What documents are required before buying an apartment?
The following documents are required to be registered compulsorily under the Indian Registration Act, 1908:(a) Every time the immovable property is sold/purchased, the agreement needs to be registered. (b)Instrument of gift of immovable property.
Hi can you please answer my query.Which documents must be compulsory registered?
Could you let me know the pros and cons of Gifted property (father’s property but gifting by broth ... [more..]
Hi, I want to buy a free hold land. Is it possible to convert an agricultural land into a residentia ... [more..]
Procedure of conversion of agricultural land into non agricultural land in bhopal and nimach (madhya pradesh)??
First, check which approbation authority's jurisdiction does the land fall into. For example GHMC, HMDA or DTPC. The panchayat has no authority to convert the land nor to sanction any layout. If the area falls in panchayat's jurisdiction then you need to approach DTPC. If you are planning to construct house, then you have an option for applying directly for house permission and paying the conversion charges included in the permission charges. firstly check out the jurisdiction and then apply for the land use. If it's not in reserve category then conversion of land is not a problem though it will involve some and lots of leg work. best is you can hand over to consultants who are experts in these matters, who not only save you time and energy, but lots emotions too.
Hi, I had bought a property in 1998 for Rs 1 lakh and now I wish to sell it for 50 lakh. I’m look ... [more..]
You can avail tax exemption on sale of a house if the profit is invested in either bonds of the National Highways Authority of India and Rural Electrification Corporation Limited for three years. The investment has to take place within six months of realizing the profit. However, investment is allowed only up to Rs 50 lakh in a financial year. Usually the interest on these bonds is around 5-5.5%. Hence, few factors should always be kept in mind when you are going to buy or sell a property. While making profit by selling a house, you need to know which tax bracket you fall under when calculating capital gains tax and also whether or not indexation can save tax payable for you.
You can claim tax exemption under Section 54 on the long-term capital gain on sale of a property. If you buy a house within two years or construct a house within three years with all the profit made of sale, then you can avail tax exemption. You can avail tax exemption if you had bought a second house within a year before selling the first house. Further, you can avail tax exemption under Section 54 (F), too. For this, you need to own not more than one house and invest sale proceeds from assets other than a house in real estate. Real estate investment in India must be made in residential properties, not in commercial properties or vacant plot, in order to avail tax exemption.
I have heard of litigation issues from BDA for Elegant Embassy in RajaRajeswari Nagar. He has all th ... [more..]
Shilpa, I would suggest you to invest only after the case is cleared. It is not safe to invest in properties under litigation. You may end up in huge loss and yet no property..
This is Senthil. I have seen a property near Meenakshi mall, Bannerghatta Road. It is an apartment. ... [more..]
Hi Senthil.. I see it's been some time that you have posted this query.. I hope you have come to some conclusion.. so have you purchased that flat or not? If not decided yet, then I think it is better to get a legal expert hired to see which is better option..
When I contacted HDFC bank for loan, they are asking the seller to get a Form B and they would sanction loan. In my knowledge, Form 'B' is nothing but 'B' Khata. So technically, if I purchase this property, the site has an 'A' khata where as the individual flat has 'B' Khata and HDFC is ready to fund the loan. Is it wise to buy the property? Will there any implications later when I try to resell the property?
when we went to the owner for real registration first that person agreed for 10000 but his sons aski ... [more..]
Mr. Ahmed, when you bought the property in 1992, didnt you do the registration? Or do you have sales deed or any related documents as proofs for showing that the property is yours?
B M Developer / BM Infra Builder / GSA Biulder is encroaching the plot and making Illegal constructi ... [more..]
Hi Frnds, This is Arun here.i have Booked a FLAT in BM LAVENDER,I have verified the Documents of BM LAVENDER with my LAWYER ,MY LAWYER TOLD THAT ALL DOCUMENTS ARE CLEAR AND ALSO TOLD THAT SURVEY NO 56/5 ,AREA 8696 sqft,THESE IS A RESIDENTIAL CONVERSION PROPERTY AND ALSO HAVE "A" KATHA AND BBMP APPROVED PLAN. SANJEEVINI PROJECTS HAVE PURCHASED THE PROPERTY FROM "L.PADMAVATHI W/O LATE N.PARTHASARATHY' WHO IS THE 1ST OWNER OF THE LAND. "SANJEEVINI PROJECTS" HAVE GIVEN THESE LAND TO "BM INFRA VENTURES " FOR JOINT DEVELOPMENT. THE PROPERTY IS CLEAR & NO DOUBT ABOUT IT.'BM LAVENDER " PROJECT CONSTRUCTION IS GOOD & WORK IS ALSO GOING VERY FAST .They are also helping to get the loan from Bank. I AM VERY HAPPY ABOUT THESE PROJECT & ALSO REFERED MY FRIENDS TO PURCHASE THE FLAT.Some use less fellow has been posted bad about "BM LAVENDER" PROJECT.U CAN VERIFY THE DOCUMENTS WITH YOUR LAWYER & CAN BOOK THE FLAT.
