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Old 6th December 2016, 07:53   #1936
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@nowwhat & @rajeevraj - thanks for your inputs! I agree with what has been said. I did look for properties in and around Kasavanahalli( which is where i stay now). I am able to get a good flat for Rs40 lakhs and can be negotiated further, but one major problem is no CC or OC. I have to think about accessibility to schools also, as my kid is now 2.5 years old now. Staying in EC or near chandapura and commuting is not a problem for me. My criteria for selecting or moving to a flat/area would depend upon accessibility to grocery stores, schools, water, electricity , internet and other basic amenities. I still have not decided anything solid and after further research will decide. Your inputs on this would be really helpful.

Edit : Any feedback or comments on Sipani Bliss property?

Thank you!
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Old 12th December 2016, 08:35   #1937
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Friends, Please be wary of : booking cheap apartments built in Buffer zones of lakes , & , beware of 6510 mischieveous E-Khatas

Deccan Herald 09-12-2016

"Apex court declines to stay NGT order on lake buffer zone"

New Delhi: The Supreme Court on Thursday refused to stay an order of the National Green Tribunal (NGT) that increased the buffer zone around lakes in Bengaluru from 30 metres to 75 metres.

The NGT order means no construction can be carried out in the extended buffer zone around lakes.

A three-judge bench presided over by Chief Justice T S Thakur admitted the appeals filed by a group of builders against the NGT's order of May 4, 2016, and tagged them with similar ones against the tribunal's decision.

The court had earlier stayed an NGT order that imposed a penalty of Rs 117 crore on Mantri Techzone Pvt Ltd and Rs 13.5 crore on Core Mind Software and Services Pvt Ltd for encroaching on water bodies in Bengaluru. But it had refused to interfere in the tribunal's other directions.

On Thursday, senior advocate P V Shetty, appearing for the builders, urged the court to stay the NGT judgment. He contended that the order should not be extended to the petitioners who had bought the land and planned construction before the NGT ruling.

Senior advocate Abhishek M Singhvi, representing the NGO Forward Foundation and others, opposed the petition for staying the NGT ruling. He argued that the tribunal had passed general directions that were essential for sustainable development. A group of landowners around Lingadheeranahalli lake in Bengaluru said the NGT ruling had changed the real estate landscape in the city as the 30-metre buffer zone as mentioned in the Revised Master Plan 2015 was increased to 75 metres.

DH News Service

------------------------------------------------------


"Now, a Rs 300-crore scam in illegal e-khatas in B'luru North"

Officials issued khata, then cancelled it to dupe property buyers: minister

Bengaluru: The illegal issuance of e-khatas for properties and their subsequent cancellation have become a money-spinner in five gram panchayats in Bengaluru North taluk.

Thousands of properties were registered, but their khata documents cancelled later, leaving gullible buyers high and dry. As many as 6,510 such cases have been found in Bengaluru North taluk alone, where property prices are high.

The illegal transactions run into at least Rs 300 crore, and this has been going on for the last few years, Rural Development and Panchayat Raj Minister H K Patil told reporters on Thursday.

The modus operandi is simple. Form 9 documents (khata extract) are issued for sites developed illegally in private layouts. Officials manipulate the e-swathu software for this purpose. Immediately after the properties are sold by registering the sale deeds, the gram panchayat cancels Form 9 and instead issues Form 11B (demand extract issued to illegal properties or 'B' khata properties). Form 9 is issued only if properties are developed legally by obtaining the necessary permissions, Patil said.

Enquiry

An enquiry has revealed that records have been created only to allow illegality. The purchase of sites does not become legal despite possessing records.

The scam could run into Rs 300-400 crore going by the guidance value. The minister said the government had suspended 15 people, including the Bengaluru North taluk panchayat executive officer S R Babu, the presidents and secretaries of five gram panchayats.

Patil said land developers, sub-registrars, panchayat presidents, panchayat development officers (PDOs) and secretaries had colluded to defraud property buyers. He said criminal action would be taken against all those involved in the scam.

Committee formed

Following a complaint about irregularities in issuance of e-khatas, the government formed a committee headed by retired IAS office R B Agawane.

The committee has submitted a report which reportedly names those involved in the scam.

The minister said another committee headed by retired IAS officer Gopalakrishna Gowda had been set up to suggest measures to give relief to owners of 6,510 sites. The aggrieved can file complaints before the committee. The government would go by the committee's recommendations, he added.

