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Old 10th January 2024, 11:49   #2926
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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. 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.
5% GST is applicable to all under construction apartments, this cannot be claimed back.
Earlier the rate of GST on under construction apartments was ~15% with input tax credit, in that case the input tax credit was ideally supposed to be passed on by the builders to the buyer but it hardly happened, so to do away with this malpractice government reduced GST from 15% to 5% without any input tax credit.
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Old 15th January 2024, 14:23   #2927
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Re: The Property / Real Estate Thread

Folks in Bangalore, any reviews on the SBR group? They seem to be a small time builder with 4-5 projects (mixed use properties) around Old Madras road.

https://sbrgroup.in/

Also are their any specific advantages/disadvantages of buying properties which have commercial outlets attached to it (Small mall, multiplex or a bank, etc).

Last edited by warrioraks : 15th January 2024 at 14:29.
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Old 21st January 2024, 16:59   #2928
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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. 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.
No, it’s not correct. GST and IT are totally unrelated taxes.
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Old 21st January 2024, 23:48   #2929
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Re: The Property / Real Estate Thread

Hey, need some advice!

I bought a flat from an A grade builder in North Bangalore and we recently got the possession. We have planned for the interior work which obviously includes cabinets in the kitchen. So, this builder is asking us to make an indemnity bond voluntarily giving up the mandatory seller’s warranty on the flat because we are extending the kitchen counter. The builder is asking for such an indemnity bond even if the kitchen counter is removed and reinstalled at the same place after doing the wood work. Without this the builder’s maintenance company is not giving the permission for the interior work.

This essentially means that all flats would voluntarily giving up the structural warranty. Is this even legal to ask for such a bond as our agreement does not mention this. How can we avoid signing this?


Thanks in Advance!
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Old 22nd January 2024, 10:25   #2930
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Re: The Property / Real Estate Thread

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Originally Posted by neelkumar View Post
Without this the builder’s maintenance company is not giving the permission for the interior work.

This essentially means that all flats would voluntarily giving up the structural warranty. Is this even legal to ask for such a bond as our agreement does not mention this. How can we avoid signing this?
Has the society been formed or is the builder still fulfilling the responsibilities of the society?
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Old 22nd January 2024, 10:30   #2931
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Re: The Property / Real Estate Thread

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Has the society been formed or is the builder still fulfilling the responsibilities of the society?
It’s a new project and flats are still being handed over. Association is not formed yet and the builder’s maintenance company is managing the society.

And Prestige is the name of the builder.
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Old 22nd January 2024, 10:48   #2932
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Re: The Property / Real Estate Thread

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It’s a new project and flats are still being handed over. Association is not formed yet and the builder’s maintenance company is managing the society.
Then worst case, you can wait for the society to be formed if you aren't in a pressing hurry to do the work.
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Old 22nd January 2024, 12:08   #2933
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by neelkumar View Post
Without this the builder’s maintenance company is not giving the permission for the interior work.

This essentially means that all flats would voluntarily giving up the structural warranty. Is this even legal to ask for such a bond as our agreement does not mention this. How can we avoid signing this?
This being a big builder, you might not have much say and would be arm-twisted to sign the agreement. However, these kinds of bonds will most likely be thrown out by the court. Talk to a lawyer.
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Old 22nd January 2024, 12:15   #2934
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by neelkumar View Post
It’s a new project and flats are still being handed over. Association is not formed yet and the builder’s maintenance company is managing the society.

And Prestige is the name of the builder.
It will be very difficult to change the terms as there will always be scores of people who have already signed the same.
That being said, Prestige has generally been very flexible in handling the affairs at the 2 properties i have interacted with them on (far superior to the current Brigade property). I suggest you have a conversation with the project engineer on the site and ask how this is going to be enforced and the impracticality of it.
I guess they will look the other way.
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Old 22nd January 2024, 15:26   #2935
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Re: The Property / Real Estate Thread

Hello! I am planning to purchase a flat in Pune West - Baner Balewadi areas. My requirements are 3.5/4 BHK, spacious carpet minimum 1700 sq ft, very near to possession or ready to move, no standalone buildings, no guntha mantri builder.
I have been looking for a while now but to my dismay, RTMI options are very limited. Whatever I came across, was not something worth putting down 2-2.5 crores.
As they say Pune is a prelaunch market. I am sceptical to book a property in an underconstruction project but looks like I am left with no option.

