[akhil_007]

Originally Posted by nik0502

Dear BHPians


I love the society it has every facility and very well maintained.


If I sell it now I would be taking a loss of about 10 lacs or about 45% of the actual cost. At the same time I will save on the interest I am paying on the loan plus I can use the extra monthly cash to repay my current home loan early and save on interest there also.

Buying a flat and being happy with it(let alone loving it) is something not everyone is blessed with. People generally tone down their measure of happiness and live with it.

Ask yourself these questions and see what will be your answer
1. If you sell this flat, can you buy another flat(with same amenities) few years down the line,once your loan is cleared?
2. Since this property is generating income, you're not losing anything, though gains are small. Would you want to give it up?
3. If you chose to wait for 1-2 years to sell, would your financial situation improve? I'm sure savings will start to improve.


All the best!

[hondafanboy]

Dear BHPians

I am looking for some advice on an investment I made 7 years ago.

I love the society it has every facility and very well maintained.


If I sell it now I would be taking a loss of about 10 lacs or about 45% of the actual cost. At the same time I will save on the interest I am paying on the loan plus I can use the extra monthly cash to repay my current home loan early and save on interest there also.

Here's what I would do if I were in your shoes;

1. I will not sell this property 1 at this time . Not at loss for sure.
2. Currently interest rates are hovering at 6.9. Find out whats the interest rate of your loan. Renegotiate with your bank for the better interest rate and lower the emi by extending the tenure. If the emi gets reduced by x that amount goes in saving.
3. If possible and even if it means some hardship for sometime, shift to your property 1 and then rent your second property for better rental income.
4. Create monthly and very tight budget and stick to it.
5. By doing this , whatever you will be able to save and any amount you will get in future e.g bonus put that towards prepaying your home loan 1.

[Oxy]

I didn't even know that you can get a second home loan while the first is still running. Nevertheless, I agree wholeheartedly with @hondafanboy above.

[Invincible8789]

Originally Posted by vinu_h

I've got an A khata with me. It's got property details, BBMP signatures & seals and is hand written. I had to pay nearly 100% bribe for it.

How to verify if the Khata issued by BBMP is valid or not ?

If you have Khatha Extract and Khatha Certificate for the same, Its authentic! And if at all you don't have it, you can apply at any of the BBMP citizen centre by submitting the necessary documents. At the submission centre on verifying they will let you know whether your khatha is valid for processing to issue khatha certificate and khatha extract.

If you are advised that they cant process your request, then you can ascertain it's santity.

[ghodlur]

Property experts on the forum, have 2 queries:

1. Can a residential flat be gifted by Husband to wife? What charges would this incur and how will the change of ownership be reflected in the society books as well as in Income tax books? Is the process complicated or fairly simple of getting a gift deed done and registered? The flat is in Maharashtra.

2. Cousin is thinking of buying a flat in Pune but in his 13 yr old minor son's name. Is this a good move? Will he be able to claim IT exemptions towards interest payment? Will this be detrimental going forward if cousin plans to sell the flat before his son reaches 18 yrs age? Coz I am told that the process is a bit complicated involving court approval et all.

[adithya.kp]

Hi all,
For old independent houses, how much value ( in terms of per sq ft) should we consider for the building alone? (ie total price - land price)
15 year old, but doesn't look bad, its in a livable condition. I have come across a lot of sellers who consider a high value even for demolishable houses. For a change, I came across this property which atleast looks decent. But as expected, he is also adding a lot to the building value. If you talk to others, they will discourage saying building value is almost zero. But the reality is different. I wanted to make a reasonable offer.

[akhil_007]

Originally Posted by adithya.kp

Hi all,
For old independent houses, how much value ( in terms of per sq ft) should we consider for the building alone? (ie total price - land price)
15 year old, but doesn't look bad, its in a livable condition. I have come across a lot of sellers who consider a high value even for demolishable houses. For a change, I came across this property which atleast looks decent. But as expected, he is also adding a lot to the building value. If you talk to others, they will discourage saying building value is almost zero. But the reality is different. I wanted to make a reasonable offer.

Unless the building is new OR renovated recently, you can round it off to the nearest 5 or max 10. (Ex: if land value is 72L, you can offer 75L or 80L).

Friend of mine bought a house during corona. Construction age was 7 years. Renovated just before selling. Building cost was approx 20% of final selling price

[adithya.kp]

Thanks. This is a useful info. 7 year old is not bad. That too renovated. So I think your friend got a very good deal.
Could you tell what exactly do you mean by renovated? Change of flooring etc?

