refer to and know their previous records of paying rent. These records help them know how much rent you have paid in the past and have you been regular with the payments.

So, how can you, as a first-time renter with no rental history, convince the landlord to take you as a tenant? There are certain ways to achieve this. Just do some prep work before you begin.

Here are some tips for you:

  • To begin with, have a source of continuous monthly income so that a percentage of it could be given out as rent. A stable income will ensure your landlord that you pay the rent timely.
  • With a stable income, your annual tax return receipts of past three years can prove to be a strong income history. It also shows your credibility when it comes to paying taxes.
  • You could arrange for a letter of verification from the organisation you are working with. The letter could hold your personal details and also, the duration you have been working with the organisation. It could also include your current income as a proof.
  • Have a stable bank account? A bank statement could help, too, showing the financial health of your account. Savings if any could be an added advantage.
  • You could give in writing that why you do not have a rental history yet.
  • Personal references, including people you know and who live in the city you are moving to, including, colleagues, relatives or friends could be of help. These references could vouch on your day-to-day behaviour and ensure that you will be a responsible tenant.
  • Can someone co-sign the lease with you? For instance, your parent, a guardian in the city, among others can be a credible source for the landlord as he would know whom to go to in case you default.
  • If your financial condition allows, you could offer a two- or three-month rent in advance. This would give the landlord a fair sense of your financial stability and that you are here to stay.

Also read: 5 Tips To Be A Successful Landlord

What Does A Sale Deed Consist Of?

During your research before settling on a property, you may have come across something called the sale deed. It is the most valuable legal document that you shall possess upon purchasing a home. Based on the purchase deed, you shall be allowed to proceed with registration and mutation of the property. The sale deed or purchase deed is drawn upon a non-judicial stamp paper by legal draftsmen according to the value prescribed by the stamp duty act of a state.  

When you buy or sell property, the transaction is not legally valid without the buyer and seller signing the sale deed in the presence of at least two witnesses. Governed by the Registration Act, 1908, sale deed is the most important document for while selling or purchasing property in India.

Also Read: List of Documents Required for Buying Property 

Parties of the Sale Deed

Needless to say, a sales deed must begin with the details of the parties involved with the transaction. It should bear the name, age and addresses of the parties (buyer and seller) involved in the transaction, in order to make it valid. Both parties must sign and execute the deed with bona fide intention.  

Description of the sales property

The sales deed must have a proper description of the property you intend to buy. For instance, if you are buying a 3BHK in Bandra, the sales deed should have the total plot area, identification number, details of construction, the exact location and surroundings. The property schedule must be incorporated in the sale deed to define the accurate location of the property.

Sales Agreement

This document is drawn up when you pay a booking amount for your new apartment in Mumbai. This agreement states that both seller as well as the buyer shall mutually settle the conditions and terms of the agreement so that it won’t affect the rights of either party. Usually, the sales agreement is drawn up before the sale deed.  

Clause of sale consideration

The amount agreed between the buyer and seller must be included in the sale consideration clause. This is the amount that the buyer agrees to pay to the seller during the sale deed execution. The sale amount should be stated clearly on the deed, as it was agreed upon.

Advance Payment and Payment Mode

If you have paid anything in advance to the builder or seller for booking the flat, then this should be mentioned in the sale deed clearly. The remaining amount payable must also be written in the document.   

The mode by which you will be paying the amount—cheque, cash or DD must be mentioned along with the consent of the seller to accept it in the form.

Passing of the Title

The sale deed should mention when the property title shall be passed to the buyer. The seller must be given a time limit for the title transfer. Once the title has been transferred, all related rights shall pass onto the buyer.

Possession Delivery

A clause in the sale deed must bear the information that the possession of the property shall be transferred to the buyer by the seller after completion of the registration process. The sale deed should state the actual date of delivery of possession.

Indemnity Provision

This is mostly applicable in case of a resale property. The clause states that the seller should clear all statutory charges such as electricity bill, property tax, water bills, maintenance charges and society charges and all other dues prior to the sales deed execution. In case a home loan was taken to purchase the property by the original buyer, then the seller must repay the loan and get the papers back from the bank. As a conscious buyer, you should scrutinize the status of encumbrance from the sub registrar or registrar’s office.  

Default Clause

Sales agreements should ideally bear a clause that if there is any default on the part of the buyer or seller then the party defaulting shall have to pay a penalty to the non-offending party so that the execution of the sale deed is not affected.

