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Old 5th August 2015, 14:32   #1696
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Default Re: The Property / Real Estate Thread

Rajakumar, even I noticed the contradiction and wondered how a buyer must act. Wait or Buy. If I posted articles of only one type, say, 'markets are falling', then I might appear influencing. Time alone , say 6 months , will tell who was right. At Bangalore, in over the past 20 years, hardly have I seen BDA plot rates fall steeply despite all kinds of predictions. Falls, if any , are temporary here.

Mysore is , on the other hand, sedate. Rates at Hyderabad & Puttaparthi actually fell hard.

About the future, one cannot say with certainty.

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Old 6th August 2015, 12:17   #1697
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I am planning to purchase a basement parking from the builder. The builder wants the transaction to be done in cash and he would give me the allotment letter for the parking. I already have another stilt parking in the same complex. Following are my queries:

1. Does the allotment letter itself is sufficient to ensure my ownership of the parking.
2. Can I sell the stilt parking space to another resident of the society. If yes, how do I do that.

Thanks for your inputs
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Old 9th August 2015, 07:54   #1698
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As per a report within the Economic Times, a sea-dealing with triplex penthouse in South Mumbai’s Napean Sea Road locality has been purchased by an industrialist for a whopping Rs 202-crore deal.

The flat, unfold over the twentieth, twenty first and twenty second flooring, is within the constructing referred to as ‘The Residence’ being constructed by the Runwal Group.

to know more,
http://bharatpress.com/2015/08/08/th...-rs-202-crore/
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Old 9th August 2015, 13:40   #1699
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Found this good article..

"To conclude, let me reproduce an example from the India Today article: "At Himgiri, a typical multi-storeyed residential block on Mumbai's arterial Peddar Road, the IT Department acquired a 624 sq ft flat for Rs 72 lakh in 1994. A year later, a similar flat went for Rs 60 lakh. And in June this year, a 622 sq ft flat was bought at a little under Rs 50 lakh. The list is endless."
Pedder Road, as you would know is where Lata Mangeshkar lives and it is located in South Mumbai. And if real estate prices can crash in South Mumbai, they can crash anywhere else. Meanwhile, let me hear a few more arguments in favour of investing in real estate. Bring it on! But do remember that the one investment lesson that people learn over and over again is that, this time is not different"

http://www.firstpost.com/business/lo...0-2357070.html
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Old 10th August 2015, 08:57   #1700
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Quote:
Originally Posted by OHCVtec View Post
I am planning to purchase a basement parking from the builder. The builder wants the transaction to be done in cash and he would give me the allotment letter for the parking. I already have another stilt parking in the same complex. Following are my queries:

1. Does the allotment letter itself is sufficient to ensure my ownership of the parking.
2. Can I sell the stilt parking space to another resident of the society. If yes, how do I do that.

Thanks for your inputs
The stilt parking laws are very clear.
A) stilt parking is not a covered garage. Hence all stilt parking space belongs to the society, and cannot be sold/bought by a owner/person.
B) society can decide weather to rent out or allocate stilt parking through their bylaws. So you cannot legally buy a parking space from the builder, get a letter of allocation (not ownership) and expect it to be honoured by your society when it is formed.

I am quoting from the Maharashtra housing law, so it might differ a bit from the law in your state. IMO get a lawyer to go through the paper the builder is giving before committing any funds.
There is one workaround though. If you can get your municipal corporation to register your house plus parking (mentioned in your stamp paper) registered in your name, then the parking becomes a part of your house, no one can take it away. However you cannot sell/rent he parking independent of the house.


Regarding this thread, there is a serious and fundamental flaw regarding the housing market. They keep claiming a shortage of some 18-20 million units and how it will drive the market. What they refuse to understand is the shortage and demand is real, but the majority of the demand is from people who don't have a house and also don't have the financial muscle to buy property at say 50/60 lacs. Property prices upward of a crore are out of the reach of the Middle class, and the upper middle class/speculators who are looking at their second or third investment are refusing to buy because they have no immediate need for housing, they can and will wait until the prices sober up.
The best time to buy is to wait until we see the desperation/flash sales (mostly this Divali) and hear the news of one or two developers going bust, that is the time to speculate.

