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Old 24th July 2022, 11:25   #2611
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Re: The Property / Real Estate Thread

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Originally Posted by Ragavsr View Post

Also, the OP in this case is downright character assassinating the seller....

Lot of buyers in India think people selling properties are desperate and must fulfill every demand of theirs.....And with morons like that, take it or leave it is the only option that works.
I would think that the OP feels safe enough to express his thoughts here without naming anyone; the same way you are able to present your point of view of "lot of buyers being morons". Should be considered a positive thing overall with no character assassination involved by anyone
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Old 24th July 2022, 12:29   #2612
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Re: The Property / Real Estate Thread

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Originally Posted by CarNerd View Post
Does anyone know if a B- Khata plot can be sold in Bangalore now as there is news regarding regularisation of B- Khata properties shortly. I heard that they can't be sold before conversion. Does anyone know the difference between B- Khata and Gramthana property? It seems we need to take some course in Indian Properties before we understand the million terms we have.
My understanding below. Might not be 100% accurate.

There is no such restriction on buying or selling of lands. There are talks of regularisation, but no clarity on when it will be eventually done. This is not the first time probable regularisation is in news, hence take it with a pinch of salt.

That said, if and when it happens and your plot is regularised, it will fetch better price. So, take your call depending on your outlook.

B-khatha properties are ones within BBMP limits, but the layout was not officially approved by BBMP. Gramthana properties are those surrounding villages which are still governed under gram panchayat and not under BBMP.
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Old 24th July 2022, 14:27   #2613
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Re: The Property / Real Estate Thread

In the recent couple of months, the property prices in the western line - Kandivali have shot thru the roof.
In a high-rise society with no amenities(pool/gym/club/etc..) a 700 carpet flat is now starting from 1.8Cr where as one with amenities are 2.4 to 2.8+.

What is the reason for this sudden spike and is there a chance that it will come down any time soon?
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Old 26th July 2022, 00:10   #2614
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Re: The Property / Real Estate Thread

Thanks a lot @green_ninja @One . I have paid just a nominal amount as a token advance. He has shown the originals to me. But I have always felt something fishy. While showing the house, he said he had no problems getting his children to sign. When I asked the same after paying the token, he declined. (I agree, the reason is valid. But as @One mentioned, how does one verify the source of funds?. The property is in his wife's name). Things dont add up in quite a few claims like him being a relative of some famous xyz, his family owned company's heath, lifestyle related etc. I want do register the entire amount ( full white transaction). But he insists on some cash. (Its not as high as you normally come across though). No convincing justification as to why he needs cash. Kept telling different reasons. Also, in the context of his (claimed) net-worth, the tax saving for him will be negligible. He advised me to be brave, pray to god. (I wonder why). Unfortunately I dont have any other options, since there are hardly any sellers. Hence pursuing it. My main worry is pledging. Not convinced with the encumbrance certificate in KA for the period < 2004. I think they will only search for the document numbers (from past sale deeds) we mention. I will do some more checks and then take a decision. Thanks again.
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Old 26th July 2022, 09:48   #2615
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Re: The Property / Real Estate Thread

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Originally Posted by iamahunter View Post
In the recent couple of months, the property prices in the western line - Kandivali have shot thru the roof.
In a high-rise society with no amenities(pool/gym/club/etc..) a 700 carpet flat is now starting from 1.8Cr where as one with amenities are 2.4 to 2.8+.

What is the reason for this sudden spike and is there a chance that it will come down any time soon?
Can narrate what has happened in my locality which should probably mirror the entire market of Bombay barring some pockets (not sure if Thakur Village/ Complex in Kandivali are those pockets which defy this trend).

New flats which were purchased for around 2.5cr continue to be sold at roughly same price by builders. In resale, these flats were around 20% less pre-Covid. During covid this, dropped further by as much as 30% in some cases! Post Covid though, the prices have come back to original pre-Covid levels.

Key point being, while the actual rate of new flat rates haven't really increased (haven't even kept up with inflation in last 6-8 years) but there are good deals in secondary market. They are not as low as during Covid period, but they are better than what is happening in primary market.

