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Old 29th August 2023, 01:39   #2851
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Re: The Property / Real Estate Thread

Hi all,

I'm looking to buy an apartment 3bhk in faridabad, HR. I have a budget of around 50 lacs, if someone could point out for any specific sectors I should lookout in? My parents would be living with me so the safety arrangements should be good.

Thanks.
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Old 1st September 2023, 19:27   #2852
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Re: The Property / Real Estate Thread

What are the rules for the common compound wall cost sharing when all the three sides of the site are paid for by the respective owners a few years back? Fair enough if one shares 50% of the costs incurred by the neighbours when they constructed it. But what if the neighbours demand 50% of the current construction cost?
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Old 1st September 2023, 20:16   #2853
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Re: The Property / Real Estate Thread

@AltoLXI, current construction value isn’t fair as construction undergoes depreciation, just as our cars do. It’s not a new construction after all. The valuers employed by banks use depreciation to calculate the cost of the construction. We engaged a registered tax valuer to calculate the fair market value of our property as in 2001 for the capital gains tax and he used some depreciation calculations to arrive at the value. There was a residual useful age in his calculations.

Last edited by sdp1975 : 1st September 2023 at 20:28.
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Old 1st September 2023, 22:04   #2854
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Re: The Property / Real Estate Thread

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Originally Posted by AltoLXI View Post
What are the rules for the common compound wall cost sharing when all the three sides of the site are paid for by the respective owners a few years back? Fair enough if one shares 50% of the costs incurred by the neighbours when they constructed it. But what if the neighbours demand 50% of the current construction cost?
If neighbours insist on 50% of current cost, one can suggest to demolish the old wall and build a new one. In that case it is fair enough.

Even while agreeing to share 50 % of the historical cost the neighbours should produce invoice evidence in support of their claim.
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Old 4th September 2023, 12:38   #2855
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Re: The Property / Real Estate Thread

What's the closest place to Bangalore where one can buy a 1800-2000sqft plot for about 25L?

A couple friend who work remotely, want to build a quick getaway farm/secondary house, for their pet (4 dogs) and kids (2 of them).
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Old 5th September 2023, 23:32   #2856
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by AltoLXI View Post
What are the rules for the common compound wall cost sharing when all the three sides of the site are paid for by the respective owners a few years back? Fair enough if one shares 50% of the costs incurred by the neighbours when they constructed it. But what if the neighbours demand 50% of the current construction cost?
The compound wall stays within your property line. Often people want to put a 6" compound wall right on the boundary line, that would be 3inches inside your lot. Later on when they want to build a garage or house on top of this compound wall, you will end up losing land. 3" incursion on a 50x80 plot is 20sqft.

Dont share the cost of construction, dont share the land, or the wall. I built a compound wall within my property line on all 4 sides. I had the BBMP engineer check and mark the corner stones/boundary markers.
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Old 6th September 2023, 00:28   #2857
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Re: The Property / Real Estate Thread

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Originally Posted by creative420 View Post
What's the closest place to Bangalore where one can buy a 1800-2000sqft plot for about 25L?

A couple friend who work remotely, want to build a quick getaway farm/secondary house, for their pet (4 dogs) and kids (2 of them).
Its a good idea to buy a plot for weekend getaway but do note that 1800-2000 sqft will turn out to be very very small for the couple,4 dogs and 2 kids very soon. A minimum size of 10,000 sqft is needed. Even if a small house of 1000-1500 sqft is constructed and car park takes about 400 sqft, there will be ample space for gardening, small pond, mud pit and other stuffs.


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What are the rules for the common compound wall cost sharing when all the three sides of the site are paid for by the respective owners a few years back?
Quote:
Originally Posted by GutsyGibbon View Post
Dont share the cost of construction, dont share the land, or the wall. I built a compound wall within my property line on all 4 sides. I had the BBMP engineer check and mark the corner stones/boundary markers.
Agree 100% with GutsyGibbon. You always construct in your side of land. Neighbors construct in theirs. Do not entertain any agreements(verbal/written or anything else), sweet talk, fights or even compromise. You might think you will lose space occupied by compound wall to your built up structure. But peace of mind and being on right side of the law is worth more than 7 inch width of compound wall. If its any consolation, construct compound wall with 4" concrete blocks with steel rod in between(to prevent cracks) to get slightly more space.

Last edited by akhil_007 : 6th September 2023 at 00:37.
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Old 7th September 2023, 19:31   #2858
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Re: The Property / Real Estate Thread

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I have insisted the seller to get the E.Katha and he agreed to do it.
Hi,

Did you close this deal ? Just curious to know how does an e-khata look like ? What sort of a document/validation is this ? Is it tamper proof ?
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Old 7th September 2023, 21:08   #2859
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Re: The Property / Real Estate Thread

We’ve shortlisted an apartment near RR Nagar, Bangalore. It’s a resale of an unused apartment, less than 5 year old building. The seller is an NRI and has not even got it registered to his name. Seller’s realtor said it would be a triparty agreement / sale deed and we would be the first owners on paper.