Last edited by apachelongbow : 10th August 2015 at 09:12.
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Old 20th August 2015, 22:44   #1701
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Hi,

Sushma buildtech( A reputed builder in Chandigarh region ) has launched Atelier at Infinium ( http://sushmaatelier.co.in/ ). This is a commercial property with a unique concept at least in this region. This a one room studio apartment that can be converted into an office in the morning. It will be inside a centrally air-conditioned tower which will also house a 5 start hotel. This is next to the upcoming Mohali international airport.

Is this a good investment? They are asking around 40L for this and a 12% return on the investment till possession.

-ve
Low industry in the region hence a possibility unrentable/unsellable office space with high maintence costs due to the proposed facilities provided.

+ve
Reputation of the builder( at least till now )
Location near the proposed international airport may generate commercial activity.
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Old 21st August 2015, 09:07   #1702
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Default Re: The Property / Real Estate Thread

" Property Prices Must Fall, Raghuram Rajan Tells Developers "
NDTV | Last Updated: August 20, 2015

The RBI Governor , Raghuraman Rajan , was speaking with State Bank of India boss Arundhati Bhattacharya at an interactive session in Mumbai:

"If real estate developers, who are sitting on unsold stocks, start bringing down prices, that will be a big help to the sector because once there is a sense that the prices have stabilized more people will be willing to buy,"

"I thing we need the market to clear and with growing unsold stock we need to figure out ways to do it,"

"We don't want to create a situation where prices remain high at a level that demand may not pick up to the extent necessary,"

to enjoy the complete article,
http://profit.ndtv.com/news/economy/...lopers-1209119





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BUYERS BEWARE - PRESTIGE WHITE MEADOWS PROJECT

"HC shocked over use of industrial land for housing"
Bengaluru: July 28, 2015, DHNS

The High Court on Monday expressed disbelief over how the land use of an industrial plot was changed for residential purpose.

A division bench of acting Chief Justice S K Mukherjee and Justice B V Nagarathna directed the State government to take action against Joy Icecream, real estate developer Prestige Group and other firms if they are found to have violated the land allotment rules.

The bench was told that the matter had been referred back to the government. It said, “This is a very dangerous development. The land meant for industry is being converted into a housing block.”

When the court learnt that the land was allotted to an ice cream firm, the acting chief justice said, “It means that it has melted like an ice cream? Can they sell this land like this? It was allotted in 2006. The KIADB has initiated action now after it was sold in 2006? Is KIADB an industrial board or a housing board?”

http://www.deccanherald.com/content/...ndustrial.html

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"Karnataka government rejects Prestige Estate Projects' claims over 3.23-acre Whitefield plot"
By ET Bureau | 18 Aug, 2015

BENGALURU: City-based listed property development firm, Prestige Estate Projects, has suffered a major setback with the state government rejecting its ownership claims over a 3.23-acre plot in the technology hub of Whitefield, where it is building its White Meadows project. The value of the plot is estimated at Rs 140 crore at a market rate of Rs 10,000 per sq ft in the area. Prestige had said it has spent about Rs 125 crore on the construction. The plot was allotted to the now defunct, Joy Ice Creams , in 2005 , for Rs 4.34 crores..

Principal Secretary (Revenue department) Basavaraju conducted a detailed hearing on the subject, and finally upheld the version of Deputy Commissioner V Shankar. He, by his order, restored the plot's ownership to the government.

"We are going to take over the possession of the land along with the structures built soon after the BBMP polls are over," a senior official at the Deputy Commissioner's office told ET. It may be recalled that Wildflower Estate & Resorts, a Bengaluru firm owned by Home Minister KJ George and three others, had acted as "confirming party" in the sale of the plot by Joy to Prestige on August 30, 2006.


Read more at:
http://economictimes.indiatimes.com/...campaign=cppst

Last edited by vinay kamath : 21st August 2015 at 09:17.
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Old 21st August 2015, 09:28   #1703
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One of my relatives wants to purchase a resale 2 BHK flat in Santacruz(E), Mumbai. Any idea what the real estate rates going on in that area for resale properties.
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Old 21st August 2015, 10:27   #1704
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Hi guys,

We are trying to sell our parents house in Bangalore which we expect will fetch us around 1.25 to 1.5 crore and plan to take a plot and construct a house immediately in an area close to my workplace. How can we do a transaction with the buyer for such a huge amount without getting cheated? As this is whole life savings of my parents, i do not want to get into any trouble. Kindly advise.