Last edited by vinay kamath : 12th December 2016 at 08:39.
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Old 3rd January 2017, 12:50   #1938
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HOME BUYERS BEWARE: HAND-WRITTEN KHATAS ARE NOW ILLEGAL
Bangalore Mirror Bureau | Jan 3, 2017

http://bangaloremirror.indiatimes.co...w/56301596.cms

Skyrocketing land prices within Bengaluru has forced lakhs of people to give up idea of owning a property in the IT city and instead scout for a piece of land on the outskirts.

Cashing in on the sudden demand touts have cheated investors with fraudulent practices, including handwritten khatas.

The state government has come across incidents involving real estate agents in connivance with sub-registrars selling properties based on handwritten khatas, with the department of rural development and panchayat raj (RDPR) alerting the public to not buy properties based on handwritten khata!

Following several complaints, RDPR minister HK Patil on Monday urged the public not to buy properties based on handwritten khatas.
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Old 11th January 2017, 15:29   #1939
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Guys, need some inputs.

I have got a buyer for my flat in Dombivli, Thane. The payment will be partly through loan and partly through his contribution (by cheque).
Since this is first time I am involved in property sale, I need a few clarifications:

1) What will be the first step in this process? From my discussion with him I understand that firstly registration in buyer name has to be done.
Next, the documents have to be submitted to bank for loan. So far is my understanding correct?
2) The buyer will give cheque from his contribution at this stage.
3) Once loan procedure is through how the balance amount will be transferred to me? Whether the bank cheque/DD will be in my name or the other party's name and he will transfer to my account?
4) During this entire process which critical document can I hold onto till the final amount is received?
Pointwise reply will be highly appreciated.
Thanks in advance.
Rajiv
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Old 11th January 2017, 15:56   #1940
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Quote:
Originally Posted by rajivr1612 View Post
Guys, need some inputs.

I have got a buyer for my flat in Dombivli, Thane. The payment will be partly through loan and partly through his contribution (by cheque).
Since this is first time I am involved in property sale, I need a few clarifications:

1) What will be the first step in this process? From my discussion with him I understand that firstly registration in buyer name has to be done.
Next, the documents have to be submitted to bank for loan. So far is my understanding correct?
2) The buyer will give cheque from his contribution at this stage.
3) Once loan procedure is through how the balance amount will be transferred to me? Whether the bank cheque/DD will be in my name or the other party's name and he will transfer to my account?
4) During this entire process which critical document can I hold onto till the final amount is received?
Pointwise reply will be highly appreciated.
Thanks in advance.
Rajiv
General process for sale of property:

1. Make an "Agreement of Sale", which states that the property is to be sold and bought by the concerned people at an agreed rate and it will also state the amount of advance paid by the buyer. It should also state by which date the buyer should pay the balance amount and register the property into his name.

2. With this agreement, the buyer would liaise with banks to get the loan approved.

3. Make a "Sale Deed" which should be registered with the registrar.

4. On the date of registration, the bank representative would come to the registrar office to give DD for the loan amount and the buyer will pay his part of the balance amount by cheque/DD.

It is suggested to take DD to avoid any untoward incident of lack of funds in the buyer's account.

5. After registration, bank representative would take all the original document.

You would not hand over any original documents to the buyer (you would give a photo copy set and show the originals to the buyer) till the date of registration. During the process, a copy of the "Agreement to sale" is the only document which will get from the buyer.

Edit: Before signing any agreement, you show the draft to your lawyer or acquaintance who has knowledge of the property transactions.

KK

Last edited by KK_HakunaMatata : 11th January 2017 at 15:59. Reason: Addition
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Old 11th January 2017, 16:01   #1941
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Quote:
Originally Posted by rajivr1612 View Post
Guys, need some inputs.

