[fordday]

Originally Posted by Sebring

Theyre trying to find out if property is tenanted. Tenanted property attracts double property tax.

Correct and many owners miss/avoid mentioning it knowingly/unknowingly during the property tax filing.

[sumukha]

It depends upon wether you are a seller or a buyer. Either way registering a property in Bangalore is a painful job if you do not go through a broker/ agent. If you have one, he will guide you through and anything is OK in that case.

In case you are a buyer , I strongly suggest you to identify a good and reliable advocate, get the due diligence done and he would draft the sale deed and take care of all the hassles involved in the process. Do not ever get the sale deed drafted by a street stamp vender.

In case you are a seller, the only thing you need to worry is read the draft sale deed or better get it vetted by an advocate. Their ends the matter. Rest of the things the buyers agent will take care. And do not forget to get a copy of the registered sale deed for your records. You need it while filing your IT returns.

[Punto_Ntorq Guy]

Hi there.

I’m looking at registration of My new flat in Chennai. Recently Government had made a mess of registration scene and increased costs multiple times. There is a still uncertainty over what’s the cost. Anyone who knows how the registration cost is calculated? Leads will be really helpful. Builder claiming 4L for 60L worth flat in Semmancheri ( Bollineni Zion)

[green_ninja]

Originally Posted by Punto_Ntorq Guy

Hi there.

I’m looking at registration of My new flat in Chennai. Recently Government had made a mess of registration scene and increased costs multiple times. There is a still uncertainty over what’s the cost. Anyone who knows how the registration cost is calculated? Leads will be really helpful. Builder claiming 4L for 60L worth flat in Semmancheri ( Bollineni Zion)

Stamp Duty plus Registration charges is 11% of Document Value or Guideline Value (whichever is higher). Documentation charges should be 15-20k including the involuntary gift to the sub-registrar. This is the same all over TN give or take a few thousand.Hope this helps.

[ghodlur]

Originally Posted by sumukha

It depends upon wether you are a seller or a buyer. Either way registering a property in Bangalore is a painful job if you do not go through a broker/ agent. If you have one, he will guide you through and anything is OK in that case.

In case you are a buyer , I strongly suggest you to identify a good and reliable advocate, get the due diligence done and he would draft the sale deed and take care of all the hassles involved in the process. Do not ever get the sale deed drafted by a street stamp vender.

Thanks for the info. Are there any approved advocates who can help understand the entire process as I am planning to buy an apartment. The process in KA seems to be entirely different from MH where I am aware of the process. Any website where I can get the detailed information as to what is the process of buying a flat in Bangalore, what are charges applicable during the sale agreement registration, what is khata transfer etc?

Originally Posted by varkey

May not work always, but you could use the Kaveri Portal to look up the encumbrance details of the given property, it will show the transactions in the past including the value.

I tried the Kaveri portal but the site was behaving a bit weirdly. The moment I enter the details, the home page would appear.

[ninjatalli]

Originally Posted by ghodlur

Thanks for the info. Are there any approved advocates who can help understand the entire process as I am planning to buy an apartment.

We used the services of a lawyer called Suresh from this team (https://propseva.com). They are a bit expensive but extremely professional; although I didn't find them customer friendly (i.e. not that conducive to answering customer queries). I/we found him very rude at times but we stuck with him as he was good in his job.

Services used
- Property documents validation / verification (title documents, revenue deeds, EC, OC, etc.)
- Drafting of sale agreement & sale deed

Services we didn't avail
- Assistance during registration (we used a local agent at the RTO who was much more cost effective). We paid him about 15k for getting through the process at the RTO. He took care of the greasing (if any) within that.


Suggestion: if you are getting a loan from a PSU bank, the bank itself will be employing an advocate to validate your documents. Suggest leveraging his services for the document validation from your side (at an extra cost), as it will lessen the time and effort as well as the costs. He will also be able to provide you an agent to get through the registration process at the RTO of your choice. Your bank sales guy will be able to link you with that advocate.

[varkey]

Originally Posted by ghodlur

Thanks for the info. Are there any approved advocates who can help understand the entire process as I am planning to buy an apartment. The process in KA seems to be entirely different from MH where I am aware of the process. Any website where I can get the detailed information as to what is the process of buying a flat in Bangalore, what are charges applicable during the sale agreement registration, what is khata transfer etc?