Thanks,
Ramki
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Old 21st August 2015, 11:28   #1705
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Quote:
Originally Posted by ramki067 View Post
We are trying to sell our parents house in Bangalore which we expect will fetch us around 1.25 to 1.5 crore and plan to take a plot and construct a house immediately in an area close to my workplace. How can we do a transaction with the buyer for such a huge amount without getting cheated? As this is whole life savings of my parents, i do not want to get into any trouble. Kindly advise.
1.Try to find the background of the buyer, is he reliable/trust worthy ? Go by instinct and impressions, ask around if necessary. Many times, it is apparent in the behavior
2.Avoid deals involving cash, just too risky given the amounts involved.
3.Engage a good lawyer to help with documentation for the deal. Will help if the lawyer specializes in real estate and is known to you directly or by a referral.
4.Typically, the process will involve making an "Agreement to Sell" with the buyer paying some amount as advance towards the final price that is agreed (and mentioned clearly in the agreement to sell). This agreement will mention a certain amount of time say 3 or 6 months within which the buyer must make the payment for full amount and have the property registered in his name. Mention default clauses also, if buyer does not arrange the funds what happens, is seller decides to cancel the deal what happens, etc
5.Register the property with details of all payments made in a "Sale Deed".

If property is in Bangalore, buyer will typically ask for:
1.Documents for title verification - history of allotments (if BDA), sale deeds, Will/Settlement deeds (if ancestral inherited property) to show the line of property ownership and proof of how it is in the hands of current owners.
2.Latest khata extract (will show if there is an lien/claim on property during a specific period), khata certificate - to be applied for and taken from BBMP office
3.Latest property tax paid receipts
4.Sanctioned building plan (BBMP/BDA/other authorities)
*Suggest you only receive payment via Bankers Cheque/DD for a hassle free transaction

Last edited by NPV : 21st August 2015 at 11:29.
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Old 21st August 2015, 12:24   #1706
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1.Try to find the background of the buyer, is he reliable/trust worthy ? Go by instinct and impressions, ask around if necessary. Many times, it is apparent in the behavior
...
Thanks very much NPV.
Further to this once we sell it, we plan to buy a plot and construct a house on that plot. Is there any tax i need to pay to the Govt. anytime in this whole procedure?

Thanks,
Ramki
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Old 21st August 2015, 12:46   #1707
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Quote:
Originally Posted by vinit View Post
One of my relatives wants to purchase a resale 2 BHK flat in Santacruz(E), Mumbai. Any idea what the real estate rates going on in that area for resale properties.
Hi Vinit, Rates in Santacruz east for a 2bhk would be from 2 to 3 crores.
PSF prices are from 18k to 24k

Some links that might help them:

http://www.hdfcred.com/properties-in...akt_mailer=YES

http://www.magicbricks.com/property-...East-in-Mumbai
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Old 21st August 2015, 13:22   #1708
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@Ramki067 Keep your CA well in the loop as capital gains tax will be applicable on your transaction. And consult more than one CA if unsure. I had a bad experience with my own CA and ended up getting slapped with a huge tax demand. Still fighting out that one with the IT authorities.
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Old 21st August 2015, 14:21   #1709
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Quote:
Originally Posted by ramki067 View Post
Thanks very much NPV.
Further to this once we sell it, we plan to buy a plot and construct a house on that plot. Is there any tax i need to pay to the Govt. anytime in this whole procedure?

Thanks,
Ramki
I think you need to re-invest that money in real estate within three years. Else you have to pay capital gains tax.
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Old 21st August 2015, 14:44   #1710
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Thanks very much NPV.
Further to this once we sell it, we plan to buy a plot and construct a house on that plot. Is there any tax i need to pay to the Govt. anytime in this whole procedure?
It will be good to seek professional help from a chartered accountant on this aspect. They will calculate how much of gain/profit was made on this sale (indexation will be applied to arrive at the exact amount) so that capital gains can be paid as applicable. I think you will have 3 years time from the sale to reinvest the money on other housing properties before you become liable to pay long term capital gains on the proceeds.
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