[condor]

Thanks, @hrman.

Originally Posted by hrman

.. someone 's balance loan was waived off since he had a heart attack about 3 years into the loan.

This kind of coverage that you mention is an additional coverage with higher premium. The basic policies cover for insurance of the property.

[vinay kamath]

A Bandra building has huge violations!!

http://timesofindia.indiatimes.com/c...w/46375945.cms

MUMBAI: An under-construction luxury tower, 'The Address', at Bandra Bandstand, is being completely razed because of large-scale building violations. And for once, it is not the civic demolition squad, but the developer, Dheeraj Group itself, pulling down the building, having realized the violations will not be condoned by the authorities.

The permissible floor space area on the tiny plot, near Taj Lands End Hotel, allowed a total built- up area of barely 9,800 sq ft. However, the builder managed to procure permission from the Brihanmumbai Municipal Corporation (BMC) for an additional 78,000 sq ft as "affiliated areas" six years ago.

Market sources claim it was to be one of the most expensive buildings in the western suburbs. People like actor Salman Khan and Congress leader Kripashankar Singh's son, Sanjay, had paid upwards of Rs 20 crore each for the sprawling apartments.


Baba Dewan of Dheeraj Group refused to comment when contacted by this newspaper. However, civic officials confirmed that the tower, which already reached a height of about 14 floors, is being demolished. Over the past fortnight, workers started razing the top floors. "The developer will submit fresh plans and rebuild it under the existing building norms," they said.

Since the plot falls under the coastal regulation zone (CRZ II), the Maharashtra coastal zone management authority (MCZMA) red-flagged the project. It stated that the builder exceed the construction limit by a mind-numbing ten times. "Massive FSI" concessions allowed the building to exceed the permissible limit.

State environment secretary Ajay Mehta, who heads the MCZMA, said the builder will have to approach the authority again for fresh environmental clearance. "But the earlier construction, although being demolished, will still be treated as a violation. We will issue a notice to the developer and file a case in the magistrate's court for these violations," said Mehta.

The authority, he added, found it suspicious when the builder first procured permissions under the 1967 development control (DC) rules, but later approached them again, this time seeking fresh permissions under the 1991 DC rules.

Under the 1991 DC rules, the municipal commissioner had discretionary powers to grant huge building concessions on a "project-to-project basis". These powers were scrapped when Subodh Kumar became civic chief in 2011 after he received complaints of gross misuse by some of his predecessors.

The initial building plan passed by the BMC was for ground, stilt and four upper floors. Subsequently, the builder amended the plan and got the BMC to sanction a humungous 28 floors with nine triplex apartments.

A copy of the sale agreement of actor Salman Khan's flat, made available to TOI, is highly revealing. The carpet area of Khan's flat on the 11th floor shows an area of just 1,079 sq ft. However, the agreement shows another 1,917 sq ft of car park adjacent to the flat and an additional affiliated area of 6,766 sq ft. These "affiliated areas" include lobby, swimming pool, elevation features and large refuge areas.

In November last, MCZMA members discussed the controversial project and referred to the builder's letter, seeking to pull down the structure and reconstruct it "as per the proposed amended plans under preparation".

"Authority deliberated the matter at length and observed that the BMC's reply to our query is unsatisfactory and silent on the issue of building violations. Therefore, the authority decided to once again seek a clarification from the BMC," said the minutes of MCZMA's 94th meeting last November.

[vinay kamath]

How does the recent Karnataka High Court Judgement affect Property Buying?

the link: https://in.finance.yahoo.com/news/do...114819228.html

In February, the Karnataka High Court has mandated that the Bruhat Bangalore Mahanagara Palike (BBMP) cannot award 'B Khata' certificates to buildings and properties, as these are just certifications for the assessment of property tax and are in no way to be taken as arbiters of a property being legal or illegal. In other words, if a property does not have an A Khata, it is illegal. The motion comes as some form of relief for lakhs of property owners who own B Khata property and are caught between builders who are unwilling to apply for occupancy certificate because of the property tax that they will have to pay and the BBMP officials who have created many confusion in the minds of residents and owners.
B-Khata not proof of ownership
In other words, the Karnataka High Court has dubbed the practice of issuing 'B' Khatas as illegal and has ordered the BBMP to include all properties in the Form-A Register. The ownership of a BBMP B Khata is not proof of ownership of your property and it means that it still has pending sanctions that have to be approved.
This mandate came when 20 residents of Sharadamba Residency, an apartment complex situated in Kengeri Hobli in South Bengaluru, decided do something about their plight and approached the High Court and challenged the BBMP's move to issue their apartment complex only the B Khata.
This new judgment will affect property buying in many ways. For one, all owners of B Khata are worried about their property's legal status. It is ironic that the BBMP is the authority that is responsible for checking building plan violations in a property and instead of solving these irregularities, it issues a B Khata form. Therefore, many discrepancies within the BBMP have to be sorted out first. It would be a good idea to make the occupation certificate (OC) mandatory as much as the title deed. Presently, the OC is compulsory for buildings exceeding 8,000 square feet and 50 feet in height.

