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Old 11th May 2011, 11:44   #466
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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.

Most of the corporates work like these. They want the Landlord to jump the wagon and get everything ready while they would take their own sweet time to process the lease.
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Old 11th May 2011, 12:07   #467
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Default Re: The Property / Real Estate Thread

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Most of the corporates work like these. They want the Landlord to jump the wagon and get everything ready while they would take their own sweet time to process the lease.
But why are they expecting me to sign second set of documents with wrong terms. They can easily hold it against me.
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Old 11th May 2011, 12:35   #468
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But why are they expecting me to sign second set of documents with wrong terms. They can easily hold it against me.
True. Hence it is advisable that you also speak to your lawyer and get it vetted from him/her. See what clauses are acceptable and what are not. See the lockin, notice period, escalation clause, damage to the property/penalties, rent frequency (monthly/quarterly), insurance etc.

Most likely the corporates use their "antique" format leases which hold no value in real world. It is upto the landlord to protect his interests and ensure that the corporate and he come to a mutual conclusion.

PS: Have you had a meeting with the tenant yet? See if he can help you. At the end of the day, its him who has to stay there. He should be willing to help you in this regards and to ensure that the Bank flexes some of their clauses.
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Old 11th May 2011, 12:44   #469
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Default Re: The Property / Real Estate Thread

Guys i am a new builder, i have constructed a residential apartment on my own piece of land. I am finding it difficult to prepare a buyer-seller agreement. Can anyone please share their buyer - seller agreement so that i can take some inputs out of it.

You can email me at abbastaskeen@homail.com

Looking forward for your replies.

Abbas.
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Old 11th May 2011, 13:00   #470
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How can I give a consent letter which is totally different than the actual terms?
You cannot and should not give a consent different from what you have agreed to.

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They also have lease template that only lists out owner's responsibilities
Heh heh!!!

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no rent increase and 3 month advance clauses.
Probably that is the standard practise in the bank? I mean, not increasing rent in the first 3 years, and giving only 3 months' rent as advance?

With the caveat that I have been both a landlord to a nationalised bank (and other tenants) and a occupant in a premises leased by the bank, as a landlord, I prefer that I get the safety that the tenant will vacate at some point of time and assurance that I get the rent every month, rather than X months advance (refundable) and increase every 3 years.

Business advice - (1) 3 months' advance from a nationalised bank is better than 3 years advance from a business man / private / individual party.

(2) 15 - 18% hike every 36 months is same as 5% hike every 11 months.

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They want me to sign that too in addition to the lease that mentions real terms of rental..
See above - but do not give two set of terms.


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The bank manager says it is the usually policy. Sounds very illegal to me.
Yes. The 2nd set will be held against you in future, ff the matter goes to court.

But ...

The way things happen in wife's bank - the individual concerned scouts around for a house, enters into an agreement with the landlord on the land lord's terms. Payment is made by the individual to the land lord direct. The landlord also makes a separate agreement (if required) on bank's terms with the bank. The bank pays the land lord on its own terms. Say, if 10 months advance and 15K per month is land lord's terms, and the bank's terms are only 3 months months and 10K, the bank pays the land lord only 3 months advance and 10 k, the balance being paid by the individual direct to the bank. Not aware of things happening other way around - like an actual rental for (example) 2 months advance and a sum less than bank's norms.


Quote:
Originally Posted by Abbas View Post
Guys i am a new builder, i have constructed a residential apartment on my own piece of land. I am finding it difficult to prepare a buyer-seller agreement. Can anyone please share their buyer - seller agreement so that i can take some inputs out of it.

You can email me at abbastaskeen@homail.com

Looking forward for your replies.

Abbas.
I am afraid this is something you should consult with a lawyer. Dont' tell me you did not meet a lawyer earlier before embarking on this kind of proejct.