I can probably give a short summary of the different charges

Sale Agreement Stamp Duty - 0.1% (Note that this can be adjusted in the stamp duty which is to be paid during registration)
Registration / Stamp Duty - 6.5% of the total consideration value (5.5% stamp duty, 1% registration, ~1500 or so misc)
MODT (Memorandum of Deposit of Title Deed) - 0.3% (In case you opt for a loan from banks like SBI/PNB/BoB etc), 0.2% in case of loan from bank's like ICICI, HDFC etc.

Khata transfer is basically mutation of ownership records, to record the ownership change in BBMP records. The official fee for this is 2% of the stamp duty paid during registration plus Rs 125 or so as an application fee. You can apply online for this, and you can get the work done without any bribes too, I didn't pay any. It took 30 days (this is the time limit) for the process to complete.

In my case, I paid 20k to the builder for facilitating the sale deed preparation, registration office formalities. I had to pay an additional Rs 3000 for MODT registration formalities, this should essentially be handled by the bank, but they were like I need to get it done.
I found the registration paper work and service charges of this 23k bit high, but it is what it is, and without an agent, it will be hard to push things through. The registered documents were handed over the same day and there were no delays or drama at the registrar office too, so they did a decent job I'd say.

Once the property is registered, you can apply for EC and Certified Copy from Kaveri portal. This can be done on your own, there might be slight delays in approval, but it will come through. The certified copy, I found to be an economical way to get a good quality digital scan of the registered document, it's only Rs 50 or so.

Originally Posted by ghodlur

I tried the Kaveri portal but the site was behaving a bit weirdly. The moment I enter the details, the home page would appear.

The website is a bit a finicky at times, clearing cache/cookies and retrying usually helps. I did try in the last hour and was able to see the details.

[tharian]

Originally Posted by varkey

)
MODT (Memorandum of Deposit of Title Deed) - 0.3% (In case you opt for a loan from banks like SBI/PNB/BoB etc), 0.2% in case of loan from bank's like ICICI, HDFC etc.
.

Regarding the MoD %, I spoke to a HDFC loan person and he said 0.5% is what is fixed and cannot be changed. Another guy said 0.5%., but can be reduced. Is the 3000/- you mentioned as fees over and above this?

Also, apart from what you mentioned, are there any other charges like these that are fixed that I need to be aware of when dealing with these guys?
Thanks.

[varkey]

Originally Posted by varkey

MODT (Memorandum of Deposit of Title Deed) - 0.3% (In case you opt for a loan from banks like SBI/PNB/BoB etc), 0.2% in case of loan from bank's like ICICI, HDFC etc.

Originally Posted by tharian

Regarding the MoD %, I spoke to a HDFC loan person and he said 0.5% is what is fixed and cannot be changed. Another guy said 0.5%., but can be reduced. Is the 3000/- you mentioned as fees over and above this?

Also, apart from what you mentioned, are there any other charges like these that are fixed that I need to be aware of when dealing with these guys?
Thanks.

Originally Posted by tharian

Regarding the MoD %, I spoke to a HDFC loan person and he said 0.5% is what is fixed and cannot be changed. Another guy said 0.5%., but can be reduced.

I just looked it up, apparently effective February 2024, the stamp duty for MODT has been increased to 0.5% from 0.2%. The banks which require registration of the MODT agreement (like SBI, BoB etc) will incur an additional 0.1% for registration. The rates I quoted were what I paid in November 2023.

Pages 60 & 61 in this document

Originally Posted by tharian

Is the 3000/- you mentioned as fees over and above this?

Also, apart from what you mentioned, are there any other charges like these that are fixed that I need to be aware of when dealing with these guys?
Thanks.

Yes, the Rs 3000 is basically a service charge to the agent to facilitate the registration of the MODT document. This is like any other document registration at the registrar office, separate from the sale deed registration, and would need bio metrics / photo capture. You can probably negotiate and get a better rate.

This wouldn't be needed for banks like ICICI / HDFC that do not ask for registration of the MODT document. The increase in stamp duty to 0.5% for a title deposit agreement seems like a greedy move by Karnataka Government IMO.