In terms of the regularization of Khata in the light of the High Court judgment, the mandate says that the circular dated August 25, 2009 which says that B –Khata can be issued, is illegal and not relevant. In other words, issuing B Khata is illegal, as per the Section 108 – A (3) of the Karnataka Municipal Corporation Act 1976. To this effect, the High Court has mandated that Property Identification Numbers or PIDs are issued to properties. Not all the properties under the BBMP jurisdiction have a PID, so the High Court has made it mandatory for properties to have new PIDs instead of the old ones.
Property Identification Number (PID)
A PID is a property identification number and contains important information on properties, ward number, street name and number, plot number and details and more. The PID number is applicable to all properties that are in the purview of the BBMP, whether or not they are assessed for property tax. A property owner can apply for a PID by submitting the Khata document, the address proof and survey number of the property. The new PID can be accessed online and it will show the BBMP whether the owner of that property has paid property tax or not. The new PID system is a very good way to avoid confusion over the type of Khata (A Khata and B Khata).
This is a good move, as it will make sure that instead of having an A and B Khata demarcation, the BBMP can have a universal process of issuing a Khata to a property and a way to see if an owner has paid property tax or not. In other words, all owners of properties within the BBMP purview, whether they are assessed for tax or not, need to get a PID. The government has, in effect, separated property tax status from ownership status.
A B-Khata does not signify legal ownership of a property. It is just acknowledgement from the government that property tax has been paid. It certainly cannot get the owner bank loans or trading licenses.
To make it simple, the process works like this. A property has to be registered by the BBMP by verifying its title documents and giving an encumbrance certificate after making sure no building norms are violated. After registration, a Khata number is awarded. If tax is paid regularly, the property can be transferred easily.

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Akrama Sakrama Scheme Begins From March 23 in Karnataka

the link : http://www.newindianexpress.com/stat...cle2697004.ece

[please access a "rate card" thru' the link above]

BENGALURU:The state government has begun the long-pending process of ‘one-time regularisation’ of unauthorised layouts and buildings.

Property owners can approach local body offices for applications from March 23. The scheme will be open for a year, till March 23, 2016.

Called Akrama Sakrama, the scheme applies to all layouts and buildings that have come up on private property before October 19, 2013. No building or layout on encroached government or semi-government land is eligible for regularisation.

Collection: The government hopes to mobilise Rs 10,000-15,000 crore through Akrama Sakrama.

Releasing a handbook on Tuesday with the relevant rules, procedures and guidelines, Urban Development Minister Vinay Kumar Sorake said the fees had been rationalised and the calculations made simple.Funds mobilised through Akrama Sakrama will be used for the development of infrastructure and creation of parks and open spaces in the state, Sorake said.
The Karnataka Town and Country Planning Act of 1961, Karnataka Municipal Corporation Act of 1976 and Karnataka Municipalities Act of 1964 have been amended to regularise illegal layouts and buildings on private property.

Sorake said that the government would follow a court direction in case a building violated bylaws by 100 per cent.

Owners of such properties can also approach the court for relief, he said. The application has to be filed by the owner, Sorake said, promising to act against developers of unauthorised layouts and apartments.

The regularisation fee will be in addition to the regular charges levied by the competent authorities.

According to the proposal, the regularisation fee for land use violation is five times the fees prescribed.

[vinay kamath]

http://www.deccanherald.com/content/...rs-akrama.html


"Produce all court orders on Akrama-Sakrama, HC tells govt"

Bengaluru:  March 14, 2015, DHNS

The High Court of Karnataka on Friday directed the State government to place before it all the orders of the Supreme Court and the High Court pertaining to the Akrama-Sakrama scheme.

During the hearing of a petition challenging the scheme, principal government advocate R Devadas sought more time to file its objections. A division bench comprising Chief Justice D H Waghela and Justice Ram Mohan Reddy observed that the government, which had filed a caveat, must be all the more prepared with its submission. The matter was adjourned to March 18.

Citizens Forum for Mangalore Development has sought for quashing of the government notification of May 28, 2014, which provides for regularisation of building violation in the limits of urban local bodies in the State. The petitioner had contended that the penalty percentage as per the new rules were comparatively less than the one fixed in the 2007 rules.