Any views / feedback on VTP reality - Earth one project at Mhalunge? Possession is 4 yrs down the line. The said area is in mess without proper roads or any infra. However all big projects there are sold out. Lot of things - hitech city, ring road, new mumbai airport proximity are to come up as it's a township.

With Baner Balewadi real estate prices going through the roof, I find this a good option provided 60-70% things get done in 4 yrs.

Last edited by StepUP! : 22nd January 2024 at 15:28.
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Old 22nd January 2024, 15:54   #2936
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Re: The Property / Real Estate Thread

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Originally Posted by StepUP! View Post
Any views / feedback on VTP reality - Earth one project at Mhalunge? Possession is 4 yrs down the line. The said area is in mess without proper roads or any infra. However all big projects there are sold out. Lot of things - hitech city, ring road, new mumbai airport proximity are to come up as it's a township.
No idea about the builder/project in discussion but I would suggest not getting too optimistic with regards to promises made around Mhalunge. That area has been an underdeveloped / overlooked area since early 2010s. Quite a poor reputation in comparison, given the boom of construction that happened across the Mula river on Hinjewadi side (across multiple phases), as well as across the highway on the other side.
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Old 22nd January 2024, 16:05   #2937
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Re: The Property / Real Estate Thread

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Originally Posted by ninjatalli View Post
No idea about the builder/project in discussion but I would suggest not getting too optimistic with regards to promises made around Mhalunge. That area has been an underdeveloped / overlooked area since early 2010s. Quite a poor reputation in comparison, given the boom of construction that happened across the Mula river on Hinjewadi side (across multiple phases), as well as across the highway on the other side.
Thank you for your views! What surprises me - despite that area being in shambles for 5+ years, all such big projects having 800+ flats are sold out completely which includes mostly VTP, Godrej properties.
Only relief it offers now is saving of 50-60L minimum for a 4 BHK flat of a decent size.
I hear PMRDA is short of funds to develop it as promised. It's supposed to be planned township with all shops, offices, fire station, police station etc. like Magarpatta city. And this is where builder is promiosing it will come up like anything in next 3-4 years. God knows the truth.

With the river bridge being ready, direct connectivity to Hinjawadi is only benefit as of today.
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Old 22nd January 2024, 18:39   #2938
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by StepUP! View Post
Thank you for your views! What surprises me - despite that area being in shambles for 5+ years, all such big projects having 800+ flats are sold out completely which includes mostly VTP, Godrej properties.
Only relief it offers now is saving of 50-60L minimum for a 4 BHK flat of a decent size.


With the river bridge being ready, direct connectivity to Hinjawadi is only benefit as of today.
Why don't you consider resale property. A readymade 3 or 4 BHK in Wakad would be cheaper
. Additionally you don't need to wait, you get ready possession.

The challenge would be to get a nice property up for resale. But if you get one, you can consider.
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Old 23rd January 2024, 11:56   #2939
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Re: The Property / Real Estate Thread

Did anyone see today's ToI? Lodha group is selling plots for 1.72cr for a 1250sq ft plot in a plotted development in Ayodhya.
I checked this website: https://lodhaayodhya.com/ and it assures 600% growth in the next 10 years in Ayodhya. A friend says, it'll supersede that.

1. All that jazz aside, anyone considering investing?
2. Also, has anyone bought from the Lodha Group? Friends share horror stories regarding their construction quality.
3. Which is the real website? Google throws up many many different websites all selling these plots.
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Old 23rd January 2024, 12:15   #2940
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Re: The Property / Real Estate Thread

A dumb question from me to everyone here. I see many a builder (mostly B grade builders) construct an extra floor beyond the approved/sanctioned plan. I know that it is not legal but their contacts from the banks (SBI, HDFC et all) say it is ok and they approve the loan. Flat gets registered as well and one gets a B khata certificate it seems.

What are the many issues that may be possible with buying such flats?
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