Subvention Schemes : Lucarative or Just another trap

Subvention Schemes : Lucarative or Just another trap

Recently we all have been hearing a lot about the widely promoted subvention schemes where you can own your dream home with payment of only 10% to 20% of the cost of the property and rest at the time of possession.

For any mid income group individual or for someone planning to start his investments in real estate , the subvention scheme seems to be a win – win situation. However the big question is – is it actually a win- win situation. Let’s understand the game plan

What is Subvention Scheme?

A subvention scheme is offered by developers where the developer enjoys the money received upfront from you and from the financial institute on your behalf as cost of the apartment you have bought. Assuming a developer offers 20:80 subvention scheme on an apartment worth 80 lacs, the investor need to pay 20% of the cost upfront to the developer i.e 16 lacs is paid up front , the rest 64 lacs is paid by the bank to the developer on the basis of your loan eligibility. In such a scenario in comparison to the construction link plan the developer gets the total amount upfront for the flat, where the developer will pay the interest on the money paid by bank on your behalf till the period of subvention.

The way the above scheme is marketed and proposed to the investors it looks extremely lucrative, however there are certain known certain unknown risks.

Pro’s

a.       The investor shells out only 10 to 20 percent of the cost of the property

b.      The investor gets interest free loan for the subvention period.

c.       The developer pays the EMI’s or the interest for the period of subvention

d.      Some developers claim that they would pay any penalty charges as well

e.      The customer pays the balance money to the bank in form of principal and interest after possession or after the period of subvention scheme.

Con’s

a.       From day one the developer enjoys the initial 20% amount paid by you.

b.      The developer get 95% to 100% of the cost of the apartment from bank and you without even starting the construction in some cases.

c.       The “SUBVENTION SCHEME” comes with a lock in period or a mentioned time period , where the subvention scheme is for say 24 months or 36 months – i.e the developer will pay the interest EMI’s only till the period of subvention, after the subvention period is over the EMI’s to the bank will be paid by you “whether the construction of the project is completed or not, whether the possession of the property is handed over or not”

d.      What happens if the company stops paying the EMI’s – who is accountable?

What are the end results?

1.       If the developer delays construction (which is certain in majority of the cases) the EMI payments on the loan would be paid by the investor from the day the subvention scheme ends.

2.       If the developer delays the EMI payment during the subvention period the CREDIT SCORE / CIBIL RATING of the investor gets the impact – as it the investor who has taken the loan.

3.       Such schemes offered by developers also comes with higher interest charged by banks and the investor is helpless to choose as there are no options available.

4.       In subvention scheme where 95% to 100% of the money of an under construction project has been paid by the investor there are no option of EXIT as you would hardly find buyers who would pay 100% money for an under construction property.

In crux on the basis of above mentioned it is recommended to go for subvention plans only in those cases where the building is almost ready or the developer has a clean track record else the investors end up paying much more than they ever expected.

Assured Returns - Still on with SYNONYMS

We have been reading and listening of the assured returns schemes since long now- however even after multiple instances of cheating many directors going behind bars - Investors are still falling in the trap . 

The RBI banned such assured return schemes almost more that an year and a half ago , the developer still marketing these schemes with multiple lucrative schemes. So, what are these new traps the developers have designed for us

Let's have a look

a. Assured returns : The scheme comes with lucrative interest returns being offered on down payment of upto 95% of the cost of the property and payable till possession - basically an overpriced property sold to you - to give you interest paid by you in advance to the developer.

b.  Subventions Schemes : 20:80 ,  30.40.30 etc etc are schemes offered where the developer raises finances from the banks on the basis of your financial capabilities enjoys the money paid by you in advance on the term of developer paying interest on your loan - for those who understand it well - thats again a trap

c. Barter Trading: The developer offers purchase of your existing property and the money at which the property is bought at - the developer gives you under construction property worth same amount in any of his project.  

AND MANY MORE 

SO what should be done : Long Story Short 

Buy - Invest  ONLY 

a. from developers with clean track record
b. in the project where the construction has been started
c. strictly under the construction link plan 

Conversion of a leasehold property to freehold

Whenever you look for investing in Delhi, Noida, Greater Noida, quite of often you would have heard of the terms freehold and leasehold. Also, there could have been times when you would have had confusions related to both. Let’s understand the both terms in detail.

