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Old 2nd December 2023, 16:54   #2911
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Re: The Property / Real Estate Thread

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Originally Posted by audioholic View Post
Hence, while I am not in a hurry to rent the place, is there really a place where I can list rental classifieds even if it involves a small sum of money rather than a few thousands?
Considering the hot rental scene in Bangalore currently, even if you post it in the WhatsApp/complex app message boards ideally it should get rented out in no time in most places in Bangalore. Have you tried that?
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Old 2nd December 2023, 16:54   #2912
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Re: The Property / Real Estate Thread

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Hence, while I am not in a hurry to rent the place, is there really a place where I can list rental classifieds even if it involves a small sum of money rather than a few thousands?
From personal experience, having done the above unsuccessfuly too, best to contact local brokers in your area. Their networking is fantastic. If you don't know any, try replying to similar ads from brokers & tell them you would like to offer yours too. You'll find plenty of ads in the apps/websites you mentioned.
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Old 2nd December 2023, 16:59   #2913
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Re: The Property / Real Estate Thread

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Originally Posted by deep_blue View Post
From personal experience, having done the above unsuccessfuly too, best to contact local brokers in your area. Their networking is fantastic. If you don't know any, try replying to similar ads from brokers & tell them you would like to offer yours too. You'll find plenty of ads in the apps/websites you mentioned.
Yes so a few 'channel partners' contacted and they are getting some prospective tenants. Sadly they are charging a months rental as brokerage to the tenant and that sounds ridiculous to me Can't believe the sort of crap that's happening with these rentals in North and East Bangalore. While as an owner it looks very attractive to me, I feel bad that a tenant has to pay so much brokerage for this sort of middlemen business.

Since my property is built by Brigade Group they also have some rental service so have also signed up there. And ended up with a paid listing with 99acres. Let's see how it goes.

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Originally Posted by Rajeevraj View Post
Considering the hot rental scene in Bangalore currently, even if you post it in the WhatsApp/complex app message boards ideally it should get rented out in no time in most places in Bangalore. Have you tried that?
Mine is a new complex and there isn't a WhatsApp group I am aware of. Yes the rental scene looks hot to me but the sort of leads I got were in too much of a hurry to move in and I didn't have time to set up some stuff in the apartment so now I am back looking at it again.
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Old 2nd December 2023, 17:06   #2914
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Re: The Property / Real Estate Thread

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Yes so a few 'channel partners' contacted and they are getting some prospective tenants. Sadly they are charging a months rental as brokerage to the tenant.
Thats been standard, atleast here in Mumbai, since the late 90's. A month from the landlord & the tenant (try & negotiate in adv). Best of luck
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Old 2nd December 2023, 17:11   #2915
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Re: The Property / Real Estate Thread

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Thats been standard, atleast here in Mumbai, since the late 90's. A month from the landlord & the tenant (try & negotiate in adv). Best of luck
Nope I have clearly told these guys I am not paying a rupee of brokerage even if I leave the house unoccupied. Since it's them who contact first, they tell in the beginning that I need not pay brokerage. And being a local, I deal with these agents quite shrewdly and they maintain good decorum. Its just that I feel bad for the tenants who have to pay this stupid brokerage.

Speaking of brokerage, for buying/selling a property I am used to the system of paying a brokerage to the agent since sometimes I have made them turn the deal in for me, negotiate a very good price and manage all the formalities. In some cases I have been generous about it as well. But this rental brokerage is something I cannot come to terms with when all the agents do is provide leads.
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Old 12th December 2023, 10:36   #2916
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Re: The Property / Real Estate Thread

Dear learned members,

When come to real estate I am a noob, hence please bear with me when I ask these trivial questions regarding long term capital gain tax and IT section 54.
  • Does it apply differently to land and house on it?
  • When availing exemption under IT section 54, how does indexation of a house is calculated?
  • I see there is a option of adding maintenance and repair cost, but are we supposed to keep bills and receipts all these years to get that benefit?
Let's say, I purchased a land 10 year back with say an amount of 10 Lac and built a house costing 20 lac on it over next 2 years. The house was built with a housing loan and income tax benefit had been availed with the interest paid on that loan which stand closed now.
  • On this day, if I am planning to sell that land along with the house, how does LTCG be calculated?
  • To avail sec 54, do I have to invest the entire selling amount in another property or I just have to invest the capital gain part?
  • Also, when they say invest the selling price in new property within 2 years, does that mean, paying the amount to vendor (Builder) with receipt or getting OC and moving into the house?
Thank you in advance for painstakingly reading through all these questions, would really appreciate any pointer in this.

Last edited by PetrolRider : 12th December 2023 at 10:41.
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Old 29th December 2023, 13:51   #2917
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Re: The Property / Real Estate Thread

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Originally Posted by am1m View Post
poor quality of construction, etc etc.
I know the orginal context was different but I'm very curious on how to judge the construction quality of an apartment. I have no experience in civil engineering but I would like to know what to look for when looking at an apartment/villa in terms of build quality. I hope someone can answer it in detail since I'm a total noob in this area and hopefully it'll help others too!
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Old 8th January 2024, 22:25   #2918
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Re: The Property / Real Estate Thread

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Originally Posted by Samurai View Post
25L within Bangalore city is impossible. I sold a 60x40 site in 2017 for 25L near Jigani (beyond Bannerghatta park and Sarla Birla School), which is about 14 kms from IIM-B. Most of my neighbors there thought I sold it for a song, they were all waiting to get 35-40L. I sold it because I found it too far to everywhere.

