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Old 20th January 2014, 12:19   #1366
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Default Re: The Property / Real Estate Thread

Team,

Please suggest a 2BHK for 50 Lacs in the vicinity of 10 kms from Hinjewadi
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Old 20th January 2014, 12:52   #1367
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Originally Posted by ghodlur View Post
Any ideas what does one need to ensure when buying a NA plot?
Ask for the following
  1. Title report (it should have clear and marketable title as in future if you intend to develop the said property and require any financial assistance to support, you can be entiled to Mortgage it to any Bank / financial Institution)
  2. Search Report which usually gives information for last 30 years for any charge against the said property
  3. Land area demarcation along with CTS number. (please verify the CTS no. with Title report and Search report as many times the land is acquired from different individuals in small pieces and parcels)
  4. Non-Agriculture approval is given by collector, please ask for a copy of the same
  5. Verify under which zone the land belongs (Residential / Commercial)
  6. Is there / was there any litigation on the said plot of land. If, Yes then ask for ruling / judgement passed on it
  7. If financial investment is substantial always seeks a legal opinion on land to be purchased.
There have been cases wherein a single plot was sold to different individuals, so one needs to be careful and verify all the things before making any kind financial commitment.

I have tried answering to the best of my knowledge, if any one can add more point it will be definitely a value addition.

Last edited by driving_smartly : 20th January 2014 at 13:06.
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Old 20th January 2014, 13:27   #1368
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How are the Unitech Group (http://www.unitechgroup.com) reputation wise in south India?

I have heard that they are a huge brand and have done numerous projects in NCR. I am thinking of investing on what looks like their only project in Bangalore (at Electronic City Phase 1), which is going to be launched soon (http://www.unitechgroup.com/resident...uru&pro_type=1).

This will be purely for investment as I already own the home where I live, so I am ok to wait for 4 or 5 years before I get the hand over. The only thing I am looking for is a tier one builder, who I can trust blindly in completing the entire project.

What is putting me off is that I have heard this builder has been involved in some scams. Will this be a safe investment?
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Old 20th January 2014, 13:39   #1369
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Originally Posted by driving_smartly View Post
I have tried answering to the best of my knowledge, if any one can add more point it will be definitely a value addition.
Thanks a ton mate. Will definitely ask for the said documents.
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Old 20th January 2014, 13:45   #1370
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Thanks a ton mate. Will definitely ask for the said documents.
I think at times, things like search report will need to be retrieved by the buyer - so the seller does not have any obligation to provide that to you.

In that case you need to engage a lawyer dealing with property.

Please correct me if I am wrong.
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Old 20th January 2014, 14:44   #1371
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Originally Posted by ghodlur View Post
Thanks a ton mate. Will definitely ask for the said documents.
Quote:
Originally Posted by S_U_N View Post
I think at times, things like search report will need to be retrieved by the buyer - so the seller does not have any obligation to provide that to you.

In that case you need to engage a lawyer dealing with property.

Please correct me if I am wrong.
@ S_U_N

Your correct

In Initial stage when the seller acquires land in pieces and parcels, there might be a requirement to obtain Search report in case if any financial assistance is to be taken.

However, most of the time they do posses it, but it is not the obligation of seller to provide it to the buyer.

Certainly a request can be made for the same if agreed well and good, if not then hire a lawyer dealing with property matters.

Make sure that Search report is with Search report receipt issued by the concerned authority, as without it the document cannot be authenticated.

Last edited by driving_smartly : 20th January 2014 at 14:51.
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Old 24th January 2014, 06:13   #1372
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Hi

Any feedback in terms of sq ft price, date of completion, other general feedback on the following properties by SJR Primecorp?

Hamilton Homes
Parkway Homes

Am looking for a place in Sarjapur and an affordable one not exceeding inr 3500/sq ft so need some suggestions. Not big on pools and clubhouses but should have ample play area for children

thanks
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Old 29th January 2014, 20:44   #1373
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What are your experiences dealing with property lawyers to vet documents from builders in Bangalore? What kind of prices do they charge? Is it a flat rate or is it a % of the property price (which I find ridiculous).

I'm looking for someone to help me vet a few documents.
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Old 29th January 2014, 21:03   #1374
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Originally Posted by Red Liner View Post
What are your experiences dealing with property lawyers to vet documents from builders in Bangalore? What kind of prices do they charge? Is it a flat rate or is it a % of the property price (which I find ridiculous).

I'm looking for someone to help me vet a few documents.
I prefer applying for loans in PSU banks not listed by the builder. This way, you spend about 5-10k at the most and you get every bit of document checked. If you are looking for someone in Indiranagar side, I can provide you a number.