Once the sale deed has been prepared, it must be ratified by two witnesses from both sides. The witnesses shall have to provide their full addresses, signatures and names. The signatures of the buyer and seller must be present in every page.

Decoding The Impact Of Colours On The Vastu Of Your Home

Vastu Shastra, a science of architecture, defines that there are specific colours that are fit for specific directions and rooms of your home. According to Astro-Numerologist Mahha Guru, Guravv Mittal, colours, if chosen in line with Vastu /Astrology/Numerology principles, will not only help you bringing down the stress levels but can also make your life joyful.

Colours for your home based on Vastu:

  • North-east is the direction governed by Guru (Jupiter) and Ketu. Guru represents number 3 and governed by the colour Yellow, and Ketu represents number 7. North-east is the place for the temple and the walls of your temple should be painted with yellow.
  • North is direction governed by Budh (Mercury); Mercury represents number 5 and colour governed by Mercury is Green. North is the direction of bathroom or water source and hence, the walls of the rooms in the north should be painted green.
  • East is direction governed by Sun that represents number 1 and the colour that govern this direction is Orange. Walls or curtains in east direction should be orange or red in colour.
  • South-east is the direction governed by Angee Dev (Lord of Fire)/ Venus and the colour associated with fire is Red whereas the colour associated with Venus is White/Blue. It is known that south-east zone belongs to the kitchen and hence, the walls of the kitchen should be painted with red or orange colour. However, in case it’s a room, then it should be painted white.
  • South is governed by Mangal (Mars) that represents number 9 and is governed by colour Red. Hence, this is the colour that the southern walls of your house should be painted in.
  • South-west is governed by Rahu that represents number 4 and colour associated with Rahu is Blue. South-west is the best for master bedroom with walls painted blue.
  • West is governed by Shani (Saturn) which represents number 8. The colour associated with Shani is Black/Grey. Hence, the western walls of the house should be painted grey.
  • North-west is the direction governed by Vayu Dev (Moon) that represents number 2 and colour associated with Rahu is White. This direction is best to have a guest room/ drawing room. The walls of this room should be painted in white.

Here are some colours that are best-suited for different areas of your home:

  • Master bedroom: Ideally a master bedroom should be in the south-west direction and hence, should be painted with blue colour.
  • Guest room/Drawing room: North-west is the best place for a guest or a drawing room. The walls of these rooms should be painted white.
  • Kids’ room: North-west is the best place for kids who are studying as this direction is governed by Moon. Hence, kid’s room, if in the north-west direction, should be painted white colour.
  • Kitchen: South-east zone is suitable for a kitchen. Make sure that you paint the walls of the kitchen orange or red.
  • Bathroom: North-west is the best direction for a bathroom. The best-suited colour for a bathroom in this direction is white.
  • Hall: Ideally a hall should be in the north-east or north-west direction and accordingly should be painted yellow or white, respectively.
  • Exterior colour: For exterior walls the home owner could choose between off white, light mauve or orange colour. These colours are suitable for all sun signs.

Avoid these colours:

Prefer lighter shades over darker tones because these are not suitable to everyone. Especially, red, yellow or orange, since, these colours represents the fiery planets likes Rahu, Shani, Mars and Sun.

Positive surroundings and good vibes have the maximum contribution to the success of individuals. Though most people curse their stars for their discontent and unhappiness; there are other forces working towards your unsuccessful life, mental stress and bad health. That is going against the Vastu principles. Colour therapy is one cure for the same.

As per Astrology/Numerology, using this suggested colour therapy, one should not use colours which belong to malefic planets in one’s horoscope. Only those colours should be used which belongs to favourable planets or represent your luck/life path number.

So, make good use of favourable colours and consider the Vastu-suggested colours for different directions.

Is The Space Crunch In Your Kitchen Artificial?

There is only so much space in your kitchen while there seems no end to the must-have accessories that you ought to accommodate in this space. Subsequently, you are left with no option but to device newer methods to achieve the unachievable. You implement all the “21 ways to battle space crunch in your kitchen” but even then, your success is only limited.  What would actually make a difference then? Must you cope with the kitchen troubles because you cannot buy a new home with a bigger cooking space? Well, there is. Truth is, you might be responsible for the artificial space crunch in the kitchen.

How so?

