[vinay kamath]

Originally Posted by Adi22

Hi, one of my family relative planning to invest in a sobha dream acres apartment near varthur (panathur road). Do you find any reason he should be worried ?

Thanks,

Obtain the Survey number and Village name of ANY property one wishes to consider buying. Identify the Local Tahshildar's office and enquire about Lakes, existing and proposed acquisition notices , whether Government land, whether Graveyard, whether Kharab land, whether Lake bed, whether Drain(Rajakaluve) , etc.

Next visit the Survey records office beside Cubbon Park, at the entrance to Nrupathunga road. Somehow, obtain a copy of village map (older the date of the map the better) . See where is your survey number in that map , and whether that used to be a Lake.

Next, there is a Lake Development Authority. Visit them and check if your survey number was an erstwhile dried up , dead lake.

Do not buy any lake property, no matter how cheap.

If you have more time, check with Head Offices of BMRCL, NHAI, BDA and BMRDA to find out if they had proposed to acquire the land for any purpose.

[Adi22]

Originally Posted by vinay kamath

Obtain the Survey number and Village name of ANY property one wishes to consider buying. Identify the Local Tahshildar's office and enquire about Lakes, existing and proposed acquisition notices , whether Government land, whether Graveyard, whether Kharab land, whether Lake bed, whether Drain(Rajakaluve) , etc.

Next visit the Survey records office beside Cubbon Park, at the entrance to Nrupathunga road. Somehow, obtain a copy of village map (older the date of the map the better) . See where is your survey number in that map , and whether that used to be a Lake.

Next, there is a Lake Development Authority. Visit them and check if your survey number was an erstwhile dried up , dead lake.

Do not buy any lake property, no matter how cheap.

If you have more time, check with Head Offices of BMRCL, NHAI, BDA and BMRDA to find out if they had proposed to acquire the land for any purpose.

That was really helpful to know all this. Thanks.

[AltoLXI]

Originally Posted by Latheesh

If you do not want to be part of black money cycle when you are buying a plot, why become part of it when selling?

I do want to sell accepting white money later point also. The problem is there may be not many to buy registering at market value then - like me. So I may find it difficult to find such buyers. Let me explain:

- When the future buyer registers at guidance value and I accept white (in cheque form). Then the difference between the registered amounts will be "loss" for me - in figures. But the amount over and above the guidance value accepted in white will be taxable for me. Can I offset that tax showing LTCG as "loss"?

[M35]

I need urgent help from folks based in Kochi. Since I have to be in and around Amrita Hospital for a Month or so for a medical reason, I am looking for some quality staying options like service apartment/villa or similar kind. It should be in a safe and peaceful atmosphere, even if it is some 5-6 km from the hospital. My budget is around 10-30k per month. I can also think of something like 'Parm grove service villa'. Something in a more natural setting with safe parking, accommodating 3/4 people is what I am looking for.

The requirement is immediate and is from tomorrow.
Thanks in advance.

[M35]

Originally Posted by M35

I need urgent help from folks based in Kochi.

Though there are quite a number of furnished/semi-furnished apartments or houses around, of those I was shown, none of them I was happy with. Most of them were quoting in the north of 15k/ month. The disgusting smell of fungus and the amount of dust inside made me thinking of regular hotels even if I had to shell out more.
Finally found one just about 500m from AIMS with a clean surrounding. A brand new 3BH house with cleanliness matching the best. It is not cheap but very much satisfied, no parking facility though. Not a big deal as I got my 'Scorp' a shelter at a nearby hotel for Rs.500 for a month.

Though I don't belong to Kochi, I can very well be of help if any one is in a similar situation. Just drop me a PM.

[woof]

Hi folks,

I am in process of registering a property in Gurgaon. Just wanted to know what are the expenses involved. As per the broker I need to pay the following:

- 6% of total cost of apartment as stamp duty
- Rs. 1000 as commission to SBI for stamp duty submission
- Rs. 30000 for preparing the sale deed/lawyer charges
- Rs. 25000 for the registration

Can anybody confirm that these are the actual charges?

