[ghodlur]

OC will be issued by the Municipal authorities for each completed building.

If it has been mentioned in the agreement that the builder will compensate in case of delay in the handover of the possesion then you are entitled for the same. If it is verbal (which is the case most of the times), then you need to argue with the builder regarding the same without any legalities support.

If the flat is ready for possession what is hindering you from occupying the flat. Has the builder not issued any possession letter, if he has then you need to check all the utlities and take the possession, waiting for OC to take possession would prove futile in the longer run.

[driving_smartly]

Originally Posted by kiren

I had booked a flat in Pune in 2007 with a promised delivery as March 2009. I need help on following:

1. Can the builder get OC for 2 buildings in a 5 building project incase these 2 buildings are complete? My Flat is ready now and awaiting OC to take possesion.

2. Is there anyway to get a compensation from the dealer for the delay?


Thanks in advance.

Yes the Builder can get OC for both the buildings. Also check if the builder has availed and construction Term loan pertaining to that particular project and if the parcel of land on which the building is constructed is mortgaged or not. In case of mortgaged, the structure created thereon (building) is also being mortgaged and builder has to obtain NOC from the Bank to whom the property is being mortgaged.

Hope this should clear your dout.

[kiren]

Thank you Lamborghini,ghodlur,driving_smartly for your replies.


ghodlur,

As per the builder the OC is expected within next few days hence not hurrying. I am waiting for the OC as to get other services such as gas,telephone etc. easily. The builder is ready to give the possesion.

driving_smartly,
Will check on the mortgage part. HDFC had given me a letter a NOC for taking Home loan from other banks. However I have not uses that.

Thanks
Kiran

[ghodlur]

Recently one of my friends who wanted to sell his flat in Thane (Taken for investment purpose) was in for a rude shock when he was told by the broker that he could not sell the flat within three years of registration. Is there some kind of rule that one cannot sell the flat purchased within three years of registering the flat, BHPians know of any such rule.
I tried searching the net for such stupid rules but could not find one.

[Jaguar]

Originally Posted by ghodlur

Recently one of my friends who wanted to sell his flat in Thane (Taken for investment purpose) was in for a rude shock when he was told by the broker that he could not sell the flat within three years of registration. Is there some kind of rule that one cannot sell the flat purchased within three years of registering the flat, BHPians know of any such rule.
I tried searching the net for such stupid rules but could not find one.

I don't think any such rule exists, atleast here in Bangalore. I recently purchased a flat from the first owner who had registered it < 2 years ago. I had gone through a competent lawyer and am sure he would have raised objection in case of any issues.

[ghodlur]

Originally Posted by Jaguar

I don't think any such rule exists, atleast here in Bangalore. I recently purchased a flat from the first owner who had registered it < 2 years ago. I had gone through a competent lawyer and am sure he would have raised objection in case of any issues.

Did some surfing on internet and found that the 3 year period is applicable if one wants to save long term capital gains tax.

The thing is if you have sold one flat (say 10L) and avoided paying the long term capital gains tax on the profit earned (10L-5L say) by investing the profit (5L) in purchase of a new flat then you cannot sell the new flat until 3 years if you dont want exemptions from capital gains to be taxed in the year the new flat is sold. Alternatively you can sell the new flat and pay short term capital gains tax (at par with IT tax slabs) + the long term capital gains tax on profit i.e 5L.

Pls see the link below.
Planet Powai Online Community News Paper Hiranandani Niranjan Hospital Flat Property Rodas Hotel IIT Indian Institute of Technology Yellow Pages on Powai Photo Gallary Powai Portal Events and Happenings Powai Market Hiranandani Construction

My friend was trying to do exactly as stated above and since the broker in both cases was same, hence the advise. Guess the broker knows more about the taxation thane we do.

