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Old 1st May 2023, 20:36   #2746
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Re: The Property / Real Estate Thread

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Originally Posted by dZired View Post
I have finalised buying a flat at a deal price of 47.50 lakh. But when checking on the Kaveri website, it is showing that the guidance value of the flat is around 60 lakh. Any idea whether the Kaveri portal values are correct or is there a way to challenge this value as it looks a bit too high for the flat that I am purchasing.

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I was in same situation couple of years ago and spoke to couple of lawyers and even a broker in the KR Puram Sub registrar office and all of them were clear that it is impossible to register below guidance value as their software will not allow it. So welcome to the rare breed or people who "over register" their property

Not just that, I was told that the difference between guidance value and sale price (12.5L for you) will be treated as 'income from other sources' and taxed as per your income tax slab for the year in which you are registering. (Read more here

I didn't have to pay the extra income tax as my difference was within 10%. In your case, you may end up paying extra income tax after paying extra stamp duty. My recommendation would be to consult a good tax lawyer or see if seller is ok to mention the sale value same as guidance value. The seller has nothing to loose since his capital gains will anyways be considered on guidance value but the risk to you will be the seller may later claim that you have not paid the full promised amount and litigate you.

So please, consult a lawyer as whatever I said is based on my limited knowledge and rules might have changed/have loopholes that I am not aware of.
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Old 1st May 2023, 21:00   #2747
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by dZired View Post
Need help from people who have recently purchased a flat in Bangalore.

I have finalised buying a flat at a deal price of 47.50 lakh. But when checking on the Kaveri website, it is showing that the guidance value of the flat is around 60 lakh. Any idea whether the Kaveri portal values are correct or is there a way to challenge this value as it looks a bit too high for the flat that I am purchasing.

PS: This is a flat in a standalone building near Marathahalli.
I don't know the technical terms, but it is possible to request a competent authority in registration office to declare the value of the property to be 47.50L overriding the guidance value of 60L. Think of it as an exception granted by a competent authority. This usually works for really old apartments/structures where the guidance value will be very high but the market value can be significantly lower. You should explore this option.

Like @nagr22 mentioned above, if you register for 60L but pay only 47.5L to the seller, the balance 12.5L will be treated as purchaser's notional income gain (taxable). You also need to pay TDS on behalf of the seller - I am not sure how that works (TDS on 60L or 47.5L?).
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Old 9th May 2023, 08:30   #2748
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Re: The Property / Real Estate Thread

Hello Everyone!
I had a query around purchasing ready to move in homes. Is there any reliable agency in Bangalore which can ascertain things like construction quality of the house, plumbing, proper electrical wiring including earthing, etc
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Old 9th May 2023, 09:42   #2749
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Re: The Property / Real Estate Thread

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Originally Posted by amay1283 View Post
Hello Everyone!
I had a query around purchasing ready to move in homes. Is there any reliable agency in Bangalore which can ascertain things like construction quality of the house, plumbing, proper electrical wiring including earthing, etc

There are various home inspection agencies available who do exactly this, you can google and many of them will pop up.
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Old 12th May 2023, 13:29   #2750
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Re: The Property / Real Estate Thread

Hello all! Does anyone here have the contact details for a reliable broker/estate agent for rental residential properties in the Nerul, Navi Mumbai area? Would be a lot of help. Thank you!
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Old 12th May 2023, 15:32   #2751
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Re: The Property / Real Estate Thread

Looking to buy a flat in Dwarka Expressway area. I am getting lots of calls from agents probably got my constant details from online sites. I am now confused how to trust any of them. Does anyone know any trustworthy real estate agent?
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Old 13th May 2023, 16:25   #2752
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Re: The Property / Real Estate Thread

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Originally Posted by penpavan View Post
Bangalore real estate experts, please can you help me with feedback on the below properties. I am looking to invest in a plot with a purpose of reselling after say, 10 years.

1. Adarsh Savana
2. Earthsong by Manyata

I have only these two in mind. Any comments on the above would be highly appreciated. thanks.
I am looking to buy a plot in the Devanahalli area too. After coming across Earthsong in your post, I gave them a call today.

The agent who I spoke to said there are 5 phases. Phases up to 3 are apparently sold out. Few in phase 4 are available. Phase 4 isn't RERA approved yet but is in "advanced booking" status. Phase 5 is yet to start.

Not sure if the Sold Out bits were a bit embellished, real estate agents are known to do that. He mentioned no house construction has started yet, in any of the phases, but amenities like roads, water, electricity etc are already available.

I have a video call scheduled with him tomorrow, I'm preparing myself for the hard sell.