[amitpunjani]

Originally Posted by woof

Hi folks,

I am in process of registering a property in Gurgaon. Just wanted to know what are the expenses involved. As per the broker I need to pay the following:

- 6% of total cost of apartment as stamp duty
- Rs. 1000 as commission to SBI for stamp duty submission
- Rs. 30000 for preparing the sale deed/lawyer charges
- Rs. 25000 for the registration

Can anybody confirm that these are the actual charges?

Buddy,

6% depends, on who's name you are buying. In case of female its 5%.
30k, for preparing sales & deed/lawyer charges, is too high. Its about 5 to 10k depending upon your negotiation.

Rs 25,000 registration for what purpose?? There is no registration, apart from stamp duty.

All these brokers are crooks, just beware my friend!!!

Amit

[phamilyman]

Originally Posted by woof

Hi folks,

I am in process of registering a property in Gurgaon. Just wanted to know what are the expenses involved. As per the broker I need to pay the following:

- 6% of total cost of apartment as stamp duty
- Rs. 1000 as commission to SBI for stamp duty submission
- Rs. 30000 for preparing the sale deed/lawyer charges
- Rs. 25000 for the registration

Can anybody confirm that these are the actual charges?

Lawyer charges are assuming you have a crack lawyer who can get your deed through the system on the 2nd day. If you don't mind a bit of delays, I think you can get it in 2/3 days in 40-50% of the price. Can recommend a decent chap but whose not the most smoothest onground operator if you want.
15-16k was actual registration, rest 10k is bribes so that looks fine to me.

[woof]

Originally Posted by amitpunjani

Buddy,

6% depends, on who's name you are buying. In case of female its 5%.
30k, for preparing sales & deed/lawyer charges, is too high. Its about 5 to 10k depending upon your negotiation.

Rs 25,000 registration for what purpose?? There is no registration, apart from stamp duty.

All these brokers are crooks, just beware my friend!!!

Amit

I am buying this property along with my wife. As per Haryana govt rules, stamp duty in that case is 6%.

I just googled and found out that the registration fee in Haryana for property worth 25 lakhs and more is Rs. 15000 (http://haryanaforms.nic.in/dwd/fee/Mut.pdf)

So, I guess my broker is fooling me when he mentioned 25k as the registration amount.

[DRIVE_ADDICT]

Im looking for a budget flat around Sarjapur main road, Bangalore.

I ve came across this Srujana Oaks, near the RGA tech park. Impressed by the layout. It's a stilt + 4 floors property, with a total of 40 flats.

The sales person informed that they have E-Katha for individual flats and can transfer it to buyer's name upon registration. but they will not provide OC (Occupancy Certificate).
I'm little confused here, how come they got Katha without OC?

He said getting OC will increase the cost of the flat and it will be hard for them to sell on that price.
He added that they didn't deviate beyond the permissible limit and ready to provide documents for validation. Even all reputed banks including LIC and SBI are ready to approve loans.

I thought OC is mandatory for loan approval. Im new to this whole thing, can someone give some insight on this?

[reverse_gear]

Originally Posted by DRIVE_ADDICT

Im looking for a budget flat around Sarjapur main road, Bangalore.

I ve came across this Srujana Oaks, near the RGA tech park. Impressed by the layout. It's a stilt + 4 floors property, with a total of 40 flats.

The sales person informed that they have E-Katha for individual flats and can transfer it to buyer's name upon registration. but they will not provide OC (Occupancy Certificate).
I'm little confused here, how come they got Katha without OC?

He said getting OC will increase the cost of the flat and it will be hard for them to sell on that price.
He added that they didn't deviate beyond the permissible limit and ready to provide documents for validation. Even all reputed banks including LIC and SBI are ready to approve loans.

I thought OC is mandatory for loan approval. Im new to this whole thing, can someone give some insight on this?

Please think through this carefully. As per law, the corporation can ask any property that is occupied without OC to be vacated. Further, you will probably not have access to corporation water and some other amenities. Khata pertains to land title records of the revenue department, this does not give permission to occupy the property. The occupancy certificate is given by the municipality after scrutinising the construction and assuring that it is within the norms.

