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Hi,

We are a group of 3 friends who are planning on buying a 30x40 site in South Bangalore. Then we want to build 3 independent homes (Basement + 3) one above the other and register it in our respective names. We are still in the planning stages and felt it will bring down the cost considerably.

Now my question is,
1) Is it possible to do something like this legally ?

2) Are there any complications involved ?

3) We are assuming that costs will come down. But will it be considerable with all the formalities and multiple registrations ?

Any other pointers on this subject would be very helpful.

Thanks

Cost angle which you are looking is still a premature one. There are many more factors other than your assumed advantages to be considered before going for any Joint ventures. some of them like

1) How long you all 3 will be friends & have like mindedness ? Any guarantee ?

2) What about dependents(Spouse, parents, Kids..etc) of you all 3 friends ? Do they all like minded along with you 3?

3) G+3 building needs a Lift. This will need at least 6 X 6 ft space apart from the stair case & also a control room in the top
floor. It is also an added cost of 3-4 Lakhs and a regular maintenance cost. First floor person may not need it exclusively.
But other two wants it mandatory. When the power goes off, maintaining lift on UPS or Generator is not a cheap option.
Hence Cost multiplies here.

4) Who will occupy which floor ? since top floor is always gets more heat and water seepage issues(also good ventilation and
natural light) if the roofing is not done good work and lack of maintenance. Also second and third floors are less
preferred for safety reasons of kids, elders...etc.

5) Who will take the responsibility of maintaining the common area? any single or on rotation method? Each person will have
different view on the cleanliness and maintenance of this area. will all the 3 families aligned to that definition ?

6) when 3 families comes in one site, each family size and needs will varies like usage of water, electricity, common
area...etc. when the no. of occupants increases per site, the cost of maintaining common amenities multiplies. Like
Water charges increases by almost 50% for each slab of 6000 ltr(Assuming) & the size of the Sump & Over head tank
for catering to the needs of 3 families multiplies. These are costly affair. Similarly for electricity...etc. These costs
always goes up in future. Never comes down.

7) Each family will have different definition for "privacy". How do you compromise on this.

8) In Ground Floor, you need to make space for 4 wheeler and 2 wheeler parking areas separately. In spite of this, occupying
or removing multiple 4 wheelers is not easy in a 30X40 dimension site as each vehicle will be parked one behind another
or so.

9) In case of any conflicts, how do you want to settle down ?

10) At regular intervals, the building needs maintenance like external & common area painting, Motor repair, replacements,
Sump cleaning, and each family need to bear the cost mandatory. But conflicts/blame games arises here.


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These are some of the issues faced even in apartments. Even though Apartment Associations will be there, But people doesn't come forward voluntarily to become bearers of the association. They always look for excuses to escape from the responsibility. But they always complaint about the issues over phone or emails....etc.

But in no way, I'm discouraging your Joint venture idea. Just putting my inputs for review, before taking your decision.

Even I am planning to buy a plot with 3 friends (totally 4ppl). The plan is to buy buy 30x50 or 40x60, then have 4 floors constructed(G for parking). I know it will not be cheap, just that we can't afford individual houses, so this plan is next best option. The points mentioned above r very much valid. But if we are ready things can be out. We to do not hv much idea about it, but for sure interested. The are we are looking is around JP Nagar.

The typical height limit for building is 11.5mts which is 37 ft. (Otherwise setback and other rules will be different). When you build G+3floors, legally the terrace cannot be used as the parapet wall will be added to the building house. For 4 parties, maybe it is better to buy 2 30x40 sites instead of single 40x60 site.

@msn1270 - well said, in my aparment 40x100 site total we have 7 people and none of them come volutneer to do the things myself has to do alone... when you have the large apartment you can make an association and everything works fine..

Thanks a lot very valuable inputs.

Hi,
How can we procede legally regarding paper work to get loan?