Edit:- the Landlord <> officer agreement in stamp paper will be in possession of the landlord concerned. The bank gets only a letter of consent. While the risk of the consent being held against the land lord is present, this rarely happens in practise - nationalised banks have a policy where an individual is transferred outside 150Km or more every 6 years. And that is very strictly enforced. So, the officer is not going to hang on to that house; and the bank will usually let go if the next officer is not interested in that house - and it is very rare that the succeeding officer wants the same house. Bank officers have better work to do than fight a dissatisfied land lord.

Last edited by BaCkSeAtDrIVeR : 11th May 2011 at 13:04.
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Old 11th May 2011, 13:07   #471
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Default Re: The Property / Real Estate Thread

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I am afraid this is something you should consult with a lawyer. Dont' tell me you did not meet a lawyer earlier before embarking on this kind of proejct.
No i haven`t. Can you please guide as to how to go about taking booking from customers.
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Old 11th May 2011, 16:51   #472
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Default Re: The Property / Real Estate Thread

Hi everyone, I am looking out for a 1/2/3 BHK residential apartment for rent in one of the following locations (Bangalore): Bannerghatta, Koramangala, JayNagar, Vasant Nagar etc. My budget is at max 20K, including maintenance. Single occupant, bachelor. Would prefer with all amenities within.

If you happen to own such apartments and looking for a BHPian tenant, please PM me.

Last edited by iTNerd : 11th May 2011 at 16:55.
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Old 12th May 2011, 19:11   #473
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My cousin and two of his friends are coming to bangalore for internship at RMZ Infiinity tech park. I am looking for PG accomodation in and around that area for the three. If anone working there and have seen any ads or know of any accomodation in nearby area, can you PM me the number plz. They need it from May 24
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Old 13th May 2011, 12:22   #474
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Default Re: The Property / Real Estate Thread

When is this price bubble going t o burst? Everyday new landscam (latest is DB Realty in Maharashtra) is being heard of.

Any chances?
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Old 17th May 2011, 22:22   #475
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Default Re: The Property / Real Estate Thread

Hi people, I could really use some help from you guys here. Ever since I had over come the mental against block buying an apartment here in Bangalore, I have been thinking of various options like,

1. Buy a two bedroom flat for around 25-30 lakhs. Advantages being that I can save a few lakhs and will have to take smaller loan by not opting for the third bedroom, maintenance will be lower, two bedroom flats would be easier to sell off as potential customer pool would be larger, also would be easier to find tenants for rental and finally I won't have a feeling that I invested too much in Bangalore in case I get an opportunity to move back to my home town. The negatives would be lower space, will find it tough in the future when my family expands or when relatives drop in.

2. Buy a three bedroom flat for 35-45 lakhs. Advantages and disadvantages being tha exact opposite of the disadvantages and advantages respectively of the two bedroom option.

3. Opt for an investor offer - Recently a builder had told me about this scheme. This was the first time I was hearing about such a thing. They were planning to launch a project 6 months down the lane and was currently in the process of securing necessary approvals from the authorities. Only a limited number(15) of offers will be given. We could opt for this by making an upfront payment of 15 lakhs for which an agreement will be made. On completion of the project, they will be giving us the option to choose from an apartment of 1500 sqft from the first three floors for an additional payment of 8 lakhs. So we will be getting a 1500 sqft apartment for a net investment of 23 lakhs. The catch here is that they still haven't got the approvals, so will be starting construction only after 6 months minimum and will take at least 2.5 years to complete. And there is no guarantee whether they will get the approvals in time.

The third scheme sure looks as tempting as it is risky. The builders are not new, have done some good projects and I have personally checked out one of their apartment complexes where one of my friends has bought a two bedroom apartment.

Please help with inputs on whether any one has heard of such schemes and also the pro and cons you think about the various options. Thanks in advance.

Last edited by UKR : 17th May 2011 at 22:23.
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Old 18th May 2011, 08:53   #476
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Default Re: The Property / Real Estate Thread

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Originally Posted by UKR View Post
The third scheme sure looks as tempting as it is risky. The builders are not new, have done some good projects and I have personally checked out one of their apartment complexes where one of my friends has bought a two bedroom apartment.

