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Property/real estate questions answered by our experts.


jpsingh20: In Aug 2013, I bought a 2-BHK flat from secondary market @ Rs.3300/- psft in JayPee\'s Aman project in Sector-151 on Noida Expressway. Could you tell me what are the prospects for the project for 1, 2, 5, 10 years, while the possession is still awaited? Thanks

Ganesh Vasudevan

CEO, IndiaProperty.com

As of April, 2015 the project’s psft value is averaging at INR 3100. Except towers 20, 23 and 27, all other towers are nearing completion and should be handed over to the buyers soon.Sector 151 lies towards the end of the Noida Expressway and almost touches Greater Noida. The project has not seen much demand as there are ample options available on the Expressway closer to Noida. As per location the project would see slow appreciation.

saketdham: Hi Is it a good idea to buy a property in GMADA Eco City Phase 1 in New Chandigarh (Mullan Pur) ?? What would be the cost of a 300 sq yds plot in this area ? Please advice...Thanks and regards.

Ganesh Vasudevan

CEO, IndiaProperty.com

Greater Mohali Area Development Authority’s Eco City Phase 1 is a planned township project spread over 412 acres in Mullanpur. The project is good with all legal formalities and clearances. The project has attracted many investors as it provides good amenities and is not far from Central Chandigarh. It is good for long term investment. Price for a 300 sq yard commercial plot here would be approximately INR 2.40crores and for a residential plot approximately INR 56 lakhs to 1 crore.

kishu790: I want to invest in good location in Delhi NCR with good returns for long term with budget of 40-45Lac . Can you please suggest the properties?

Ganesh Vasudevan

CEO, IndiaProperty.com

Within your budget it is difficult to get a property in Gurgaon or Noida. You can consider investing in plots and apartments in Badarpur, Kundli and Khanpur. The property price in the mentioned localities has appreciated by over 10% in the past two quarters and is expected to rise further. You can also consider Noida Extension, Noida Expressway, Dwarka Expressway, Gurgaon and Manesar, but you will get limited options in your budget.

sanoopsourabhan: Could you please advise me regarding the prevailing market rates for a 2 BHK apartment in Chhani area of Vadodara

Ganesh Vasudevan

CEO, IndiaProperty.com

As per the inventory, Chhani has a number of 2BHK apartments averaging at INR 2400 – 2600 psft

shubhamjoy: Myself Shubham, 24 years old. I am currently working in an IT company. My budget is 70-80L.I plan to buy a 2BHK flat in Pune or Bangalore for myself.But since my location in the long run is not decided, so I am thinking of purchasing a flat for investment purpose and then sell it if required. I plan to settle in 3-4 years. So which city should I choose to get better profit. Pune or Bangalore. Also which areas ?

Ganesh Vasudevan

CEO, IndiaProperty.com

Both cities are good for investment as there are many upcoming localities in both the cities. There are good projects available having good amenities in your budget range. In Pune, you can look for properties in Anand Nagar, Ashoka Nagar, Aundh, Baner, EON Free Zone, Kalyani Nagar Annexe, Kharadi, Magarphatta, Pimple Saudagar, Viman Nagar and Warje. In Bangalore you can look for localities like Cox Town, AECS Layout, Brookfield, CV Raman Nagar, Domlur, Old Airport Road, Hebbal, Yeshwantpur, 5, 6 and 7th phases of JP Nagar, Banashankari, BTM Layout and Vijayanagar suit to your budget.

montuj1978: sir, i wants to purchased 2 bhk flat in indirapuram,ghaziabad,builder is sarvottam shree.what is your review and enhancement in ths particular area . regards.ankit

Ganesh Vasudevan

CEO, IndiaProperty.com

In terms of location the project Sarvottam Shree is located close to the Ghaziabad Railway Station and is surrounded by colleges and hospitals. One side of the project is full of residential project while the western side has open land. Also there are agricultural fields in the vicinity indicating good ground water level in the areas. Pricing of the project is attractive as it is lower than the average pricing in the area. A 1150 sqft 2 BHK unit in the project costs INR 53 Lakhs and the possession is in December 2017.

amit.sethi: with a budget of 45lacs - where to buy in navi mumbai to get good appre.