[jigbarai]

Originally Posted by ghodlur

Recently one of my friends who wanted to sell his flat in Thane (Taken for investment purpose) was in for a rude shock when he was told by the broker that he could not sell the flat within three years of registration. Is there some kind of rule that one cannot sell the flat purchased within three years of registering the flat, BHPians know of any such rule.
I tried searching the net for such stupid rules but could not find one.

This is more of a 'builder' specific rule where the property is more of 'under construction'.
Ive seen several reputed builders have this clause in Mumbai - big ones at that.

Thing is - unless the the construction is completed, full amount paid, transfer of the flat done to the owner's name - the owner does not really have FULL CONTROL. The builder will still call the shots. Hard but true fact. You might be surprised to find this clause mentioned in the booking agreements etc.

If the flat is transferred in the person's name, all payments done - he can sell it whenver he wants to.
Just needs an NOC from the building society.

[ghodlur]

Originally Posted by jigbarai

This is more of a 'builder' specific rule where the property is more of 'under construction'.
Ive seen several reputed builders have this clause in Mumbai - big ones at that.

Thing is - unless the the construction is completed, full amount paid, transfer of the flat done to the owner's name - the owner does not really have FULL CONTROL. The builder will still call the shots. Hard but true fact. You might be surprised to find this clause mentioned in the booking agreements etc.

If the flat is transferred in the person's name, all payments done - he can sell it whenver he wants to.
Just needs an NOC from the building society.

The case which I referred was slightly different from what you have mentioned.

If its the case of builders calling the shots, then how come the investors have the liberty of exiting a particular project once the target price is reached. This way the builder jacks up the price stating that the building is sold out so the investors can sell the flats at an exobitant price at a later date.

The builders exert their powers on actual honest customers and not on those investors.

[mohang_j]

Hi,
I have brought a plot in Kanakapura road. Now i need to get in to get the house plan done. Can sombody post the website details where i can get free readymade plans. Just to have idea.

[vivekiny2k]

I need to sell a property in chennai while I am here. Any pointers to agents/lawyers who can get that done? The real estate agent I bought it from doesn't seem to have any experience in that.

[Jaguar]

The property I bought was owned by an NRI. He had to get a Power of Attorney with specific powers to sell the property to his father from the Indian Consulate in US. That POA had to be registered here in Bangalore by paying some Rs.200 stamp duty.
With this, the POA holder can sell the property without any issues.

[foby.sebastian]

Originally Posted by Latheesh

There is a plot available for sale on Horamavu-Kalkare 80ft road, Blr near Soverign Unnathi project. Seller is asking Rs.1800/Sqft. We dont know the rates in that area, How much we should quote?

Said plot is around 2KM from KR Puram/1KM from ring road junction.

Lateesh , I belive that it is after the railway gate from the Banaswadi signal , The price was much cheaper over there , but the current price is a fair deal.


I stayed over there 8 years before , Before that road was a kinda dead end , but after the air port shifting , The Hoskote - devanahalli road came to its glory , the road here which you mentioned have a connection with the Hoskote devanahalli road via Bidrahalli.

When I shifted to Kalkkare road , the banyan tree center was in a very pathetic stage , but years after I visited there , It was a drastic incomplete growth in that route.

[Latheesh]

^^

Yeah it is 0.5 KM after the railway gate near some private gas company depot. I think that's the area you stayed. Negotiation is on, hope something materialize by end of next week.

[vivekiny2k]

Originally Posted by Jaguar

The property I bought was owned by an NRI. He had to get a Power of Attorney with specific powers to sell the property to his father from the Indian Consulate in US. That POA had to be registered here in Bangalore by paying some Rs.200 stamp duty.
With this, the POA holder can sell the property without any issues.

thanks buddy. I would like to know if rules are any different in chennai. folks from Tamilnadu?

[wildon]

Originally Posted by Latheesh

^^

Yeah it is 0.5 KM after the railway gate near some private gas company depot. I think that's the area you stayed. Negotiation is on, hope something materialize by end of next week.

careful if you are buying any roadside property here as road widening happening.