[how_you_doing]

Originally Posted by fast_elegance

Now my question is, should I still be getting a legal opinion basis the documents I have received? I was thinking this will be done by the bank when approving the loan from their legal panel. Should I get a legal opinion from a independent advocate? Can I get some contacts for advocates who do such checks?

Yes, you should get the documents verified by an independent property lawyer who can safeguard your interests. Bank verification is for their interest. They don't care about you.

We got our property verified by a lawyer recommended by someone in society. It helps if the lawyer is someone who has dealt with this builder. Our lawyer knows so many things about our builder because some 20+ people used him in the same society which I don't think could have been found at first look.

Also, some lawyers do surface-level readings of the document and will charge xx amount and will offer more in-depth reading and will charge xxxx for that service. This is mostly for older apartments and independent houses.

A good lawyer can save you a lot of headaches later. Do not rush and get the best one.

[fast_elegance]

Originally Posted by how_you_doing

Yes, you should get the documents verified by an independent property lawyer who can safeguard your interests. Bank verification is for their interest. They don't care about you.

A good lawyer can save you a lot of headaches later. Do not rush and get the best one.

Thank you. Yes, reaching out to some property lawyers to verify. The builder does not have a great reputation in general but this property is decent and on par with some good builders. Only time will tell and keeping fingers crossed. Thank you.

[wildsdi5530]

Why is there such a dearth of studio/ 1RK apartments in North Bangalore? Am not able to find a decent place.

[roadjourno]

Not sure if this is the right thread to ask this, thought still posting it here to seek some thought provoking ideas from you all.

Two decades back, my FIL, was given an acre of land for settlement on NH33, ˘23.56091877237032, 85.5186254490369ˇ. They used to run a successfull restaurant business. But after his health declined, it was stopped. Its a eased land from Govt, therefore no trading of the land can be done, which means no loans or anything can be availed. Changing the usage of land in Jharkhand, the lesser said the better. Everyone will want a pie from the cake and is a sunk cost, should no one want to work on it.

Its only 3 km from the Pundag Toll Plaza. Now my questions to you all is what kind of business ideas e.g. like the a small restaurant, a boutique restaurant or any thing else could be a viable option for such a parcel of land.

All ideas/ thoughts welcome. If you like, you can DM too.

Thanks
RJ

[Engine_Roars]

Hello Everyone,

This is Pune(Maharashtra) specific query. Would really appreciate if I could get some experienced suggestions and guidance.

I had booked a flat with one of the prestigious and known builder in 2017, with a promise of possession by 2020 but as you can already guess, I don't have the keys yet, he got the tera date extended twice with the current one being falling on 31st of July 2024. This is 6 building project and as of now he is trying to complete the first 2. Remaining 4 have different rera dates extending till 26-27 I believe.

Finally, today builder has confirmed that they have received the completion certificate and they will initiate the possession process by sometime next week.

Here are my questions;

1. Is completion certificate enough for taking possession, is occupancy certificate not a prerequisite?
2. Does the property tax start being charged from the date of issuance of completion certificate?
3. Is there anything that I need to be aware of, specially since builder has not been very trustworthy so far. It has been a long and tiring battle. Don't want to get stuck in some new challenges.

Regards,
A

[kushagra452]

Hello

What is the ballpark rate per square feet to get the structure constructed in Gurgaon. Finishing and interior not included.

Structure includes:

1. Building super structure as per the structural drawing
2. Inner and outer plaster
3. Door and window frames
4. Conduiting for electrical wiring and boxes (for installing switches in the future).
(PS: Wiring cost not included)

Thanks.

[sunilch]

Originally Posted by Engine_Roars

Here are my questions;

1. Is completion certificate enough for taking possession, is occupancy certificate not a prerequisite?
2. Does the property tax start being charged from the date of issuance of completion certificate?
3. Is there anything that I need to be aware of, specially since builder has not been very trustworthy so far. It has been a long and tiring battle. Don't want to get stuck in some new challenges.

Regards,
A

This isn't a Pune specific query I suppose

1) Technically No. You can occupy the property only after the building (including your unit) has got the OC. But practically people take possession before that with the famous 'fit-outs' clause and then occupy it too with hope that OC will eventually come. This is for you to decide then when to take possession from the builder.

2) This will be most likely clearly spelled out in your agreement with the builder. However, in all practical cases, your contribution towards Property Tax begins from the date you take the possession. So again, read your agreement for this clause specifically.

