Property Development & Real Estate
Property trade made easy
Are you in the market for a plot of land or a new home or are you looking to sell your property? Look no further!
At UNEEDWAT LTD, we understand that buying or selling a property can be a stressful experience. That's why we're committed to making the process as smooth and seamless as possible.
We'll be with you every step of the way, providing personalised service and keeping you involved at every stage without you needing to take time off or travel to handle paperwork.
So why wait? Contact us today to learn more about our services and how we can help you achieve your real estate goals. We look forward to hearing from you!
If you're a seller, we'll use our expertise to market your property effectively at the expected price. We'll work hard to find qualified buyers and get your property sold quickly.
If you're a buyer, we'll work closely with you to understand your preferences and find matching properties. We'll guide you through the buying process until the deal is closed.
While property purchase and sale can be very straightforward and completed quickly, this is not always the case. We deal with different kinds of issues on a regular basis including but not limited to:
erroneous information from owner/seller
party not being present in the country
all owners not agreeable with each other
hurried purchase without checking scope of future planned project leading to failure to carry out project
party flagged as problematic with banking institutions
Some of these issues can be solved while some cannot. We will not waste your time and money and inform you straight away of the possible outcome(s).
In situations where there is no visibility, we will inform you that we need to start the work to see where it leads.
We only charge for the work we have spent resources on and not for anything more.
Property Development & Real Estate FAQ
Pricing and time to market options
There are different ways to go about Pricing and Marketing when it comes to properties. The ones we propose are listed below generally ranging from Least time to market & minimum cost/price to Most time to market & maximum cost/price. You choose which one would suit you the best.
As Is Purchase/Sale only with the following 2 options (may be chosen interchangeably for all the next options)
At Fixed Customer Estimated Price (Least time to market & Minimum Cost/Price)
As per Valuation Report Price (Note: Price may decrease if property has been overvalued but a fair deal is guaranteed for both parties)
Option 1 + Project Plans to apply for Building and Land Use Permit (a.k.a BLP/BLUP) without the actual permit - Buyer may apply for permit using those plans under condition that application is done immediately after the sale is concluded
Option 2 + BLUP - Buyer may use the BLUP to apply for Utilities and start construction within 2 years of permit issue date
Option 3 + completed application for Utilities (Water, Electricity, Internet) - Buyer may start construction immediately or within 2 years of permit issue date with the added advantage of being able to start works to install utilities as approved by the respective utility service provider.
Option 4 + Completed Contracting works for Utilities (Water, Electricity, Internet) - Buyer may start construction immediately or within 2 years of permit issue date with the added advantage of being able to install CCTV to monitor the construction site
Option 5 + Completed Contracting works for building and landscape
Option 6 + full furnishing of all rooms and exterior (most time to market & maximum Cost/Price)
Quite often we have to deal with missing documents; perhaps lost or misplaced while being passed down to generations. Sometimes, the documents available are too old to be processed. We are used to handling those situations.
We collect maximum information from you so our Research Team may attempt to retrieve the necessary documents from public records.
We might need to send out our Land Surveying Team on site so as to take necessary action(s) to obtain relevant official paperwork from the authorities defining the property.
We might need to apply for a Building and Land Use Permit with the local authority in some special cases.
We might need to send out our Engineering Team on site to take measurements and draw out necessary plans.
Note: We will also require that the parties directly provide us with some of the elements we require for which we have no option but to solicit your collaboration.
Disagreement between family members
This is the worst possible situation we have to deal with.
We usually propose to have a first meeting with all parties involved to come to a solution. Distance is not a problem as we solve this with remote work tools.
If the first meeting does not resolve the situation, we propose a meeting with a legal professional approved by all parties.
If the situation remains as is, the only solution is to have to resort to Courts of Law. We always advise our clients to avoid this scenario as legal battles are stressful, time consuming, and costly.
As long as they qualify for their respective role as buyer/seller, we will handle things for you here with a local representative of your choice and we are even willing to represent you if you have nobody.
We will have one of our legal professionals contact a legal professional in your country to move things forward. We will keep you updated all the time with the remote tools we have.
In fact if you are in the UK, we can suggest a trusted Solicitor we work with.
As for monetary transactions, if you do not have a local bank account, the transaction does take longer as we will need your IBAN for the notary to wire transfer your money to your foreign account.
We are already working with companies and this is not new to us.