The properties in urban areas are divided into two categories – freehold and leasehold.

A freehold property is one where the owner’s right over the property is full and unconditional. The title of the property is conveyed to the purchaser by conveyance or Sale Deed. Moreover, the purchaser can further sell and transfer the ownership of that property

In case of a standalone property, the owner owns the property as well as the land on which it stands. In case of a multi-level property, land ownership is usually divided in proportion to the floor area of each owner.
The ownership of a freehold property is transferred to another buyer through registration of sale deed.

In the case of a leasehold property, the land-owning agency gives the land on lease to a lessee for a stipulated period. The land ownership rights remain with the lessor. The lessee pays a lease premium and an annual lease rent as fixed by the lessor. Further, the lessee requires the lessor’s prior permission if he wants to sell the property.

To understand in details, let’s take example of Noida Authority, Greater Noida Authority or the Yamuna Expressway Industrial Development Authority. They offer land on lease for 90 years. A lease rent for the period is paid to the authority, once this period is over the lease rent is paid again. The leasehold properties are transferrable, though permission from the leasing agency is required by payment of stamp duty and transfer charges.

Buying and selling a leasehold property is still seen as a difficult task to be completed as it involves transfer at the authority level too. To curb such an issue, the Union government modified the procedure of conversion of leasehold land to freehold within Delhi. Post verification of all valid ownership documents and conversion charges, the property can be converted from leasehold to freehold.

Understanding the above facts, it is always better to get the property converted to freehold, if you have the necessary documentation and opportunity to do so.

Original publication at Content.magicbricks.com by AtulayNehra

Tips for NRIs before buying property in India

With over 20.20 million of NRIs (Non-resident Indian) and PIOs (Person Of Indian Origin) across the globe, the overseas investment into Indian real estate has never been an issue. Majority of these people have invested in the homeland in consideration to their individual future plans.

Factors for consideration for NRIs while buying property in India

1. Which property can a NRI or PIO buy?
2. How to pay for these properties?
3. Repatriation of the capital gains?
4. Availability of home loan
5. Can a NRI sell or transfer a property?

Which property can a NRI or PIO buy?

An NRI or Person of Indian Origin (PIO) can own both residential as well as commercial properties in India and there is no restriction on the number of properties you can buy. However, you cannot purchase any agricultural land, farm house and plantation property. You can have ownership of such property only if they have been gifted or inherited.

How to pay for these properties

The money for purchase of property can be made either by way of funds remitted to India from abroad through regular banking channels or through the balance in the  Non Resident External (NRE), Non Resident Ordinary  (NRO) or Foreign Currency Non Resident  (FCNR) Account.

Repatriation of the capital gains

NRI and PIO have been allowed to repatriate original investment in equivalent foreign exchange in residential/ commercial properties. However, the gains from such transactions have to be re-invested in the real estate market in India.

Availability of home loan

Loan to an NRI is available the same way they would be to an eligible resident, for reference below mentioned criterion is must for availing home loan

• Minimum age of 18 years.
• Valid Indian passport (for NRIs) / valid foreign passport (for People of Indian Origin – PIOs).
• Steady source of income.
• Employed abroad for at least 2 years.
• Valid job contract or work permit.

Can NRIs sell or transfer property

An NRI can sell property in India to a person resident in India or to an NRI. A PIO can sell property in India to a person resident in India or to an NRI or a PIO but after having a prior approval from the Reserve Bank of India.

Original publication at Content.magicbricks.com by AtulayNehra

Are assured returns schemes in real estate genuine?

From the offers of 100 per cent guaranteed returns to assured returns on investment of up to 14 per cent – anyone would be interested to know more. That’s it and the trap is set.

When you will ask for more information on these real estate offers and you are trapped in the dilemma of earning secured returns on your savings or investing in a fixed deposit  or seeking an assured 12.5 per cent + return on real estate project.

So, what exactly are these offers?

Let us first understand the reason behind such offers. When the commercial real estate developers avail a construction loan from any financial institution this loan is generally offered to them at a relatively high percentage, from 18 per cent to 25 per cent or above in most of the cases. Moreover, only 60 per cent to 70 per cent of the construction amount is funded. In comparison to having funds from the financial institutions, the developers find it easy to raise money from retail investors on a low percentage of 11 per cent to 13 per cent.