3) Follow your heart here since this is your purchase with your hard earned money. Internet advice is unlikely to help but if I were you, I would simply take the possession and be content with the gratification of having the keys in my hand. This is assuming you plan to live here eventually.

Nothing specific to look out for except the quality of construction that you can check before taking possession (if there are any minor issues or touchups needed, you can ask the builder to fix those and he is likely to agree for those), how much maintenance to be paid and from when as per the agreement with the builder, allocation of your parking spot and if you do have some scope for negotiations, check if you can get the better parking spot compared to others. Taking possession early may allow you to negotiate a few of these things with the builder.

[DigitalOne]

After the news of price-corrections, euphemistically called as 'celebratory offers' , by Mahindra, Skoda, Tata Motors etc, there is news from the Real-estate sector of rents softening, at least in Bengaluru.

Source: Moneycontrol

Brokers say rentals in IT suburbs like Whitefield have come down by at least 15-20 percent year on year (YoY).

In April-June 2024, we saw a bit of price correction in the rental market as inventories continue to be added, Sunil Singh, Vice President of Realty Corp, said.

Today, with the mismatch between demand and supply of rental inventories tapering, several landlords have started decreasing rentals by Rs 10,000-15,000, even in prime locations like Koramangala.

[warrioraks]

Originally Posted by DigitalOne

After the news of price-corrections, euphemistically called as 'celebratory offers' , by Mahindra, Skoda, Tata Motors etc, there is news from the Real-estate sector of rents softening, at least in Bengaluru.

Seems there is an overall softness in demand and post-Covid hype is fizzling out. Let's see how much of this translates in buy/sell deals as well for real estate. Typically builders are able to keep prices artificially high for new projects, but individual sellers are more willing to reduce prices especially when in need.

[JediKnight]

Originally Posted by warrioraks

Seems there is an overall softness in demand and post-Covid hype is fizzling out. Let's see how much of this translates in buy/sell deals as well for real estate. Typically builders are able to keep prices artificially high for new projects, but individual sellers are more willing to reduce prices especially when in need.

What I observed is that property prices never come down but remain flat for a long time. Property prices tend to rise in step-wave form. So there is spike beyond the comfort level of the average buyer. Like we just saw, post COVID. Then it remains stagnant for a long time. Builders never reduce prices as they have holding power. But the real price of the property actually comes down due to inflation.

[vsrivatsa]

I have some various unrelated/stand-alone queries that I am bundling together - all questions are related to Karnataka State and Bengaluru:

1. Gift Deed Scenario: If someone Wants to Gift a House/Flat to an immediate relative like a Spouse/Mother/Brother what is the percentage of stamp value that applies for this type of a Deed in Karnataka?

2. eStamp Purchase: Has anyone used https://www.edrafter.in/e-stamp-paper-karnataka/ to buy estamp online? Is it an authorized entity to buy from? Will the estamp come in email or will it come by post? Are there other similar sites selling estamp online?

3. Flat Re-sale Scenario at Sub-registrar: How easy difficult is the current scenario at the Sub-Registrar office if we need to register a Flat in Bengaluru?
Is it straight forward to do it on our own by taking appointment online or is it better to go with the help of a broker to avoid multiple attempts/rounds?

Thanks in Advance.

[ajmat]

Originally Posted by vsrivatsa

2. eStamp Purchase: Has anyone used https://www.edrafter.in/e-stamp-paper-karnataka/ to buy estamp online? Is it an authorized entity to buy from? Will the estamp come in email or will it come by post? Are there other similar sites selling estamp online?

3. Flat Re-sale Scenario at Sub-registrar: How easy difficult is the current scenario at the Sub-Registrar office if we need to register a Flat in Bengaluru?
Is it straight forward to do it on our own by taking appointment online or is it better to go with the help of a broker to avoid multiple attempts/rounds?

Thanks in Advance.

1: I use e-drafter to get documents printed also, pricey but saves times and it will come by courier. Pretty good service if you need a 2 day turnaround

2: Find a good property lawyer who knows the ropes

[DigitalOne]

Indexation removed for calculating Long term capital gains tax for all asset classes including real estate. This has huge implications as Deepak Shenoy points out.



Another post on the same lines:

[Karthik Mathur]

While I hope this would lead to rationalisation of real estate prices since the investor class might stay away, all that would happen is an increase in black money as cash transactions will go up.

[PatienceWins]

What about inherited properties that have been passed on through multiple generations?As per my understanding, earlier an indexation chart was used to determine the initial cost. As indexation has been removed, not clear how the initial cost would be determined.