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Old 19th September 2011, 11:54   #781
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Default Re: The Property / Real Estate Thread

@Spitfire - very cruel of you to pour such cold water on poor Blue_V's happiness!!!

Indeed, very valid points. You are not using an apartment for couple of years (like a washing machine or TV) or some piece of clothing. Nor are the financial commitments equivalent to purchase of a house hold appliance.

I am very sceptical of people who sell residence the way street side vendors sell chat.
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Old 19th September 2011, 12:16   #782
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Originally Posted by hemantbsutar View Post
Very rightly put by Spitfire
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@Spitfire - very cruel of you to pour such cold water on poor Blue_V's happiness!!!
Err... Are you guys saying I shouldn't have posted that? I am a bit worried. That was a honest reply.

That's how it is here.

I had no intention of spoiling Blue-V's happiness. I was trying to warn him or at least understand where he is coming from?
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Old 19th September 2011, 13:01   #783
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I have seen the location, construction of the Phase 1 has already started. Mine is phase 2. Expected date of occupation is June 2014.

As per the cost sheet (Phase 1 apartments), they have 2900/3000 per sqft for block A, Phase 2 its come to 3100/3200.

Yes Mantri's reputation had a small say in the decision.

-----------

Thanks for the suggestion !!

How do i go about verifying project days? Do they give out a hard copy? Can I verify their papers before making further payments?
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Old 19th September 2011, 13:14   #784
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I too went to the Property Mela at Palace ground.

The average budget for 2BHK quoted was 60 lacs. And for 3BHK it was 80 lacs.
Nitesh has soft launched a project somewhere between Bellundur and Total Mall Sarjapur. Soft Launch means no approvals yet. And yet asking around 78 lacs for 3BHK. Sheesh.

The only builder who seemed a little decently priced was Buildmann. I think 55 lacs for a decently sized 3BHK. When I told him that I have not heard his name till now he smiled and said that they are there since last 27 years!!! They have some ready to move in 2BHK's and a single 3BHK somewhere around KR puram bridge.

That 3BHK of Mantri is only 1300 odd sq ft I guess. That fat fellow was an irritating guy.

Prestige had some nice ladies manning the counter.
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Old 19th September 2011, 13:28   #785
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Err... Are you guys saying I shouldn't have posted that? I am a bit worried. That was a honest reply.

Relax dude. I am 100% with you. You missed the exclamation marks and my latter explanations.

There is a good reason we call it "real" estate. Buying real estate is not an impulsive decision. In spite of all that regulation and legislation, the rule of "caveat emptor" still really applies in case of "real" estate.

Unless you have done some real good digging up - (I made a couple of posts few pages back), do not put your money down. Closing the deal with sales reps (most @ such shows woudl be bottom rung sales execs) may not even bind the developers / company.

IMHO, by organising such shows, CREDAI is putting a big question mark on credibility of the whole business. And guys @ CREDAI better make sure that they do not get into trouble with laws relating to unfair trade practices. DLF has already got a bitter dosage of the stick from the competition commission. In the US of A, an organisation like CREDAI would immediately attract scrutiny of bodies like FTC.
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Old 19th September 2011, 14:09   #786
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Default Re: The Property / Real Estate Thread

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Originally Posted by Blue_V View Post
I have seen the location, construction of the Phase 1 has already started. Mine is phase 2. Expected date of occupation is June 2014.



How do i go about verifying project days? Do they give out a hard copy? Can I verify their papers before making further payments?
Of course you need to. I assume that you have just paid a refundable amount which would be given to you (minus 5-10%) in a scenario where you deem that the documents are not good as per your liking. They have to give you all documents pertaining to purchase of land records followed by various approvals from local bodies
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Old 19th September 2011, 14:43   #787
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I have seen the location, construction of the Phase 1 has already started. Mine is phase 2. Expected date of occupation is June 2014.
How much is the booking amount? Don't have to give the actual. The percentage of final cost would do.

Quote:
How do i go about verifying project days?
Completion you mean?
Quote:
Do they give out a hard copy?
If its the above. Yes they do.