I have got a buyer for my flat in Dombivli, Thane. The payment will be partly through loan and partly through his contribution (by cheque).
Since this is first time I am involved in property sale, I need a few clarifications:

1) What will be the first step in this process? From my discussion with him I understand that firstly registration in buyer name has to be done.
Next, the documents have to be submitted to bank for loan. So far is my understanding correct?
2) The buyer will give cheque from his contribution at this stage.
3) Once loan procedure is through how the balance amount will be transferred to me? Whether the bank cheque/DD will be in my name or the other party's name and he will transfer to my account?
4) During this entire process which critical document can I hold onto till the final amount is received?
Pointwise reply will be highly appreciated.
Thanks in advance.
Rajiv
I think this is totally wrong. AFAIK, here's how it works:
1. Buyer makes the sale agreement deed by paying some token advance and gets the photocopy of all the docs related to the property and submits them to bank folks.
2. Once the bank is done with all the legal verification for the property they approve the loan and ask for more docs if required.
3. Before Bank disburses the loan, they will collect the proof of payment to you from the buyer (bank chalan or your statement mentioning that particular transaction)
4. On the day of registration, bank pays you the remaining amount in DD and takes all the original docs including the just done registration papers.

Till the 4th point, you dont handover any originals to anyone.

Other property experts may add if am missing something.

-Rajesh

Last edited by 2500cc : 11th January 2017 at 16:03.
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Old 11th January 2017, 16:33   #1942
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Quote:
Originally Posted by KK_HakunaMatata View Post
General process for sale of property:


KK
Quote:
Originally Posted by 2500cc View Post
I think this is totally wrong. AFAIK, here's how it works:

-Rajesh
Can't thank you enough gentlemen. I will proceed based on these basic requirements.
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Old 18th January 2017, 07:46   #1943
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Bengaluru is the most dynamic city in the World!

These are the most dynamic cities in the world – and they’re not the ones you’d expect

https://www.weforum.org/agenda/2017/...ampaign=buffer

Last edited by vinay kamath : 18th January 2017 at 07:49.
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Old 18th January 2017, 10:26   #1944
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Quote:
Originally Posted by rajivr1612 View Post
Can't thank you enough gentlemen. I will proceed based on these basic requirements.
Your objective should be to ensure 99℅ payment and 1℅ TDS before you give up any part of title documents.

Ask the buyer to issue a DD on a bank branch where you know the manager, so you can'verify with him that the DD is legit before doing the deal. DD fraud is not that uncommon.

The buyer has to pay 1℅ TDS for which he needs to give you proof

Make sure the sale deed is vetted by your lawyer.
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Old 24th January 2017, 12:54   #1945
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Quote:
Originally Posted by androdev View Post

Your objective should be to ensure 99℅ payment and 1℅ TDS before you give up any part of title documents.

Ask the buyer to issue a DD on a bank branch where you know the manager, so you can'verify with him that the DD is legit before doing the deal. DD fraud is not that uncommon.

The buyer has to pay 1℅ TDS for which he needs to give you proof

Make sure the sale deed is vetted by your lawyer.
Thanks.
One more query.
For obtaining the NOC from society, they are asking Rs.25000 as transfer charges (based on share). Is this real?

Last edited by rajivr1612 : 24th January 2017 at 13:15.
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Old 24th January 2017, 14:06   #1946
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Ask for a copy of by-laws and check if it was mentioned there.

Quote:
Originally Posted by rajivr1612 View Post
Thanks.
One more query.
For obtaining the NOC from society, they are asking Rs.25000 as transfer charges (based on share). Is this real?
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Old 4th February 2017, 12:12   #1947
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What has been the effect of demonetization on home rents in Bangalore? My apartment lease is coming up for renewal, and I am not sure whether the usual 5% hike still holds good.
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Old 6th February 2017, 10:37   #1948
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^And a related question, what has been the effect of demonitization on property sale prices? Many like me are waiting for a 30% crash - at the moment it seems the rates have stagnated, but not come down yet in Pune. How is it in Mumbai?
Are the black money holders still buying property with bags full of notes like in 2016?
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Old 6th February 2017, 11:13   #1949
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Well, I am also one of those who is waiting for property prices to drop. Here also in Mysore, sales have stagnated, but there is no drop in price. Intact, some builders are quoting higher prices than before and slightly negotiation on that!
People are saying that the prices will be stagnant for at least 6 months to 1 year, but the chances of significant drop are less especially for new constructions
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Old 6th February 2017, 11:28   #1950
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Originally Posted by Samurai View Post
What has been the effect of demonetization on home rents in Bangalore? My apartment lease is coming up for renewal, and I am not sure whether the usual 5% hike still holds good.
The other maintenance costs for the apartment don't seem to have come down, neither have home loan rates, so i dont see why the annual hike would go away.
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