Originally Posted by akhil_007

Unless the building is new OR renovated recently, you can round it off to the nearest 5 or max 10. (Ex: if land value is 72L, you can offer 75L or 80L).

Friend of mine bought a house during corona. Construction age was 7 years. Renovated just before selling. Building cost was approx 20% of final selling price

[akhil_007]

Originally Posted by adithya.kp

Thanks. This is a useful info. 7 year old is not bad. That too renovated. So I think your friend got a very good deal.
Could you tell what exactly do you mean by renovated? Change of flooring etc?

Flooring was marble. So it was just cleaned and polished. Renovation included minor work- patch up, 1 coat full interior painting (walls,doors and windows), gate and grill painting,entire house deep cleaning, fixing minor issues with wardrobes etc.

The house was made presentable and ready to move in. Ofcourse the quality of paint and other fixes was below average. Because the seller was adamant on factoring in the cost of building, we made a deal for him to do these things before handover.

[Funny]

B'luru folks, how do we identify if a B-Khata property has been DC converted? Do we get a separate certificate for it or does it get mentioned somewhere like the Sale deed? I am assuming that without DC conversion, one cannot get loan for construction of house on a B-Khata property from any financial institution, correct me If I am wrong.

[ValarMorghulis]

Bangalore folks, some advice please.
How is Arvind as a builder?
Went to look for a 2BHK at Arvind Skylands on Jakkuru road in Nehru Nagar.
The sales guy quoted ~67lakhs for a 1057sq ft and gave me a combined attitude of Sobha+Salarpuria+Prestige+Purvankara guys.
Is Arvind a niche above these? Also any reviews/ suggestions are welcome.

[Oxy]

Originally Posted by ValarMorghulis

Bangalore folks, some advice please.
How is Arvind as a builder?
Went to look for a 2BHK at Arvind Skylands on Jakkuru road in Nehru Nagar.
The sales guy quoted ~67lakhs for a 1057sq ft and gave me a combined attitude of Sobha+Salarpuria+Prestige+Purvankara guys.
Is Arvind a niche above these? Also any reviews/ suggestions are welcome.

Sobha and Brigade are by far the best builders in here. Arvind? Never even heard of them.

[creative420]

Originally Posted by Oxy

Sobha and Brigade are by far the best builders in here. Arvind? Never even heard of them.

It's a joint venture between Arvind Mills and Shriram Properties. They have developed a few properties in Ahmedabad.

[SS80]

Originally Posted by Oxy

Sobha and Brigade are by far the best builders in here. Arvind? Never even heard of them.

The below information may help you.
I too was on the lookout for a flat and found a good one in Horamavu, only 1km from outer ring road.

JR Elegance
Approximately 57Lakhs (you can negotiate)
2BHK 1070SQFT
5500/SQFT - all inclusive except registration
Downpayment required including registration cost is approx 10-12Lakhs
Bank is ready to finance upto 85%
AKhata, zero deviations, car parking allotment is through lottery system.
OC and CC ready.
East facing third floor (T3) flat is good.
Ready to move property with 35families already occupied in their respective homes.

Contact Mr.Joseph (very friendly person) at the site. Let me know if you need his number.

Please Note: I am in no way involved with the builder/marketer, this is not a advertisement, purely sharing a review. Proceed at your choice.

I saw close to 11 flats and almost finalised this, till we hit a roadblock of downpayment being too high for my current situation, hence backed out.

Also avoid all SLV group constructions in Horamavu, as their 3-7yr old flats already have ample cracks all over in the exterior plastering. DS Max has a lot of negative reviews on mouth shut.com

All the best.

[Sebring]

Just rip apart these guys with the wrong attitude. Next, Reach for their bosses. Refuse to deal with them. Remember, you're the buyer, and hold all the keys. Arvind does look good, but they're new to the Bangalore market. Recently, I checked out Godrej properties' Eternity and came away impressed. And yes, I hold Sobha in very high regard regarding finishes/plans/detailing. So that's top consideration. Stick to the top builders, if you can. Post possession, the experience will be professional

Originally Posted by ValarMorghulis

The sales guy quoted ~67lakhs for a 1057sq ft and gave me a combined attitude of Sobha+Salarpuria+Prestige+Purvankara guys. Is Arvind a niche above these? Also any reviews/ suggestions are welcome.