Real hard facts for buying Plot in Bangalore

[Nammane]

Nice post, hope everyone will follow to bring down this artificially hyped real estate

Venkat

[nc77853]

Banks provide loans only to BDA or BBMP "A" Khata sites?

I am planning to buy BMRDA approved plot in Sarjapur. Do banks provide loan for such a plot?

-NC

[hkrish]

Ofcourse you will get loan for BDA or BMRDA layouts. The marketing person will obviously tell the banks. Always prefer nationalised banks like SBI, LIC,.or HDFC in private.
If only banks like Axis, Federal bank etc,.give loan and layout marketing guys say "No for LIC or HDFC", then be REAL-THOROUGH, Double-suspicious in Legal check.

One more experience i want to add in my search. Particularly about BMRDA layouts, sometimes i feel it is better to go for SECOND-40% release of plots and not the first 60% release. Many developers sell the first 60%, of plots and FAIL to do the developments.
In Bangalore-East side, many layouts like Lotus Gardern in Budigere, Berlin Township near prestige tranquility have flunked. Berlin Township and Om Balaji Jasmines have already been identifed as bad/dangerous builders.
These people just sell the first 60% plots and vanish. Also they pressurise saying "many are in pipeline to buy, so dont waste too much time for legal verification". A new guy in the block is "Aditya Grand" in Hoskote after M.V.J college, BMRDA approved. But developer says No-Booking, Directly pay 25% get the legal papers and "Dont do any legal verification, as they cannot keep giving documents what the lawyers ask for" and go for registration. Please stay away from such layouts, where they dont co-operate and give all the legal papers which your lawyer asks.

Also checked these "Confident layouts", they're usually very high priced compared to Near ones, but are safer. Also they do good developments like Cement roads, under ground water/electricity connection. But on the downside, they are REALLY high-priced and BOAST that the plots got SOLD-OUT very soon. Most of their customers are from Gulf (malayalis), or NRIs, buying property just for security and appreciation, and do not have any HOUSES built in their layout for REAL-Looong time.

[pursh_bennur]

I felt these facts which suggested by mybdaprop are the Fundamentals/Basics Principles which are very Key while buying the property in bangalore .... Thanks mybdaprop for sharing these in the forum and are really useful for everybody. I beleive if people stick to the above fundamentals and few more learnings of mine while we searched for property would like to share with you all...we had almost finalised 2 plots ( 1 was A khata and other one was B khatha) but finally had to drop them because of some of the legal complications in case of A khatha and B khatha any way i was clear not to purchase any plot with B-khatha but still land owners tried to selling it and they produced all sort of unwanted documents....i am sharing my few key lessons below

1. Always go through the documentation provided by the land owner and ask questions to your advocate though which might be silly for him....by following this practise i landed up in looking at RTC for my plot where there was mention of some ULC act and under liability column which we coudlnt get a proper answer so we dropped this A Khatha plot

2. There is one another means which i followed was giving a public notification in any one of the state level news paper...as i had got to know from few my lawyer friends that this would bring forth any hidden issues of ownership and another issues associated with the plot which you are planning to buy for example if there are any multiple sales or legal suite pending in the courts.....even if they dont surface immediately and if these issues come up later than this notification will stand out as a advantage to you, in this regard my advocate had taken the responsibility of addressing any queries if they came out of paper notification. Spent arond 3000rs for this....rates vary from paper to paper...

3.For B Khatha please bare in mind as mybda props mentioned there is no such khatha from BBMP and from my learning wht i understood was these brokers will try to tell you " B " means "BBMP" which is misleading abbrevation...in B khatha. So beware of this misleading information. Several brokers or land owners will try to convince you.

4. Then we went to look at a 2nd property which initially the owner told it was also having A Khatha in Thindlu area....when we finalised the deal and then when they gave us the documents for legal verification . Here the owner took almost 10 days for giving Khatha and when he gave the documents there were many tax paid reciepts using which he wanted to mask the khatha issue and also he had paid tax in advance for next financial years... the plot rate was also tempting and to quote it was around 2000Rs....and locality was also looking good "BUT"
When we took documents for legal verification to our advocate he immediately spotted tht this was a B khatha and the documents they were quoting as Khatha was not a khatha instead a cooked one document. This was our second plot which got dropped within a span of 6 months.

5. One more key procedure which i followed was took the land owner to his plot and we did the measurement of the plot area.....idea here as suggested by my lawyer friends was you need to take the landowner even along with agent directly to his plot and try to do a measurement or do a small digging of hole inside the plot or go there and be around them while he is getting his plot cleaned for sale...and always ask for cleaning of the plot by owner . Here dont try to make it obvious tht you are suspecting the owners title or his credentials. Its about testing the waters directly without disturbing it.
Advantage is if any conflicts related to land then they will surface during this activity or they might approach you separately...and here you need to do a due diligence work and get those queries sorted with your advocate. Coz some time other agents might try to create a negative opinion abt the deal or owner or abt the owner ship of the land . So here advocate would be very much help ful

Please de aware tht these are my learinings which i got them after i had cancelled 2 plots in blore...

Finally after 8 months of intense search we got a plot in BDA approved layout in yelhanka and we bought it directly from the land owner. So key learning was we need patience in searching for plot as its a life time task so better be careful and dont hurry and fall into the pitfalls.
Its a matter of how strong you stick to the above facts and having a good advocate who can guide you.

[pursh_bennur]

Verifying the owners name :
You can check for the BDA approved layouts and BDA layouts directly in the below link by giving the layout name and site nr apart from Freeads,magibricks and other public websites

http://ops.bdabangalore.org/bdaops/BDAOnlinePaymentSystem.aspx

Note please always double check with owner name in EC also coz some times the owner name might not have been updated correctly in the bda site.
B khatha:
This mostly the land for which the DC conversion for residential purpose would not have happened , this you can verify it in bhoomi website of the karnataka government
original documents:
Always ask for seeing the original documents and verify the photocopies given by the owner are same or not. If you dont know then ask the owner to get it to your advocates office and advocate can take a direct look at them and he will be able to give you his opinion.

[chandra7850]

Hi,
Thx a lot for your valuable info.

you have mentioned take bank loan from NATIONALISED BANK. Does it mean if bank is approving plot its legal titles are fine ?

Pls let me know.
Tx again !!

[BlrHome_Hunter]

HI,
I would also like to add one more precaution in addition to the mentioned list in OP. Please get an NOC from BDA that they are not interested in acquisition of the particular "Survey Number". Also check in the ALO ( Assistant Land acquisition officer ) whether the land has been notified by BDA or not. If it has been notified, then get the documents thoroughly checked by a reputed lawyer to avoid any legal issues.

[mybdaprop]

Great to see 4000 views.. please share this thread to entire bangalore.. and bring awareness.

[mybdaprop]

@chandra7850

NAtionalised bank will have reputed and well experienced local legal advisor, who knows in and out of all legal aspects of local real estate .. so if you get a loan approved from Nationalised bank like SBI, SBM, CAnara bank, Syndicate, Corporation bank, you will be safe..

and avoid taking plot loans from ICICI, AXIS, CITI, PNB banks.. as these banks are favourable to builders /layout makers.. and grant loan even if u lack important documents, and they also support black money transactions, usually thy give u two DD one for Sale Agreement value and one DD for MArket value(black money)

[sam_m400]

HOw is lawyers charge for this verification? . I got all document when i bought and charged 5000 rs ,but did we every time spend money like that for verification.

How much we need to pay to owner for getting the document? . Did they refund those amount?