Aditya Verma

EVP and COO, Makaan.com

You can look at any of these locations - Panvel, Taloja and Ulwe.

shelly_2014: I want to invest in good location in Mohali with good returns in long term. Can you please suggest the properties?

Aditya Verma

EVP and COO, Makaan.com

Sorry as a company policy, we don’t comment on any builder/developer.

rohannagarkar: Which is a better investment in Mumbai projects - 2 BHK in Vasant Oasis Phase 3 borosil plot, andheri marol or mayfair hill crest POwai Extn Vikhroli

Aditya Verma

EVP and COO, Makaan.com

Sorry as a company policy, we don’t comment on any builder/developer. However, for investment purpose, Powai is good and gave appreciation of around 30-38%

tanmayb4u: Dear Sir, Please suggest some decent projects build by Reputed builder with excellent plan/construction quality in Pune. I am currently working in Hinjewadi. Carpet area around 1500-1800 sq ft. would be an ideal match. My budget lies between 50-70 L. Interested in Big Society, Villas or Row houses with good amenities and security. Under construction/ about to start project will also suffice my requirement

Aditya Verma

EVP and COO, Makaan.com

Sorry as a company policy, we don’t comment on any builder/developer. You can look at Hinjewadi, the price appreciated by 18% last year according to our “Top 50 investment report”

neshree: looking to start a business in Nagpur city for which i need min 500sqrft shop/showroom space please suggest the area where to purchase or take on lease

Aditya Verma

EVP and COO, Makaan.com

No Comments

prasenjitbasak: Dear Sir, i am planning to buy one flat (2bhk)at IYYAPANTHANAGAL , PORUR, CHENNAI, for invesment pourpose. project name: colour country. Builders name : colorhomes developers. need your advice for the same.

Aditya Verma

EVP and COO, Makaan.com

Sorry as a company policy, we don’t comment on any builder/developer. However, Porur is a good area to invest.

ronakdhiravani: I have entered in agreement for resale property 11 year old. I am 4th buyer of same, but the first to original agreements are not available with seller and as I am buying through home loan bank requires same. Also note that first two buyer\'s have purchased flat without loan and 3rd party (seller) has purchased using loan which is fully replayed and original agreement of them is available. What is the solution ahead to get loan on this property.

Ganesh Vasudevan

CEO, IndiaProperty.com

You can contact the third buyers bank and enquire how the loan was sanctioned as they might have the original documents. Without the original documents its not advisable to buy the property as it may lead to legal issues at a later stage.

amit.sethi: with a budget of 45lacs - where to buy in navi mumbai to get good appre.

Ganesh Vasudevan

CEO, IndiaProperty.com

Within your budget resale flats are available in Panvel. For New projects you can consider areas Ulve, Taloje. Some of the projects that fall within your budget range are - Sarang Arham, Anant Heights, Imperial heights, Aramus Realty.

shelly_2014: I want to invest in good location in Mohali with good returns in long term. Can you please suggest the properties?

Ganesh Vasudevan

CEO, IndiaProperty.com

Some of the good projects in Mohali for investment are - Nirvana greens4, SBP Homes, Sunny enclave, JLPl falcon, Ireo Rise, Sunny Heights

sood_anurag: Hi -I had taken a bank loan for a under construction house in Nov 2008. I have taken the possession in Feb 2014. I had read somewheere that you can claim the interest for the pre-possession period in next 5 years to the tune of 1.50 lacs every year? Is my understanding correct? Also under which Section this is allowed? - Thanks/Anurag Soood

