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Old 25th March 2024, 10:21   #2986
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Re: The Property / Real Estate Thread

Somewhat similar question to the above.

Is it possible to get LTCG benefits if we sell a property after a new property is purchased.

Context - Not an individual property but a trust and there were delays in selling due to legal clearances required but the new property seller could not wait until then.
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Old 25th March 2024, 10:30   #2987
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Re: The Property / Real Estate Thread

Question to Bengaluru folks.

How is Assetz as a company? There is an option to buy a 30x50 plot in Choodasandra ~1.7cr in a 34 acre society. The only two concerning things:
1. Assetz is no where in the registration/ sale deed (Land owner will be the one, Assetz say they are only marketing, building infra etc.).
2. The Club house will not be handed over to the society as the original landowner company will maintain it (they say there is a plan to develop another society by the landowner and this clubhouse will be shared).

Is this a standard practice in plots?
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Old 25th March 2024, 10:36   #2988
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by kochup View Post
Is it possible to get LTCG benefits if we sell a property after a new property is purchased.
IT rules say the new property can be bought max 1 year prior to selling old property or latest by 2 years since sale of last property.
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Old 30th March 2024, 13:13   #2989
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by jigar1791@gmail View Post
Hi @Dieseltuned,
I have a query around property agreement and LTCG component. Thought I'll check with you since you have made a sale-purchase transaction and may have navigated LTCG adjustment.
Regarding LTCG calculation
We anticipate that approximately 40-50 lakh will be taxed as LTCG (20% of the profit from the sale of the current property) when we sell our current residence.

ADVICE NEEDED
We seek clarity on whether there's a possibility to reduce the LTCG component by having the new property's agreement (in April '24) solely under my name, and then having my father sell our current residence in December '26.

Is there a way we can avoid/reduce the LTCG slab in the above transaction?
Hi, apologies for delayed response.

I can help you with my scenario and my limited understanding of the tax structures. Our earlier properties which we sold were also in my fathers name and the new property bought was also in my fathers name. So that helped us avoid LTCG altogether.

I think LTCG rules state that it is exempted if we buy a new house within 2 years of selling the old house. We dealt with ready to move in properties only as we did not want to wait for posession due to my old grandparents staying with us. As per my understanding of LTCG I think if you take posession of the new property within 2 years of selling the old one, that could exempt you from LTCG. However, I do not have detailed understanding on this.

Last edited by Sheel : 30th March 2024 at 16:45. Reason: Please quote ONLY the relevant bits of a post. Quoting a full, long post inconveniences our mobile readers. Thanks!
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Old 30th March 2024, 21:15   #2990
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by ValarMorghulis View Post
Question to Bengaluru folks.

How is Assetz as a company? There is an option to buy a 30x50 plot in Choodasandra ~1.7cr in a 34 acre society.
I see this development while passing through that area almost everyday. I guess some part of the land is owned by Inspira group? What is the development completion time and which is the entrance to this? Through that road that comes from Amrita college?

Quite a lot of layouts come up in that area which is not fully constructed yet. ~11K/Sqft, the rates gone up that high in that area?
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Old 30th March 2024, 22:07   #2991
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by ValarMorghulis View Post
Question to Bengaluru folks.

How is Assetz as a company? ...
1. Assetz is no where in the registration/ sale deed (Land owner will be the one, Assetz say they are only marketing, building infra etc.).
If Assetz is just the marketing company, in that case how Assetz is does not matter. In case things go wrong they will escape by stating that they are only the marketing company. It will be between the buyer and the owner. Assetz can only be liable for mis-selling but they can easily get away by stating that owners gave them wrong information. Anyway they will make sure they have no legal liability by crafting the sale agreement accordingly.
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Old 31st March 2024, 10:31   #2992
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Re: The Property / Real Estate Thread

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Originally Posted by fast_elegance View Post
There is no OC yet for this block and also the other blocks D (handed over in 2019) and E (handed over in 2022). The builder POC mentioned that they are applying for OC for the 3 blocks (D, E and F) at the end of the year after the club house and other amenities are ready.
I am not sure what is the reason but what I heard was that even Purva Panorama Residents have not received OC.

Another property nearby Ajmera Green Acres also had landed in some dispute between Ajmera and Land Owners long ago - not sure if they got OC or not as well.
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Old 1st April 2024, 09:32   #2993
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Re: The Property / Real Estate Thread

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Originally Posted by balenoed_ View Post
..I guess some part of the land is owned by Inspira group? What is the development completion time and which is the entrance to this? Through that road that comes from Amrita college?
1. Entire land is owned by Inspira group. Are they reliable/ renowned in Bangalore?
2. Handover in in Aug 2026.
3. Yes the road through Amrita college or straight from Nandini crossing.

Quote:
Originally Posted by balenoed_ View Post
..Quite a lot of layouts come up in that area which is not fully constructed yet. ~11K/Sqft, the rates gone up that high in that area?
Oh, they are raising prices every week by Rs. 500psft.