Notice ordered
The HC has ordered issue of notices to the commercial establishments located in Defence Colony, Indiranagar, Bengaluru, in a petition seeking directions to remove all the commercial establishments in the area. The petitioner, Defence Colony Residents’ Association, has contended that 12 commercial establishments located in their area do not possess necessary permission for change of land use issued by Bangalore Development Authority.

The petitioner had claimed that these establishments were running their business illegally on the basis of the trade licence issued by Bruhat Bangalore Mahanagara Palike. A division bench headed by Chief Justice D H Waghela adjourned the next hearing to March 17.


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http://www.deccanherald.com/content/...-property.html

"Book slot online, register property anywhere"

Chief Minister Siddaramaiah has announced to make transaction of properties easier, while effecting a slight increase in registration fee on certain sale agreements.

The Stamps and Registration department will introduce online slot booking for registration of documents. And the registration can be done in any of the sub-registrar offices in a registration district (a registration district comprise three or more sub-registrar offices). Anywhere registration (within the registration district) will be implemented across the State.

Though anywhere registration system was successfully implemented in Bengaluru Urban district three years ago, the department had not taken any step to extend it across the State.

Besides, the chief minister has announced to introduce online system for registration of agreements of sale, lease deeds and leave and licence agreements. For this suitable amendments to the Registration Act, 1908 will be brought in, he said.

A new software called “Sulabha Nondani” (easy registration) will soon be unveiled to enable people to download the formats of sale deed and transfer deed. Certified copies of registered documents and encumbrance certificates are made available to the parties through the software. A facility will be introduced for people to calculate stamp duty and registration fee and their online payment, he added.

Kaveri (Karnataka Valuation and e-Registration) software and bank softwares will be integrated to enable farmers to file agricultural loan mortgage deeds, discharge deeds and encumbrance certificate filed online without visiting the sub-registrar office.

New levy
Siddaramaiah announced levy of one per cent ad valorem registration fee on the amount or value of the purchase money in respect of agreement for sale subject to maximum of Rs 200. Currently, the maximum limit is Rs 20. It applies for those agreements that does not include possession of the property. Similarly, one per cent ad valorum registration fee on the agreements wherein the possession of property is delivered, but subject to maximum of Rs 500. Currently, the maximum limit is Rs 200.

It has also been proposed to bring in certain amendments to the Karnataka Stamp Act, 1957, to levy stamp duty on chit agreements (Rs 100 for above Rs 1 lakh value to Rs 500 for above Rs 2 lakh value). It will be made compulsory for banks and financial institutions for payment or collection of proper stamp duty on documents such as mortgage of title deeds, pawn or pledge.

[NPV]

Type: Owner
City/Area: Bangalore, Near Kasturi Nagar
Property: Independent Duplex House (Ground + First Floor). Semi-furnished with Fans, Wardrobes, Electric Chimney, Hob, Water Purifier in Kitchen. Freshly painted and brand new fittings in bathrooms. Ready to move in immediately.
Size: 1500 Square feet, 3 bedrooms, 3 bathrooms, 1 large sit-out/balcony
When: Available for rent from first week of April
Rent expected: Details provided on request
Deposits if any: Details provided on request

Location specifics :
Located off Old Madras Road behind Byappanahalli Metro Station
Walking distance to Byappanahalli Railway station, Metro station, KSRTC Satellite Depot.
Contact me via PM

[1lokesh]

Hello all,

Any leads for renting out a 2/2.5/3bhk apartment for self and family in and around ghatkopar west, Mumbai? I have zeroed in couple of societies/properties namely Kalpataru Aura and Orchard Residency where I am looking to rent out the flat. Moving in from 1-May-2015. Should have wardrobes, modular kitchen and covered 4W parking. For any leads, please PM me or in case you are not a BHPian but still reading this post as a guest, please drop me an email on lokesh81@hotmail.com. Thanks.

PS: BROKERS, kindly excuse

[diyguy]

Guys I booked a flat in Puravankara Chennai in the GOSF scheme in Dec. I was given a month to decide to go ahead or cancel. I paid 55k for the flat and recommended two others to make the booking too. I had clearly indicated to the regional sales head that I am doing this only because of lack of time to research and will likely cancel if I am not convinced in a few weeks time. When I finally did decide and cancelled ahead of the deadline, I was given additional discount of upto 5L per booking. I still decided not to proceed with it. Since then the company has gone dark and there is no response from them on my refund and they have also stopped picking up my calls. This is rather unfortunate but I am determined to fight it out. I reached the sales president via linked in and requested an intervention but it's been 10 days since and no results. I will keep trying but also wanted to share the situation with all here. Please beware dealing with such companies as there seems to be no ethics at all.

