Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 24th April 2012, 17:59   #1006
Senior - BHPian
 
coolclouds's Avatar
 
Join Date: Jul 2009
Location: Garden City
Posts: 1,787
Thanked: 505 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by macbeth View Post
How is DLF Maiden Heights at Bommasandra as an investment? The rates being quoted are low. I was looking for help from the Bangaloreans if they can throw light on the prospects of growth / future development in that area and does it make sense to invest in that area
I am in Mumbai and looking to buy a house purely for investment.
The rate seems to be good for the area and its very close to Electronic city and Narayana Hrudayalaya. I used to get some bad smell near this area from some factory (?Biocon). Have a check on this.
coolclouds is offline   Reply With Quote
Old 25th April 2012, 09:08   #1007
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,924
Thanked: 1,912 Times
Angry Re: The Property / Real Estate Thread

Have been house hunting for sometime now in Thane and have been coming across a strange phenomenon.

Most of the un occupied flats in new buildings belong to investors who offer the flat at a discounted price than the builder's rate but is then coupled by an additional charges of NOC amt to be paid to the builder which is in the order of 200-500/- per sqft(Lodha, Rustomjee charges flat 1000/- sqft). The agreement will still have be done through the builder which calls for some more additional charges in the form of VAT+Service tax. So effectively the builder stands to gain in all cases as the total cost of property works out to be same as the builder quoted price. Add to that parking + broker charges if applicable and the cost simply zooms up.

Although the NOC charges claimed by builder is illegal, there is no alternative to this other than dragging the builder to court which again is a time consuming process. Any one knows of the possible solution to this.
ghodlur is offline   Reply With Quote
Old 25th April 2012, 14:38   #1008
BHPian
 
abdriver2000's Avatar
 
Join Date: Feb 2004
Location: Mumbai
Posts: 330
Thanked: 23 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by ghodlur View Post
Have been house hunting for sometime now in Thane and have been coming across a strange phenomenon.

Most of the un occupied flats in new buildings belong to investors who offer the flat at a discounted price than the builder's rate but is then coupled by an additional charges of NOC amt to be paid to the builder which is in the order of 200-500/- per sqft(Lodha, Rustomjee charges flat 1000/- sqft). The agreement will still have be done through the builder which calls for some more additional charges in the form of VAT+Service tax. So effectively the builder stands to gain in all cases as the total cost of property works out to be same as the builder quoted price. Add to that parking + broker charges if applicable and the cost simply zooms up.

Although the NOC charges claimed by builder is illegal, there is no alternative to this other than dragging the builder to court which again is a time consuming process. Any one knows of the possible solution to this.

There is no real solution to this. Most of these buildings came up during the recession years 2008-09 and builders had no choice but to sell to investors. However, they wanted to make additional money down the line and put in clauses that NOC would be required to re-sale the flat within 3yrs or 5yrs etc.

This way, the builder gets his pound of flesh anyways. Parking charges are also being added even though it is illegal. Court is not an option, since the agreement works out in favor of the builder almost always.
abdriver2000 is offline   Reply With Quote
Old 25th April 2012, 14:51   #1009
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,924
Thanked: 1,912 Times
Red face Re: The Property / Real Estate Thread

Quote:
Originally Posted by abdriver2000 View Post
builders had no choice but to sell to investors. However, they wanted to make additional money down the line and put in clauses that NOC would be required to re-sale the flat within 3yrs or 5yrs etc.