I intend to get a third party legal review done and a property inspection. For property inspection, I plan to go with PropChk and based on the sample reports and discussion with them, it appeared decent. Cost is around 10k for a 3BHK. Does anybody here have any experience with them? Or any other provider for property inspection?

Also, for legal review, can someone from Bangalore recommend a decent real estate lawyer and if aware the going rate for such a review to use as reference?
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Old 7th September 2023, 23:50   #2860
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Re: The Property / Real Estate Thread

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Hi,

Did you close this deal ? Just curious to know how does an e-khata look like ? What sort of a document/validation is this ? Is it tamper proof ?
Yes, I did. E.Khata is nothing but a digital version of the old hand written khata. You get to download the Khata from the website. There is nothing like an "original paper". Tamper proof wise, not sure, hopefully it is because it is digital and in computer records.

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..going rate for such a review to use as reference?
Yes, Around 10K is the usual rate for legal valuation.
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Old 8th September 2023, 08:47   #2861
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Re: The Property / Real Estate Thread

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Also, for legal review, can someone from Bangalore recommend a decent real estate lawyer and if aware the going rate for such a review to use as reference?
I got my legal doc review done by Mr. Harish (Ph: 80956 66809). He was excellent and thorough with the review. he stays near KR Puram. But I got all the review done remotely (Dunzo, whatsapp and calls).
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Old 8th September 2023, 10:09   #2862
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Re: The Property / Real Estate Thread

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Originally Posted by varkey View Post

For property inspection, I plan to go with PropChk and based on the sample reports and discussion with them, it appeared decent. Cost is around 10k for a 3BHK. Does anybody here have any experience with them? Or any other provider for property inspection?
There is nemmadi.in as well, I had bookmarked this for when I need it. You can check with them as well. I have no first hand experience so cannot share my views.
(Nemmadi means "peace of mind" in Kannada )

And for legal opinion, we have a lawyer who has done opinions for my site, and couple of my friend's property deals as well. He is thorough and well mannered. His office is in Konanakunte Cross, quite near to RR nagar. DM if you need his number.

Last edited by TheRandomGuy : 8th September 2023 at 10:11.
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Old 8th September 2023, 14:23   #2863
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Re: The Property / Real Estate Thread

Any suggestions on a fast-developing/well-connected localities on the outskirts of Bangalore? I want to buy a 1200-2000 sqft plot to provide good returns within a 30 Lakh budget. Any suggestions or leads are welcome.
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Old 8th September 2023, 20:26   #2864
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Re: The Property / Real Estate Thread

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Also, for legal review, can someone from Bangalore recommend a decent real estate lawyer and if aware the going rate for such a review to use as reference?
This triparty deal seems a little complicated. If you are planning to take a loan then the bank will do their due diligence and accept or reject the loan application.

If you are planning to pay your own money, I suggest that you talk to your bank and find out who their panel lawyer is. He will be the best person to give a legal opinion. Lots of "real estate" lawyers out there who may charge less but whether they do a deep dive into the property documents is always a big question.

This is my usual MO when purchasing property and one of the first and last questions I ask the lawyer is "Will a bank accept this property as mortgage?" and if the lawyer gives a positive reply then the property is usually 99% clean. There is always the 1% chance that some unknown problem lurks.
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Old 9th September 2023, 12:43   #2865
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Re: The Property / Real Estate Thread

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Originally Posted by TheRandomGuy View Post
There is nemmadi.in as well, I had bookmarked this for when I need it. You can check with them as well. I have no first hand experience so cannot share my views.
(Nemmadi means "peace of mind" in Kannada )
Had reached out to Nemmadi yesterday and though they explained what theyíll be doing, they still havenít shared the sample reports. They also said theyíd be giving a 3D scan of the property, but unable to provide a sample, reason provided is that itís expensive to store the 3D scan so they canít keep a sample.

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Originally Posted by green_ninja View Post
This triparty deal seems a little complicated. If you are planning to take a loan then the bank will do their due diligence and accept or reject the loan application.
This is a thought I had as well. So I do intend to take a home loan for around 50% of the amount, if so would doing a separate legal review help much? The bank as part of the application process does legal review and collects the fee for the same as well. The bank most definitely would not approve the loan if there are any issues. I intend to get the loan from SBI or BoB (with OD facility to park excess funds).

Since itís a completed property, I also checked with few other owners and they mentioned they didnít face any legal issues as part of their loan applications or in general.
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