[meetzap]

Originally Posted by rovingeye

Hello Gents -

Unable to find a buyer for our Pune flat, we've decided to rent it out for couple of years. Now, the tenant is asking for a. modular kitchen and b. concealed A/C copper pipes to be installed.

Thanks a lot in advance.

Hi, what is your ask for your apartment for selling?
Modular kitchen for a 10x10 feet kitchen will cost you approximately 1~1.3 lac Rs. depending on the quality of hinges, trolleys and laminate (acrylic or normal) you select. This includes prices for loft and 2 cabinets. Copper tubing for AC itself costs 250 Rs per foot. Concealing them will require a POP worker which will cost you extra and then you'll have to get it painted as well. BTW ACs come with standard 10 feet installation pipes. Not sure why you need to get only concealed piping installation done?

[mail4ajo]

Has anyone brought or sold flats near Pallikaranai/Medavakkam, Chennai? What is the going rate in these areas?

[Repsol]

Hello everyone

I am considering buying an apartment in Bangalore. Can someone shed some light on the DOs and DONTs I need to keep in mind from a documentation point of view? If possible, can someone list down the process involved, and the relevant documents?

[rovingeye]

Originally Posted by meetzap

Hi, what is your ask for your apartment for selling?
Modular kitchen for a 10x10 feet kitchen will cost you approximately 1~1.3 lac Rs. depending on the quality of hinges, trolleys and laminate (acrylic or normal) you select. This includes prices for loft and 2 cabinets. Copper tubing for AC itself costs 250 Rs per foot. Concealing them will require a POP worker which will cost you extra and then you'll have to get it painted as well. BTW ACs come with standard 10 feet installation pipes. Not sure why you need to get only concealed piping installation done?

Hi - Sorry for the delayed response. I backed out from giving the place for rent. I realized I'd be getting about 50k in rent after factoring in all the costs involved and that just did not seem like an appropriate ROI.

About your other question - I'm asking 2.5 cr for it, on a no profit, no loss basis. I know it sounds high, but the project is in fact a super premium, luxury project.

[vinay kamath]

This week SC set aside NGT's 2016 ruling about maintaining a 75 metres buffer zone around lakes, at Bangalore. A big relief to all builders and owners of properties between 30-75 metres away from the edge of lakes.

[shashanka]

An interesting update on our for-sale plot in Naukuchiatal, Uttaranchal.

One prospective buyer showed great interest & corresponded & kept in touch with our local caretaker (for the plot) for several weeks while visiting the plot frequently. I decided, after all the preliminaries were agreed upon, to meet the party at the site.

All went well till the transaction details were being discussed, the idea being that once the price had been paid to me, both parties would proceed to the Registrar's office & the registration process would be started. At this point I wanted clarification that "payment" meant that my bank would intimate me that the money had actually been credited into my account, before we would proceed to the registrar's office in Nainital.

This is where the deal came unstuck. The buyer insisted that once the NEFT/RTGS reciept from his bank (in Jharkhand) was scanned and sent to me, it would complete the transaction - and we would proceed to the registrar's office! The buyer was not prepared to wait for any acknowledgement from my bank to me, even if it meant a waiting period of only a few hours or at the most the next day! Needless to say the matter was closed without proceeding further.

Now the wait for the next prospective customer continues.

[shipnil]

Originally Posted by shashanka

. The buyer insisted that once the NEFT/RTGS reciept from his bank (in Jharkhand) was scanned and sent to me, it would complete the transaction - and we would proceed to the registrar's office! The buyer was not prepared to wait for any acknowledgement from my bank to me, even if it meant a waiting period of only a few hours or at the most the next day! Needless to say the matter was closed without proceeding further.

Now the wait for the next prospective customer continues.

I haven't followed your earlier posts but if RTGS is done, shouldn't it take 5 to 10 minutes to get confirmation from bank? I think even if you agreed to his condition of proceeding to registrar office post scan of transaction initiation from his bank, I think you'd have received confirmation by the time you reached registrar office.

[jkrishnakj]

I agree too. It's more or less instant and once you have a transaction ID from your prospect that the transfer has been initiated that should be good enough.

Yo understand your concern better , are you worried that the prospective buyer may initiate a transfer and then call up the bank to stop payment ? I'm not sure if that process can even be reversed once the money transfer is initiated.

[rovingeye]

Originally Posted by shashanka

All went well till the transaction details were being discussed, the idea being that once the price had been paid to me, both parties would proceed to the Registrar's office & the registration process would be started.

This is where the deal came unstuck. The buyer insisted that once the NEFT/RTGS reciept from his bank (in Jharkhand) was scanned and sent to me, it would complete the transaction - and we would proceed to the registrar's office! The buyer was not prepared to wait for any acknowledgement from my bank to me, even if it meant a waiting period of only a few hours or at the most the next day! Needless to say the matter was closed without proceeding further.

RTGS transactions are instantaneous. The RT IN RTGS stands for real time. I'm unable to understand why the deal would fail because of the minuscule (at most a couple of mins) delay between funds transfer from buyers to sellers account.

Also, typically, in land or home purchase transactions, there is the concept of paying a token (or commitment) money of 10-15% during the end of all negotiations when a buyer is sure they want to buy. This is meant to prevent the buyer from changing his mind later before the registration process and to prevent the seller from looking for any more buyers.