How does this work?

The investors are first lured with such juicy offers of over 12 per cent assured returns through radio, television, print campaigns or through realty brokers (please note any transparent and honest broker will never suggest assured return project).

You are made to pay a down payment of up to 95 per cent of the value of the property , the day the amount gets credited to the developers’ account , your annual returns are paid to you through post-dated cheques given to you for a monthly or quarterly credit from the developer.

If you are thinking that it is a great idea, hold on to your thoughts. Have you ever thought where these developers pay these assured returns from? That’s very easy to understand, although you should compare with other neighboring commercial projects as well – but the various payment plans in the same project itself explains the difference of an assured or a non-assured return difference.

For example, you would find that the developer is offering you 12 per cent assured returns at Rs 6,250 per sq ft for 2 years, while in the same project a non-assured return unit is available for Rs 5,000 per sq ft. So, the developer has taken an upfront Rs 1,250 per sq ft extra for the same property. Ideally, this extra money which is paid by you is given back to you over the next two years.

You may now ask, is this regulated and how sure should I be sure about my post-dated cheque getting credited?

The golden rule of investing is to question any deal that looks too good to be true. In most probabilities, it will actually be too good to be true. This may be rude but true. These assured return schemes are non–secure schemes and come at a very high risk. Even the developer having the best credibility in the market will not think twice to not to pay your returns during a financial crunch situation, which most of the developers are in today.

What should you do then?

We suggest that unless you have huge stash of money with you and can afford to look for legal help, stay away from such offers of assured return projects. Even if you still wish to put your money in such lucrative schemes, do calculate the net profit that you will get after all the expenses and taxes on the assured returns or look for a residential project offering assured return with buy-back guarantee. In that case, get the agreement vetted by a legal expert before entering into it. Your investments should be at a lower risk.

Original publication at Content.magicbricks.com by AtulayNehra.

All you want to know about Lal Dora areas

There was a time when we used to have small spots of villages around a central business district or a small city. When these cities started expanding, the need of municipal corporations, development authorities to undertake development and management of these expanding cities was realized and hence Lad Dora areas were formed. Meanwhile, all these small villages had their own Gram Panchayat’s which worked and decided the development of the villages.

The term Lal Dora for the first time was used in 1908 – to define the habitation (Abadi) land of a village. These lands were the extension of existing villages, which was used by the villagers for their livestock and various other living support systems. To differentiate this land from the agricultural land, the land revenue department used to tie a Red Thread (Lal Dora) around the village extension land. While this was done decades ago, even today the Lal Dora denotes that the jurisdiction of municipal authorities or the urban development is not applicable in the specified area.

As Lal Dora is exempted from building bylaws, there is no strict regulation on construction in these areas, which in some areas has led to haphazard construction. With rapid population growth and un-affordability of the urban areas, these Lal Dora areas swiftly got converted into urban villages. Some of the well-known examples in the National Capital Region (NCR) are Hauz Khas Village, Basant Gaon, Khel Gaon, Munirka and Khirki, among others. These urban villages are also host to some of the known farm houses of the rich in the NCR, including the Bijwasan Farms and West End Farms.

Of these urban villages, many are provided facilities like roads, sewerage, water and electricity by the government. There are a few which are not so blessed and due to the non-availability of such infrastructural necessities, these Lal Dora areas are generally looked at with a raised eyebrow. Due to their proximity to the urban centers as well as cheap rentals, many exporters, warehouses, godowns and even corporates started entering the Lal Dora areas.

The rapid population growth and affordability of the Lal Dora Lands in comparison to the urban residential land has generated interest among investors who have been investing in these lands aggressively over the last couple of years.

Areas such as around Kanjhawala, Chhatarpur, Najafgarh, Rangpuri and Mahipalpur have been preferred investment destinations for such investors. The cost can differ from a minimum of 100 per cent and above in comparison to urban residential land, when compared to opportunities available in these areas.

Original publication at Content.magicbricks.com by AtulayNehra

Stuck with a delayed project – Is there a way out?

Time and again there have been stories where the investors have been left unattended, cribbing and stranded with their investments in the middle of nowhere projects. There are developers who are widely known for taking investors on a ride.