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Originally Posted by JediKnight View Post
If Assetz is just the marketing company, in that case how Assetz is does not matter. In case things go wrong they will escape by stating that they are only the marketing company. ...no legal liability by crafting the sale agreement accordingly.
That's my biggest concern too. If they are nowhere in any of the legal documents, they literally have no liability. But they say this is standard practice in plots in Bangalore.
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Old 1st April 2024, 17:50   #2994
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by vsrivatsa View Post
I am not sure what is the reason but what I heard was that even Purva Panorama Residents have not received OC.

Another property nearby Ajmera Green Acres also had landed in some dispute between Ajmera and Land Owners long ago - not sure if they got OC or not as well.
I know about Purva Panorama having some issues and was not aware of Ajmera Green Acres. These are old properties and I was assuming that they had the OC.

Looks like it is safe to consider properties that have OC in place instead of running around at a later point in time.
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Old 1st April 2024, 21:40   #2995
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by ValarMorghulis View Post
1. Entire land is owned by Inspira group. Are they reliable/ renowned in Bangalore?
2. Handover in in Aug 2026.
3. Yes the road through Amrita college or straight from Nandini crossing.
I have not seen a renowned and fully established project by Inspira yet. For this particular project, I believe they have land upto Smaya Jade which is on the other side and touches the Doddamara road. Even Smaya Jade which also is theirs is not fully occupied yet.
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Old 5th April 2024, 09:10   #2996
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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?
They reached out to me in Aug, quoting 6200. They're quoting 9K now?! Unlike Brigade Oasis, this is not directly on STRR. As much as I like the differentiation that TE properties offer, I've heard way too many stories about delayed possession to consider them. Pricing is another aspect.
TUIG being plotted development, and as Ajmat said, we don't know what restrictions they would have in place for construction, doesn't seem that appealing.
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Old 25th April 2024, 08:19   #2997
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Re: The Property / Real Estate Thread

Need a help, more from a technical/legal aspects on real estate. My grandparents were the original owners/members of the current flat I am living. I was the nominee as per the signed nominee form. As my Grandfather passed away, in the Share Certificate, my and my grandmother's name was updated. Later when my grandmother passed away, my Father made an affidavit and got signatures of his brothers as a NOC that the flat to be 100% owned by me. With that Affidavit / NOC (Rs. 100 stamp paper) society updated the share certificate with my name. Electricity, Gas and Maintenance bills have my name on it. However, I am been told that to sell the flat I would need a Release Deed. Affidavit is fine to make changes in the society but that does not clear the title of the flat legally. Need advice / plan of action to sort this.
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Old 25th April 2024, 09:35   #2998
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Re: The Property / Real Estate Thread

Looking for some suggestions. What is a good way to find out the fair value of a plot of land in a rural area? Unlike in cities, there is not much data online.

Ask around the neighboring land owners? Engage a property lawyer/real estate agent from that area? Go to the sub-registrar office for that zone? (Thanks in advance for any suggestions.)
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Old 25th April 2024, 09:37   #2999
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Re: The Property / Real Estate Thread

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Originally Posted by VWAllstar View Post
Later when my grandmother passed away, my Father made an affidavit and got signatures of his brothers as a NOC that the flat to be 100% owned by me. With that Affidavit / NOC (Rs. 100 stamp paper) society updated the share certificate with my name. Electricity, Gas and Maintenance bills have my name on it. However, I am been told that to sell the flat I would need a Release Deed. Affidavit is fine to make changes in the society but that does not clear the title of the flat legally. Need advice / plan of action to sort this.
Yes, what you’re being told is correct.
I’m guessing the property tax you pay is still under the original owners names, your grandparents, right?

Basically you will have an original sale deed for the flat that was effected when they bought it which means officially the title of the property is still in their name. Now, from a Title perspective you will have to get your name updated which cannot be done through a new sale deed as you didn’t buy from grandparents but inherited it and hence you will need a release deed that officially transfers the title to your name. You will need to get all legal heirs (children and grandchildren) of your grandparents to sign the release deed saying they are relinquishing their share in the inheritance in your favour.

Did your grandfather or grandmother leave behind a will ? That can also be used as source document to now prepare a release deed.

Consult a good lawyer and get it done.

Quote:
Originally Posted by am1m View Post
Go to the sub-registrar office for that zone? (Thanks in advance for any suggestions.)
Talk to neighbours to get an idea, but visiting the sub registrar office with a good contact can help you find recent transactions, though it could be that they registered the property with sale value at government notified guidance value and paid the rest in cash (to save on stamp duty). Trustworthy local brokers should know the right values.

Last edited by NPV : 25th April 2024 at 09:44.
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Old 25th April 2024, 09:45   #3000
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Re: The Property / Real Estate Thread

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Originally Posted by NPV View Post
Now, from a Title perspective you will have to get your name updated which cannot be done through a new sale deed as you didnít buy from grandparents but inherited it and hence you will need a release deed that officially transfers the title to your name.
Will a Gift Deed that transfers the property from the original owner to the new owner work? Or will a Release Deed also be required in that case?
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