Quote:
Can I verify their papers before making further payments?
You are joking aren't you? You would pay money just like that? If its a joke we are good. If not. You have a lot.. no make it LOT to learn.

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Originally Posted by BaCkSeAtDrIVeR View Post
Relax dude. I am 100% with you. You missed the exclamation marks and my latter explanations.
PHEW!!

Quote:
IMHO, by organising such shows, CREDAI is putting a big question mark on credibility of the whole business. And guys @ CREDAI better make sure that they do not get into trouble with laws relating to unfair trade practices. DLF has already got a bitter dosage of the stick from the competition commission. In the US of A, an organisation like CREDAI would immediately attract scrutiny of bodies like FTC.
AH!! Now I know I am not the only one who does not trust CREDAI. YES, a big YES. I don't believe the type of leeway they are giving the builders. Are we so easy to fool?
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Old 19th September 2011, 15:52   #788
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Default Re: The Property / Real Estate Thread

A friend of mine is facing this issue and i thought let me post it here for experts to reply- payments delayed attract an interest of 18% per annum as per agreement. However there are some legal checks that are to be done by the bank for which the builder is taking more days resulting in the payment due date passing. What if the builder comes back and says this was a delayed payment( its been only 8-9 days though). What if he does? In the agreement they state X days- not WORKING days or calendar days. Usually i have seen it works on goodwill but once projects are delayed, builders get desperate to squeeze every chance to get money out.
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Old 19th September 2011, 20:11   #789
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Originally Posted by hemantbsutar View Post
A friend of mine is facing this issue and i thought let me post it here for experts to reply- payments delayed attract an interest of 18% per annum as per agreement. However there are some legal checks that are to be done by the bank for which the builder is taking more days resulting in the payment due date passing.
Warning:- This is hard core law.

I will use an example.

X and Y enter into an agreement. Terms are pretty simple -- "Every week on Friday 3 PM, X will dance. After X dances, at 5 PM, Y will pay N rupees to X."

Here is what happens. X performs the dance only on Monday; and one hour after the dance performance, Y makes the payment. X takes Y to court, citing breach of contract.

The court will ask X to go take a long walk down KG Road. Because Y's performance of his part of the contract is dependent on X performing his. Though time bound, when X is delaying his part of the contract, Y is justified in delaying his part.

Here, I believe that the builder is delaying the various "stages" in completion of the building / project. The bank will not make the payment unless the particular stage is completed. Hope I got the situation correctly, right?

If builder levies penalty after delaying performance of his part of the contract, chant just two words to them "DLF CCI".

The Delhi based DLF were taken to the Competition Commission for unilateral change in project specifications and delays, while (apparently) insisting on timely payment by buyers. If that does not help - yes, simply take the matter to court.
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Old 20th September 2011, 14:01   #790
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Originally Posted by download2live View Post
I too went to the Property Mela at Palace ground.

The average budget for 2BHK quoted was 60 lacs. And for 3BHK it was 80 lacs.
Nitesh has soft launched a project somewhere between Bellundur and Total Mall Sarjapur. Soft Launch means no approvals yet. And yet asking around 78 lacs for 3BHK. Sheesh.

The only builder who seemed a little decently priced was Buildmann. I think 55 lacs for a decently sized 3BHK. When I told him that I have not heard his name till now he smiled and said that they are there since last 27 years!!! They have some ready to move in 2BHK's and a single 3BHK somewhere around KR puram bridge.

That 3BHK of Mantri is only 1300 odd sq ft I guess. That fat fellow was an irritating guy.

Prestige had some nice ladies manning the counter.
How hard is it to find good offerings by smaller builders? How do you put faith in them when they say this is their first or second "large project"? Even then, they seem to have similar rates and sizes.

Once you move to the known builders like Mantri, HM, Nitesh, Sobha....
For a medium budget say 50-60 lakh, 2BHK OR 60-70 lakh, 3BHK:

1. Prices seem to be fixed from 3000 to 3500 per sq ft on almost all the peripheral projects like Hebbal, Kanakapura Road, Tumkur Road, etc.