Ganesh Vasudevan

CEO, IndiaProperty.com

Yes your understanding is correct. Under Section 24 of the Income Tax Act you can claim the interest paid before possession, as tax deduction in five equal installments for five successive financial years starting from the year the construction got over.

rohannagarkar: Which is a better investment in Mumbai projects - 2 BHK in Vasant Oasis Phase 3 borosil plot, andheri marol or mayfair hill crest POwai Extn Vikhroli

Ganesh Vasudevan

CEO, IndiaProperty.com

If you compare the developers and projects both are equally good projects. Your decision should depend on the intention of your purchase - investment or end-use. In Mumbai a lot depends on where your work place is. In terms of location the property seeker can invest in both the locations as both will give good ROI.

tanmayb4u: Please suggest some decent projects build by Reputed builder with excellent plan/construction quality in Pune. I am currently working in Hinjewadi. Carpet area around 1500-1800 sq ft. would be an ideal match. My budget lies between 50-70 L. Interested in Big Society, Villas or Row houses with good amenities and security. Under construction/ about to start project will also suffice my requirement. I am in no hurry.

Ganesh Vasudevan

CEO, IndiaProperty.com

You can consider the following projects inHinjewadi - Megapolis (around INR 5075 psft), Life Republic Project by Kolte Patil (around INR 6500 psft), Punevilli by Pharade Spaces in Punewale near Hinjewadi (around INR 4600psft), MH 14 by Goyal Properties in Punewale (around INR 4350 psft)

neshree: looking to start a business in Nagpur city for which i need min 500sqrft shop/showroom space please suggest the area where to purchase or take on lease

Ganesh Vasudevan

CEO, IndiaProperty.com

You can invest in localities like - Kamptee Road, Ramdaspeth, Chatrapati Square

prasenjitbasak: Dear Sir, i am planning to buy one flat (2bhk)at IYYAPANTHANAGAL , PORUR, CHENNAI, for invesment pourpose. project name: colour country. Builders name : colorhomes developers. need your advice for the same.

Ganesh Vasudevan

CEO, IndiaProperty.com

Color Homes developers are known for their timely delivery of projects and affordable pricing. But do go and have a look at their completed projects to check their construction quality and post-delivery maintenance. Iyyapanthangal is a good locality for investment as its well connected to other parts of Chennai via the Mt. Poonamalle High Road and the Chennai Bypass Road. It is ideally placed next to Porur, a locality which has witnessed high demand over the last few years.

axl455: Must we invest in apartments or in plots for higher appreciation in bangalore ?

Aditya Verma

EVP and COO, Makaan.com

It is completely your choice whether you want to move into apartment or construct a house. However, for better appreciation, you can look at following localities which comes under Top 50 investment options in India , a research conducted by Makaan.com. These localities appreciated from 10-30% last year, which is mentioned below and expected to give good returns in future

gitikapruthi: hi, how would you rate kundli, greater Gurgaon (Sohna) and dwarka express way from investment perspective with a 10 year time horizon.

Aditya Verma

EVP and COO, Makaan.com

I see a good future for Sohna compared with Dwarka expressway as it has been planned very well. There is a good mix of residential and commercial activity which is critical for the success of any region. The corridor starting from Golf Course extension towards Badshapur and all the way to Sohna is at a stage that Gurgaon was about 7-8 years back. So between the two options I will prefer Sohna. Good luck for your investment :). Dwarka Expressway - Dwarka Expressway has come up essentially as a residential area with very little commercial activity. Typically such areas have limited grown potential.

piyushjain82: Hello sir , 1)Want to ask is there gone be a price correction in real estate market in coming months? if yes what would be the margin of it 2)I am looking for 1rk in goregaon east or 1bhk in mira road east around 50lakhs what do u think is better option in terms of growth maximum i can stretch my self with 60 lac including all after sale expenses.

