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Old 25th April 2024, 10:20   #3001
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Re: The Property / Real Estate Thread

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Originally Posted by NPV View Post
Iím 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 didnít 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.
Few more points:
My grandparents were the original/first owners/members of the society which was formed in 1970.
There is no sale agreement or any other kind of agreement.
My grandparents did not leave behind any kind of will however only a nomination form with my name and their signatures.
Property tax is paid in total by the society and not by individual flat owners. I will check more on the property tax though. Yes, I am getting in touch with a lawyer to get more clarity.
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Old 25th April 2024, 16:51   #3002
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Re: The Property / Real Estate Thread

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Originally Posted by am1m View Post
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?
Yes, It is just like sale agreement but goes as gift. You can only do it if you are the sole owner and your own property. IIRC, in TN it attracts the same stamp duty and registration charges which are quite high to prevent misuse.

Release deed is if co owner wants to release his share only in the property. This is quite rare in TN.

Settlement deed - Most common when all legal heirs partition the inheritance (property) when the rightful owner dies intestate. Stamp duty and registration charges are less and capped.
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Old 26th April 2024, 06:53   #3003
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Re: The Property / Real Estate Thread

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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?
Yes, the gift deed can be used to transfer title (Khata certificate in Karnataka) and update property/revenue records.
A will may additionally need a release or settlement deed before one can get Khata, other documents updated.
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Old 26th April 2024, 12:37   #3004
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Re: The Property / Real Estate Thread

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Originally Posted by VWAllstar View Post
I was the nominee as per the signed nominee form.
Want to share my understanding regarding the term "nominee", any document mentioning you as a nominee of a property does not grant you automatic ownership of the said property.

A nominee is basically a caretaker in legal parlance, never an owner.

Suggest you to immediately consult a good lawyer to get things sorted, nothing less then a registered will from your grandparents followed by a probate will help you in getting the flat registered in your name.
As mentioned by others , a release deed from other family members may be a workaround but depends on convincing multiple people which will be a task in itself.


Quote:
Originally Posted by VWAllstar View Post
Few more points:
My grandparents were the original/first owners/members of the society which was formed in 1970.
There is no sale agreement or any other kind of agreement.
My grandparents did not leave behind any kind of will however only a nomination form with my name and their signatures.
Property tax is paid in total by the society and not by individual flat owners. I will check more on the property tax though. Yes, I am getting in touch with a lawyer to get more clarity.
In the absence of original sale agreement it may prove tricky to show ownership of the property, a good lawyer will help you find the right way around but expect it to be quite bumpy.

Also do speak with the lawyer it the right of "adverse possession" works in your case.

Last edited by Gaur : 26th April 2024 at 12:46.
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Old 14th May 2024, 17:16   #3005
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Re: The Property / Real Estate Thread

What is with all the new high-rise apartments coming up in Mangalore? I always thought Mangalore had more of a floating population, students and medical professionals, so smaller apartment buildings would be enough. Have the demographics changed? Significantly more people settling down in Mangalore?

Was there recently for some time, helping a family member shift there. Was amazed by how easy it was to find a suitable apartment for rent at a good location and at a rent about 1/3rd what they would probably have paid in Bangalore for a comparable place in a comparable location.

My friends from Mangalore tell me that if we had more time to look around, we'd have gotten an even better deal, apparently there are a lot of empty apartments all over. So why are so many more being constructed? Saw at least 3-4 really tall structures coming up, seemed excessive for the city.

Anyone has any insight into the Mangalore property market?

(And must say, in comparison Bangalore looks very, very inflated, at least for rentals!)
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Old 14th May 2024, 19:46   #3006
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Re: The Property / Real Estate Thread

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Saw at least 3-4 really tall structures coming up, seemed excessive for the city.

Anyone has any insight into the Mangalore property market?
No direct info on Mangalore property market. But commenting based on the similar situation I see in some cities in Kerala. Example in Calicut. Many luxury high rises coming up. One reason in my view is that these are all purchased by the middle east expat population. Either as investment or to stay in when they come down for a couple of months a year. That is one reason why there are a lot of empty apartments and even rentals are low.
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Old 14th May 2024, 22:46   #3007
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Re: The Property / Real Estate Thread

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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.
Did you happen to proceed with this project and if so how is the progress. Do you know if they extend towards south all the way upto the Doddamara road (the road that comes from Notre Dame to Ahad)? I see they are clearing up those lands as well.
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Old 15th May 2024, 00:19   #3008
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Re: The Property / Real Estate Thread

Has anyone here been able to pay property taxes for BDA Sites for the year 2024-25? I was able to pay around this time last year on bdabangalore.org. I see that nothing is due this year, when does the tax bill become available?
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Old 15th May 2024, 00:23   #3009
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Re: The Property / Real Estate Thread

