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Old 17th April 2011, 22:27   #451
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Default Re: The Property / Real Estate Thread

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Originally Posted by iTNerd View Post
Hi (especially to Bangaloreans)
I am new to Bangalore, wrt real estate, though I had been there many times. In the budget of 60-70 lacs, could you suggest some apartments (under constructed) in original booking in Bangalore, preferably in outskirt of the city (within 20 kms radius). This is for personal use, and so would like the comfort of all amenities, space and life styles. Builder should be highly reputed and quality top notch.

Should be at least 3BHK and minimum area should be not less than 1500 sq.ft. Can wait the possession till 2012 or 13, as long as it is on schedule.

(the thing is, most of the builders in the south do not operate in North (Delhi/NCR) and hence, lack of knowledge about their reputation.)
You can look for valmark Amoda near Meenakshi temple , off Bannerghatta Roda. 2 months back, they were quoting around 65 lac for 1800 SQFT. It's a completed project, however lot of flats are still vacant. Not sure why, but looked pretty competitive price with all amenities.
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Old 18th April 2011, 12:05   #452
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Default Worried and Confused!!

After 3 weeks for active searching for land to construct house in Horamavu, Ramamurthy nagar and left me confused and worried!!

There are things which worry in each option:

1)Plot with DC Conversion in Private layout: Issue1: Layout not cleanly approved by BDA/panchayat/etc. Bribed to get layout approved. However can never get BDA as layout does not comply to BDA laws (road wide, etc). Can face issue if government tries to acquire land and illegal layouts arent compensated!! Issue2: Plot is under B-khatta and as new house plan sanction is banned. Plan needs to be approved again by bribe. Can face issue again in future. Also loan from nationalized bank cannot be obtained (SBI, etc).

2)Plot with NO DC Conversion in Private layout: All above issues plus chance of demolition and criminal case(as per law in BDA site)! I cannot even get it DC converted as its LEGALLY banned from 2005.

3)Plot in BDA or BDA approved layout: I cannot afford!!

From my survey most of parts of RM Nagar, Hormavu is like this. Also plenty of SW Engg have bought either land or constructed house in these areas on loan! There are no water connection, no drainage, no sanitation. All private roads which not sure if govt will start maintaining.

It would be great im proved wrong on above points!

After hearing news of huge demolision drives in off Kanakapura Road, im very worried of my life's hard earned money.

Any agent/builder/promoter/house-owner i talk to say, "No Problem, after betterment chargers and Akarma-Sakrama, everything will be OK. Also how can Govt demolish all the houses in hundreds of acres. They have to legalize all these illegal props. Everybody is staying, you can also stay".

Please add your comments/thoughts....
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Old 18th April 2011, 12:43   #453
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Default Re: Worried and Confused!!

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Please add your comments/thoughts....
For nothing is this state called the most corrupt in India. Ask the people who are saying not to worry to bet their life's savings on what they are so confident of. Like you observed it is a deep abyss here. Everyone is out to make money. Tread very very carefully. I have seen this nonsense from close. PS: I still stay in a rented apartment.
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Old 18th April 2011, 13:51   #454
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Default Re: Worried and Confused!!

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Please add your comments/thoughts....
Buying a land in Bangalore is going to be a messy affair. If you are a local having some good contacts in right places then only think of it. Otherwise stay clear. Chances of getting duped are way too high to warrant a risk.

Better go for Apartments by some well known builder. That way some peace of mind will be there for the property being clean.

OT: This incident is 3 years old. My friend's dad was in Armed forces. They got some land. I am not able to recollect if that land was given by army for its people. But yes, only armed forces guys got land allotted there. But his dad was not able to build house there. Turns out that some small time goon made a claim on a whole stretch of land saying it was his and filed a case. And stopped construction. Every third hearing he will appear and be absent in next two. Later he wanted some 5+ lacs to drop the claim. On investigation they found that all the biggies in administration were actually behind that guy. Waiting for their cut.
Being Armed forces guy I think he would have got the land back. But this just tells you how difficult it is. Even armed force guys are not spared.
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Old 18th April 2011, 13:57   #455
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Default Re: Worried and Confused!!