And as far as applying for loan is concerned, you don't need to go ahead and take the loan. Once the scrutiny report comes back, you can withdraw your loan application.

Last edited by ak916 : 29th January 2014 at 21:05.
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Old 29th January 2014, 21:46   #1375
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Quote:
Originally Posted by ak916 View Post
I prefer applying for loans in PSU banks not listed by the builder. This way, you spend about 5-10k at the most and you get every bit of document checked. If you are looking for someone in Indiranagar side, I can provide you a number.

And as far as applying for loan is concerned, you don't need to go ahead and take the loan. Once the scrutiny report comes back, you can withdraw your loan application.
Lol on the loan trick. The issue is by the time I submit all the documents to get a loan approval, I don't know how senile I will be. I don't intend to take a property loan by the way.

Could you pm me the person you know in indiranagar? Thanks brother.
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Old 29th January 2014, 21:48   #1376
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And as far as applying for loan is concerned, you don't need to go ahead and take the loan. Once the scrutiny report comes back, you can withdraw your loan application.
There are two shortcomings:

1. Loan application will decrease CIBIL score, so next bank might not offer best rates.
2. Bank will scrutinize property ownership, but it will not look into all building permissions.

Review by a lawyer takes care of these issues.
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Old 29th January 2014, 23:33   #1377
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Default Re: The Property / Real Estate Thread

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Originally Posted by ak916 View Post
I prefer applying for loans in PSU banks not listed by the builder. This way, you spend about 5-10k at the most and you get every bit of document checked. If you are looking for someone in Indiranagar side, I can provide you a number.

And as far as applying for loan is concerned, you don't need to go ahead and take the loan. Once the scrutiny report comes back, you can withdraw your loan application.
good idea! next time i also try the method in mumbai !
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Old 30th January 2014, 07:14   #1378
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Originally Posted by NetfreakBombay View Post
There are two shortcomings:

1. Loan application will decrease CIBIL score, so next bank might not offer best rates.
2. Bank will scrutinize property ownership, but it will not look into all building permissions.

Review by a lawyer takes care of these issues.
I worked with a credit reporting agency and the way it used to work is that home loan application dint affect the credit rating half as much as a credit card application or personal loan. This was because it was normal for a consumer to shop around for the best deal. In any case most of us would not have more than 1-2 loans to our names. Also you can specify to the bank that they can access your cibil only after property scrutiny is complete.

When I applied with canara bank, the lawyer checked building permissions as well. I met that lawyer personally and discussed the property legalities for no additional charges. The benefit I found that he was working in the best interest of the bank and had no reason to skip any steps.
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Old 30th January 2014, 15:06   #1379
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Default Re: The Property / Real Estate Thread

I would like to get an idea of real estate offering in Gurgaon. Will it be too early looking out almost 9-10 months in advance of actual booking/buying?
A 3BHK for a budget of 80-90L and not more than 25 kilometres from, say, IFFCO chowk. I will be moving to Gurgaon in June and plan to get the booking thing in max one year's time. What would be a good time to start looking for property?
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Old 30th January 2014, 16:04   #1380
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I worked with a credit reporting agency and the way it used to work is that home loan application dint affect the credit rating half as much as a credit card application or personal loan. This was because it was normal for a consumer to shop around for the best deal.
Did you work with CIBIL in India? CIBIL reduces score by 5 for first "hard pull".

Quote:
Originally Posted by ak916 View Post
When I applied with canara bank, the lawyer checked building permissions as well. I met that lawyer personally and discussed the property legalities for no additional charges. The benefit I found that he was working in the best interest of the bank and had no reason to skip any steps.
These are two examples :

1. http://www.moneylife.in/article/abou...ates/4014.html
2. http://www.indianrealtynews.com/real...-compound.html (Campa Cola)

Quote:
What is really shocking is that many of those who will lose their flats had, in fact, taken home loans from banks to buy the property. Banks approve loans only after due diligence and after being satisfied with the documents of the land and property. In this case several of the loans have been approved by nationalised banks like Punjab National Bank, Bank of Baroda, and private ones, including Citibank, ICICI, and HDFC etc. So, if you are among those who think that taking a bank loan will ensure that the property has a clear title deed as the bank will do the background check chore for you, then think again. Even after a bank sanctions a loan, your flat can turn out to be an illegal one.
Both cases, private and gvt banks approved flats that did not have complete paperwork. However, title search + approval search by a lawyer would have turned up red flags.
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