Team-BHP - The Property / Real Estate Thread

I am planning to replace my cement sheet roof of my car shed - about 320 sq ft. I asked a local contractor and he gave a quote like this:
MS Sheet roof : Rs 260 per sq ft
Onduvilla Roof- Rs.340 per sq ft

He says Onduvilla roof will be better as it looks like Mangalore Tiles and has low heat transfer properties unlike MS roofing. I would be grateful if anyone can tell me if this is true and whether the quoted rates are normal in Chennai.

I am sorry if I have posted this in the wrong category.

Quote:

Originally Posted by nowwhat? (Post 3636286)

Am planning to build a multi-tenant property in Rajarajeshwari Nagar on Mysore Road, Bangalore. Unfortunately I don't know much about the area and last visited it some 10 years ago. Does anyone know about the rental potential there?

Also if someone has constructed a multi-tenant property and given it out on rent, I would like to hear their views on construction, taxation, tenants, do's and don'ts, etc. as I have constructed a home but know little about a project like this.

The site is 4,000 sq ft and I am planning to construct 1 or 2 floors initially with around 3 2 BHK apartments to each floor. 2BHKs seem to be the easiest to rent, though I am not entirely sure.

Thanks in advance for your replies!

The rental potential for a new 2bhk in Rajarajeshwari Nagar is anywhere between 14-18K at present.This depends on the quality of construction and fittings (Wardrobes,Electrical Fittings,Kitchen Accessorizes,Covered parking and Sanitary ware).

I am not sure what do you mean by Taxation in this context.? I have pinged you my no.Please call me if you have more queries.

Waseem.

Quote:

Originally Posted by woof (Post 3636277)

Need some clarification. I am planning to buy a RTM apartment in Gurgaon. The apartment has been registered by the seller, but I came to know from some sources, that builder don't have the occupation certificate yet.

Questions ->
1. Is it possible to get registry done without the occupation certificate?
2. If the occupation certificate is not there, does it make sense to go ahead with the deal?

Yup.No need for OC for registry,Only 8% high rise apts in Bangalore have OC,the rest do not have.

The only reason why the authorities deny OC is because of deviations.Pls let us more details about the builder and the project you are willing to buy and i can give you advice accordingly.

Waseem.

I have a flat in Pune which is given out on rent for 3 years to the same person. (renewed after every 11 months). I have a few questions

1) How long is it safe to have the same person in the flat? Should I look to change my tenant? Or is it Ok to keep renewing with the same person? Are there any precautions I can take?

2) Can I give my flat out on rent to the person without a 11 month agreement? There is a small chance that I may want to sell my flat in the next few months. But mostly I won't. So I don't want to renew the current agreement which is getting over in 15 days. Can I ask to keep occupying the flat and paying me the rent till the time I decide? Will this cause any issues for me or him (in terms of him having a proof of address etc)?

Quote:

Originally Posted by carboy (Post 3638106)

I have a flat in Pune which is given out on rent for 3 years to the same person. (renewed after every 11 months). I have a few questions

Quote:

Originally Posted by manishalive (Post 3638540)

Usually there is a clause for termination of contract by either party giving 1-2 months of prior notice. That would save you from trouble.

agree: with manishalive. Even if you are considering selling off the flat after few months, it is better to have a rent agreement in place. There are a couple of reasons for this:

1. The time period between deciding to sell a flat and actually getting to the day of reckoning can vary from a few weeks to many months.

2. Your tenant will need to ask you for a separate proof of address, etc each time he needs it. Also I think it is necessary to have a verification from the nearest police station after submitting tenant details and agreement.

3. This actually also depends upon how your tenant is - I mean is he an agreeable person ? I have seen instances (my sister's flat) wherein the tenant plainly refused to vacate the premises after 11 months were over.

4. Regarding giving to the same tenant, there should be no problem provided you keep doing the agreement.

I was a former tenant and now I am an owner. We were tenants in the same house for almost 20 years and still maintain good relations with our former landlord.

Quote:

Originally Posted by SILVERWOOD (Post 3637350)

But, various websites says, that moving into a house without OC is not wise.

See these links:
1. http://timesofindia.indiatimes.com/i...w/24454390.cms
2. http://sdbbuilder-vs-us.blogspot.in/...ate-oc-is.html

I am just wondering how can we get the apartment registered if offering possession is illegal without getting an OC.

BTW, I am planning to buy an apartment in Gurgaon - Sohna Road.

Quote:

Originally Posted by woof (Post 3638666)

I am just wondering how can we get the apartment registered if offering possession is illegal without getting an OC.

Registration indicates that you "own" the house. OC indicates that you are allowed to move into that house.

Typically:
1. Registration will happen once construction is nearing completion and builder has received full payment. Builder will hand-over the keys but legally you can not start living in that house.
2. Municipal authority will inspect the building and grant OC if norms like fire safety and
others are met.

How is Mahaveer Group ? Anybody reisding in a Mahaveer-built apartment ?
I am looking at some of their apartments for purchase.

Any other recommendation for Tier II builders ?

Requirement is 3BHK, 1500 sqft max, 70 Lakhs (incl. reg.)
Location: Marathalli - Whitefield area (Bangalore).

Quote:

Originally Posted by carboy (Post 3638106)

1) How long is it safe to have the same person in the flat?

What does your agreement say? If it says 'Leave and License', and the renter is mentioned as 'Licensee', then you don't have any issue, as he is not a renter and hence doesn't get any right over the property. However, if it is a 'rent agreement' and he stays for 4 years or more (IIRC), then he gets rights over the house and it creates a great headache if things go bad.

Quote:

Originally Posted by carboy (Post 3638106)

2) Can I give my flat out on rent to the person without a 11 month agreement?

An 11 month agreement costs very less, compared to court case. Even with registration it will not cost more than 3-4k, and with notary, it will cost below 1000. THis is always preferable than even a slightest risk of tenant turning evil and refusing to evict. The rest of the points don't matter at all.

If a proper agreement is in place AND police verification is done, then only you are protected. Else you are on your own.

Quote:

Originally Posted by Samurai (Post 3645961)

What is the typical brokerage charged by RE agents in Bangalore these days to sell or buy sites or houses?

Earlier it was 1% from the buyer and 2% from the seller for sites. Not sure if there is a change if the site has a house built in it.

Quote:

Originally Posted by condor (Post 3651313)

Is it a MUST / mandatory requirement from banks that we have insurance for the house / flat / building that we have taken a loan for ?

2) If yes, by when should the insurance coverage be in place ? Before / after getting possession letter ? Or is there some other time/reference ?

It is not mandatory to purchase an insurance policy for the property before taking a loan. However, banks do force sell/ upsell their loan insurance product too along with the loan.

There are advantages. In some other thread on TBHP (I cant recall which), someone 's balance loan was waived off since he had a heart attack about 3 years into the loan. There could be some health and continuity related benefits with such insurance policies which may make it worthwhile.