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YES! This is exactly what I had intended to say. Thanks for the clarification.

Typically, this agreement TO sell is on a Rs. 100-200 stamp paper, right? This is where I got confused when the IDBI guy mentioned about it getting sealed by the sub-registrar for 0.25% property value. Doesn't make sense to me that for this document we have to shell out a good amount of money:confused:

Stamp value for agreement TO sell is a flat sum in most states. I think, in Kerala, it is right now Rs. 50.

For agreements OF sale, (sale deed), the amount varies between 13.5 to 15.5 per cent in Kerala, plus 2 % registration fee. (again, I need to verify).

Now, this 0.25% of property value is a very confusing thing.

I guess "valuation for calculating stamp duty" would 0.25%. That means, for a 10 lakh property, the "valuation" would be Rs. 2,500; and a 15.5 % stamp duty on that would be 308 (rounded).

I am not sure about stamp rate in your state, but I guess this is what he meant.

Kerala has one of highest stamp duty rates in the world, so I guess / hope the amounts would be very far less in your state.

Edit:- in other words, I do NOT think he meant to say that you should pay 0.25% as stamp duty (Rs. 2,500 in my example). YOu better clarify this. with them.

Also, approach your company's legal / admin department for contacting a lawyer. (approaching the slimeys direct will mean they will act slippery).

Does anyone have any knowledge on SLS Developers in Bangalore?
No amount of searching on the net brought out any reviews on their completed projects. Although i did manage to find a owners community on one of their completed projects, it seems to be inactive.

Also, what are the documents which the builder has to provide when we book an apartment?

Thanks in advance.

Guys a query for a home loan newbie (me).
On what cost is the home loan given in a construction linked plan calculated - the Basic cost (excluding of EDC, IDC, EEC, PLC etc.) OR the total cost (inclusive of everything except perhaps Registry and stamp duty etc.) ?

State Bank group finances teh "on road" price of your home. (hope this leaves no room for questions like is foo included is bar included, etc. ;-P )

What are those abbreviations? Are you buying a digital home? (I think PLC - programmable logic controller, EEC = European Economic commission, IDC = India Development Center, etc.). lol:

i think its based on the estimate that you provide

I saw a couple of their properties in North Bangalore. They were OK. But better options are available and so I did not think twice on them. But have to say their locations are weird and this was the first thing that turned me off.

Regarding the documents, there are several but the important ones are the building sanction letter, khata certificate for the apartment, land ownership history, Power of Attorneys or MOE if there are multiple land owners, tax receipts paid, BBMP sanction plan are a few I could think of.

If you are going through a bank loan, they will have a checklist ready wherein you can see what documents are required from you as well as the builder.

The Bank provides the Loan on Full amount setting aside the Registry and Stamp Duty charges

Guys, need help with a question from a friend :

He purchased a flat (registered in September 2007) & now wants to sell it. Construction started in 2006. The flat has been on rent for about 2 years now.

Question :
what is the tax liability if he sells it now ?
What is the tax liability if he sells it after Sept 2010 (when it will be 3 years)
Can he avoid tax by re-investing the proceeds into a house / another flat ?
If yes, within how much time he must re-invest ?

TIA.

A very good summary of taxation is here.

Your home and capital gains

Govt of India page is here : Income Tax India

He can also save tax by investing in some infrastructure bonds. Would be best to talk to some CA about this.

Does paying pre-EMI for an under construction house eligible for any tax benefits ?

No, afaik.

Once the flat is occupied, you can claim the interest during construction period in five annual equal instalments.

Means if 1,00,000 was interest paid during construction period and you occupy teh flat in 2011, you can claim 20,000 each from 2012 to 2017.

AFAIK, the tax liability is not there until unless if he has paid the property tax.He can avoid tax if he re-inversts the amount into someother house within 3 years.

Do they offer 24 hour water - Mumbai has a damn acute water problem

Mumbai folks - 2 questions for you

Noise levels - do higher floors escape street-automobile noise? I live on ground floor- any auto going past at 1AM will wake me. My friend lives on 16th floor in Worli - he too get's car noise from street.

Mosquitoes - is any area mosquito free? I used to live on 6th floor at haji ali - we had mosquitoes

Amit