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Old 26th January 2024, 16:42   #2956
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Re: The Property / Real Estate Thread

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Originally Posted by carboy View Post
Anyone know how much is brokerage charged for selling land in Kerala (in particular Kannur, Thalasery area).
In Mumbai, they charge 1% from seller & 1% from buyer. A friend has some inherited land he wants to sell there & they are saying the brokerage is 3% from seller (don't know how much from buyer).

Is it really so high?
Apart from what sunilch mentioned the other reasons could be:

1. If the value of land is on lower side, they’d like to maintain a certain amount of profit.

2. There could be multiple brokers in the chain. One from buyer’s end. One in between. And then this guy. Happens quite often in big dealings. They all want their 1%.

3. If your friend has exhibited urgency, then it’s a typical ploy to prey on the situation.

4. If the area wherever this piece of land is has lesser demand, then the brokers account for longterm engagement and quote on the higher side.

Still, 3% is a lot. If the real estate demand in that area is decent, ask him to have patience. Hope your friend gets a favourable deal.
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Old 2nd February 2024, 12:05   #2957
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Re: The Property / Real Estate Thread

Chennai: Jains Westminster Apartments in Saligramam should be demolished and reconstructed: IIT-M study

This apartment complex with around 600 flats has been in the news for all the wrong reasons for the past few years. Now it is set to be demolished and reconstructed.

I know a senior citizen couple residing there and they now have to look out for accomodation till the building gets reconstructed

Quote:
A study undertaken by the Indian Institute of Technology Madras (IIT-Madras) at Jains Westminster Apartments (JWA), Saligramam, has concluded that the developer has to demolish and reconstruct all the buildings (Blocks A, B, and C).
Quote:
According to the study, many scenarios indicating poor quality of construction materials and practices were identified. These include: inadequate concrete cover and adjustment by excessive plastering, especially in columns, use of concrete with inadequate compressive strength in the columns, use of loose sand (instead of cementitious bedding mortar) beneath flooring tiles at many locations, lack of adequate documentation of construction practices and material tests conducted during construction, and structural drawings showing discrepancies from the actual conditions.
Quote:
When contacted, the spokesperson for Jain Housing and Constructions Limited said : “We will be redeveloping the community as committed. We stand firm on our commitment to the customers.”
Source: The Hindu
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Old 2nd February 2024, 12:40   #2958
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Re: The Property / Real Estate Thread

So, in Bangalore, if the Ground floor is stilt parking, then only G+2, ie, first and second floor is allowed, is it? If this irrespective of the Site dimension?

I was under the impression that G+3 is allowed. There are 5 buildings around my home which are G+3, Ground having one small house and parking, followed by 2 houses in each floor, ie, First, Second and Third floor. These are rented by the landlord. Are these illegal then? All these buildings were constructed between 2016 to 2019
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Old 2nd February 2024, 12:54   #2959
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Re: The Property / Real Estate Thread

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Originally Posted by sagarpadaki View Post
So, in Bangalore, if the Ground floor is stilt parking, then only G+2, ie, first and second floor is allowed, is it? If this irrespective of the Site dimension?

I was under the impression that G+3 is allowed. There are 5 buildings around my home which are G+3, Ground having one small house and parking, followed by 2 houses in each floor, ie, First, Second and Third floor. These are rented by the landlord. Are these illegal then? All these buildings were constructed between 2016 to 2019
Yes G+2 is the norm unless you get all the paperwork done for a high rise building. The extra floors are illegal. But as you say, the stilt parking does not count and the rooms in this levels dont count as houses.
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Old 7th February 2024, 05:25   #2960
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Re: The Property / Real Estate Thread

Wondering if someone can help with perspective.
I have an apartment in lokhandwala andheri and talks are on for redevelopment.
The proposal being discussed now is offering 60% extra floor space. However for a cash out they arent offering anything more than market rate. Does anyone know if that’s a norm or am I being hustled
I don’t want to go through the trouble of waiting for it to be developed and sell later.
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Old 7th February 2024, 07:36   #2961
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Re: The Property / Real Estate Thread

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Originally Posted by audioholic View Post
Yes G+2 is the norm unless you get all the paperwork done for a high rise building. The extra floors are illegal. But as you say, the stilt parking does not count and the rooms in this levels dont count as houses.
One can go upto 15m in ht according to this notification (stilt +4) for plots under 750 sqm. It doesn't state it, but only applicable if the road width is 12m and over.