Aditya Verma

EVP and COO, Makaan.com

Real estate sector went thru a challenging 1 years with high input cost, low transaction and unsold inventory. These factors kept a lid on the price appreciation. Many cities in India did not experience any significant price rise. With the new government coming in, we can hope for a sentiment revival and increase in transaction. I do not foresee a price correction in the coming months.

dipakkumar2014: sir i want to invest in navi mumbai please suggest me good location my budget is 30 lak regards dipak 9004863882

Anand Narayanan

National Director - Residential Agency, Knight Frank India (All Markets)

Localities like Ulwe, Kamothe, Panvel and Taloja in Navi Mumbai are good location in the given budget. PSF rate ranges between 3000 6000 Rs. However, from investment point of view, Panvel is a good location and has been giving decent appreciation. Over the past 12 months the prices in Panvel have appreciated by 20.4% which is among the highest. Kamothe has appreciated by 10.4% whereas the other 2 locations have appreciated between 6-8% p.a. The growth will continue although the magnitude may come down.

pandeanand2004: Hi, My broker has suggested me to buy Pensinsula\'s new upcoming celestia project in Sewree at Rs21000 sq feet. The company is same who has made Ashok garden and Ashok Tower in Sewree and Parel respectively. I am keen to tear your expert advice on the same. Regards

Ganesh Vasudevan

CEO, IndiaProperty.com

The project is from the same Developer and they are quite reputed in the market. But as the project is in its initial stages it is recommended that before finalizing you should also check other property options with other developers in the same area.

suneelshukla_86: Hello Sir, My name is suneel, i\'m planing to buy flat in badlapur, i\'m confuse about should i buy flat or invest in flot in my nativ village,, because flat age and depriciation of price, please tell me what happen to building after 60 to 70 year,

Ganesh Vasudevan

CEO, IndiaProperty.com

A built property is subjected to depreciation and 60 70 years is a long time. If you want a property in your native village and want to retain the property for as long as 60 years then it is better you invest in land than a flat.

webkarma01: want to buy a plot in Neemrana at rate of 5000/- per sq yd. Is it right to invest their or wait for some more time. Big Japanese companies are investing their ... pl suggest

Ganesh Vasudevan

CEO, IndiaProperty.com

Neemrana is a growing suburban locality of NCR. But dominated by industries the market has seen low demand and price appreciation for residential properties compared to other NCR localities like Gurgaon and Noida. If you have long term perspective in mind then only it makes sense investing in land.

narendra230986: I would like to buy a 226 sq meter plot at new raipur sector 30 chattisgarh. But the new raipur development authority state that the house should be constructed within 42 months. But the new city is just started develop. It will take appx 10 to 12 year to develop that area. Should I buy a plot at new raipur?

Ganesh Vasudevan

CEO, IndiaProperty.com

Development authorities often keep this clause for new localities or sub localities they are developing. This is done to develop the area at a faster pace and avoid large proportion of vacant land parcels bought for investment. Your decision should depend on the intention of your purchase and financial condition.

vikrant_karve: I stay in Mumbai in my own residential property. Recently I have purchased 2 flats in Dombivali for investments which are bought at Rs. 19 Lac & 21 Lac each. I intend to give these on rents at around 5 k per flat per month.I to want to know whether I will have to pay any wealth tax on these properties, even though they are let out?

Ganesh Vasudevan

CEO, IndiaProperty.com

The second house owned is accounted for during the computation of the total wealth for the purpose of calculating wealth tax. A wealth tax of 1 per cent is payable on the amount exceeding Rs. 30 lakh. However, if you give your second house on rent for more than 300 days in a year, it will not be subject to wealth tax.

lolstreet: I would like to buy an apartment in Bangalore for around 40 Lkhs. But the water scarcity in the city is alarming should this be taken into account while buying the apt. or is it better to invest in a plot.