In India, the most expensive purchase for any individual – a real estate is bound by a one-sided un-registered agreement called the Builder-Buyer Agreement. On top of it, an investor gets this agreement only after the payment of at least 20-30 per cent of the total cost. The receipts do not even exist in case of so-called soft launch or pre-launch project.

Pankaj Sinha , a Noida based business man , is one among lakhs of buyers who has been in a dilemma due to the slow pace of construction of property projects. Hoping to shift in to this ultra luxurious apartment on Noida Expressway in 2011, Sinha had booked a unit in this golf course facing apartment complex being built by a known developer with multiple projects in Gurgaon and Noida. He paid Rs 30 lakh to book a space in 2008 for the Rs 100 lakh plus apartment in this project.

It has already been over three years that the project has been behind schedule. Even though Sinha can see the tower in which he owns the apartment, the completion still seems a far dream. A developer’s representative has been kind enough to offer refund of the property at the same price at which he booked the apartment, if he wants to move out of the investment, which means huge loss to him.

Over 25-28 per cent of the committed supply has not been delivered on schedule in India, with residential projects in the National Capital Region topping the charts in delays.

Is there a way out?

The draft real estate regulation bill, which proposes a sector regulator, seeks to outline the obligations of project delivery. Though, until regulations are put in place, buyers will have to rely on their rights laid out in their booking agreements.

First and foremost, any prospective buyer should scrutinize the project and the background of the developer. If possible, hire a real estate consultancy firm who has market expertise and is known for unbiased consulting.

If the project is funded through Foreign Direct Investments (FDI), it is more likely to complete on time.

As an investor, you have the right to ask for the copies of approvals of the project, if not buying during a soft launch stage.

Ask for detailed construction schedule and negotiate for penalty clause in case of delay of project.

Consumer courts always come handy in such cases. Refunds can be claimed if a project is delayed beyond the period stipulated in the Builder Buyer Agreement. You can file a case in the consumer disputes redressed commissions at the national, state and district levels.

Original publication at Content.magicbricks.com by AtulayNehra

The legalities of a Will

One day most of us would have to write this document – where we would like to assign rights to our real estate to our successors. This documentation is covered under “ The Indian Succession Act 1925” and everyone calls it by a simplistic sounding word “WILL”

A Will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provide for the transfer of his/her property at the time of their death.

Prerequisites of a Will

• A person must be major, of sound mind and willing to write a Will.
• He/she should be the sole owner of the self acquired property.
• Any ancestral property cannot be bequeathed through Will.
• Any person capable of holding property can be a legatee under a Will.
• A Will being a testamentary document comes into effect after the death of the testator.
• If the person dies without writing any Will then he is said to have died intestate.
• The person in whose favor the testator bestows the benefits is called beneficiary or legatee.
• The Will should have witnesses

There have been times when we have heard of a number of stories about wrongful confinement of the properties or misuse after the death of the original owner, causing lot of issues within families. To avoid such issues one should consider certain facts mentioned below:

Characteristics of a valid Will

• A valid Will should have the name of the testator.
• The testator should have appointed a beneficiary of the Will.
• A Will from the testator can take effect only after his death.
• A Will can be revoked or altered during the lifetime of the testator, any amendment in the Will are called as Codicil.

Course of action while making a Will

• A Will should carry all the details of the properties or all the documents
• The value of all these properties should be mentioned.
• The details of benefits to the beneficiary or beneficiaries from the Will should be clearly stated.
• The Will should have been attested by at least two independent witnesses.
• Post the lifetime of the testator, the executor of the Will has to apply for probate.
• A probate is the only conclusive evidence for authenticity of the Will.

The above provides some basic information on Will, which if considered by testators, would help them avoid making basic errors while writing for a beneficiary.

Original publication at Content.magicbricks.com by AtulayNehra

Decoding lease, rent agreements: What you should know

Decoding lease, rent agreements: What you should know

There have been times when you would have come across terms like rental agreement, lease agreement, leave and license agreement, though they may sound similar but there are some crucial differences between them all.

Before getting into core details, let us understand some important often used terms:

Lessor/ Licensor: A person who leases or lets a property to another; a landlord

Lessee/Licensee: A person who holds the lease of a property; a tenant

License: The word ‘licence’ has been defined in section 523 of the Indian Easement Act, 1882 “where one person grants to another, or to a definite number of other persons, a right to do or continue to do in or upon the immovable property of the grantor, something which would, in the absence of such a right, be unlawful, and such right does not amount to an easement or interest in the property, the right is called a licence.