Please help with inputs on whether any one has heard of such schemes and also the pro and cons you think about the various options. Thanks in advance.
Leaving the approval aside, the question is why are they doing it this way? Are they short of funds as in initial expenses to start the building? And 2.5 years to complete? Is it a very big one? I have not heard of such scheme better verify and proceed.
If you are buying a 2BHK sooner or later I am sure you will start feeling the need for a bigger flat so make sure when that happens you have a good 2BHK that you can think of resale. Believe me, if the flat is not good (area, approach etc) neither will you enjoy nor you can easily re-sell it.
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Old 18th May 2011, 09:41   #477
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Default Re: The Property / Real Estate Thread

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the question is why are they doing it this way?
There is a small shakedown in the demand-supply trend.

With rents not increasing as much as expected there is a masked downturn in demand. Lot of places have been vacant for a while.

The end of the bad season added to the hopes but the demand hasn't met what was initially assumed.
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Old 19th May 2011, 21:40   #478
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Default Re: The Property / Real Estate Thread

I today saw SLV Grand building by SLV builders. They have multiple projects completed and multiple projects in progress in Bangalore.

I pretty liked it. However I welcome any advice or info on either SLV Builders or SLV Grand project itself before I go ahead.

They say, they have pre-approved loan from LIC. How is LIC compared with SBI. Any idea on pre-payment and other hidden charges?

Thanks.
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Old 23rd May 2011, 10:35   #479
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Some update to people who are planning to under-value register their property:

PROPERTY REGISTRATION GUIDELINE VALUE WILL BE REVISED SOON ECO PACK- TOTAL SERVICES FOR PROPERTY BUYERS. ALL QUERIES, QUESTIONS AND SERVICES ARE CHARGEABLE.

Copy-Paste:

"THE DEPARTMENT OF STAMPS AND REGISTRATION IS CONSIDERING A PROPOSAL TO REVISE THE GUIDELINES VALUE IN BANGALORE URBAN AND RURAL DISTRICTS, WHICH WILL BE EFFECTED VERY SOON. THE REVISION IS ON THE BROADER GUIDELINES AND BASED ON THE RECENT MARKET TRENDS AND DEMAND IN THE OUTSKIRTS OF BANGALORE. IT IS EXPECTED THAT THE INCREASE IN THE VALUE OF ALL TYPES OF PROPERTIES IS BETWEEN 25% TO 150%, DEPENDING ON THE TYPE OF PROPERTY, LOCATION AND USAGE.
THE PRICES OF PROPERTIES HAVE GONE UP BY ABOUT 20% TO 100% IN THE OUTSKIRTS FROM 2009 TO 2011 AND HENCE THE REVISION.
BANGALORE REGISTERS THE SHARP INCREASE IN THE PRICES BETWEEN 2010 & 2011, NEXT ONLY TO MUMBAI AND THE DEMAND IS STABLE. "

This will lead to additional expense on Registration.
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Old 24th May 2011, 07:31   #480
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Default Re: The Property / Real Estate Thread

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Originally Posted by devrajman View Post
I today saw SLV Grand building by SLV builders. They have multiple projects completed and multiple projects in progress in Bangalore.

I pretty liked it. However I welcome any advice or info on either SLV Builders or SLV Grand project itself before I go ahead.

They say, they have pre-approved loan from LIC. How is LIC compared with SBI. Any idea on pre-payment and other hidden charges?

Thanks.
Cant comment on SLV grand a such. Their apartments are priced reasonably ok. But do check out Golden palms as well in Thanisandara road, which is slightly higher priced than SLV, but is a larger complex.

On LIC, their interest rate is 9.9 for loan upto 30L, 10.30 for loan from 30 to 70L and 10.75% for 75L above. These are floating rates. I recall ana gent telling me that he can offer 10.75% fixed for 5 years. You can explore this as well. PM me if you need his contact details.
In terms of timelines, LIC is quicker than SBI. Last I heard, SBI takes about a month to disburse loans as they have thousands of applications pending. Their process is cumbersome and time consuming.Their interest rates are at par with otehr players so nothing much to choose there.
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