Often, it happens that the builder delays in getting the OC for years, which means that the flats are illegally occupied for that period. The municipality mostly turns a blind eye to this, except for the odd occasion when they decide to take action against the property. Further, it will make it very difficult to sell the flat a few years down the line if it still does not have OC.

As far as loan process is concerned, the bank will look at the borrower credit (that is YOU) and the assurance from the builder that they will obtain OC in the future. Till OC is obtained, it will be treated as "under construction property". But eventually the bank is relying on your earnings to pay off the loan.

The one person who is at maximum risk in this whole game is YOU:
- corporation will hold you responsible for moving in without OC
- builder will walk away with his cash after selling the flat and will not be traceable when you want to ensure that the OC comes through
- bank will make sure you pay the EMI, irrespective of whether you are thrown out of the flat or not

People still take this risk because discounts are offered and the builder promises that OC is a formality which will be obtained in a year or two. Many a time, you get away with it, sometimes you can get badly burnt.

Please think through all this carefully and whether you are comfortable with this risk situation before buying a completed (and occupied flat) without OC.

[Rajeevraj]

Originally Posted by DRIVE_ADDICT

Im looking for a budget flat around Sarjapur main road, Bangalore.

I ve came across this Srujana Oaks, near the RGA tech park. Impressed by the layout. It's a stilt + 4 floors property, with a total of 40 flats.

The sales person informed that they have E-Katha for individual flats and can transfer it to buyer's name upon registration. but they will not provide OC (Occupancy Certificate).
I'm little confused here, how come they got Katha without OC?

He said getting OC will increase the cost of the flat and it will be hard for them to sell on that price.
He added that they didn't deviate beyond the permissible limit and ready to provide documents for validation. Even all reputed banks including LIC and SBI are ready to approve loans.

I thought OC is mandatory for loan approval. Im new to this whole thing, can someone give some insight on this?

OC happens once the construction is complete and ready for hand over. It is the document from BBMP/BDA that the construction has been done according to plan. The Bank Loan stuff happens way before. So banks really cannot insist on OC for under construction properties. Banks will just look at the approved plans and I doubt will go do a site visit to see if the construction is according to the plan. if this is a completed property and SBI has agreed to give loan without an OC, I will be surprised.

The Khatha they will be having is for the whole land. Also, not sure if there is anything called E-Khatha. The Khatha that is relevant is the A-Khatha. There is something called B-Khatha which as far as i know is pretty much useless.

For Khatha transfer, OC is mandatory. No two ways about it. There is no legal way to get Khatha transfer done without the OC. So either the builder is bluffing or plans to go via a bribe/illegal route (which will also cost money. So doubtful if the builder will do it))

if they are not willing to provide OC, pretty much means that there will be deviation. I think the deviation can be at max 5% from the approved plans.

I suggest you take the services of a lawyer to validate the approved plans, other documents and also check the plan vs actual. (To an extent you can verify this your self also)

[DRIVE_ADDICT]

Originally Posted by reverse_gear

Please think through this carefully.

Thanks for your insights, In all probability i guess i ll opt out of this property.

Originally Posted by Rajeevraj

OC happens once the construction is complete and ready for hand over. .. if this is a completed property and SBI has agreed to give loan without an OC, I will be surprised.

The Khatha they will be having is for the whole land. Also, not sure if there is anything called E-Khatha. ...

Its almost completed, some owners already started doing wood work and they are handing it over by April.

In sarjapur, Many flats are having E-Khatha which they call it as Electronic form of A-Khatha. Though im hearing different stories from different builders regarding this.

[jetti]

I'm looking to buy property in Hyderabad in Kondapur. Can you refer a good property lawyer in Hyderabad, esp, on this side of the city (Hitech, Kondapur, Gachibowli)?

[Turbanator]

I guess my broker is fooling me when he mentioned 25k as the registration amount

There are lot of extra expenses that need to be paid in Gurgaon when you have to get Registry done. Do check what all is he asking, 25 K looks reasonable to me