[fiestarry]

Hi Bengaluru members,

A relative has a 2 BHK in Rajarajeshwari Nagar in a complex called Ideal Homes, Gagan Vihar.
The flat is around 900 sqft.
Can anyone help with the going rate on that area ? It will help them set a price for sale when they are ready.
Thanks in advance.

[Lalvaz]

An uncle wishes to sell am industrial property in Sanpada, New bombay. About 200 mtrs. With a ground plus one storey structure. Clear title. Any idea what the rates would be???

[gearedup]

Originally Posted by hrman

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.

I have taken the loan from IDBI, they suggested their insurance product but did not insist when I plainly refused their expensive plans.
I took a Term insurance and assigned it to IDBI. The property is under construction, within reasonable time from date of final disbursement, I have been asked to get the property insured too. The property insurance quote is reasonable.

In my previous experience with Axis bank, I had been forced to buy their suggested policy even before disbursement of the loan.

Hence, I guess it is as simple as choosing the best out of the multiple options.

[ashwinsid]

A query regarding existing home loans:

My wife and I have a joint home loan of Rs.31,50,000 @10.25% floating interest for a 20 year tenure with Corporation Bank. The loan was to purchase an under construction apartment, which is now ready, registered in our name. We are yet to get the khatha certificate for the property. All other original documents, sale deeds etc have been handed over to the bank.

Lets just the say the service and attitude of the staff is horrible (there were internal transfers after I applied. Before that have been happy with the bank for a decade).

Now, other banks are offering home loans at 9.95% - 10.10%.

Considering I have another 232 installments, can I approach another bank to take over the loan from Corporation Bank even though I am yet to get khatha? Or will banks mandate khatha before doing anything? Also, is it advisable to transfer the loan to another bank at lower interest rate (considering the charges that may be involved which I am not quite aware of).

Thank you!

[sajusherief]

Originally Posted by gearedup

I took a Term insurance and assigned it to IDBI.

I approached SBT for the loan and the insurance attached to it seems ok since they'll add this to the loan amount and we need to pay as emi. If you don't mind may I know the amount and premium for the term insurance?

[gearedup]

Originally Posted by sajusherief

I approached SBT for the loan and the insurance attached to it seems ok since they'll add this to the loan amount and we need to pay as emi. If you don't mind may I know the amount and premium for the term insurance?

Hi Saju,
I got a 50 lakh term insurance for 25 years @ Rs. 4,720 p.a (incl taxes) from Maxlife (online). It only covers death nothing else (plain vanilla).
AFAIK, if SBT permits any alternatives - the term insurance will be cheapest.

[Rajeevraj]

Originally Posted by ashwinsid

A query regarding existing home loans:

My wife and I have a joint home loan of Rs.31,50,000 @10.25% floating interest for a 20 year tenure with Corporation Bank. The loan was to purchase an under construction apartment, which is now ready, registered in our name. We are yet to get the khatha certificate for the property. All other original documents, sale deeds etc have been handed over to the bank.

Lets just the say the service and attitude of the staff is horrible (there were internal transfers after I applied. Before that have been happy with the bank for a decade).

Now, other banks are offering home loans at 9.95% - 10.10%.

Considering I have another 232 installments, can I approach another bank to take over the loan from Corporation Bank even though I am yet to get khatha? Or will banks mandate khatha before doing anything? Also, is it advisable to transfer the loan to another bank at lower interest rate (considering the charges that may be involved which I am not quite aware of).

Thank you!

Considering the loan amount and tenure, the difference in interest does not translate into a significant benefit. There will be some charges involved when you switch and that may negate the benefit you get from the reduced interest at least in short team. It may make sense to use the money you will need to transfer the loan to pre-pay and bring down your liability. Having said that, if the service and attitude is also a key factor that is making you want to switch, then it probably makes sense.

But as far as I know, for completed apartments and loans for 2nd sales, most banks are not giving loan if the Khatha is not available. Since yours is still a new apartment, it probably can work out.

Do you have an Occupancy Certificate. Without that it is not possible to get the Khatha in a legal way.

[Jaguar]

Originally Posted by ashwinsid

can I approach another bank to take over the loan from Corporation Bank even though I am yet to get khatha? Or will banks mandate khatha before doing anything?

I got my loan transferred from HDFC to Standard Chartered while I didn't have katha. But me having a salary account with Stan Chart and the builder being a reputed one might have helped to an extent.