UDD 31 MNJ 2022 ZR amendment Notification.pdf
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Old 6th March 2024, 22:44   #2962
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Re: The Property / Real Estate Thread

I have always been skeptical of the quality of high-rises in our country, especially in Delhi NCR region.

In Feb 2022, a high rise(Chintels Paradiso) in Gurugram collapsed, killing two people.

Even big brand developers such as Godrej Properties Ltd have constructed projects (Godrej Summit) that have structural issues.
Delhi NCR lies in seismic zone 4 and thus an earthquake of magnitude of 7-8 can occur.

In one of the projects (in Noida) booked by my father in 2015, the original plan was to construct 22 floors but later FAR was increased and the builder was allowed to construct 26 floors. One may contemplate whether the original foundation was adequate to take the additional load.


Because of the tendency to circumvent rules and indifference/ "chalta hain" attitude, we are in a precarious position. If a high-intensity earthquake strikes, we may face a very high death toll.


Construction defect: Over 100 flat owners accept buyback offer from Godrej Properties in Gurugram project
https://www.moneycontrol.com/news/bu...-12274371.html

2 dead after roof collapses in sixth-floor flat in Gurugram Sector 109

https://www.hindustantimes.com/citie...517244200.html
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Old 7th March 2024, 16:20   #2963
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Re: The Property / Real Estate Thread

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Originally Posted by skywalker18 View Post
Construction defect: Over 100 flat owners accept buyback offer from Godrej Properties in Gurugram project
https://www.moneycontrol.com/news/bu...-12274371.html
My first thought was it's not like the builder will lose any money, even with this fiasco. With the demand for housing, they will easily sell those repaired flats back to unsuspecting buyers.

And sure enough, quotes from that article:

"According to the company, it anticipates it will spend Rs 100 crore to Rs 200 crore for the buyback. "But we think we will be able to fully recover the money spent because we can resell the apartments once the repairs are completed," Godrej had said in November 2023."

"The company said that it will, in turn, claim indemnity from the contractors involved in the construction."


So what is the value of buying from a 'brand' name like Godrej?! I really feel sorry for young hard-working couples looking to buy a house and raise a family in cities like Bangalore, Gurugram, Hyderabad, Pune (not including Mumbai- can salaried people afford to buy anything there anymore?!) No easy choices when it comes to housing in our cities.

Last edited by am1m : 7th March 2024 at 16:23.
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Old 7th March 2024, 16:42   #2964
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Re: The Property / Real Estate Thread

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Originally Posted by DigitalOne View Post
Chennai: Jains Westminster Apartments in Saligramam should be demolished and reconstructed: IIT-M study
Quote:
Originally Posted by am1m View Post
I really feel sorry for young hard-working couples
In the Jains Westminster apartments (Chennai) case quoted above, a lot of residents are senior citizens who are staying in flats owned by their NRI children.

Now everybody is being asked to move out and stay on rent for 2± years while the reconstruction happens. The builder will compensate only part of the rent. Not sure about if they will compensate for the interior work.

It's practically criminal what these builders are getting away with.
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Old 7th March 2024, 21:10   #2965
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Re: The Property / Real Estate Thread

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Originally Posted by DigitalOne View Post
In the Jains Westminster apartments (Chennai)
..

