Looking for a 40x60 site in Banashankari 6th stage

[msn1270]

Dear nagarjun

with effect from 11th October 2011, all kinds of GPA based Real estate Transactions become invalid.
This decision is for few reasons.

1) Developers or middlemans were using this method to avoid paying registration duties/taxes to the Government.

2) This was leading to selling same asset to multiple people by multiple people and tracibility was an issue.

3) To avoid illegal money transactions.


Hence only absolute sale deed owners have to do the transaction. no one else. This condition will not be applicable to the transactions happened prior to 11 October 2011. But not 11 october 2011 onwards. . If you have already done the transactions before that date, you need not to worry. But if you going to do it now, think twice.

for more details on the supreme court order, refer to the below link

http://realityviews.blogspot.com/2011/1 ... tions.html

http://wbrsrsa.org/circulars_pdf/GPA%20 ... lid-SC.pdf




meanwhile i'm wondering why "promote_plots" suddenly became silent? not responding.

[krish]

Looks like 'promote_plots' is banned.
http://www.mybdasites.com//viewtopic.ph ... 8764#p8764
http://www.mybdasites.com//viewtopic.ph ... 8763#p8763

[nagarjunkatta]

Hi prak_chid & msn_1270,

First of all, Thanks for ur informative replies . i have one thru a pdf in the link provided by u. And here i saw this in the 18th page of the pdf.. "We make it clear that our observations are not intended to in any way affect the validity of sale agreements and powers of attorney executed in genuine transactions. For example, a person may give a power of attorney to his spouse, son, daughter, brother, sister or a relative to manage his affairs or to execute a deed of conveyance.
......... Our observations regarding 'SA/GPA/WILL transactions' are not intended to apply to such bonafide/genuine transactions." So , in my case, son is the absolute sale deed owner and he has given GPA to his dad. I am bit apprehensive now.. Shall i approach "Advocate Murali" of this forum for this issue? what is your say guys?

[msn1270]

its wise to consult an experienced advocate related to this supreme court order and have clear picture before taking decision.

[neo_sat]

My Update:

As mentioned in my earlier post on this topic, I approached a couple of brokers who quotes prices upward of Rs. 2500/- per sqft in 3rd-6th block, irrespective of the location of the site.

I called a broker last week, saying that my father is an original allotee of a south facing 40x60 site in BSK 6th stage 4th block (2nd parallel road from 100ft road) and wanted to sell the site. I was shocked when the broker told me that the max I could expect for this site was Rs. 1600-1800/- and if any site was north/east facing, it would go as high as Rs.1900/-.

I called the same broker again after a couple of days from a different phone, this time posing as a direct buyer and asked him details of the sites in 4th block around 100 ft road. As expected, he told me that I would be lucky to get a site in the area for anything less than 2600.
Just as the brokers are hyping up the prices for the buyers, they seem to be beating down the prices for the sellers too...!

A delta of Rs.800/- per sqft is bewildering to say the least. I'm now searching for original owners who might be willing to sell their sites around a price of Rs. 2000-2200/-. The direct sellers though seem to be a very rare commodity...I'm searching for classifieds in various websites, AdMag, Freeads. Any other suggestions are welcome !

When I started out on my search, I thought of summarizing my experiences on a blog to help others. The way it is going, I might end up writing a book

[msn1270]

neo_sat:

your experience is an example, no different than any other domains in India. Everyday we hear farmers are protesting by throwing their agri products on the roads to protest against the drop in buying prices to few Paise/kg. But the end user is buying the same items for not less than Rs.10-15/Kg. In between some one silently making the gain.

Nowadays, Brokers are not just working for the commission of 1% or 2%. This Brokerage a buyer need to pay over and above their Margin between the Seller and Buyer Price. Not even any IT or other Class 1 gazetted officer earns this kind of Taxfree money with almost NIL investment (for few phone calls, few 100 rupees for placing an adv in DH Classified or Online Advertisement or for site visit expenses). Many times you have to take them in your vehicle itself to see the property. So both Seller and Buyers are the loosers here.

On the other side like you mentioned, many owners also contact the Agents posing themselves as direct buyers and check the price of their area. same price they take it for refernce and quote them in their advertisements in Admag, freeads or in any online media. So we don't see any difference in the prices quoted by the Agents as well as direct owners. Ultimately your bargaining capacity & how desperate is the seller to dispose their asset due to financial needs makes the deal.

[nitinku5021a]

Hey Neo & MSN,

Let more posts come in. Very informative. Real estate is one market where the transparency is lowest and this middlemen are taking advantage of it. Let us know more about your findings. Thanks a lot for the post.

[neo_sat]

Hello,

I had a couple of queries about site loans and it would be helpful if members on this forum would educate me in this regard.

1. Which banks fund the maximum component among site loans & what is the percentage that they usually fund ?

2. Are the interest rates quoted by the bank negotiable. If yes, by how much ?

3. Please post contact details of the person you have interacted with during the processing of the loan ?

[rinku_v1]

@neo_sat

1. Expect 75 - 80% as max funding depending on the banks again. If you do know any banking agents they would be able to negotiate with the concerned. You can Xpect more funding if its for site + construction.

2. Rates may not be negotiable, if there exists any chance, its by your corporate tie-ups.
You can negotiate on the processing fee though. Dont forget negotiating the pre-closure penalty.

3. I picked up a site long ago for which I dealt with the manager directly.
We were a group of friends who picked up close to 15 sites & chose to go in for a loan.
Now there are many financial agents (read loan agents) who could get you the best deal.


PS: I am interested in picking one 40x60 as well. Let me know if you come across any too.


@all, apart from neo's "tricky" experience here's another.
I met a direct party who could'nt accompany me to the site for the visit. I cud'nt navigate to the designated area by my self so took the help of a so called "good samaritan". He showed me a couple of sites as well (available for sale) & of-course needless to say the rates quoted were insane. After this meaningless search, asked him to give directions to the site I intended to visit in the first place. Happened to take him along to the exact site, looked around & left. 2 days later when I reached out to the direct party, he was telling me about this guy who was pestering him to go for a deal via him. Seems the broker reached out to the sub-registrar office, got the whereabouts of the owner & reached out to him.