This way, the builder gets his pound of flesh anyways. Parking charges are also being added even though it is illegal. Court is not an option, since the agreement works out in favor of the builder almost always.
I spoke to a builder to understand the logic. As per him, the flats are initially sold to the investor for a lumpsum amount during the launch of a project and this amount is meagre by standards. So by the time the buildings are ready for possession there is a considerable appreciation of the flat cost. So why should the builder allow the investor to pocket the hefty difference in the cost and lose a prospective customer for himself. Hence the NOC charge, however the rates for the NOC would differ usually by projects. Although this is illegal this is the only way of getting his pound of flesh.
ghodlur is offline   Reply With Quote
Old 25th April 2012, 16:09   #1010
Senior - BHPian
 
amtak's Avatar
 
Join Date: Oct 2006
Location: Mumbai - The city of Sea Link!!!
Posts: 2,772
Thanked: 331 Times
Default Re: The Property / Real Estate Thread

I am contemplating buying a property in either nagpur or Boisar. Need inputs on the 2 plans:
  1. Vrindavan Nagari at Boisar
  2. Sandesh City at Nagpur
Any Pro's and Con's would be highly appreciated. Please note that this is purely for investment purpose (profit from the appreciation) and then buy a larger house in Mumbai by selling it.

Any suggestions?
amtak is offline   Reply With Quote
Old 26th April 2012, 08:22   #1011
Senior - BHPian
 
coolclouds's Avatar
 
Join Date: Jul 2009
Location: Garden City
Posts: 1,787
Thanked: 505 Times
Default Re: The Property / Real Estate Thread

Relief for site buyers around Bangalore:

In a big relief to people aspiring to buy sites around Bangalore, Karnataka HC stayed a govt circular banning the registration of gramathana sites in three districts around Bangalore

Read the full story here
coolclouds is offline   Reply With Quote
Old 26th April 2012, 08:36   #1012
Senior - BHPian
 
download2live's Avatar
 
Join Date: Feb 2010
Location: Bangalore
Posts: 1,101
Thanked: 387 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by ghodlur View Post
So why should the builder allow the investor to pocket the hefty difference in the cost.
First question: Who asked them to sell flats at discounts in recession. Why they were running after people?

And now it is illegal in their books to let the buyers make profits.
But wait, it is totally OK when they make a killing when the market is in boom.

A life full of misery and a slow painful horrible death to all such builders.
download2live is offline   Reply With Quote
Old 26th April 2012, 08:41   #1013
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,924
Thanked: 1,912 Times
Red face Re: The Property / Real Estate Thread

Quote:
Originally Posted by download2live View Post
First question: Who asked them to sell flats at discounts in recession. Why they were running after people?

And now it is illegal in their books to let the buyers make profits.
But wait, it is totally OK when they make a killing when the market is in boom.

A life full of misery and a slow painful horrible death to all such builders.
The builders dont sell at discounts during recession, its one way of not putting all of their money in the project. So they opt for Investors with huge pile of cash to invest in the project with an assurance that their money is going to see an exponential growth. It a win win for both the parties but a total loss for the prospective buyers. Who ever says customer is the king?
ghodlur is offline   Reply With Quote
Old 26th April 2012, 12:47   #1014
Oxy
BHPian
 
Join Date: Sep 2011
Location: Bangalore
Posts: 157
Thanked: 147 Times
Default Re: The Property / Real Estate Thread

A gentle reminder for property owners in Bangalore - pay your property tax for the 2012-2013 financial year online before 30th April 2012 and avail 5% rebate. I just did, it's a pretty simple process.

Here's the link where this can be done:

http://bbmp.gov.in/index.php?option=...681&Itemid=236
Oxy is offline   Reply With Quote
Old 26th April 2012, 14:44   #1015
BHPian
 
abdriver2000's Avatar
 
Join Date: Feb 2004
Location: Mumbai
Posts: 330
Thanked: 23 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by ghodlur View Post
The builders dont sell at discounts during recession, its one way of not putting all of their money in the project. So they opt for Investors with huge pile of cash to invest in the project with an assurance that their money is going to see an exponential growth. It a win win for both the parties but a total loss for the prospective buyers. Who ever says customer is the king?
Its a nexus. Recession hit NRIs much more than locals. Don't be surprised to note that the 'investor' is actually a family member/friend of the builder.