In the city, is not an investors market, the prices have bumped up post Covid, but they are not really high enough as compared to pre-Covid levels. Secondary markets and in relatively older buildings are good places to hunt.

On your question of rates coming down, there are folks who see it going up. But I personally, in metropolitan Mumbai, haven't really seen it even beat the published inflation rates in last 8 years, more so in secondary market (e.g. a 2 cr flat in 2014 should now cost 3.7 crs at 8% compounded which is definitely not the case in my area). Gauging the macros, don't see that changing anytime soon (the salary bumps post Great-Resignation are slowing down, hiring is increased at low levels but slowed down in the segment where folks can afford a 2BHK in Kandivali or anywhere in Mumbai region). Outside Mumbai on both Central and Western lines, the story is even more pocket specific.
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Old 26th July 2022, 16:15   #2616
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Re: The Property / Real Estate Thread

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Originally Posted by adithya.kp View Post
Thanks a lot @green_ninja @One . I have paid just a nominal amount as a token advance. He has shown the originals to me. But I have always felt something fishy. While showing the house, he said he had no problems getting his children to sign. When I asked the same after paying the token, he declined. (I agree, the reason is valid. But as @One mentioned, how does one verify the source of funds?. The property is in his wife's name).
Disclaimer: I"M NOT A LAWYER and THIS IS NOT LEGAL ADVICE. My understanding is that children do not have a legal claim on property inherited by their mother from her ancestors. The ancestral property claim is only valid for paternal property. You can verify this with a lawyer.

My suggestion is, since the wife will be signing off the property to you, ask the husband to sign as witness. Just to be on the safer side.


Quote:
Things dont add up in quite a few claims like him being a relative of some famous xyz, his family owned company's heath, lifestyle related etc.
I wouldn't make too much of it. People like to brag about their connections to impress others or he was just trying to establish his credibility by linking himself to some big shot. Seen a lot of people do that.

Quote:
I want do register the entire amount ( full white transaction). But he insists on some cash. (Its not as high as you normally come across though). No convincing justification as to why he needs cash. Kept telling different reasons. Also, in the context of his (claimed) net-worth, the tax saving for him will be negligible.
That's his prerogative. A lot of people ask for cash in real estate deals because they are going to re-invest the proceeds in another property. Not a big deal.

Quote:
He advised me to be brave, pray to god. (I wonder why).
Maybe he was just trying to comfort you sensing that you had doubts. Again, this is something that people just say. I don't know the exact context in which it was said but it seems like just small talk.

Quote:
Unfortunately I dont have any other options, since there are hardly any sellers. Hence pursuing it. My main worry is pledging. Not convinced with the encumbrance certificate in KA for the period < 2004. I think they will only search for the document numbers (from past sale deeds) we mention. I will do some more checks and then take a decision. Thanks again.
Again, my understanding is that the property cannot be pledged even with local money lenders if he has the original document in hand. Even it was pledged to someone orally, they don't have a legal claim because the document is not in their possession. Your lawyer should be able to provide you with a clear explanation for this point.

Final suggestion: Get a second legal opinion if you are not satisfied with the first one. And get the legal opinion in WRITING and attach it along with the document at registration. My experience is that lawyers don't give written opinions unless the property is free and clear of any encumbrance. Even if there are minor issues that can be resolved easily, they will not give a written opinion. They'll let you know orally that you can buy the property under certain conditions.

Good luck with your deal!!!
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Old 27th July 2022, 20:06   #2617
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Re: The Property / Real Estate Thread

Is there a way to check online if a property has been sold? This is for a property in Bangalore that I am asking for.
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Old 27th July 2022, 20:13   #2618
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Re: The Property / Real Estate Thread

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Originally Posted by TorqueyTechie View Post
Is there a way to check online if a property has been sold? This is for a property in Bangalore that I am asking for.
Get an EC for the property. This will reflect any latest sale transaction registered. It will even show if there was any registered sale agreement on this property even if the final sale did not happen. Though, please note that most of the agreements are not registered formally.
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Old 29th July 2022, 16:43   #2619
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Re: The Property / Real Estate Thread

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Originally Posted by TorqueyTechie View Post
Is there a way to check online if a property has been sold? This is for a property in Bangalore that I am asking for.
You can view the current encumbrance status in https://kaverionline.karnataka.gov.in/ , this should have the record of the sale.
You need to register in the portal first.