You bought a new food processor last month but you refuse to let go of the old device you have had in your kitchen for years now. Your excuse is to not give away the old thing is that it could be put to use when you have bigger parties to host. You cover up for not throwing away the old things also includes thoughts of using it if the new one fails at some point. This is true of so many other things, too ― utensils, chopping blades, peelers, plates, glasses, toasters, cutlery, jugs, you name it. We keep making additions into our kitchen year after year while holding on tightly to our old stuff. This is the tendency that leads to artificial space crunch in your kitchen. Old is gold and all that but who are we kidding? New things are bought precisely for the reason that old ones have stopped working — it is only reasonable to not get emotionally attached to things to keep your kitchen clutter free.

Read more: Top 5 Modular Kitchen Designs For Your Home

And then, your daily habits — lack of activity to be more precise — make a regular contribution, too.

  • You make such a hullaballoo about the lack of space but do you ensure your kitchen sink stays clear of dirty dishes at all times?
  • Do you care to put the big pots back to the cabinets after the party has been hosted and the guests are gone?
  • Do you shy away from using the space beneath the sink because there are fears of foul smell hitting your head?
  • And, do you regularly get your dustbins cleaned? All these and many more big and small habits not only clutter your kitchen but can also be hazardous for your physical health.

A clean and clear kitchen would demand more of your interest and require more of your effort to stay that way.

Read more: Decoding The Modular Kitchen

Legally Speaking: Things To Do Before You Sell Your House

Selling a property is as difficult as buying a new one. Right from finding a buyer to the execution of the sale deed, one has to exercise extreme caution to extract the best deal.

To assist you in achieving this, MakaaniQ shares some tips.


Evaluate the worth of your property

The first step is to make a proper valuation of the property. You can self-assess your property or get an external source to determine the true value. The prevailing market rate in the locality for similar properties can the yardstick to reach a conclusion.


Get hold of a buyer

The next step is to find a buyer. Make sure you do not intimidate your buyer by demanding too much money for the property. After you arrive at a deal with the buyer, it is important to check the credentials of the buyer in terms of his background, financial capabilities and reliability. 


Communicate to the governing body

After satisfying yourself with the credentials of the purchaser, the next step is to communicate to the management of the housing society that you intend to sell the property. In addition, you should obtain a No-Objection Certificate from the management. 


Legal documentation

You can now get going with the legal documentation of the property. For this, fix an appointment with the sub-registrar to get the property registered in the name of the purchaser. Both buyer and seller need to present on the sale deed execution day, ensure that the time suits both the parties.  


The following documents are crucial to sell a property:

Letter of allotment: It is a document that confers the allotment of the property to the seller who had originally purchased the property from the relevant society or authority.

Previous sale deeds: All the original sale deeds from all the previous owners of the property are needed. This method helps trace the property title chain. A property with clear documentation and title commands a higher price. Another important document is the chain of previous agreements with past owners in original, along with original receipts of registration or the original letter of allotment issued to the first owner by the development authority. The seller should have an original sale deed. It is compulsory under law that the current owner have all the previous agreements. The seller needs to register the original deed from the registrar (i.e. the original deed that had been registered by the registrar) and give out a copy of the sale and the receipt from the sub-registrar. Giving a copy of this will trace the ownership of the property and in case there are few documents missing, the property seller can be alerted instantly.

Sanctioned plan: Copies of the approved building plan and occupation certificate by the local municipal authority are another relevant documents.

Encumbrance certificate: A seller should ensure that the property he wants to sell has a clear and marketable title, so that it can help him fetch him a good market price. You can’t hoodwink the buyer by giving him false information, this may land you in legal trouble at a later stage.

Sale agreement: After all the documents have been arranged, the parties can enter into an agreement to sell and lay down the agreed-upon terms and conditions. With this agreement to sell as the blueprint, a sale deed can be drawn. The sale agreement precedes the execution of a sale deed on a non-judicial stamp paper.

Also read: 11 Things To Do Before You Sell Your Home

With inputs from Shaveta Dua.

Planning to Gift Your Property? Consider These Points

The joy of gifting is immense. But, there could be financial implications on doing so, especially if you are planning to gift a property. Here are certain points that must be considered before you decide to confer upon another the ownership of your property through a gift deed.

Do I have to pay taxes if I gift my property to a relative?

The answer is no. Neither you nor the relative will be liable to pay taxes in a case the transfer takes place through a gift deed. However, you will have to pay stamp duty and registration charges on the transaction to provide it legal validity.