2. Areas for the apartments seem to be fixed at 900/1200 sq ft (2 BHK) and 1200 to 1400 sq ft (3 BHK).

3. No of apartments to acreage of land is fixed.

Heard of any great deals lately? No, because they all have a common standard for selling now. Apartment size is good, then acreage is average. Good acreage, average apartment size or layout. Just putting my 2 cents.

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

I had enquired my uncle who has lived in a Mantri apartment since last 6 years, he rates them highly. He said not to worry about the legal docs. Besides the Mantri guy had said "you are free to view it but we are not going to change anything in it, its SOP".

Im still going to get it scrutinized though.
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Old 20th September 2011, 14:25   #791
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Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by Blue_V View Post
1. Prices seem to be fixed ...
2. Areas for the apartments seem to be fixed at 900/1200 sq ft (2 BHK) and 1200 to 1400 sq ft (3 BHK).
---------------

I had enquired my uncle who has lived in a Mantri apartment since last 6 years, he rates them highly. He said not to worry about the legal docs. Besides the Mantri guy had said "you are free to view it but we are not going to change anything in it, its SOP".
Take it or leave it ! That's what the Mantri guy is saying. They all will show standard behaviour, and buyers are being asked to accept what is being given to them.

Reg Mantri- I was looking for apt's and enquired about some ad's I saw for Mantri Tranquil for Kanakapura road. The seller says that Mantri is asking for 4% of sale price as transfer fees. !!
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Old 20th September 2011, 14:35   #792
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\The seller says that Mantri is asking for 4% of sale price as transfer fees. !!
What is this?
A buyer cannot sell his apartment to anyone else without paying Mantri? Or did I misunderstood anything here?

I do not like this.
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Old 20th September 2011, 14:35   #793
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The seller says that Mantri is asking for 4% of sale price as transfer fees. !!
Somewhere else in this topic I had mentioned how the common area is still owned by the builder in their complexes.

This huge buying spree by people thinking that they will get a big price increase on their homes is a myth. Staring from the last recession period.

Any apartment brought from now onwards and sold within the next 4-5 years will not give you the type of returns you imagine you can get.
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Old 20th September 2011, 14:40   #794
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Originally Posted by Spitfire View Post
Somewhere else in this topic I had mentioned how the common area is still owned by the builder in their complexes.
I was under the impression that common area is owned by the apartment association. The builder has to surrender all rights to the apartment association
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Old 20th September 2011, 15:02   #795
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Quote:
Originally Posted by BaCkSeAtDrIVeR View Post
Warning:- This is hard core law.

I will use an example.

X and Y enter into an agreement. Terms are pretty simple -- "Every week on Friday 3 PM, X will dance. After X dances, at 5 PM, Y will pay N rupees to X."

Here is what happens. X performs the dance only on Monday; and one hour after the dance performance, Y makes the payment. X takes Y to court, citing breach of contract.

The court will ask X to go take a long walk down KG Road. Because Y's performance of his part of the contract is dependent on X performing his. Though time bound, when X is delaying his part of the contract, Y is justified in delaying his part.

Here, I believe that the builder is delaying the various "stages" in completion of the building / project. The bank will not make the payment unless the particular stage is completed. Hope I got the situation correctly, right?

If builder levies penalty after delaying performance of his part of the contract, chant just two words to them "DLF CCI".

The Delhi based DLF were taken to the Competition Commission for unilateral change in project specifications and delays, while (apparently) insisting on timely payment by buyers. If that does not help - yes, simply take the matter to court.
Good example, the deal here is NOT the amount of construction done, its some legal papers the bank wants and the builder is taking time to show them, which is the reason for the delay. Unless bank verifies, they will not release and builder is strangely doing in own sweet time( asked for 10 days to show the papers!)
I guess for about 7-10 days, they may not come back asking interest for a small amount( about 8 lacs), but then who knows.
And the time mentioned in the demand note is 15 days, who can claim its calendar days or working days?
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