[tharian]

Originally Posted by varkey

I just looked it up, apparently effective February 2024, the stamp duty for MODT has been increased to 0.5% from 0.2%. The banks which require registration of the MODT agreement (like SBI, BoB etc) will incur an additional 0.1% for registration. The rates I quoted were what I paid in November 2023.

Thanks.

It is annoying since this whole process feels like someone or the other is finding a way to pocket money during the process and I am being on guard by trying to identify this.
Another bank said 0.2% ( Bajaj Finance),and another agent from Hdfc said 0.5%, but can be reduced, which is what makes it more confusing.
Thanks for the document though.

[creative420]

This is such a win for a customer who're taken for a ride by a so-called premium builder.

https://www.newindianexpress.com/sta...er-rs-68-crore

[ghodlur]

Originally Posted by tharian

Regarding the MoD %, I spoke to a HDFC loan person and he said 0.5% is what is fixed and cannot be changed. Another guy said 0.5%., but can be reduced. Is the 3000/- you mentioned as fees over and above this?

Also, apart from what you mentioned, are there any other charges like these that are fixed that I need to be aware of when dealing with these guys?
Thanks.

I spoke to a HDFC Home loan representative and he confirmed that the 0.5% of saleable value does apply but he also mentioned that it is reduced from the registration charges. For eg the Stamp duty of 5% + registration of 1% + cess + surcharge amounts to 6.65% of the sale value, then the 0.5% of the MODT is reduced from this charge. I could not get this and google isnt helping either. Thought I would ask from reliable sources i.e this forum.

I need experts help in a somewhat peculiar situation. The apartment that I liked from a reputed builder seems to be not yet registered making me the first owner if I buy. The existing owner is a NRI and the builder is negotiating on his behalf. Since there is no registered sale deed in place what documents should I be asking the builder/owner to furnish for my due diligence from a lawyer. Since the apartment is yet to be registered there is no property tax transaction, is the builder liable to produce any NOC in this regards?

[akhil_007]

Originally Posted by ghodlur

I need experts help in a somewhat peculiar situation. The apartment that I liked from a reputed builder seems to be not yet registered making me the first owner if I buy. The existing owner is a NRI and the builder is negotiating on his behalf. Since there is no registered sale deed in place what documents should I be asking the builder/owner to furnish for my due diligence from a lawyer. Since the apartment is yet to be registered there is no property tax transaction, is the builder liable to produce any NOC in this regards?

On a high level, what you would need is a Tripartite agreement between you, NRI owner and the builder. As this is a complex scenario(confusing is a better word), I would suggest hire a good lawyer and also a CA to drive this for you. The only reason I suggest pulling in these people is to pre-empt any mistakes. Correcting mistakes after they happen is going to be a nightmare with all the people involved.

[tharian]

Originally Posted by ghodlur

I spoke to a HDFC Home loan representative and he confirmed that the 0.5% of saleable value does apply but he also mentioned that it is reduced from the registration charges. For eg the Stamp duty of 5% + registration of 1% + cess + surcharge amounts to 6.65% of the sale value, then the 0.5% of the MODT is reduced from this charge. I could not get this and google isnt helping either. Thought I would ask from reliable sources i.e this forum.
?

What my rep from HDFC mentioned was that the processing fees will be waived off. But that I think is lower than the MoD cost. I am not sure what the % is for processing fees or if it's a fixed amount.

[Rajeevraj]

Originally Posted by ghodlur

I need experts help in a somewhat peculiar situation. The apartment that I liked from a reputed builder seems to be not yet registered making me the first owner if I buy. The existing owner is a NRI and the builder is negotiating on his behalf. Since there is no registered sale deed in place what documents should I be asking the builder/owner to furnish for my due diligence from a lawyer. Since the apartment is yet to be registered there is no property tax transaction, is the builder liable to produce any NOC in this regards?

There should be a sale and construction agreement done between the NRI owner and the builder. I think you can ask for a copy of that. That document also typically has clauses and conditions if the owner wants to sell it before the registration.(Although am not sure if they will share this document as it technically would have nothing to do with you purchasing it- But that agreement should become null and void once you do a sale agreement(prior to the registration). That is something to be ensured). I guess this is a common occurrence where the NRI would have blocked it during pre-launch or initial launch at a good rate and now offloading it at a higher price. I assume this apartment is completed or very close to completion now.