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Old 31st October 2012, 13:53   #1126
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Default Re: The Property / Real Estate Thread

Hi all,

I have a query. I had purchased a flat from State Housing Board. The sale deed/allotment was executed in 2003 but I had not registered the property in my name.

If I register the flat now and sell it within 3 years, will I have to pay long term or short term capital gains tax?

Thanks/
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Old 31st October 2012, 13:56   #1127
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Default Re: The Property / Real Estate Thread

Hi,Guys there is this request from my side to all Team Bhpians based in the state of PUNJAB regarding new property as well as rent acts implication.

I have a very old property in city of ROPAR,which is around 55 yrs old constructed building.It is grd and first floor,very strong construction.
My grand father had rented out the same in the year 1960 to two families.They were and are paying till today rent which was fixed 50 yrs back.The rent is pittance as compared to existing rents.
My father never thought of increasing the rent as my father was a very noble and humble person. These families took advantage of his nature and as he was Mumbai based. He expired 16 yrs back.
After his demise we never thought of revising the rents , and it went on till last month when we asked the families to vacate the place as we would like to come and stay in the same place.These families DONT WANT to vacate the place.
I came to know from some reletives in Punjab that supreme court has passed a new law that all tenants old or new will have to pay rent as per amount fixed by govt authority and old rents will not be valid.
For example if for all these years old tenant was paying 15/- per month and govt authority says that the rent for the same should be 2900/- then same will have to be paid by the tenant else he will have to vacate the place.

Many of the estate agents are not aware of this law.Will any of our Team Bhpian clear my problem that this law is already in force or yet to come into force.
Our tenants are very arrogant and upset,I feel that they have come to know of this new rule,and they think that they will have to vacate the place due to this new law.
There is another new law which says that if at all you want vacate your property from tenants ,there is no need to contact the court,advocate,afadavit,stamp paper documents etc,all you have to do is write a simple letter to your tenant to vacate the place,wait for 15 days ,then another letter reminder to them,after this contact police and get the tenants out of your place......All these are new to me as being a Mumbaikar I am not aware of them.Rubb Rakhaa.

Last edited by IQBAL VEERJI : 31st October 2012 at 14:08.
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Old 31st October 2012, 19:42   #1128
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Quote:
Originally Posted by dearmaddy
Hi all,

I have a query. I had purchased a flat from State Housing Board. The sale deed/allotment was executed in 2003 but I had not registered the property in my name.

If I register the flat now and sell it within 3 years, will I have to pay long term or short term capital gains tax?

Thanks/
short term capital gain would be applicable. tax calculations are based on registration dates.
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Old 31st October 2012, 20:49   #1129
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Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by IQBAL VEERJI View Post
Hi,Guys there is this request from my side to all Team Bhpians based in the state of PUNJAB regarding new property as well as rent acts implication
....
There is another new law which says that if at all you want vacate your property from tenants ,there is no need to contact the court,advocate,afadavit,stamp paper documents etc,all you have to do is write a simple letter to your tenant to vacate the place,wait for 15 days ,then another letter reminder to them,after this contact police and get the tenants out of your place......All these are new to me as being a Mumbaikar I am not aware of them.Rubb Rakhaa.
Since your tenants are extremely long term, what you have said above is not applicable to them. In fact, and this is bad news for you, they may now have at least some if not full right over the property by reason of physical possession for more than 12 years. Regarding the rental as per government charges, I am very doubtful whether anything like that exists, because as we have ready reckoner for buying property, I don't know whether there exists such ready reckoner for renting property.

I would suggest you to first discuss with a good lawyer, paying consultancy fees even, to see the feasibility of next actions. There is a high probability of getting some crook who tries to fleece you for fees especially in such cases. And have a strong heart for possibly unfavorable outcomes. All the best!

EDIT: not related to the post, but Kudos for saying Mumbaikar and not Bombayite!
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Old 31st October 2012, 21:36   #1130
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Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by ani_meher View Post
Since your tenants are extremely long term, what you have said above is not applicable to them. In fact, and this is bad news for you, they may now have at least some if not full right over the property by reason of physical possession for more than 12 years. Regarding the rental as per government charges, I am very doubtful whether anything like that exists, because as we have ready reckoner for buying property, I don't know whether there exists such ready reckoner for renting property.

I would suggest you to first discuss with a good lawyer, paying consultancy fees even, to see the feasibility of next actions. There is a high probability of getting some crook who tries to fleece you for fees especially in such cases. And have a strong heart for possibly unfavorable outcomes. All the best!

EDIT: not related to the post, but Kudos for saying Mumbaikar and not Bombayite!
Physical possession part only will be effective if they have stayed their for 30years plus and if the owner has never paid land/property tax till now.I hope all deed/land tax papers in upto date. If so, you can send them a notice via advocate ( also hope you have that they are tenants).
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Old 8th November 2012, 12:11   #1131
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Default Re: The Property / Real Estate Thread

I just had a query if anyone is aware on what might be a reasonable rent for a 2BHK house in Venkatapura, Jakkasandra area of Koramangala and HSR Layout.

I have been getting varied rates for various houses some even charging 15K for a less than 1000sq ft house in Jakkasandra area.
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Old 8th November 2012, 14:32   #1132
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Default Re: The Property / Real Estate Thread

Dwarka Express highway... is really coming up or atleast on papers. Have seen alot of adverts in the newspapers as well.

Any Bhpian have invested or any could share knowledge about the place.

Thanks

Amit
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Old 8th November 2012, 15:09   #1133
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Quote:
Originally Posted by motomaverick View Post
I just had a query if anyone is aware on what might be a reasonable rent for a 2BHK house in Venkatapura, Jakkasandra area of Koramangala and HSR Layout.

I have been getting varied rates for various houses some even charging 15K for a less than 1000sq ft house in Jakkasandra area.
Highly dependent on location. But if its a integrated 2 BHK with 1K sqft house, it should cost around 12K to 16K.
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Old 8th November 2012, 15:25   #1134
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Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by IQBAL VEERJI View Post
Hi,Guys there is this request from my side to all Team Bhpians based in the state of PUNJAB regarding new property as well as rent acts implication.

I have a very old property in city of ROPAR,which is around 55 yrs old constructed building.
I think you should post this in :
http://www.team-bhp.com/forum/shifti...ultations.html (Calling Lawyers & CAs on this forum to provide free consultations)
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Old 19th November 2012, 17:47   #1135
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Default Re: The Property / Real Estate Thread

vikram , happy diwali!! have you made your group purchase ? i learnt that it could be possible to have about seven brand new 2-bhk apartments of 800 sft carpet area and one covered car park each built in G+3 format building , on a small plot of residential land in a posh part of Jayanagar, Bangalore. timeline 18 months approx. cost 75 lacs each approx.

Last edited by vinay kamath : 19th November 2012 at 17:57.
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Old 19th November 2012, 17:51   #1136
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Quote:
Originally Posted by vikramvicky1984 View Post
Bangalore query,

We are a group of friends looking buy flats together in bangalore.
Budget around 60 lakhs.

Need valuable feedback about following:
SJR paddington ( all data on the thread seems to point towards negative)
Concorde group : they have upcoming properties in Electronic city.
anything else you can suggest

Pre launch/ready possession are all fine .

Basically we are bunch of old friends(most of whom currently work in bangalore) who want to buy flats together in Bangalore. We hope to spend our old age together

request Bangalore junta to provide valuable feedback/suggestions. We intend to close it by Diwali
please give me feedback by monthend!
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Old 19th November 2012, 17:57   #1137
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Default Re: The Property / Real Estate Thread

I am not sure if this is an appropriate thread, but still a bit of learning required for a newbie with respect to real estate dealings -
  • People buying/selling resale flats - when you get (or give) price quotes from owners, does one consider the carpet area of the house or total area including the super built up area?
  • Is the super-built up area mentioned in the agreement? If not, then how exactly does one quantify the quote given by the seller?
  • I see a lot of ambiguity with respect to car parking "charges" and other charges. Is this also carried forward to 2nd buyers? How does one quantify the amount?

For e.g. I hear a lot of existing owners sellers putting ads - "House for sale at YYYY Rs per sqft - XX lakhs for a 2/3 bhk", do they calculate as per carpet area? What is the general method followed?

Needless to say - I am not looking out to buy a house. But overheard a discussion on this and hence these basic queries.
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Old 19th November 2012, 20:31   #1138
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Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by ninjatalli View Post
I am not sure if this is an appropriate thread, but still a bit of learning required for a newbie with respect to real estate dealings -
  • People buying/selling resale flats - when you get (or give) price quotes from owners, does one consider the carpet area of the house or total area including the super built up area?
  • Is the super-built up area mentioned in the agreement? If not, then how exactly does one quantify the quote given by the seller?
  • I see a lot of ambiguity with respect to car parking "charges" and other charges. Is this also carried forward to 2nd buyers? How does one quantify the amount?

For e.g. I hear a lot of existing owners sellers putting ads - "House for sale at YYYY Rs per sqft - XX lakhs for a 2/3 bhk", do they calculate as per carpet area? What is the general method followed?

Needless to say - I am not looking out to buy a house. But overheard a discussion on this and hence these basic queries.
banks and other institutions , while buying , usually insist a builder to quote based on carpet area.

almost no builder likes to quote based upon carpet area, and prefer super-built-up area , by justifying their action with very innovative excuses and 'gift of gab'. careful buyers may insist upon knowing the carpet area first , and verifying that it is true by personally taking fresh measurements of each wall in each room , etc.

in case there is a big gap of sqft between carpet and super built areas, you play safe and firmly state your final total maximum lumpsum price / "cheque value" above which you insist that you are "just not interested". it works! most builders yield to your pressure, lest they lose out to another rival down the street. finetune your negotiation skills! and be strict with them if they mislead/browbeat you.

Last edited by vinay kamath : 19th November 2012 at 20:58.
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Old 28th November 2012, 14:30   #1139
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Default Re: The Property / Real Estate Thread

CHENNAI MEMBERS:

Need your views on the locality called Pammal near Pallavaram. What are your thoughts around investing in propoerty in this area. Am seeing some new development in and around these parts. Just wanted to know the potential for appreciation
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Old 28th November 2012, 14:36   #1140
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Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by amitpunjani View Post
Dwarka Express highway... is really coming up or atleast on papers. Have seen alot of adverts in the newspapers as well.

Any Bhpian have invested or any could share knowledge about the place.

Thanks

Amit
Problem is that I guess the place is up only in papers. Few months back I had gone in search of this non existent highway and found it exactly to be so. Non existent. I am not sure if it is (the expressway) going to come up even in 5-6 years from now.
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