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Originally Posted by download2live View Post
Being Armed forces guy I think he would have got the land back. But this just tells you how difficult it is. Even armed force guys are not spared.
Happened to my father in law. He only got half his land back by court order. Why? He bought jointly with my mother in law. They would not give her share
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Old 25th April 2011, 14:38   #456
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Default Re: The Property / Real Estate Thread

I am planning to buy an apartment in south bangalore and need of some good real estate agent contacts. My budget is under 50 l and preferably looking for 3BHK. If you or any of your friends are looking for buyers or know of any good agents, please let me know. Areas preferred are Marthahalli, Whitefield, Sarjapur Road, Bannrghatta Road, HSR Layout but am willing to consider other neardy places.
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Old 27th April 2011, 10:42   #457
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Default Re: The Property / Real Estate Thread

Anyone aware of the real estate price in Madikeri Town? Searching for a plot in a residential area inside the town.
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Old 3rd May 2011, 14:26   #458
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Default Re: The Property / Real Estate Thread

I am looking for purchasing a 3BHK for staying with min 1600 sq ft in Bangalore around Hennur/Banaswadi/Kalyan Nagar, North Bangalore or CV Raman Nagar side. Budget around 65-70L. My office is at Vittal Mallya road. I had a look at Prestige Kensington at Jalahalli-HMT and took a liking for this property . Found it better than Prestige Wellington. How would you rate the connectivity from Jalahalli to the City and do you have any experiences of people staying here (First hand or otherwise)?
Also any inputs on Sobha Chrysanthemum, Sobha Moonstone or Golden Palms at Hennur?

Last edited by hrman : 3rd May 2011 at 14:46. Reason: Spelling
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Old 8th May 2011, 19:25   #459
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Default Re: The Property / Real Estate Thread

I am planning to buy a resale apartment in Bangalore and need a good property lawyer (preferably south bangalore) to help with the legal proceedings. Can you also suggest on the possible fees property lawyers charge. Will appreciate any help and information as I need to complete these asap.
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Old 10th May 2011, 17:06   #460
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Default Re: The Property / Real Estate Thread

My question is about RE leases. Hope somebody can answer this.

Generally, rental leases are limited to 11 months, and renewed again for the same period every time. According my understanding, any lease that is 1 year and longer needs to be registered at the Registrar's office.

I am about to rent my apartment. This time I am leasing it to a bank and they are asking whether I can lease it for 3 years. I don't want to get into registration head ache, fee, etc. But they are saying 3 year lease need not be registered. This goes against what I know.

Has the rule changed? What are the conditions under which a lease has to be registered?
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Old 10th May 2011, 17:44   #461
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Default Re: The Property / Real Estate Thread

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Originally Posted by markmytravel View Post
I am planning to buy a resale apartment in Bangalore and need a good property lawyer (preferably south bangalore) to help with the legal proceedings. Can you also suggest on the possible fees property lawyers charge. Will appreciate any help and information as I need to complete these asap.
I know a good lawyer in Indiranagar who helped me with my flat (re-sale) registration. PM me if you need the contact details.
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Old 10th May 2011, 18:55   #462
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Default Re: The Property / Real Estate Thread

Hello All,
I have lived as a bachelor for a long time in Bangalore. Now I am looking for accommodation as a family in the city itself. I am looking for a 2 bhk on rent (no lease). I am looking for either an apartment or an individual house, atleast above ground floor, with parking for two cars (can be 1 car with the other car being parked nearby). Good residential area around Koramangala 1st Block, HSR Layout, Sarjapura Road, Teacher's Colony and BTM Layout. I need a good or reasonable Playschool or Kindergarten (preferably a school which has playschool/nursery as well as higher classes for my 2.5 yrs old daughter and a good hospital nearby. Since my brother will be staying with us, and he works in Belandur and I work in Electronics city, these areas are preferable. Surrounding areas are also okay.
Budget is as low as possible but can go upto 12000 per month. I have a problem with the 10 months Security Deposit that is practiced here in Bangalore so anything less than 10 months would be appreciated. I am looking to move in end of June/1st July timeframe. I also dont feel the need to pay brokers the 1 month's commission they usually charge.
If you have something or know someone who has something similar, please do contact me. I dont want to give out my phone number but if you PM me or reply, I will PM you my number.
Thanks in advance.
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Old 11th May 2011, 10:39   #463
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Default Re: The Property / Real Estate Thread

