Need your thoughts on RERA apartment

[venkyn]

Hi Everybody,

I am new to apartments and not clear on certain apartment terms, So, please help me to understand these things as Iam planning to go for a pre-launch RERA approved 1bhk apartment in Mahadevapura.

There is a Base price and Additional cost for apartment. Base Price is around 38L for 720sqft which 5541/sqft and additional is for carparking, bwssb,dg etc, which comes around 12L [Rs 1666/sqft] excluding 12% GST and 6% Registration cost [18% of 38L] which comes around 6.84Lacs.

So total will be around 38L + 12L + 6.84L = ~56L + Interiors [4] = 60L so, total cost to me will be 8,333 persqft for 720sqft. After this simple
calculation there is only one benefit that i see, my investment will be spawned across 5 years and gives lot of breathing space and a premium property in Mahadevapura!!

q1> In case if i need to exit the property before the completion of construction, Will the builder transfer the agreement to new buyer before construction.

q2> In case if i sell the property after construction to new buyer, does the new buyer price includes carparking, dg price as part of the new sale deed or it is excluded. What i mean is 8.5K/sqft.

q3> In case if i own this property in future and convert this into service apartment, are there any rules and regulation to convert? will the apartment association allow.

q4> what are the buyer friendly caluse needs to be inserted while dealing with builders.

Please share your thoughts.

Regards,
Venky

[msn1270]

Hi Everybody,

I am new to apartments and not clear on certain apartment terms, So, please help me to understand these things as Iam planning to go for a pre-launch RERA approved 1bhk apartment in Mahadevapura.

There is a Base price and Additional cost for apartment. Base Price is around 38L for 720sqft which 5541/sqft and additional is for carparking, bwssb,dg etc, which comes around 12L [Rs 1666/sqft] excluding 12% GST and 6% Registration cost [18% of 38L] which comes around 6.84Lacs.

So total will be around 38L + 12L + 6.84L = ~56L + Interiors [4] = 60L so, total cost to me will be 8,333 persqft for 720sqft. After this simple
calculation there is only one benefit that i see, my investment will be spawned across 5 years and gives lot of breathing space and a premium property in Mahadevapura!!

q1> In case if i need to exit the property before the completion of construction, Will the builder transfer the agreement to new buyer before construction.
Yes. You can Sell/Transfer the property to anyone keeping the builder in loop. Builders generally charges some percentage of the total cost for transfer as processing fee. it may range from 2-5%

q2> In case if i sell the property after construction to new buyer, does the new buyer price includes car parking, dg price as part of the new sale deed or it is excluded. What i mean is 8.5K/sqft.
I assume, it is after completion but before Registration to your name. Yes. All charges will be included. Plus as mentioned above, Transfer fee will be applicable.

q3> In case if i own this property in future and convert this into service apartment, are there any rules and regulation to convert? will the apartment association allow.
You can convert into Service Apartment. But legally, you may need to take statutory permission from the concerned authorities and also commercial tariff applicable instead of Residential Electricity, water & maintenance activities.

q4> what are the buyer friendly caluse needs to be inserted while dealing with builders.
Its mandatory to protect the interest of the Buyer from the Builder/Developer. Hence First you need to go through the RERA Rules from the Buyer's perspective. if anything is intentionally missed by the Builder T&C's, you can insist for them.
Please share your thoughts.

Regards,
Venky

[venkyn]

Thanks "msn1270" for sharing your thoughts.

I was going through the RERA sale agreement posted on rera.karnataka.gov.in, it does not seem to
talk more about transfer of property in plain english. the notes said that subsequent Allottee just not clear
to me at least[ See third para] here.

The term allotte means
[If the Allottee is an Individual]
Mr. / Ms. ___________________, (Aadhar no. __________________) son / daughter
of ______________, aged about _________, residing at
_________________________________, (PAN __________________), hereinafter called
the “ Allottee” (which expression shall unless repugnant to the context or meaning thereof be
deemed to mean and include his/her heirs, executors, administrators, successors-in-interest
and permitted assigns).

Cancellation of Project from Allotee.
7.5 Cancellation by Allottee – The Allottee shall have the right to cancel/with draw
his allotment in the Project as provided in the Act:
Provided that where the allottee proposes to cancel/withdraw from the project
without any fault of the promoter, the promoter herein is entitled to forfeit the
booking amount paid for the allotment. The balance amount of money paid by the
allottee shall be returned by the promoter to the allottee within 45 days of such
cancellation.

Transfer of Allottees.
PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE /
SUBSEQUENT ALLOTTEES:
It is clearly understood and so agreed by and between the Parties hereto that all the
provisions contained herein and the obligations arising hereunder in respect of the
[Apartment/Plot] and the Project shall equally be applicable to and enforceable
against and by any subsequent Allottees of the [Apartment/Plot], in case of a transfer,
as the said obligations go along with the [Apartment/Plot] for all intents and purposes

But, i liked the transparency that is now emerging.

Regards,
Venky

[mareyalare]

Hi msn1270 and parkom,
How are you folks doing?

[parkom]

Hi msn1270 and parkom,
How are you folks doing?

Hi Mareyalare, am logging in here after a really long time and I am pleasantly surprised to stumble upon your message Doing good mate, got a little sucked in to the hum drum of life. It is always heart warming to touch base with the old timers on this forum. Hope you are doing good?

cheers,
parkom

[mareyalare]

Great! Good Luck. Hopefully, I shall also login this site a little more frequently.

[ardesarchitects]

Hi, parkom & mareyalare
Happy to see you back in forum after a long time . I went back by 10 years and started reading all the conversations we had back then in the forum.

Regards
Ar.Praveen.N
Ardes Architects and Interior designers
ardesarchitects@gmail.com
https://www.facebook.com/ardesarchitectsblr
http://www.ardesarchitects.com