Attachment 2035097
Hi Samurai,

Quoting your old post. Just curious, any idea what price plots in the area you sold might fetch now in 2024? A 60x40 plot just 14kms from IIM-B seems like a jaw dropping deal today in 2024
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Old 9th January 2024, 07:36   #2919
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Re: The Property / Real Estate Thread

Just looked up, but it is hard to make out due to the usual fantasy quotes. When I sold, folks were over quoting by 50%. Going by that, I think the current prices are double since I sold. Anyways, I needed that money then, being loan free in the last few years was a big relief. No regrets...
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Old 9th January 2024, 20:13   #2920
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Re: The Property / Real Estate Thread

I was looking at an apartment purchase and was confused about the GST of 5% being added to the price. I was told (and later clarified by looking at sources online) that GST is added to projects that are under construction and the buyer has to pay for it. This I am clear on. However one of the sellers mentioned that this amount can be claimed back (Similar to TDS) during IT filing.

1. Is that correct?
2. If true, what is the process for that?

The seller is not a known name so not sure about the details. Looking for some guidance on this. Thank you.
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Old 9th January 2024, 20:25   #2921
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Re: The Property / Real Estate Thread

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Originally Posted by TorqueyTechie View Post
However one of the sellers mentioned that this amount can be claimed back (Similar to TDS) during IT filing.

1. Is that correct?
2. If true, what is the process for that?

The seller is not a known name so not sure about the details. Looking for some guidance on this. Thank you.
GST of 5% has to be paid on property purchase by buyer, only a builder can offset this amount at his end by getting input tax credit in his filing. As usual common man is short ended in this case too :(
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Old 9th January 2024, 20:39   #2922
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by TorqueyTechie View Post
I was looking at an apartment purchase and was confused about the GST of 5% being added to the price.

1. Is that correct?
2. If true, what is the process for that?

The seller is not a known name so not sure about the details. Looking for some guidance on this. Thank you.
The rule says: GST (5%) can be claimed only on under-construction flats by submitting a refund application to the GST authorities with details such as the GSTIN of the property builder and the amount of GST paid.

I would come back tomorrow with more info after conforming with the GST consultant.
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Old 9th January 2024, 21:40   #2923
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by TorqueyTechie View Post
I was looking at an apartment purchase and was confused about the GST of 5% being added to the price. I was told (and later clarified by looking at sources online) that GST is added to projects that are under construction and the buyer has to pay for it. This I am clear on.
GST claim means "Input tax credit". If we have paid GST for an Goods or Service which is used for the purpose of providing a Goods or Service the tax paid by us can be claimed back, provided we are collecting the GST from our customers and depositing it to the government.

This facility is provided to avoid build up of multiple tax to the end user and to leave a tax trail.

So if you are a end user you can not get the Credit back.
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Old 9th January 2024, 21:40   #2924
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Re: The Property / Real Estate Thread

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Originally Posted by Linuskm View Post
GST of 5% has to be paid on property purchase by buyer, only a builder can offset this amount at his end by getting input tax credit in his filing. As usual common man is short ended in this case too :(
If this is true, then it indeed is unfair for buyers. I would have to consider this as part of negotiation.

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Originally Posted by UD17 View Post
The rule says: GST (5%) can be claimed only on under-construction flats by submitting a refund application to the GST authorities with details such as the GSTIN of the property builder and the amount of GST paid.

I would come back tomorrow with more info after conforming with the GST consultant.
That would be helpful. If there is a way for the buyer to reclaim it while filing that would be wonderful.

Quote:
Originally Posted by aadya View Post
GST claim means "Input tax credit". If we have paid GST for an Goods or Service which is used for the purpose of providing a Goods or Service the tax paid by us can be claimed back, provided we are collecting the GST from our customers and depositing it to the government.

This facility is provided to avoid build up of multiple tax to the end user and to leave a tax trail.

So if you are a end user you can not get the Credit back.
Ah ok. So the seller profits and we stand to lose. Thanks for the clarification. I will keep this in mind.

Last edited by TorqueyTechie : 9th January 2024 at 21:43. Reason: Quoted for an additional reply.
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Old 10th January 2024, 08:53   #2925
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Re: The Property / Real Estate Thread

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Originally Posted by TorqueyTechie View Post
That would be helpful. If there is a way for the buyer to reclaim it while filing that would be wonderful.
It looks like, My earlier info was half correct.

The GST of 5% (Which the buyer has paid to builder) is refundable only If the deed (or agreement) is cancelled and buyer is not going ahead with the purchase on under construction property.

In normal circumstances (when you are going ahead with the deal), the GST on under-construction property is non refundable.

Hope this clarifies.
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