Now everybody is being asked to move out and stay on rent for 2± years while the reconstruction happens. The builder will compensate only part of the rent.
Curious question - who pays for the reconstruction?
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Old 10th March 2024, 08:01   #2966
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Re: The Property / Real Estate Thread

Hi All,

Any feedback on Total Environment's Devanahalli plots "Tangled Up in Green"? Being TE, they are already quoting exorbitant rates and claiming they have sold out almost all ~1000 plots before launch. Is 9000 to 10000 per square feet a decent rate to buy such property?
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Old 10th March 2024, 13:00   #2967
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Re: The Property / Real Estate Thread

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Originally Posted by oldcontessafan View Post
Hi All,

Any feedback on Total Environment's Devanahalli plots "Tangled Up in Green"? Being TE, they are already quoting exorbitant rates and claiming they have sold out almost all ~1000 plots before launch. Is 9000 to 10000 per square feet a decent rate to buy such property?
Some points to ponder

It will look extremely nice but TE do take their time to complete projects.
  • Comparatively speaking, in 2021, plots in Swisstown were going around the Rs 4000 mark. Amenities are ok, not ultra posh, decent people staying there and 3 km away from the McDonalds Sadahalli turnoff.
  • Why would they advertise when everything is nearly sold? They spent around Rs 10 L on that front page. I would have used that money elsewhere!
  • Location is on a state highway but you need to pass through Devanahalli signal which can back up

You probably need to understand timelines when the amenities will be completed and what restrictions have they put on what you construct. TE are by no means bad players but they are more form over function and may not be realistic in pricing etc.

Last edited by ajmat : 10th March 2024 at 18:50.
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Old 10th March 2024, 17:25   #2968
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Re: The Property / Real Estate Thread

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Originally Posted by oldcontessafan View Post
Hi All,

Any feedback on Total Environment's Devanahalli plots "Tangled Up in Green"? Being TE, they are already quoting exorbitant rates and claiming they have sold out almost all ~1000 plots before launch. Is 9000 to 10000 per square feet a decent rate to buy such property?
Bangalore peeps can answer for the location and other local factors but at this rate but if I want to build a decent size independent house requiring 2000 sq.ft., it shall cost me at-least 2Cr (including transaction charges) just to buy the plot. Then may be another 1Cr to build the house.

Sounds like a very ultra premium money which I would never want to pay personally.

What are you looking at?

Investment? - Then forget about this one. You will be the final bag holder in this grand scheme of real-estate. It will be difficult to get a good return at this rate.

Life-time settlement? Is this that desirable location with all other things sorted? Things such as schools, hospitals, shopping, decent neighbors, good green cover, etc. If yes and you are sold on every other imaginable factor, then may be buy it.


Might as well look for something else.

Last edited by sunilch : 10th March 2024 at 17:26.
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Old 19th March 2024, 14:30   #2969
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Re: The Property / Real Estate Thread

What is the safest way to let out an apartment on rent to a tenant? I am aware of the rent agreement etc but what if the tenant refuses to move out from the property if the landlord needs the apartment back? I have seen cases where disputes ran for decades before the tenant vacated the premises? How can one avoid such situations?

Thanks.
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Old 19th March 2024, 22:47   #2970
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Re: The Property / Real Estate Thread

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Originally Posted by sumeethaldankar View Post
What is the safest way to let out an apartment on rent to a tenant? I am aware of the rent agreement etc but what if the tenant refuses to move out from the property if the landlord needs the apartment back? I have seen cases where disputes ran for decades before the tenant vacated the premises? How can one avoid such situations?

Thanks.
The safest legal way is probably to have a registered rental agreement in which one has to pay stamp duty.
But even in that case an unscrupulous tenant can harass the landlord and the legal system in our country is very slow and justice can take several years or even decades.
So a normal landlord, who is not connected to politicians/bureaucrats, will struggle in such cases.

The situation is probably analogous to RERA in real estate. Most builders do not care about RERA. Some of them do not even care about the higher courts of India.

'Tenant Neither Pays Rent nor Vacates My Noida Flat, Court Battle Continues'



Tenant In, Landlord On Staircase


Last edited by skywalker18 : 19th March 2024 at 22:48.
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