In mid-2008, rates on Ghodbunder road were 2400 for a reputed builder. The agreement would state that buyback from builder would be the first option in case of re-sale. If you want to sell to an external buyer, NOC from builder would be required.

A lot of these transactions were like money doubling schemes. Investors were assured that rates would double in next 3-5 years.
abdriver2000 is offline   Reply With Quote
Old 27th April 2012, 04:36   #1016
Senior - BHPian
 
lamborghini's Avatar
 
Join Date: Apr 2004
Location: Mumbai
Posts: 4,532
Thanked: 1,082 Times
Default Re: The Property / Real Estate Thread

I am not sure how it works, but when I enquired with a few developers in Mumbai, they had stipulations that the apartment cannot be sold within a certain time frame after construction.
If there is such a scenario, it might make sense to buy a slightly older investment home (2 years old perhaps). Alternately, look for investors who have bought the home, but not at these special rates.
lamborghini is offline   Reply With Quote
Old 27th April 2012, 07:38   #1017
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,924
Thanked: 1,912 Times
Unhappy Re: The Property / Real Estate Thread

Quote:
Originally Posted by lamborghini View Post
I am not sure how it works, but when I enquired with a few developers in Mumbai, they had stipulations that the apartment cannot be sold within a certain time frame after construction.
If there is such a scenario, it might make sense to buy a slightly older investment home (2 years old perhaps). Alternately, look for investors who have bought the home, but not at these special rates.
Absolutely, atleast the Society is formed and the OC is available for the older buildings and the transfer charges will be around 25K. Incase of the investors owned flats, the issue is they want certain proportion of flat cost in black ie cash, the reason being since the flat is less than 3 yrs old it would attract Small term Capital gains if they sell the flat in total white payment. But what they dont see is the difficulty a middle class home buyer would face in arranging the huge cash component and the fear of any IT backlash in case of any enquiry at a later stage. Many a good flats are now beyond the reach of a common man.
ghodlur is offline   Reply With Quote
Old 29th April 2012, 15:57   #1018
BHPian
 
alter.e.go's Avatar
 
Join Date: May 2009
Location: Mumbai
Posts: 131
Thanked: 46 Times
Default Re: The Property / Real Estate Thread

In addition to the Property card.
What other documents are required to find the history of the Property. Looking to find the details of the transfer from prior owners. If the title is clear/ If it was done by proper means etc.

Where do I get these documents ? Sub Registars office?
alter.e.go is offline   Reply With Quote
Old 29th April 2012, 21:51   #1019
Senior - BHPian
 
lamborghini's Avatar
 
Join Date: Apr 2004
Location: Mumbai
Posts: 4,532
Thanked: 1,082 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by alter.e.go View Post
In addition to the Property card.
What other documents are required to find the history of the Property. Looking to find the details of the transfer from prior owners. If the title is clear/ If it was done by proper means etc.

Where do I get these documents ? Sub Registars office?
Ask for the saat-baara (7/12) which lists the details of the land.
lamborghini is offline   Reply With Quote
Old 30th April 2012, 11:36   #1020
BHPian
 
rki2007's Avatar
 
Join Date: Nov 2009
Location: Bangalore
Posts: 664
Thanked: 138 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by Oxy View Post
A gentle reminder for property owners in Bangalore - pay your property tax for the 2012-2013 financial year online before 30th April 2012 and avail 5% rebate. I just did, it's a pretty simple process.

Here's the link where this can be done:

Online Property Tax
I also utilised the opportunity of online payment this time and surprisingly it works fine. Namma Govt is improving. Great!!
rki2007 is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
A trip out of Real estate to TEA ESTATE - Our Valparai vacation ch.nathan Travelogues 47 4th May 2012 16:00
Interesting website for availing discounts on bulk buying for cars, real estate etc. DCEite Shifting gears 0 6th September 2010 16:15


All times are GMT +5.5. The time now is 06:08.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks