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Old 29th November 2012, 01:01   #1141
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Hey guys, I'm new to this thread. I had a few queries. Since I'm a newbie seller and a buyer, basically selling my old flat so I can buy a better flat. Was wondering if the experts could help me out in what the procedures, documents , things to be weary about during the selling procedure.
Same question goes for the buying procedure. I know absolutely nothing on these topics. Also some tips on how to put my flat on sale, how to calculate the area, whether to add the lift lobby area and staircase area into that. This is all for property in Mumbai. Western suburbs to be specific.
Would highly appreciate if anyone could guide me. Big thanks in advance to all.
I have just started reading this thread from the beginning so if the answers are already there it will take me time to reach to those pages.
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Old 9th December 2012, 12:34   #1142
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Hello Experts.

I have a querry.

My father had bought a house in 1989. It was a landed property. In 2007 he had extended the ground floor to add a room.
In 2010 we built one floor of almost equal area of that of the ground floor. All permissions / approvals were taken duly. The completion certificates too were taken duly.

Now I am suggesting my father that he sells the property which is still not within city area.

How will the tax liability due to capital appreciation be calculated? How will the indexation be calculated?

We would definitely see a CA but want to do ground work before talking to him and hence seeking expert's advice.

Rgds.
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Old 17th December 2012, 18:13   #1143
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Default Re: The Property / Real Estate Thread

Hello Members,

My cousin wants to buy a villa in Ernakulam. All leads most welcome, the internet turn ups are not that convincing.

What to look out when purchasing a villa?

All your views are most welcome, thanks in advance
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Old 9th January 2013, 17:28   #1144
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Hi,

We are a group of 3 friends who are planning on buying a 30x40 site in South Bangalore. Then we want to build 3 independent homes one above the other and register it in our respective names. We are still in the planning stages and felt it will bring down the cost considerably.

Now my question is,
1) Is it possible to do something like this legally ?

2) Are there any complications involved ?

3) We are assuming that costs will come down. But will it be considerable with all the formalities and multiple registrations ?

Any other pointers on this subject would be very helpful.

Thanks
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Old 10th January 2013, 04:42   #1145
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I think you may form a cooperative to build a house. Btw if you don't mind me asking where is the plot?
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Old 10th January 2013, 13:18   #1146
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Hello Friends,

I would like to ask you some clarifications regarding the "Power of Attorney" (POA) while dealing with properties (if this is State-specific, I am interested on Tamil Nadu-based info).

I am told that with latest amendments on POA (like having a POA registered mandatory with the Registrar, legal enforcements against Frauds, etc..), it is absolutely safe to take one and avoid loss due to registeration if the property is planned only to buy and sell within a very short duration. Still, I have some questions un-answered. If someone who has first-hand info could guide, it would really be helpful.

1. Under what circumstances can a POA be voided?
2. For cancellation of a POA, is it mandatory to have both the Power Agent as well as the Power-issuer in person? Or can a Power-issuer revoke the POA at his own will?
3. For a Buy-keep for 6 months-sell case, is it a good idea to take only a POA or is it better to get it fully registered in our name (in spite of considerable stamp duty + Registration charges)?
4. Any other point that one must be cautious / careful while dealing with "POA" instead of a property registration.

Thanks a lot in advance Folks.

Cheers!
M
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Old 10th January 2013, 13:59   #1147
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Originally Posted by Mister_M View Post
Hello Friends,

I would like to ask you some clarifications regarding the "Power of Attorney" (POA) while dealing with properties (if this is State-specific, I am interested on Tamil Nadu-based info).

I am told that with latest amendments on POA (like having a POA registered mandatory with the Registrar, legal enforcements against Frauds, etc..), it is absolutely safe to take one and avoid loss due to registeration if the property is planned only to buy and sell within a very short duration. Still, I have some questions un-answered. If someone who has first-hand info could guide, it would really be helpful.

1. Under what circumstances can a POA be voided?
2. For cancellation of a POA, is it mandatory to have both the Power Agent as well as the Power-issuer in person? Or can a Power-issuer revoke the POA at his own will?
3. For a Buy-keep for 6 months-sell case, is it a good idea to take only a POA or is it better to get it fully registered in our name (in spite of considerable stamp duty + Registration charges)?
4. Any other point that one must be cautious / careful while dealing with "POA" instead of a property registration.

Thanks a lot in advance Folks.

Cheers!
M
What you are asking is different ways of cheating the government out of it's rightful revenue. Anyways, here is my opinion on why you should not use POA for buying properties:

1. What happens if the seller dies? The succession act will take precedence and legal heirs will get the property. You will have a worthless paper in your hand.

2. Supreme Court has ruled multiple times that a transfer of immovable property can only be made by a deed of conveyance aka registered sale deed. In the absence of a registered sale deed, immovable property can not be transferred.

3. On point 1, many people will tell you to get a will done from the seller. Again a exercise in futility as will can easily be contested and overruled in courts.

4. If you get power of attorney, it will not be easy to sell to a buyer who wants to register the property. Seasoned property buyers would want the original seller to be present as witness to the sale. The original seller would not appear unless more money is paid.

5. Revenue collections goes to government kitty and comes back to us only in the form of roads, infrastructure, social upliftment. Don't break the chain.

Last edited by carbookie : 10th January 2013 at 14:00.
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Old 10th January 2013, 14:20   #1148
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Carbookie that's some excellent advise, am sure it would benefit many of us.
thanks for sharing
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Old 10th January 2013, 15:25   #1149
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Originally Posted by carbookie View Post


4. If you get power of attorney, it will not be easy to sell to a buyer who wants to register the property. Seasoned property buyers would want the original seller to be present as witness to the sale. The original seller would not appear unless more money is paid.
I know of a case where my friend is trying to buy a plot. The owner lives abroad and has given a POA to his relative to sell the plot (proper registration etc). Isn't this ok?
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Old 10th January 2013, 17:06   #1150
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Quote:
Originally Posted by carbookie View Post
What you are asking is different ways of cheating the government out of it's rightful revenue. Anyways, here is my opinion on why you should not use POA for buying properties:
Ethically, you have a very valid point. (Not sure if this is religiously followed in Real-Estate business; this itself is a whole new topic for debate and is not of our concern now I guess.)

My case is slightly different where I have already bought a property (Read: Registered) a couple of years back from a Power Agent (who had it for some 6 months from his date of registering POA). Touch wood, no issues so far on it. While discussing about this with a Broking friend of mine, we touched the topics on +ves and -ves of a POA.

Resultant to it, I had some deep thoughts last night as "is that POA really valid?"; "Will there be any issues on the property sometime in the future?"; "Is it a good idea to sell it and convert it to another one?" - all sorely because I dont understand when does a POA actually get lapsed.

The person (Power Agent) who sold it to us have given all original papers (even historic ones) to us. Nevertheless, your 1st point itself was actually not verified (if the actual Power issuer was living / dead). Neither did we invite the actual owner for witnessing the sale.

In your view, is mine a clear sale / there are any possibilities for litigations on this property? Can you please throw some reliable light over this point too?

Cheers!
M
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Old 10th January 2013, 17:58   #1151
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Default Re: The Property / Real Estate Thread

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Originally Posted by Mister_M View Post
Ethically, you have a very valid point. (Not sure if this is religiously followed in Real-Estate business; this itself is a whole new topic for debate and is not of our concern now I guess.)

My case is slightly different where I have already bought a property (Read: Registered) a couple of years back from a Power Agent (who had it for some 6 months from his date of registering POA). Touch wood, no issues so far on it. While discussing about this with a Broking friend of mine, we touched the topics on +ves and -ves of a POA.

Resultant to it, I had some deep thoughts last night as "is that POA really valid?"; "Will there be any issues on the property sometime in the future?"; "Is it a good idea to sell it and convert it to another one?" - all sorely because I dont understand when does a POA actually get lapsed.

The person (Power Agent) who sold it to us have given all original papers (even historic ones) to us. Nevertheless, your 1st point itself was actually not verified (if the actual Power issuer was living / dead). Neither did we invite the actual owner for witnessing the sale.

In your view, is mine a clear sale / there are any possibilities for litigations on this property? Can you please throw some reliable light over this point too?

Cheers!
M
I dont think anything is wrong in your case. The holder of PA can execute anything legally on behalf of the owner as if the owner has done that (equivalent to to owner's signature or seal). So, it should not be necessary for the actual owner to be present. A witness is just that and doesn't mean anything special even if its the owner. Litigations cannot be because of the PA

Since at that time the PA was valid and it empowered him to do such a deed, it shouldn't matter now.

Also, this is what happens in most real estate transactions. I would like to hear other points of view though.

Last edited by srishiva : 10th January 2013 at 18:00.
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Old 14th January 2013, 14:05   #1152
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Anyone invested in Rohan Avriti, near Mahadevpura in Bangalore?
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Old 28th January 2013, 15:06   #1153
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Hi, my girlfriend and I are looking for a home. My office is in Rajajinagar - Brigade Gateway (near the Metro Cash and Carry), and she works near Sarjapur/Outer Ring Road.

Can someone suggest a residential area which is not too far from either place. (I am willing to drive up to 12 Km).

I have shortlisted the following places:
(1) Ulsoor
(2) MG Road Area. (I don't know what the residential places nearby are called)

Any other suggestions?

Thanks in advance

P.S. We are put up in Koramangala at the moment, and I am having to drive 40 Kms a day which is killing me :(
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Old 28th January 2013, 23:03   #1154
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Quote:
Originally Posted by e1t1bet View Post
Hi,
I have shortlisted the following places:
(1) Ulsoor
(2) MG Road Area. (I don't know what the residential places nearby are called)

Any other suggestions?

Thanks in advance
You can come to Malleshwaram, RT Nagar area and Hebbal too. Those places are relatively close to Rajajinagar and wont be much of a hassle to drive to work everyday.

MG road area will be very costly btw. Plus the travel will be a headache. Same goes for Ulsoor.
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Old 28th January 2013, 23:08   #1155
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Originally Posted by e1t1bet View Post
P.S. We are put up in Koramangala at the moment, and I am having to drive 40 Kms a day which is killing me :(

If you ask me you are actually better off at Koramangala. Because it kind of reduces commute time for your friend.

Is there no way you can time your commute ? Any drive at around 7/7:30 in the morning,
you should be there in 35 minutes max. Similar for return.
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