To get it officially signed off, it takes its own sweet time.
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Old 14th August 2022, 13:29   #2620
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Re: The Property / Real Estate Thread

People in Bangalore, I have a query on EC for the year < 2004. ( The process for 2004 onwards is very good since its online). In the EC application, technically we only need to enter the property details (like the site/house number and the adjacent property numbers, area etc)
But the agents seem to write the all old transaction document numbers in the application (from the the sale deed ). I think this is flawed. Because the officers will only search for these document numbers. (So it will only help validate the buyer/seller names etc). Any other transaction wont show up.

Recently (for a deal which I called off) I went with an agent for EC. Since I was not convinced with the process, I went directly to the sub registrar office ( for a different property) the next time. A guy (I think he works there. Not an agent) helped me fill the form. He said it would take 2 weeks for the EC but he could get it done in a few days if I pay). He noted down all the previous document numbers in the form, which defies the whole logic. Can someone tell if it's the right process?. Aren't we supposed to write just the property number etc?
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Old 14th August 2022, 19:40   #2621
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Re: The Property / Real Estate Thread

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Originally Posted by adithya.kp View Post
. Can someone tell if it's the right process?. Aren't we supposed to write just the property number etc?
I can't tell you about the process in KA but from my experience in TN I can say this is not the right process. In TN we can get EC online for all documents registered after 1975 for some register offices and from a later date 1982/1985 and so on for other offices. The search can be done with Survey Number or Document Number.

Using just the document numbers referred to in the sale deed will narrow the search to just those particular documents and can give information about the properties (by survey number) that are transacted in those documents.

Using the survey number will widen the search and throw up a lot of results because any transaction sale/sale agreement/settlement within family etc. that refers to the given survey number will show up on the search. This will show transactions that are totally unrelated to the property in question if the survey number is subdivided into further subdivisions or transactions that happen in adjacent survey numbers happen to mention this survey number in some form. Sometimes this makes it difficult to filter out the noise if the EC is requested for a long time period (say from 1975).

So, agents/clerks at the registrar office may be using only the documents referred to in the sale document to narrow down the search since it has to be done manually.
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Old 25th August 2022, 09:36   #2622
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Re: The Property / Real Estate Thread

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Originally Posted by amods View Post
The total estimate for plot + construction has been the same I would pay for a 3BHK(16xx sqft) apartment which will be ready for possession in 2026(that adds 10-12Lakhs of rental cost until then).
This makes perfect sense then. If the plot+construction cost is anywhere near the cost of buying an apartment then it's an easy choice because the plot value will certainly appreciate much more than the apartment value. (Also shows how unrealistic apartment costs have become!)

But are both options in the same pin code though? In my area, plot cost itself is significantly high these days, so the only option most people have will be to go for apartments. I assumed that would be the case in most localities.

Last edited by am1m : 25th August 2022 at 09:38.
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Old 10th September 2022, 12:51   #2623
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Re: The Property / Real Estate Thread

Guys, looking to buy a plot of size ~2000 sq. ft in south Bengaluru. In case anyone is on the hunt for similar or has any pointers, do PM me. Budget 50L. I'm open for group search as well.
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Old 10th September 2022, 20:13   #2624
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Re: The Property / Real Estate Thread

Just got the price sheet for a 4BHK in Salarpuria Greenage (on Hosur Main Road 3km from Silk Board), one of the marquee Salarpuria properties.

A 2870sqft built up 4 BHK is an eye watering ~4cr.

In case anyone is looking for a flat there. Pool facing/ courtyard facing apartments are charged at Rs. 200 sqft extra.
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Old 10th September 2022, 20:18   #2625
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Re: The Property / Real Estate Thread

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Originally Posted by ValarMorghulis View Post
A 2870sqft built up 4 BHK is an eye watering ~4cr.
.
I would rather construct a house in a tier 2 city with 1.5 cr, invest the other 2.5 cr and retire peacefully.
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