BM DEVELOPER is a Complete BOGUS FRAUD COMPANY. They very well know that they will not be able to complete the Projects at VICTORIAN VIEW, BOREWELL ROAD,WHITEFIELD. They simply want to put up a structure and collect ADVANCE amounts from People and VANISH. POLICE, POLITICIANS & Government Officials are INVOLVED in this LAND GRAB. VICTORIAN VIEW ASSOCIATION, is just watching all this with Patience to STRIKE on the right time. The Association is Deeply getting into the matter and trying to Ascertain the Depth of this LAND GRAB. We are getting details of EACH AND EVERY POLITICIAN, Police official, BBMP Official INVOLVED. Finally, we will call for a PRESS CONFERENCE, MEDIA and EXPOSE This entire LAND GRAB, VERY SOON.....
The possession for A,B,C,D blocks has started. Is the builder providing occupancy certificates to th ... [more..]
If the possession has of the flats have started then definitely the builder have to given possession. Please check with the builder...
I have booked a flat in Bangalore. Now the builder is asking me to pay the VAT and Service taxes. I ... [more..]
Please google. you may get good results
Both vat and service tax has to be calculated on the basic amount., u cant charge a tax on the tax ie.service tax is a tax, you cant charge VAT on the service tax. so it has to be basis amount only
What is the procedure to buy under construction flat?
The Section 80C allows tax benefit for the amount paid towards the Stamp Duty and the Registration process. However, the tax rebate on principal repayment may not be allowed when the property is under construction.If there is a delay in the project and the possession doesn’t happen on the given date, one cannot get the tax benefit for the principal and the interest. One can avail the tax benefits at the time of filing the income tax returns.
How can one avail tax benefits from an under construction property?
Hi, What is exactly BWSSB and KPTCL? How much the cost will come altogether in Yelahanka Newtown are ... [more..]
Yeah you can ask the builder why he has not taken money from other owners. Was the BWSSB & KPTCl charges mentioned in the documents which was provided by him.
The full form of BWSSB is Bangalore Water Supply and Sewerage Board and KPTCL stands for Karnataka Power Transmission Corporation Limited.
How can I convert my bbmp b khata property to bbmp a khata property?
When we can get the notification from BBMP for converting the Khata B to A? Please if anyone know this, share it here. It will be helpful.
Please confirm if to process Khata A, betterment charges of 550Rs per SQM or 55.5 Rs per SFT needs to be paid to BBMP? ALso, is this betterment cost for a flat or apartment complex is to paid by flat SFT or the undivided share of land? As for my apartment of 2000SFT and 1 covered car park of 180 SFT, if the betterment charge is on flat SFT then it seems I have to pay 1.2 Lakhs to BBMP to get Khata A? Also, should builder have paid this as this is a statuatory charge?
On a 600 square feet plot at Bangalore, how much area can be built legally. i.e Is there a requirem ... [more..]
If the depth of the site in meters is upto 6 mtrs then the exterior open space for residential purpose in front you will have to leave 1 sq. mtrs and 1 sq. mtrs in the right. If the depth is over 6 upto 9 mtrs then you have to leave 1 sq mtr on all the four side of the house
What is the status of VAT which we paid for buying a flat in bangalore? will it comeback to me ? is ... [more..]
Builders as well as flat buyers are confused over the payment of VAT charges on selling and buying property. According to the law, Value Added Tax (VAT) is applicable on mobile things. Things which are immovable are not counted under VAT.
What is the difference between loan and mortgage?
Loan: The borrower initially receives an amount of credit from the lender, which they pay back, usually but not always in regular installments, to the lender.
Mortgage: Mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately.
Legally, A loan is a type of debt. A loan is a contractual promise of a debtor to repay a sum of money in exchange for the promise of a creditor to give another sum of money. A mortgage is a method of using property (real estate or personal property) as security for the payment of a debt.
When the BDA is planning to complete the land acquisition and when they are allotting the plots?
People eligible to apply for BDA sites are:-
Persons who have attained 18 years of age.
Domicile of Karnataka for 15 years prior to date of registration.
All India services 2 years Domicile Certificate (Central Govt Employees).
Persons who does not own previous BDA allotted Site/House.
What is the eligibility to apply for a BDA site?
When i purchaed apartment from Landowner, he clearly told me that there won't be any service tax as ... [more..]
Please check the agreement if anything has been mentioned about the ST + VAT. Actually the originally buyer should pay the ST + VAT
In resale transaction from any owner other than developer, no service tax is liable. For further clarification you can take advice from your legal expert.
Anyone booked apartment in the same project ? is it legally clear ?
hi jojo/madhu, Have you guys formed a group ? Can you please share your contact details to me. Thanks.
Hi, I have booked a flat in Shilpitha Sunflower. Let me know if anybody else has booked it.
I have booked the apartment in this project.But I would like to whether any one has taken legal opin ... [more..]
I don't know.I am in the process of taking legal opinion.
I heard that the project is approved by BBMP. Is there any legal issue with the project?
