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Old 13th January 2023, 19:26   #2701
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Re: The Property / Real Estate Thread

Cheating by Realtor: What options?


I bought two flats in Chennai in 2012. The builder has not given possession of the flats nor paid me back. He has paid a paltry amount towards interest from time to time. I do have a stamped sale agreement and his mails acknowledging receipt of money. In the meantime, I came to know that he has sold the two flats to another party and they have moved in.

Would a petition in TNRERA Help? What interest could I expect?

ps: I have only the sale deed but not registered?

Last edited by Aditya : 13th January 2023 at 22:38. Reason: Edited for better readability
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Old 13th January 2023, 20:03   #2702
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by earthian View Post
Cheating by Realtor: What options?


I bought two flats in Chennai during 2012. THe builder has not given possession of the flats nor paid me back. e has paid some paltry amount towards interest from time to time. do have a stamped sale agreement and his mails acknowledging receipt of money. n the mean time i came to know that he has sold the two flats to another party and they have moved in.

Would a Petetion IN TNRERA Help.? What interest could i expect?

ps: I have only the sale deed but not registered?
RERA is not applicable in retrospective. Only possibility is to proceed legally with police complaint or a civil suit. Unless the flats (undivided share) is registered, it will not show up in encumbrance too. So the new buyers may not be aware of the previous allotment.
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Old 13th January 2023, 21:58   #2703
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by earthian View Post
Cheating by Realtor: What options?


I bought two flats in Chennai during 2012. THe builder has not given possession of the flats nor paid me back. e has paid some paltry amount towards interest from time to time. do have a stamped sale agreement and his mails acknowledging receipt of money. n the mean time i came to know that he has sold the two flats to another party and they have moved in.

Would a Petetion IN TNRERA Help.? What interest could i expect?

ps: I have only the sale deed but not registered?
Did you register the UDS in your name?
Did you sign and register a builder's agreement?
Is there a bank loan on the property?

If the answer is yes for all three, then you're relatively safe. If answer to #1 and #3 are No, it's gonna be tough. Either way, consult a good lawyer ASAP.
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Old 15th January 2023, 17:01   #2704
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by thanixravindran View Post
RERA is not applicable in retrospective. Only possibility is to proceed legally with police complaint or a civil suit. Unless the flats (undivided share) is registered, it will not show up in encumbrance too. So the new buyers may not be aware of the previous allotment.
It is plain cheating. Would not RERA be applicable?
Quote:
Originally Posted by ph03n!x View Post
Did you register the UDS in your name?
Did you sign and register a builder's agreement?
Is there a bank loan on the property?

If the answer is yes for all three, then you're relatively safe. If answer to #1 and #3 are No, it's gonna be tough. Either way, consult a good lawyer ASAP.
Answer is no, no and no.

Last edited by Aditya : 19th January 2023 at 19:23. Reason: Capitalisation
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Old 15th January 2023, 17:54   #2705
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Re: The Property / Real Estate Thread

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Originally Posted by earthian View Post
IT is plain cheating. WOULd not RERA be applicable?

Answer is NO, no and No
RERA came into force only in 2016 or so I guess. These transactions that you made before that, not sure how would RERA be applicable.

Without a registered sale agreement in place, on what basis did you transfer the money? I am afraid to say that there is no hope on getting your money or flat back.
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Old 15th January 2023, 18:54   #2706
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by earthian View Post
IT is plain cheating. WOULd not RERA be applicable?

Answer is NO, no and No
Unfortunately RERA is not applicable in retrospective effect before it was rolled out. Even in new flats, there are minimum number of flats and area is needed for RERA to be applicable.

Since it is a flat, how much flats were in the apartments? On booking, did you got an allotment letter and payment schedule? Because it is the only valid proof as UDS share registration happens only when building is ready and handover. Due to stamp duty, most don't register the construction agreement. If you have allotment letter, you can file cheating case based on it. Consult a good lawyer as it is extremely difficult to file a real estate case in Chennai due to obvious reasons.
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Old 15th January 2023, 20:11   #2707
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Re: The Property / Real Estate Thread

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...
Answer is NO, no and No
I hope you have proofs for paying the builder, and the entire deal white with bank trails.

If so, you best case is getting back the actual money you paid. Lawyers, cops, civil services, politicians - if you have anyone of such standing in your circles, leverage them.
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Old 16th January 2023, 13:13   #2708
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Re: The Property / Real Estate Thread

Dear All,

Time and again I have turned to TBHP for the honest and unbiased opinions. Hoping this time it’ll be no different. I am seeking advice from this august forum members on how to sell a 10+ year old independent house with G+4(including penthouse) located at Chintal, Hyderabad. I have already posted ads on 99acres and NoBroker.in but to no avail so far.