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Has anyone here been able to pay property taxes for BDA Sites for the year 2024-25? I was able to pay around this time last year on bdabangalore.org. I see that nothing is due this year, when does the tax bill become available?
Not yet, was just recently checking on it and got to know that there is some glitch in their website and their technology provider is looking into it and will be rectified soon.
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Old 15th May 2024, 09:38   #3010
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Re: The Property / Real Estate Thread

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Originally Posted by balenoed_ View Post
Did you happen to proceed with this project and if so how is the progress. Do you know if they extend towards south all the way upto the Doddamara road (the road that comes from Notre Dame to Ahad)? I see they are clearing up those lands as well.
I did not but a couple of friends did.
They have a small parcel of land on the other side of the road as a walking garden etc. Since there are power lines above this, they couldn't exactly sell it as a plot.

My only concern was Assetz being just a marketer and having no responsibility later on.
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Old 21st May 2024, 13:11   #3011
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Re: The Property / Real Estate Thread

Have come to understand the new reality of realty in Bengaluru.

>For any tier-1 builder, n-BHK == n crores of INR.

Recently, a friend bought a 4BHK in Brigade for 4.2 cr (3500sq ft), in Whitefield.
Meanwhile, Sobha and Brigade are trying to sell 1bhk (650sq ft) for 1cr (to be delivered in 2028) in their new societies.
Goodluck finding a 1bhk in a "just launched" Prestige Society.

Last edited by ValarMorghulis : 21st May 2024 at 13:13.
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Old 21st May 2024, 13:44   #3012
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Re: The Property / Real Estate Thread

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Originally Posted by ValarMorghulis View Post
Have come to understand the new reality of realty in Bengaluru.

>For any tier-1 builder, n-BHK == n crores of INR.

Recently, a friend bought a 4BHK in Brigade for 4.2 cr (3500sq ft), in Whitefield.
Meanwhile, Sobha and Brigade are trying to sell 1bhk (650sq ft) for 1cr (to be delivered in 2028) in their new societies.
Goodluck finding a 1bhk in a "just launched" Prestige Society.
Absolute madness lately. Just check the resale of apartments and apart from a few outliers, the rest is all just flat or only slightly appreciated. With stamp duty on registration hiked to 6.6%, forget any chance of immediate resale without loss. As for long term appreciation, thats only possible if the appreciation in land rate beats the depreciation of the construction. And with these huge number of flats per given area of land, is it really going to fetch some profit in the long run?

For smaller apartments, at least the share of each owner in the land is higher, which means the depreciation should be theoretically lesser. But the trend seems the other way round. Fancy high rises are selling at a premium while smaller apartments with lesser amenities or features are selling slower.
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Old 21st May 2024, 17:41   #3013
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Re: The Property / Real Estate Thread

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For smaller apartments, at least the share of each owner in the land is higher, which means the depreciation should be theoretically lesser. But the trend seems the other way round. Fancy high rises are selling at a premium while smaller apartments with lesser amenities or features are selling slower.
There’s another reason for the part in bold. Smaller apartments with no amenities are asking for prices that a gated complex in the same area would sell for. At times even equal to tier-1 builder complexes. Many of these are multi-decade old and yet the price just keep going up. I have kept track of quite a few such apartments that have been on the block for a year but the expected prices have also gone up over the year. And these are way way higher than the official guidance values.

Basically there’s no logic or reasoning in the pricing asked when it comes to resale flats in the current market; and that applies to both gated complexes and smaller apartments. But the demand for apartments in gated complexes, especially inside the city limits or close to it is quite high (related thread on this); so I expect the prices for such complexes, especially from reputable builders to still keep going up over time.

Last edited by ninjatalli : 21st May 2024 at 17:52.
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Old 21st May 2024, 19:21   #3014
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Re: The Property / Real Estate Thread

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Originally Posted by audioholic View Post
For smaller apartments, at least the share of each owner in the land is higher, which means the depreciation should be theoretically lesser. But the trend seems the other way round. Fancy high rises are selling at a premium while smaller apartments with lesser amenities or features are selling slower.
A small apartment < 500m away from a gated complex fetches less than half the rent. This adds up over time and more than makes up for the difference in UDS.

Not even going into the other benefits like amenities and the ease of selling when the time comes.

If one wants to buy something for the land value then better to buy plots than small apartments.
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Old 21st May 2024, 20:19   #3015
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Re: The Property / Real Estate Thread

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Originally Posted by ValarMorghulis View Post
4BHK in Brigade for 4.2 cr (3500sq ft), in Whitefield
Leaving aside the outrageous rates. How can a 4 BHK house be 3500 sqft? You can build 2 4-BHK houses in that sort of area.
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