I'm also keen to hear from anyone who has looked into this.
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Old 13th May 2023, 16:27   #2753
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Re: The Property / Real Estate Thread

Just related to properties like this, (new mass plot developments), is buying a resale plot usually more expensive than buying from the developer?

Last edited by Chetan_Rao : 13th May 2023 at 20:51. Reason: Typo
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Old 13th May 2023, 16:47   #2754
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Re: The Property / Real Estate Thread

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Originally Posted by ValarMorghulis View Post
What is the property scenario like in Hyderabad?
2000sq ft 3BHKs are above 2cr in areas like Kokapet etc. while the rents are hovering around 30-35k per month for the same.
It's impossible to get a 2000 sq ft 3 BHK in a fully gated community for a monthly rent of ₹35k (unless there are some hidden issues with the flat or community) in areas like Kokapet, Gachibowli, Kondapur, & Hitech City.

In these areas, a 3 BHK costing ₹2 crore will fetch a rent of ₹50-60k plus maintenance per month. Even a 2 bhk costing between ₹1.1-1.3 crore will fetch a rent of ₹40k plus maintenance.

The rent you mentioned is possible only in stand-alone buildings in these areas.
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Old 13th May 2023, 17:28   #2755
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by dZired View Post
Need help from people who have recently purchased a flat in Bangalore.

I have finalised buying a flat at a deal price of 47.50 lakh. But when checking on the Kaveri website, it is showing that the guidance value of the flat is around 60 lakh. Any idea whether the Kaveri portal values are correct or is there a way to challenge this value as it looks a bit too high for the flat that I am purchasing.

PS: This is a flat in a standalone building near Marathahalli.
There were multiple amendments made in last couple of years under Income Tax Section 50C to allow variance up to 20%. To be safe side, always recommend registering at official guidance value. Again better to check with charted accountant upfront.

https://cleartax.in/s/taxability-sal...ng-section-50c
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Old 13th May 2023, 18:18   #2756
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Re: The Property / Real Estate Thread

Bangalore guys - if any of you have purchased a flat in any of the gated community multi-block apartment complexes (e.g. the Shoba / Brigade / Purva / other options), what is generally the UDS ratio observed? Also, what is a good UDS ratio to aim for with regards to evaluating old(er) resale flats?
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Old 13th May 2023, 20:36   #2757
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Re: The Property / Real Estate Thread

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Originally Posted by ninjatalli View Post
Bangalore guys - if any of you have purchased a flat in any of the gated community multi-block apartment complexes (e.g. the Shoba / Brigade / Purva / other options), what is generally the UDS ratio observed? Also, what is a good UDS ratio to aim for with regards to evaluating old(er) resale flats?
Older flats typically have a higher UDS. For example, my 15 year old apartment complex has 330 apartments in a 5.2 acre land parcel. These days, 100+ apartments per acre are the norm
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Old 15th May 2023, 10:15   #2758
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Re: The Property / Real Estate Thread

Hi all,

I have some queries -
1. When purchasing a flat/gated community villa, did you have anything in the agreement document, stating that builder is liable to cover for latent damages in the construction for a certain period after handing over the property?

2. If there were no agreement terms between you and the builder, how did you plan on managing latent damages in your property?

3. Also, what are your thoughts on home insurance?
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Old 15th May 2023, 11:36   #2759
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Re: The Property / Real Estate Thread

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Originally Posted by 1LR-GUE View Post
1. When purchasing a flat/gated community villa, did you have anything in the agreement document, stating that builder is liable to cover for latent damages in the construction for a certain period after handing over the property?

2. If there were no agreement terms between you and the builder, how did you plan on managing latent damages in your property?
1. Typically, builders do undertake maintenance for a year from a said date. During this period you can ask them to do the repairs.

2. Post that, the association can set rules.

Some places it is on sharing basis between concerned adjacent apartments. Others define who is responsible.
ex: For leaks in bathroom floor, some say the apartment from where the leak happens is responsible party. (So the upper floor has to fix his apt).
In others, they say both upper & lower apartments bear 50% of the cost of repairs.

3. Do check for insurance on the loan itself.
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Old 15th May 2023, 11:40   #2760
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Re: The Property / Real Estate Thread

I was in the process of house construction in my home town in North Karnataka two years back and the plans went awry due to Covid. Now I am planning to resume the construction. The plan is to construct two floors (both 2bhk) in 1500 sqft plot with built up area of 1100 sqft each with column structure.

I was enquiring about the rates and the engineer told me the average cost of construction (neither bad not very good construction) would be in the range of 2500 per sqft. My budget is around 2000 per sqft. Is the rate 2500 per sqft reasonable? Any pointers to how I can meet my budget? If nothing works out I may be forced to go with only one floor.
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