I have a quoted 2.5 cr for the entire building. What are the documents we need to be ready with, for the prospective buyers to scrutinize at the time of closing the deal? How can the deal be closed without inviting unwanted attention from ED/IT? To minimize the LTCG tax the capital can re-invested in property, advice/clues welcome.

Just to give a background, this property is being owned by my father who happens to be an ex-serviceman. My siblings and I have been staying away from Hyderabad for many years. The property upkeep and maintenance are taking a toll on my ailing parents. Even though the rental yield is too good to believe, we have all decided to sell it off due to various reasons.

Please pour in your valuable insights. Thanks in advance.

Last edited by spr1ngleo : 16th January 2023 at 13:15. Reason: spaced out, for better readability
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Old 16th January 2023, 18:34   #2709
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Re: The Property / Real Estate Thread

Guys, need advice.

While going through sale agreement pdf for my flat, I realized the names written (it is jointly owned property) are in <first name> <last name> format and also listing respective PAN against each owner. While on PAN Card they are in <first name><middle name><last name> format. The agreement pdf also has one page attachment with photocopy of all PAN cards that shows the names and PAN. Probably at the time of registration I did not think it would be an issue but now I am wondering if it would create any problems in future.

Does this mismatch needs to be rectified? It's been 12 years since we registered and the agreement is in possession of Bank due to home loan on the flat.
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Old 16th January 2023, 19:25   #2710
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by balenoed_ View Post
RERA came into force only in 2016 or so I guess. These transactions that you made before that, not sure how would RERA be applicable.

Without a registered sale agreement in place, on what basis did you transfer the money? I am afraid to say that there is no hope on getting your money or flat back.
THe builder was a "friend". A cad on hindsight.
Quote:
Originally Posted by thanixravindran View Post
Unfortunately RERA is not applicable in retrospective effect before it was rolled out. Even in new flats, there are minimum number of flats and area is needed for RERA to be applicable.

Since it is a flat, how much flats were in the apartments? On booking, did you got an allotment letter and payment schedule? Because it is the only valid proof as UDS share registration happens only when building is ready and handover. Due to stamp duty, most don't register the construction agreement. If you have allotment letter, you can file cheating case based on it. Consult a good lawyer as it is extremely difficult to file a real estate case in Chennai due to obvious reasons.
Quote:
Originally Posted by ph03n!x View Post
I hope you have proofs for paying the builder, and the entire deal white with bank trails.
All white with cheque and trails
If so, you best case is getting back the actual money you paid. Lawyers, cops, civil services, politicians - if you have anyone of such standing in your circles, leverage them.
Doing that
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Old 22nd January 2023, 18:39   #2711
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Re: The Property / Real Estate Thread

Asking this question on behalf of a friend who has invested in a Pre-Launch Project in Bengaluru and feeling stuck.

The Builder is GM Infinite. The project is GM Global Techies Town: (Link).

He booked a flat in April 2017 and the promised date of completion was April 2021. Now it looks like its never ending and project seems stalled. Anyone here has any info what is going on with this Builder and this project?
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Old 3rd February 2023, 20:20   #2712
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Re: The Property / Real Estate Thread

hello guys,

A quick question if any body has an idea about property in Ahmedabad ? Is it worth investing in a property in Ahmedabad with a hold time of 5-10 years to get a decent appreciation ? What areas should be focussed on ? I am currently looking at western areas like Bopal/Shela/Ghuma, etc ? But I am confused about other areas in East Ahmedbad which are currently priced cheaper than the western ahmedabad areas. Also, is Sanand a good option for investing in property ?


Regards
Diesel
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Old 7th February 2023, 18:45   #2713
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Re: The Property / Real Estate Thread

I found this easy and convenient search platform for Property registration documents. It has 2 free views for each login of day to unpaid customers.

https://www.zapkey.com/
FAQs

This can be helpful tool for getting a sense of what is current market rate during property shortlist. Though all this can also be done from each State's Government Revenue sites, but that experience is quite cumbersome and very painful.

Propstack is parent platform with various other products like Zapkey.
https://www.propstack.com/


How did I stumble upon Zapkey?
DMart's Radhakrishna Damani's record Mumbai property deal worth Rs 1,238 cr

Last edited by varunswnt : 7th February 2023 at 19:07.
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Old 10th March 2023, 00:02   #2714
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Re: The Property / Real Estate Thread

Hi,

Can you share details on the house(plot size, built up area)? I am interested in buying a house in Hyderabad this year.

Thanks!
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Old 24th March 2023, 14:42   #2715
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Re: The Property / Real Estate Thread

Guys,
Is there any benchmark report (no matter how dated or skewed) that would give an indicative rate/sqft for different areas across Bangalore (for new and/or resale properties).

Asking for a friend - apparently the on-ground situation is all over the place when he went looking for resale flats. He's primarily looking at South Bangalore - Jayanagar, JP Nagar, Banashankari (across sectors) but any market research report / data across Bangalore would be a good reference point for now.
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