Aditya Verma

EVP and COO, Makaan.com

Water is a very basic human requirement and needs to be taken into consideration if anyone would like to stay at a place for next 20-30 years. I am sure the local government would have the water table level for various locations in the city. If you are unable to find the relevant government department that has this information, you can look at online services that show the water levels of cities on a map. Among the areas that you finally shortlist, prefer areas that have adequate water table. It would be helpful both for investing and self use.

manishtiwarieng: hi Aditya - i am selling my property in gurgaon over which i am getting an additional premium of Rs. 2.50 lakhs. the buyer is ready to pay this additional premium amount of Rs 2.50 lakhs through DD in my name.. as this amount is going to be reflected in my bank statement , is it liable for income tax and how much income tax , do i need to pay for receiving premium amount of Rs 2.50 lakhs.. please advise

Aditya Verma

EVP and COO, Makaan.com

Yes, you will have to show this in your current year income. If you do not invest the proceed in another property, the premium will be considered as short term capital gains and income tax slab equivalent to your income will be applicable.

aashishb: I would like to know about a project named \" Navyangan \" Intergrated Township in Pirangut - New Pune. Is it a good investment option ? or can you give me a better option in pune?

Aditya Verma

EVP and COO, Makaan.com

I am sorry, as a policy we do not comment on any specific Builder / Project in public. However, I would urge you to check the past track record of the builder before making any investment. The property prices in Pune varies from 4000 to 6000 psf on an average depending on the location and the reputation of the developer. There are areas on the outskirts that may come in at a cheaper arte. In the given market situation, you can expect an appreciation of 5-8% per annum in the overall residential property market in Pune.

dusejasushil: Hello, I am planning to buy a 2-BHK flat in Noida for end use, which is ready for possession in the next 6 months (or earlier). So far I have shortlisted -- a) Prateek Wisteria (Sec-77) and b) Prateek Laurel (Sec-120). Here are my questions - 1) Which one out of the two is a better option and why? 2) Has the developer got all the required clearances, for the above-mentioned projects? 3) Are there any better choices available around the same area? 4) It is better to buy a fresh property than a resale one? 5) Will the area in and around sec-77, 120 (Noida) be livable in the next 6 months or so (from the safety standpoint, in particular)? 6) Should I consider Noida X-Way projects over the ones mentioned above? If so, please can you share a couple of good ones? Many thanks. Warm regards, Sushil

Diipesh Bhagtani

Executive Director, Jaycee Homes

You need to keep in mind that the property you intend to buy id suiting your requirements. A lot of personal factors go into buying a property. Is the location close to your work place? Is it close to your children school? How has the area developed in the past and what are the facilities available to counter day to day needs. Based on your personal requirement you may purchase appropriate property. From what we can suggest is that sector 120 has been much talked about as it has already existing metro. Sector 77/78 has metro proposed but not existing. Development will be faster where you already have infrastructure in place. You have to do your due diligence on the project to find out about permissions and other legalities. Resale properties are usually more expensive. It depends on the urgency of your need. There are many projects in sector 120 which are upcoming. They are Amrapali Zodiac, RG Residency apart from Prateek Laurel. We cannot comment on the safety at this point of time as it all depends on the future development. Noida Expressway is any day better as for the connectivity is concerned.

caprivipin: i want to buy 3bhk flat in Gurgaon in a budget of 40 to 50lac. possession may be in 2017.

Diipesh Bhagtani

Executive Director, Jaycee Homes

You can buy a 2 BHK Apartment in Gurgaon falling within your budget. There are many under construction projects available. You need to take care of doing a background check on the developer you intend to buy an apartment from. Buy from a reputed builder. You may also negotiate based on the amount of down payment you are making.

mandy_sagileo: sir, what are the current sale price of 10 -marla and 14 marla HUDA plots in sec1/4 & 5 respectively at Hisar haryana? should we hold or sell at current prices?

Diipesh Bhagtani

Executive Director, Jaycee Homes

The land price for Huda plots depends on the location of the plot, size of the plot and the category it falls into. Land price will always appreciate. My suggestion is, if you have the plot and dont require immediate funds, hold on to it as it will appreciate with time.