If you want to complicate it further, or if the deal size is very large, the buyer makes the payment into a third party escrow account in a bank along with terms and conditions that define when the funds will get released to the seller. As long as you show up at the registrar office and complete your side of the obligation, you are guaranteed to receive the funds.

All details aren't clear from your post, but I think you would have been fine with proceeding for registration post the RTGS transaction. Missed opportunity.

[thoma]

Originally Posted by jkrishnakj

I agree too. It's more or less instant and once you have a transaction ID from your prospect that the transfer has been initiated that should be good enough.

What if it is a fake transaction id or the scanned document is fabricated? How does the seller actually confirm the transaction, unless he gets a nod from his banker?

[rovingeye]

Originally Posted by thoma

What if it is a fake transaction id or the scanned document is fabricated? How does the seller actually confirm the transaction, unless he gets a nod from his banker?

There is no need for scanned documents, confirmation from banker or any such things. These days, your bank account is online in your phone (so you can check your account balance and transactions) and you receive an SMS the moment money hits your account.

[thoma]

Originally Posted by rovingeye

There is no need for scanned documents, confirmation from banker or any such things. These days, your bank account is online in your phone (so you can check your account balance and transactions) and you receive an SMS the moment money hits your account.

The buyer was not prepared to wait for any acknowledgement from my bank

The gist of my concern is the same as quoted above. Even I wouldn't sign anything unless I get a confirmation from/of my bank, phone or otherwise.

Even in these days, there are a lot of places where network coverage is poor, leave alone 4g speeds. And there could be people who are not tech savvy too.

[shashanka]

Originally Posted by rovingeye

RTGS transactions are instantaneous. The RT IN RTGS stands for real time. I'm unable to understand why the deal would fail because of the minuscule (at most a couple of mins) delay between funds transfer from buyers to sellers account.

Also, typically, in land or home purchase transactions, there is the concept of paying a token (or commitment) money of 10-15% during the end of all negotiations when a buyer is sure they want to buy. This is meant to prevent the buyer from changing his mind later before the registration process and to prevent the seller from looking for any more buyers.

If you want to complicate it further, or if the deal size is very large, the buyer makes the payment into a third party escrow account in a bank along with terms and conditions that define when the funds will get released to the seller. As long as you show up at the registrar office and complete your side of the obligation, you are guaranteed to receive the funds.

All details aren't clear from your post, but I think you would have been fine with proceeding for registration post the RTGS transaction. Missed opportunity.

In a perfect world I'm sure RTGS/NEFT would work perfectly - in real time! In this case we (seller & buyer) were in Naukuchiatal, the buyer's bank is in Jharkhand (where her agent would follow her instructions re. the RTGS etc) whereas my bank is in Mumbai. And I felt I was being prudent in following my instincts to wait for my bank's confirmation to me that the money had been credited into my account, before proceeding for the registration. And the fact that the buyer insisted we must reach the registrar's office before the RTGS transaction would be initiated, signaled a degree of trust deficit, which made me reluctant to proceed. No "token" had been paid nor "further complications" of "escrow" accounts etc.

[pandey.jai]

Hi all - I'm currently living on rent in Pune and the rent I'm paying is 25k for a 2 bedroom. I'm considering buying a house in Pune sometime in 2020. Since I'm not from Pune, I intend to move back home in/around 2025 assuming that I don't find any lucrative job sooner. The maximum I can invest in the property is 50lakhs.

Around the time I move back home, I would like to sell the property or at least let it out on rent.

Considering this, can you please suggest which area in Pune should I begin my search? For instance, areas like Viman Nagar would be way outside my budget.

Also, would it make sense to buy a property under construction and scheduled to be completed around early 2020? Or is it just better going for a flat that is currently unoccupied (owner looking for a resale)?

[sumzup]

Originally Posted by shashanka

An interesting update on our for-sale plot in Naukuchiatal, Uttaranchal.

One prospective buyer showed great interest & corresponded & kept in touch with our local caretaker (for the plot) for several weeks while visiting the plot frequently. I decided, after all the preliminaries were agreed upon, to meet the party at the site.

All went well till the transaction details were being discussed, the idea being that once the price had been paid to me, both parties would proceed to the Registrar's office & the registration process would be started. At this point I wanted clarification that "payment" meant that my bank would intimate me that the money had actually been credited into my account, before we would proceed to the registrar's office in Nainital.

This is where the deal came unstuck. The buyer insisted that once the NEFT/RTGS reciept from his bank (in Jharkhand) was scanned and sent to me, it would complete the transaction - and we would proceed to the registrar's office! The buyer was not prepared to wait for any acknowledgement from my bank to me, even if it meant a waiting period of only a few hours or at the most the next day! Needless to say the matter was closed without proceeding further.

Now the wait for the next prospective customer continues.

Hey Shashanka, you just got saved by your guardian angel. The thing about the transaction as I know it, belonging to the family of developers, is that never ever sign the document whether agreement/gpa/sale deed unless you have the money in your HAND. You did right by not proceeding to register unless the amount got transferred to your account.

My advice to all those here is please remember when you sell your property, the total sale consideration amount should be with you either on hand or in bank (realized) before you proceed to the sub registrar's office for registration. In case, the the transaction is done by cheque, please include the cheque details without fail and include the point " the transaction is SUBJECT TO REALIZATION OF AMOUNT" as if there is any issue with the payment you can then revoke the sale deed without any hurdles. Some of the brilliant advocates don't include this by oversight.