Lease: A lease is defined in section 105 of the Transfer of Property Act, which provides that “A lease of immovable property is a transfer of a right to enjoy such property, made for a certain time expressed or implied or in perpetuity in consideration of a price paid or promised, or of money, a share of crops, service or any other things of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms.”

A rental agreement also referred to as a tenancy or lease agreement. In these agreements, there is a transfer of interest from the lessor to the lessee while in case of a leave and licence agreement, there is no transfer of interest, but only a permission is granted.

In a leave and licence agreement the legal possession of the premises remains with the licensor and the licensee is said to be in constructive possession of the said premises.

Therefore, a leave and licence agreement does not create any interest in the premises in favor of the licensee but gives the licensee the mere right to use and occupy the premises for a temporarily defined period.

A leave and license agreement is also the mostly used for renting property as it mentions the limitation of use and ownership of property within the agreement. Which would include details about fixtures and fitting, maintenance, term of agreement, penalties etc . These terms are generally accepted by both the parties at the time of signing of agreement.

The right of termination of agreement lies with the landlord, it is a common practice of not registering a leave and license agreement as a specific amount of stamp duty has to be paid. The benefits of registering the agreement include putting the landlord on the stronger side in case of any issues with tenant. Therefore, a leave and licence agreement should always be registered, ignoring the miniscule expense at the time of execution of agreement.

Renting a residential or commercial property seems to be an easy task to do and most people follow the standard agreements available in the market yet it is wise to consult a lawyer to prepare your agreement for renting the property to avoid any future issues.

Original publication at Content.magicbricks.com by AtulayNehra

How to choose a realty broker?

The other day I was sitting with some of my pals and suddenly one of them spoke about his willingness to invest some money in real estate projects, with an anticipation to multiply it within a pre-conceived timeline. Although, with his previous experiences, he was not sure where to invest and how to do it having a limited reach and knowledge about the field. In addition, he had read and heard enough horror stories of investors running from pillar to post after investing their hard earned money without any clue on how to get out of the situations created by their own wrong decisions.

Above is an example of many such discussions that I have been a part of over the last decade and a half, and the same apprehensions have been spoken about in most of the discussions. Choosing a right property and a realty broker has become an important factor.

Some pointers for choosing the consultant for your biggest investment:

• Have Clarity on the scope of services and the term of engagement that the agent offers.
• The role, responsibility and liability of the agent should be clearly defined.
• Check the agent’s knowledge about the area, do not limit yourself to just one project.
• Ask for the reason for pitching a particular project or area. If the agent claims to have done a research ask for the source.
• Evaluate the level of questions that are asked by the consultant while suggesting a particular project.
• Ask for details of the company the agent is representing.

What should be avoided?

• Do not just go with the agent who offers “HIGHEST DISCOUNTS” or the “BEST DEAL”
• In case someone is offering the highest discount, ask for an upfront adjustment in the booking amount and fill the discounted pricing details of the property in the booking form yourself. It is to be noted that majority of the developers do not adjust more than two percent of the basic selling price on the booking form.
• Keep a copy of the booking form and cheque given to the agent and ask for a receiving copy of the signed and stamped cheque and booking form by the developer’s office.
• In the absence of a booking form, a copy of the cheque received by the developer’s office should be kept as a record.
• Do not fall in the “CREDIT NOTE” trap – some in the real estate brokerage business offer the facility to their investors where their sales representatives issue a credit note – not to be honored by them or the developer at a later date. So, avoid such arrangements.

Investing in real estate is a decision which a majority of the people take for the first time. In accordance, it is extremely important to choose the right agent to pick for you the best property matching “YOUR REQUIRMENTS” – “NOT THEIR’s”.

Original publication at Content.magicbricks.com by AtulayNehra

Evolve an exit strategy in buying your real estate investment.....

Evolve an exit strategy in buying your real estate investment

Based on the estimated population growth, an all India housing demand of over 12 million houses over the next five years will put immense pressure on the developer community to achieve such figures. This becomes difficult to achieve due to laxity in regulatory and economic scenario.

