[jkrishnakj]

Originally Posted by arindambasu13

Any recommendations for apartment projects in South Bangalore, with the following main criteria:

!

Did you look at Sobha Forest Edge or even Sobha Arena? Both are good ones at South Bangalore and at Kanakpura Main road. I guess they should be inside your budget.

[shebin]

Forest edge is sold out except for a ground floor unit, Arena is having 2bhk options with one or two 3bhk.Both are good projects.

[tommani]

Hi,
I am looking to buy a plot in and around RMV club near new BEL road in bangalore. Preferably around the park.

If anyone here is selling or know some one who is keen to dispose off their property then please do get in touch with me. Pls PM regarding this. Thanks

[Sounak04]

Hi i'm starting this thread in order to seek legal advice on a property.

Basically, I have booked a 2BHK flat near the upcoming international airport in Navi Mumbai in 2016. The flat was booked under 10:90 scheme (10% on booking, 90% on possession). The 10% was paid on time and a Registered Agreement of Sale was made.

In April 2019, the Flat was Completed with the OC certificate (the flat was completed on time by the builder). A few days prior to the Flat completion, we had to spend a big amount towards some unwanted scenario and thus we were in a financial crunch. The builder gave us 15 days to make the payment during which time we communicated to him that we would not be able to go ahead with the booking due to financial issues and we do not seek any refunds.

The builder said that the Flat cannot be cancelled as the OC was already received. After a lot of mails, calls, letters through Registered Post with AD and meetings, the Builder finally served us a Final Notice to pay the amount within 15 days in January 2020, failing which will lead to consequences.

So as per the Agreement of Sale, the buyer can cancel the flat and he will be refunded the amount after deducting 15% of the Flat amount. In case of default, the buyer will be refunded the amount after deducting 15% of the Flat Amount+ Interest charges till the Flat is sold to a new Buyer+ the difference in the Flat Amount (if the selling price is less).

After January 2020, there has been no communication from the Builder side and a month back, the builder called to ask us what we should to do. I told them that they can cancel the Agreement and they can call us to for the cancellation, to which he replied ok and again no communication henceforth.

Thus, i want to know in this case what will be the Maximum liability that the Builder can sue us for? Will our case be treated as a Default case or a Cancellation?

I have asked legal opinion from a few lawyers and usually the answer differs. But almost 90% of them told me that the maximum they can demand is the 5% extra cancellation charges but even that is a very big amount for cancellation and can be challenged in court. They suggested that i should keep quite and if they send us a Legal notice demanding any more money, we should challenge that as the provisions in the Agreement of Sale are more for the Benefit of the Builder.

So what will u suggest i do and the maximum penalty i can be sued for?

Thanks in advance

[m8002?]

Originally Posted by Sounak04

Hi i'm starting this thread in order to seek legal advice on a property.


Thanks in advance

Can you not sell it to a third party on your own? They can make the 10% to you and the 90% to builder. Since you are willing to forgo the 10% advance, you can find someone to take the flat at a discount.

[NPV]

Originally Posted by m8002?

Can you not sell it to a third party on your own? They can make the 10% to you and the 90% to builder. Since you are willing to forgo the 10% advance, you can find someone to take the flat at a discount.

Isn't that a circuitous solution to a seemingly simple problem ? Why involve another party (buyer) in this dispute ? Just my opinion.

Originally Posted by Sounak04

So as per the Agreement of Sale, the buyer can cancel the flat and he will be refunded the amount after deducting 15% of the Flat amount. In case of default, the buyer will be refunded the amount after deducting 15% of the Flat Amount+ Interest charges till the Flat is sold to a new Buyer+ the difference in the Flat Amount (if the selling price is less).

I would say speak to a good lawyer and seek opinion based on the sale agreement you have executed with the builder. I think you're very much within your rights to cancel the agreement and forego a penalty amount from the down payment you have made (as per terms in the sale agreement).

So, I think you can either wait for the builder to send you a notice or better (in my opinion), send a notice to them through your lawyer saying you intend to cancel the agreement and do not want to go ahead with the sale, that will force them to also respond legally.

[Sounak04]

Thanks a lot for the information. I think finding a third party and then negotiating with them would be a hassle especially at this point of time when physical meets are to be minimized as much as possible.

Any contacts of a lawyer who deals in Real Estate sector or anyone in the forum who is a Lawyer and can help me out and residing in Mumbai or Navi Mumbai??

[car_addict]

I bought a site in Bangalore about 1.5 years ago. The sale deed was registered in end of Jan'20 and I started the process of applying for Khata Transfer in Feb'20. After the lockdown was lifted in May'20, I was able to obtain an Uttara Patra for the property in my name. However, when I went to apply for the latest copy of the Khata certificate and extract, it still shows the name of the old owner. The Property Tax portal also shows the old owner's name.

Multiple visits to BBMP and sub-registrars’ office has been met with computer system updates and Lockdown's notices. All brokers and lawyers have not been of any help so far.

I seem to be stuck in a limbo. Can anybody help in what I must do next to change the name?