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Originally Posted by Samurai View Post
Generally, rental leases are limited to 11 months, and renewed again for the same period every time. According my understanding, any lease that is 1 year and longer needs to be registered at the Registrar's office.
Correct. Leases are shown as for 11 months in the document to avoid the liability to register them.

Quote:
This time I am leasing it to a bank and they are asking whether I can lease it for 3 years. I don't want to get into registration head ache, fee, etc. But they are saying 3 year lease need not be registered. This goes against what I know.
Option 1:-

Most / some banks are happy with a "letter of consent". Banks are authorised to use adhesive stamps (we usually write lease / rent agreements on stamp paper). They then fix that adhesive stamp - like postal stamps - on your consent letter. So, it becomes valid from the bank's POV.

Since all you gave is a consent letter, and no agreement is signed, you need not agreed; so, you are on safe grounds - legally.

Option 2.

Prepare a normal lease deed - on stamp paper for normal "agreement" and not lease / rent.

Put duration as 11 months itself.

Include a clause that rent will be enhanced "if occupation by tenant continues after expiry of 36 months from commencement".

No; do not mention duration in years here. Use the phrase in italics as is; do not change any word there. % of enhancement depends on your bargaining power with the bank.

Things will be fine.
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Old 11th May 2011, 10:40   #464
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Default Re: The Property / Real Estate Thread

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Originally Posted by Samurai View Post
My question is about RE leases. Hope somebody can answer this.

Has the rule changed? What are the conditions under which a lease has to be registered?
Samurai,

I work for a relocation company and we deal with such cases. It is advisable to register the lease to avoid any possible complications in the future. Further, I am assuming that you would be doing a "Corporate lease" and not an individual lease. By this I mean, the rent would be paid by the corporate bank and not the tenant.
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Old 11th May 2011, 11:41   #465
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Default Re: The Property / Real Estate Thread

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Originally Posted by BaCkSeAtDrIVeR View Post
Option 1:-

Most / some banks are happy with a "letter of consent". Banks are authorised to use adhesive stamps (we usually write lease / rent agreements on stamp paper). They then fix that adhesive stamp - like postal stamps - on your consent letter. So, it becomes valid from the bank's POV.

Since all you gave is a consent letter, and no agreement is signed, you need not agreed; so, you are on safe grounds - legally.
I have not given the consent letter yet. That is because the consent letter says the flat will be leased for 3 years, and rent will not be increased during the entire period. It also says only 3 month rent advance will be given. The actual agreed upon terms are 5% increase after every 11 months and 10 month rent in advance. This is the standard in Bangalore. How can I give a consent letter which is totally different than the actual terms?

They also have lease template that only lists out owner's responsibilities, no rent increase and 3 month advance clauses. They want me to sign that too in addition to the lease that mentions real terms of rental.

How can we have two leases for the same flat, with very different clauses?

The bank manager says it is the usually policy. Sounds very illegal to me.

Quote:
Originally Posted by amtak View Post
Samurai,

I work for a relocation company and we deal with such cases. It is advisable to register the lease to avoid any possible complications in the future. Further, I am assuming that you would be doing a "Corporate lease" and not an individual lease. By this I mean, the rent would be paid by the corporate bank and not the tenant.
Yeah, it is corporate. They are expecting me to jump hoops, and I am wondering why should I. It is not like I am asking for a loan.
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