States have different laws over the issue. In Rajasthan, for example, no stamp duty has to be paid if a husband is gifting an immovable property to his wife. In case the transfer is in the name of other relatives such as the father, the mother, the son, the sister, the daughter-in-law, the grandson or the daughter, 2.5 per cent of the property value has to be paid as stamp duty.

If you are transferring the property — which has a value of over Rs 50,000 — to someone who is not your relative, the recipient will have to pay taxes during that financial year under the head income from other sources.

What if you want to gift the cash gained from the sale of the property?

In such a case, the recipient might have to pay taxes if he or she is not your relative. Under the tax law, if one receives a gift worth Rs 50,000 in one financial year, one will be liable to pay taxes under the head income from other sources. If the proceeds are transferred to, say, your son’s account, he will not be liable to pay any taxes.   

Also read: Can I Buy A House With My Friend?

What if you gift your assets during your lifetime?

In case you have parted ways with your assets through a registered gift deed, the change of ownership takes place immediately after. Mind you, a gift deed becomes legally binding only after it has been registered paying a stamp duty for the transaction during your lifetime and two witnesses have attested it. According to the provisions of the Registration Act, 1908, the donor must get the deed registered within four months of executing the same.  If you thought a gift deed transferred your property to, say, an NGO, it can immediately claim the ownership of the property.

Can you take a gift back?

The answer is yes, but here is a caveat. According to Section 126 of the Transfer of Property Act, 1982, unless the donor specifies in the registered contract that he keeps with himself the rights to take back the gift, revoking the deal will not be possible. You could also keep partial rights over the gift. For instance, you transfer through a gift deed two plots to a distant relative at the same time keeping your right to revoke the transfer over the second plot. At a later stage, you will not be able to claim ownership over the first plot.

Also read: Interpreting The SC Order On Women’s Right To Ancestral Property

What if you want to gift your property after your demise?

Despite your willingness to gift your assets, you may not like to part ways with it during your lifetime. To ensure that, the transfer must be done through a will, and not a gift deed. When you create a will, you also have the liberty to make changes in it as and when you deem fit, something you do not enjoy if property transfer has taken place through a gift deed.

Who pays the dues after a property is gifted?

Under the provisions of the property transfer law, after an asset is entirely conferred upon a new person through a gift deed, the recipient of the gift will be liable to pay all pending dues. Suppose you uncle gifted you his flat, for which he is liable to pay Rs 50,000 as water, electricity and utility bills. The responsibility of paying the dues now rests with you.

Do you still have to pay a stamp duty if you are gifting your assets to a charitable trust?

Depending on the prevailing law in your state and the manner in which the deed is created, the stamp duty might be waived or reduced if you are gifting your assets to a charitable organisation. However, in case you are gifting your property to a non-governmental organisation (NGO), you will not have to pay stamp duty. Also, keep in mind that not all NGOs are permitted to accept gifts of land and property.

Can you gift a property you expect to own in future?

Such a contract, if made, is termed void according to the law.

What is the recipient does not accept the gift?

To make a gift deed legally valid, the beneficiary has to accept it in the lifetime of the donor. In case he fails to do so, the contract would turn void and the ownership of the property would lie with the donor.

How To Ensure Your Property Registration Application Is Not Rejected

Under the provisions of the Registration Act, 1908, and the Transfer of Property Act, 1982, you become the legal owner of a property only after registering it with a competent authority i.e. the sub-registrar of the area.  And, there is a price to be paid for that. Across India, buyers generally have to pay one per cent of the property deal as registration charges. This means if you have bought a property worth Rs 1 crore, you will have to pay Rs 1 lakh as the registration charge.

Going for registration means you are about to finish the lengthy process of property buying and you would not want to make any mistakes owing to which the sub-registrar would refuse to register your documents.  To make sure such a situation does not arise, you have to keep certain things in mind.