[am1m]

In other members' experience, how long does it really take to sell an independent house in Bangalore? Does it make sense to combine with a neighbor who is also considering selling so there will be two plots available for sale? Was thinking that might make it more attractive to a builder to purchase and put up a small-medium sized apartment complex on the land where 2 independent houses were.

Am in no hurry, long-term planning, 5-year horizon at least. Thanks in advance for any advice.

[Miyata]

Originally Posted by am1m

In other members' experience, how long does it really take to sell an independent house in Bangalore?

Never sold an independent house myself, but sold a plot of 60X40 (I think) in about 2-years. Many inquires, but largely a waste of time they were. Luckily the one at the 2-yr mark turned out genuine. Dad had helped out with all the process steps including negotiations.

In my parents' neighborhood (South Bangalore), a distress sale of an independent house (covid victim) took <5-months. The buyer was a tenant in the neighborhood. Word of mouth advertising and no agents involved.

[ninjatalli]

Originally Posted by am1m

In other members' experience, how long does it really take to sell an independent house in Bangalore? Does it make sense to combine with a neighbor who is also considering selling so there will be two plots available for sale? Was thinking that might make it more attractive to a builder to purchase and put up a small-medium sized apartment complex on the land where 2 independent houses

Not Bangalore, but we have been looking to sell our house (and plot) in Vadodara, Gujarat and now seem to have viable options at hand. Happy to connect over pm/short call if it helps in any manner .

[DigitalOne]

Please stay clear of all upcoming "Lake *" projects in Bangalore even it is from very "reputable" names.

NGT quashes environmental clearance to Godrej's luxury project in Bengaluru, orders immediate demolition

The green panel also imposed a penalty of Rs 31 crore on the project proponent and said the amount shall be used for demolition of the constructions, restoration of the area to the original position, rejuvenation and reforestation of the Kaikondarahalli lake and its surrounding area.

Source : Free Press Journal

[Ragavsr]

Originally Posted by am1m

Was thinking that might make it more attractive to a builder to purchase and put up a small-medium sized apartment complex on the land where 2 independent houses were.

We had sold our individual house a few years back in Chennai and incidentally our neighbor also was selling his. Logically the idea is good, if your neighbor is not a retard. What tends to happen though is the first sale tends to set a price benchmark. What happened was the neighbors' house and ours was bought but a couple of friends. The neighbor was a poor negotiator and was even gullible enough to hand over original title deeds before taking full payment ( 40% I think). This buyer's friend tried to pull the same crap with us and my dad told him to fork up the full payment immediately if he wanted the title deeds or get out.

I would suggest waiting out a year or two if the neighbors house is also being sold.Anyway, builders tend to quote rock bottom prices.

Originally Posted by Miyata

Luckily the one at the 2-yr mark turned out genuine. Dad had helped out with all the process steps including negotiations.

2 year timeline is perfectly on the mark, though we had been actively scouting for buyers only for 1 year. Most individual house / land prospective buyers are time wasters and try to assess it's a distress sale or not by quoting low prices.

[Lambydude]

Hello, I have a query regarding a property purchase and would request the members to advise me on this.

I gave the booking amount for a ready to move in flat which was a cancellation unit. The person who booked it could not pay the remaining amount and he didn't want to go ahead with the purchase. I paid the booking amount in 2 cheques out of which one cheque of smaller amount was encashed by the builder.

After a few days when there was no email on the booking Confirmation , I checked with rhe sales person and he informs me that the booking will take some time as the builder will now initiate the cancellation from the current buyer and also has to receive NOC from the bank from where he has taken a home loan. The sales person is not able to tell me a timeline by which this will be ready. He also told me that this is the reason why they haven't encashed my second cheque which is of higher value.

I'm fine waiting for this as it is one of the top trusted builders in Bangalore.
1. However, is there any issue (legal or process related) which I have over looked?
2. What should be the time frame ( in days ) that I should give the builder before asking to return my booking amount?

Appreciate any guidance on this.

[sunilch]

Originally Posted by Lambydude

I'm fine waiting for this as it is one of the top trusted builders in Bangalore.
1. However, is there any issue (legal or process related) which I have over looked?
2. What should be the time frame ( in days ) that I should give the builder before asking to return my booking amount?

Appreciate any guidance on this.

My guess is the answer is no but just to confirm - Did you sign any agreement (even on regular paper) or have some communication from the builder (even a formal email) when you paid the booking amount? Or a simple receipt?

I am assuming the amount went into an account linked to that project only - as per RERA guidelines and not into any other account?

Asking this because in case of any dispute, you need to prove that that cheque was for booking only. As a precaution, if you want to, you can ask your bank to not to honor the second cheque without your confirmation. If this issue is not resolved, the builder may still deposit the cheque when nearing three months as otherwise the cheque will become invalid. At that point you will have more money at stake.

If there is no such agreement or formal communication, then your best approach is the cordial approach of communication with the builder and the sales folks there. If you wish, you can give them a formal letter stating that you want to cancel your booking and ask them to refund the deposit amount.