The major contributors to the above demand of 12 million units are the middle income groups (MIG) and the high income groups (HIG) in the metros and the mini metros of the country. With a marginal gap in requirement between the HIG and MIG the Lower Income Group (LIG) has the minimal demand of the required number.

The above figures look encouraging for those who plan to make multi-fold returns from real estate investments. The realty brokers in every corner too, will push you to buy the BEST available project in the area. However, as an INVESTOR in real estate you need to answer some questions to yourself.

• What should you buy: plot, residential apartment or commercial?
• Why should you buy the chosen category?
• What is my exit strategy from the investment?

Before considering any of the properties you should be able to answer the above questions. Let’s look at various aspects of choosing a specific category for real estate investment.

Plots

Mark Twain once said “Buy land they aren’t making it anymore”. With land banks decreasing day by day, land is an evergreen investment and has the potential to give phenomenal returns in the long term. Exiting from land investment is relatively easy.

Residential apartments or floors

The most easily available property type is the residential apartments. However, even after good availability, the new launches by developers do not fall back. Investors still put money in these new launches with the intent of making returns on investment. Gone are the days when investors used to get 50 to 100 per cent return on investment within a few months to a year.

Commercial property

Be it office space or retail, a commercial real estate project has always been seen as a challenge by the real estate developers. Commercial property in an upscale mall and a premium locality has always sold like hot cakes, and are bought by seasoned investors who rely on rental returns.

Lately many developers have come up with commercial office spaces, where they wanted giving an optimistic outlook on the demand for office space in the area the project is located. These are also the same projects which offer assured returns till possession or completion of the building. They are also the ones selling Virtual Spaces.

What to consider while buying a property as investment

• Look for properties with easy exit options, study them finely.

• Choose mid range property as high end property will have minimal capital growth.
• For quick money making, invest in smaller and unique projects with limited availability.
• Do not fall for virtual spaces unless from a good developer.
• Choose land or plots or independent floors over high rise apartments.
• Location plays an important aspect – do not invest in a prospective location which would take a decade to develop. Choose for area under development and closer to existing density.
• Study the reasons of claimed “Phenomenal Development”, “Best Project”, “Best Deal”, “Best Location”.

For a smart investment in real estate today it is very important to have an exit plan ready before entering.

Original publication at Content.magicbricks.com by AtulayNehra

What is mutation of property and why is it important ?

What is mutation of property and why is it important ?

There have been times while selling your property, the prospective buyer would have asked for a copy of the latest mutation. Many people do not know the importance of the document hence, let us start with understanding what mutation is?

Mutation is the change of title ownership from one person to another when the property is sold or transferred. By mutating a property, the new owner gets the property recorded on his name in the land revenue department and the government is able to charge property tax from the rightful owner. The documentation procedure and the fee payable vary from state to state.

Also known as “Dakhil Kharij”, mutation of a property should ideally be taken every six months from the revenue office in order to check for any wrongful transaction on the property. In case of inheritance after the death of the owner, the property should be mutated by submitting copies of Death Certificate and relationship documents.

Updation of revenue records should be applied in case the property has been bought through a registered Power of Attorney, as it transfers the ownership from the seller to the buyer.

In case of ownership related to land, mutation is considered a vital document. For eg If an agricultural land is acquired by the government and the registry of the land is in the name of person A while mutation is in favor of Person B, the government will release the acquisition funds in favor of Person B, as in the revenue records he is recorded as the owner of the land.

To apply for mutation, an application to the tehsildar of the area has to be given on a plain paper along with the required value of a non judicial stamp paper.

Following documents are required for mutation:

• Copy of Sale Deed
• Application for mutation with court fee stamp affixed on it
• Indemnity bond on stamp paper of requisite value
• Affidavit on stamp paper of requisite value
• Receipt of up-to-date property tax payment

Documents required for mutation in case of inheritance or Will are:

• Death Certificate
• Copy of Will or Succession Certificate
• Indemnity bond on stamp paper of requisite value
• Affidavit on stamp paper of requisite value attested by a Notary
• Receipt of up-to-date property tax payment in case of Power of Attorney
• Copy of Power of Attorney.
• Copy of Will
• Receipt for payment registered with a sub-registrar
• Application for mutation with court fee stamp affixed on it

Original publication at Content.magicbricks.com