We will handle everything for you, including travelling to get hard copies signed by you and other signatories except for the things that we cannot handle in your stead including but not limited to:
Issuing recent Birth Certificate
Obtaining your bank statement
No Original Documents
This is a tough one as our preferred notaries work only with original documents to avoid any kind of fraud. Furthermore, for all property purchases/sales the authorities are notified so they can perform necessary checks about the purchase/sale. We also prefer it that way. We will only work with copies in special circumstances where another document is guaranteeing the legitimacy of the copy being used for the purchase.
Payments to Uneedwat Ltd
For property purchase or sale only (no other contribution at all), we charge a flat rate of 2% of the price of the property as per the price listed on the title deed during the sale + VAT from the party(ies) we are representing (buyer, seller or both).
For marketing (including our website, networking platforms and social media marketing), paperwork handling and anything else, please contact us for a quote.
Payments to UNEEDWAT LTD are strictly PIA or COD depending on the service availed unless credit facilities have been authorised by UNEEDWAT LTD's owner. The bank is authorised to block the sale transaction and the documents unless the same is approved by Uneewat Ltd's owner.
Why should I invest resources before selling
The objective of selling is obviously to obtain more value for the money invested in return. However, when it comes to properties, usually the more you invest in the right direction, the more you give value to your property. This inherently means that you can legitimately ask more for your property at selling time.
Whether you should invest resources (and how much) or not before selling is entirely up to you. We will provide you with estimates/quotes so you can make informed decisions. We advise our clients to make their decisions based on their financial situation, time constraints, and stress level.
Can foreigners buy property in Mauritius?
Yes, foreigners can buy property in Mauritius. However, there are certain restrictions on the type of property that can be purchased and the location. Foreigners must obtain an Integrated Resort Scheme (IRS), Real Estate Scheme (RES), or Property Development Scheme (PDS) permit in order to purchase property in Mauritius.
What are the popular areas to buy property in Mauritius?
The most popular areas to buy property in Mauritius are Grand Baie, Tamarin, Trou aux Biches, Flic en Flac, and Black River. These areas are known for their beautiful beaches, stunning scenery, and vibrant communities. There is also a growing demand for properties in the middle of the island in Moka Smart City and its surroundings.
What is the average cost of property in Mauritius?
The average cost of property in Mauritius varies depending on the location and type of property. For example, a luxury villa in a prime location could cost upwards of $1 million (about MUR 45,000,000), while a smaller apartment in a less desirable location could be as low as $100,000 (about MUR 4,500,000).
What is the process for buying property in Mauritius?
The process for buying property in Mauritius involves obtaining the necessary permits, finding a property, making an offer, and completing the sale.
What are the taxes associated with buying property in Mauritius?
The taxes associated with buying property in Mauritius include a registration duty of 5% of the purchase price, a notary fee of 1.15% of the purchase price, and a land transfer tax of 5% of the purchase price (which may or may not be waived off by the Government according to the relevant legislation). There are also additional taxes for a property sold by a company such as income tax and/or VAT.
Can I get a loan/mortgage to buy property in Mauritius?
Yes, it is possible to get a loan/mortgage to buy property in Mauritius. However, the process can be more complex for foreigners and it is recommended to work with a local bank or a broker who can help you navigate the requirements.
What are the residency requirements for buying property in Mauritius?
There are no residency requirements for buying property in Mauritius. However, if you plan to stay in Mauritius for an extended period of time, you may need to obtain a residence permit.
What is the rental market like in Mauritius?
The rental market in Mauritius is strong, particularly in popular areas such as Grand Baie and Tamarin. Rental prices vary depending on the location and type of property, but a one-bedroom luxury apartment in a decent location could rent for around $500 (MUR 22,500)-$1,000 (MUR 45,000) per month.
What is the process for renting out a property in Mauritius?
The process for renting out a property in Mauritius involves finding a tenant, signing a lease/rental agreement, and collecting rent. A rent book is required to keep records of rent collected. It is recommended to work with a local property management company who can handle the day-to-day tasks of managing the property and dealing with tenants.
What are the property management fees in Mauritius?
The property management fees in Mauritius vary depending on the type of property and services provided. Generally, property management companies charge a percentage of the rental income, typically around 10%. There may also be additional fees for services such as maintenance, repairs and dealing with the tenant on your behalf.