Now E-Register Your Property Using Your Aadhar Card

  • First of all, make sure you approach that branch of the sub-registrar’s office under whose jurisdiction your area falls. Any error here would amount to an outright rejection of your application and prolong the process. You finding the branch concerned, take an appointment from the office, which is generally given after you pay a registration fee.
  • Any flaw in the information given on paper could also become a cause of rejection. Make sure all the details, numbers, names, signatures, etc., are duly provided and there are no mismatches.
  • When it comes to official documents, any kind of flaw or mistake is unacceptable. This includes smudges, deletions, insertions, alterations and blank spaces. It is better to keep the paper as clean and flawless as possible. In case there are changes that need to be incorporated, get a fresh document made. 
  • You have to mind the language of the document depending on the state where you are going to register the property. If you are going to register a property in Kerala, for instance, the sub-registrar may not reject an application written in, say, Tamil, but he may ask you to provide a translated version of the document.
  • All parties concerned have to mark their presence to complete the registration process. This includes the buyer, the seller, the agent and the witnesses. Each of them has to show proof of identity as part of the process.
  • If the sub-registrar finds that the executor of the documents is not competent to perform the task, he may reject the application. This could happen if the person is a minor or is not of sound mind. 

Have Questions Concerning Property Insurance? Read This

If you, as a homebuyer, thought that buying insurance was only an added burden and it might most likely not solve any purpose, you would better rethink. Your property, like all other things that you hold dear, needs a protection against untoward situations. That makes buying property insurance crucial. Before you make up your mind to buy such a product, you must have better clarity about home insurance policies.

The first question is, are there many types of policies?

Yes, there are 10-11 package policies for house owners and shopkeepers. While there are many products available in the market, the most popular is the fire and allied perils policy that protects your property against mishaps such as fire, riots, flood and storm. A burglary and house breaking policy on the other hand covers your property and belongings against burglary and theft. Other valuables can be covered under all-risks policies.

Also read: These Losses Are Covered Under Home Insurance

How does one fix the insurance amount?

There are two methods to do so. One is using the market value of the property and the other is using the reinstatement value.  Under the first arrangement, depreciation of value is levied on the asset, depending on its age in case of a loss. In this case, the insured amount may not be sufficient to buy a replacement. In the second arrangement, your insurer will pay the cost of replacement, depending on the ceiling mentioned in the policy. To claim the amount, the damaged property has to be repaired first. Do note that the second arrangement is allowed only for fixed assets such as property, it does not apply to liquid assets such as stocks.

What are my responsibilities as buyer of property insurance?

Buying a cover does not mean you have to be less careful about the well-being of your property. As the sector watchdog puts it, “every insured is expected to behave as though he is uninsured”.  This means you have to take every precaution to prevent losses. Do remember that you will have to prove it to the insurer that you did make an effort to save the property while a tragedy struck. In case you fail to do so, the insurer might be reluctant to settle the claim.

Also, in case of a tragedy, inform the insurer immediately. If arrival of surveyor is likely to be delayed, take picture of the scene. These would work as evidence.

While the company surveyor does his job, extend your full support and correctly mention the losses. Give the completed claim form and documents as required by the insurer in support of your claim.

After repairs, give bills to the insurer.

What if you have a grievance?

First, you approach your insurer. This could be done by personally visiting the company office or logging on to their site. As is the rule, your insurer has to acknowledge your complaint in three days, and resolve it in another 15 days. In case you are dissatisfied with company, you have the option to raise the issue to the sector watchdog, the Insurance Regulatory and Development Authority of India (IRDAI).

You may log on to to file your complaint.  

You may also lodge a complaint through an e-mail (, through a letter (to Consumer Affairs Department, Insurance Regulatory and Development Authority, 3rd Floor, Parishram Bhavan, Basheerbagh, Hyderabad) or call IRDA Call Centre at 155255.

There are no charges for registering your complaints with the IRDAI.

What if insurer delays the process?

Suppose, there has been a damage to your property, and you have filed your claim with the insurance company. When you start losing patience because the company is not addressing the matter in a time-bound manner ─ it has been over a year ─ and approach the insurer over the issue, you find out that the company surveyor has yet to file his report.  How do you deal with that situation?

To begin with, do remember that:

  • An insurance company surveyor has to give his report within 30 days of his appointment, unless he applies for an extension, citing matters of importance.
  • This extension cannot be stretched for more than six months from the date of his appointment.
  • In case of delay in payment to the aggrieved party owing to a surveyor’s failure to give report, the insurer is liable to pay interest at a rate which is two per cent above the bank rate.

“There is no reason why an insured should suffer on account of delay on the part of the surveyor in submitting his report, considering the fact that the surveyor is appointed by the insurer without consulting the insured and in any case …  it is for the insurer to impress upon the surveyor to submit his report within the time limit prescribed,” says the National Consumer Commission.