Team-BHP - The Property / Real Estate Thread

Quote:

Originally Posted by Twiny (Post 2438636)

I was looking for buying resale apartment on Marathahally-Varthur Main Road, and getting sq.ft quotes something like, Puravankara Apartments-5000+ , Spectra Cypress-5000, Rohan Vasantha- ~5000, and others Aishwarya/Krishna Royale/Raghavendra 3500-4000.

If comparing with 1year old prices, the rates have gone up >1000/sqft.

Agree to this, couple of Purva Fountain Square flats I know got sold around Rs5500 per sq feet. One of these adjacent to mine got sold at 88 Lakhs last month, its a 3 BHK 1560 sq feet flat. Not sure if this includes registration.

Quote:

Originally Posted by fordday (Post 2437810)

@Condor, I hear Punjab Nat Bank is financing some other buyers in that complex. If I get a loan from bank for the flat, does it mean everything is clean or do I need to go for additional checks?

Never do this mistake , Banks responsibility is to give you a loan and catch you if you default. There are enough examples of reputed builders doing ghotala in some of the projects spend some 5-10 K and get verified from lawyer

Quote:

Originally Posted by condor (Post 2442914)

Was looking at magicbricks.com. Darn advertisers list the property at say 50.25L. But when you call they say "there is one avlbl at 60L"

Condor this normally happens if its a broker. Its one trick to entice a prospective buyer. I would go further and say that its a norm with brokers. Individual sellers dont get into these tricks. Another point to note is to check if its a old ad (not all sites mention the listing date though).

Quote:

Originally Posted by condor (Post 2428188)

Guys, am being offered site in a pvt layout, apparently with approvals in place. Rate @1300 per sq ft on Mysore road, near the NICE road junction. The sites are close to that panch-mukhi Ganesha temple, and about 100 odd meters off Mysore road.

What do you think ? Is it worth it ?

Condor, heard a rumour that Accenture is shifting some of its staff to Global Village IT park on Mysore road.

Quote:

Originally Posted by Spitfire (Post 2419407)

Considering Sarjapur-Attibele.

My take: Long term returns wont be great.

Agree with Spitfire, rates quoted are in the area of Rs 1300 per sq feet. With Infosys dropping its plan dont think there will be much commercial activity happening in near future, the gestation period will be much longer. I think at this rate one can get good sites behind St. John college in Gottigere on Bannerghatta Road as well as in north Bangalore.

Quote:

Originally Posted by condor (Post 2443497)

One question for guys in smaller complexes: How is the maintenance managed ? Who does it ?

There is a law to form association in case of apartments and societies so this must be applicable to smaller ones too (not aware of the minimum number of apartments/houses required). Problem here is if one person doesn't pay maintenance then it becomes a problem, so try and get some feedback before you purchase.

Quote:

Originally Posted by condor (Post 2443497)

One question for guys in smaller complexes: How is the maintenance managed ? Who does it ?

Lot of gray area here.

Get a society registered.

In Bangalore there is a big scam on the small complexes. The owner/builder will have a huge stake and everything goes downhill from there.

Be very very vigilant.

Best way to go about it. See if a third party is managing it.

Quote:

Originally Posted by download2live (Post 2443514)

^^^In my friends apartment they have formed a small committee. They chose a president for fixed number of months. They contribute every month towards the maintenance.

In my aprtmnet there are 37 flats and an association to run the affairs. Builder handed over the apartment to association after running affairs initially for 1 month. Expenses towards upkeep of common utilities ( security , power , water , Diesel , gym, partyhall , cleaning etc) is estimated and a monthly maintenance fee is decided.
For once in a while big ticket items such as painting of building special funds are collected.

Quote:

Originally Posted by Spitfire (Post 2444006)

In Bangalore there is a big scam on the small complexes. The owner/builder will have a huge stake and everything goes downhill from there.

That is definitely one very valid concern. The builder sells flats to people he knows, and they can gang up.

The other problem is when people dont pay maintenance fees.

Quote:

Originally Posted by amitk26 (Post 2444076)

+1 to that. Generally the maintenance per month is calculated either by 1) no of flats or 2) By area. But in most cases (atleast in Mumbai) its calculated by area rather than by the no of flats. The flats are charged @ rs X/sqft and maintenance is collected intially before the society is formed. Once the society is formed then the other expenses such as sinking fund, reserve fund are also collected apart from the day to day maintenance expenses. Apart from these the flat owners also have to shell out annual property and water charges independently.

I have been living in a small apartment complex comprising of 12 flats since last 1.5 years. The building is 2.5 years old. For the first 2 years, the builder took care of the maintenance by collecting from each owner on a quarterly basis. From last 2 quarters, I'm taking care. Next quarter onwards, there will be another owner. No hassles involved as such. Most of the owners pay their amount in the first month of the quarter itself and this amount is used throughout the quarter. The summary of records maintained is shared with everybody during a meeting which is held once a quarter.

It was my personal choice to stay in a small complex because both me and the missus do not like huge crowds. Our area is excellent and we knew the builder, so it was a natural choice. But agree with most of the concerns here that there can be many bad apples out there and one has to be very careful.