Hi Can some one tell me about MYSTIC Greens project at Haralur by BM developers
BM Developers is one of the leading real estate builder and they have successfully completed variety of projects like construction of residential houses, multi-storied buildings,apartments, commercial complexes etc
BM Mystic Greens is one of the popular residential developments in HSR Layout Sector 2, neighborhood of Bangalore. It is among the ongoing projects of BM Developers. The project is expected to get completed by end of 2013.
HI I want to know if builder can cancel the agreement without giving notice on non payment of the mo ... [more..]
Builder cannot cancel without prior intimation if it is mentioned in the agreement. You may approach the court or consumer forum.
Hello, I have purchased a property in a gated-community in Bangalore. It is a DC-converted property ... [more..]
Getting a Khata is an important step in a property transfer process. It is mandatory for all property owners/holders to pay property tax. As such, all property owners need to have a Khata. It is issued by the Bruhat Bangalore Mahanagara Palike (BBMP). Khata certificates are also issued by the Bangalore Development Authority (BDA) in case the property comes within its limits, and by the panchayat in case of a property which is converted from agricultural to non-agricultural use.
It is true that a majority of the layouts are DC converted and not approved by BDA/BMRDA. There is element of risk which can be properly analyzed by a competent lawyer.
hi I am a resident of Ullal Main Road near Bangalore University Quarters, Mallathahalli, bangalore ... [more..]
Hey Rejitha, Submitting an appeal in the court does not mean he has got stay over if he has the stay order ask him to show the papers or the documents he got. There is no other alternative then to approach BBMP again about the house.
Bangalore citi , builders have not paid the statutory dues where by flat owners deprived of Khata fr ... [more..]
Now-a-days every Tom, Dick and Harry builder seems to have a CREDAI tagline in his advertisement. Don't you think this is misleading the public?
CREDAI is a regulatory body and I think they should monitor the work. If CREDAI claims to play a self regulatory role, then the CREDai has a long way to go.
Also the agreement between the owner and maxworth is already over 1 year will there be renewal of th ... [more..]
Hello Sumanta, I think you should talk with the builder about the registration as the agreement is already done.
Still today stage2 agreement has not done.
I think all the buyers who have booked a flat in this project form and group and take action against them
ALL THE TELEPHONE ARE DISCONNECTED.EVEN I VISITED YALAHANKA OFFICE & THAT WAS LOCKED.
I need to get Khata transfered for the plot I purchased recently in Anjanapura. I was told that BDA ... [more..]
You can check with your bank and request them to provide you the original khata or else you can submitted a letter to bank stating that you will return the original khata after khata transfer.
i would advice you to go to BDA office for your jurisdiction and get the form with list of documents needed. You can apply for old owner original khatha transfer with written application to the bank. Mention that you need original documents as required by BDA and once transfer is done in your name, you will submit the originals to the bank in 45 days.
Hello Rakesh, Before booking please cross check all the documents and if he has not got approvals then I think there is some complications with the project.
Association needs to take urgent call with builders
Thanks for the reply.Could you please quote the law to enable us to take up with ' Nagarjuna Construction Company' the builders .
In Labour laws it is mentioned that toilet facilities particularly for women workers should be provided. If the builder is not providing then you can take legal help in this situation.
Just want to know whether it is good to register on market value or on govt guidance value..? what a ... [more..]
You can go to sub-registrar office, its guidance value is very less compared to what we are registering at, if we just go with the govt guidance value we can save good amount
Hello All, I have booked a flat in Bangalore. I had registered the flat in my name before completing ... [more..]
As far as I know VAT is 5.5% and Service Tax is 3.09%.
I reside in an independent house in Bangalore. This plot of land was purchased by my grandfather thr ... [more..]
The Khata in the name of a person signifies that the person concerned is in possession of the property in the revenue records for all intents and purposes. The Khata Certificate is a secondary document of title, the primary documents being the sale deed, partition deed etc.
All the RENT agreements I have seen mention that the LEASE agreement is for 11 months. Why is it tha ... [more..]
Rent is a monthly payment made to the landlord,whereas Lease is an agreement for fixed period for on payment of one time amount,which will be repaid went you leave the house.
Lease agreement: Lease agreement is not flexible and it is made for long term. Pre determined and cannot be broken without breaking the lease.
Rental Agreement: Rental agreement is flexible and it s made for short term. Pre determined and terms can be changed
Please advise the Procedure to make Gift deed ?
Hey Everybody, recently I have read an article in Commonfloor website about Gift deed. I am sharing the link with you guys. Click here to read the article Only Registered Gift Deed of Property Is Valid
First take help from a lawyer to prepare the gift deed and get it registered. You just have to pay gift tax as per the gift tax so that procedure gets completely over and the title comes to you
What are genuine property?
I am looking to register my property and i have a dilemma whether it should be single or joint owner ... [more..]
If you have working wife go for joint registration and bank loan will be too easy to get especially if the amount is over 50L
If the land is A-khata and approved by SBI and bbmp. And there are a lot deviations in the building ... [more..]
Did you check with the builder whether he will be providing occupancy certificate for flats?
There is a BBMP approval for this apartment as per residents