LEON: I had Invested 4.55 Lacs in a Flat in October 2013 the builder is PM4U , i have been informed that the said builder is arrested as he has not completed the project, Police are investigating the case and i am instructed by Police to forward my application giving all the details to them , please guide me or should i file a separate case against the Builder

Diipesh Bhagtani

Executive Director, Jaycee Homes

Consult a lawyer who will scrutinize your case in detail. He will be in the position to guide you accordingly based on your agreement. Litigation is an expensive affair. Please make sure that a separate case does not cost you more than your investment.

rksthakur: Please tell me if buying land in Bihta, Patna is advisable from appreciation aspect? what is development plan for Patna in 10-20 years.

Diipesh Bhagtani

Executive Director, Jaycee Homes

: There are many townships being developed in Bihta, Patna. Hence with infrastructure also developing the price will also appreciate.

neeraj.nangia: I wish to make an investemnt of around 15-20 Lakhs from a long term ( 10-15 year) horizon. I am residing in Delhi and loactions like NCR,Jaipur, Chandigarh shall be preferable. I already have bought a 2 BHK flat last year in Noida Extension. Maybe this time I would like to consider a plot. Request you to kindly guide on what are my options.

Aditya Verma

EVP and COO, Makaan.com

If your preference is for plot, you can get good options in the Noida area specifically along Sector 150, Sector 166, Noida Extension, Sector 88

upander1987: whats the paper check when we buy any home under of any project.

Aditya Verma

EVP and COO, Makaan.com

There are various documents that are to be checked while buying a property namely, purchase agreement, sale deed etc. Makaan.com keeps informing its users about such legal check points through its knowledge website, MakaanIQ and the best three articles for you on the topic are as follows:o Purchase agreement and its importance while buying a homeo Home buyers pay attention to paperwork!o Paper work involved while purchase of a property.

jainav0601: I am looking to book 2 BHK in Rosa Royale, Thane project. BUilder is Sai uma corporation. need experts suggeestion about project as well as builder reputation

Aditya Verma

EVP and COO, Makaan.com

Sorry, as a policy we do not comment on any builder or developer; however, Ill prompt you to check the background and the reputation of the builder by looking at his/her previous projects, their possession dates, the quality of the projects etc. through the residential society and its occupants.

dpal1967: I have seen a property (new project ) at Kolkata,Rajarhut . Bishnupur area . The project is Mongolia prestige . Project comple will be by 2016 ,Dec. The rate asking is 2300Rs/ft2 . What is the future growth of this area on investment point of view . D. PAL. Pune

Aditya Verma

EVP and COO, Makaan.com

Rajarhut seems to be getting a new lease of life as there is current stability in the property market. In the next 10 years, Rajarhut will be the place for growth. Its proximity to the airport adds to its value. A lot of new developers are exploring into the area. For further details, you can keep a constant check on Price trends at Rajarhut, Kolkata

nickjoi: I have purchased 2 bhk flat in thane at everest world which is still under construction possesion date was oct 2011. now possesion is expected by march 2014 pls suggest if i can sell the same & purchase new ready to move flat

Aditya Verma

EVP and COO, Makaan.com

As a policy we do not comment on individual builder or projects. However, if you want the property for self use and your project is delayed by 2 1/2 years, you would be better off exiting from the same and taking a new ready to move in property. In the current market scenario it is better to be safe than sorry. Please re-consider only if the ready to move in property is expensive by 500-700 psf in which case it may be better to stay put in existing.

prakashashok: I plan to buy a 2 BHK flat at Skylark Ithaca based in whitefield in Bangalore. As per you what is tentative return one can expect from this project 3 years from now?

Diipesh Bhagtani

Executive Director, Jaycee Homes

Whitefield in Bangalore is a developing area though located in the suburbs of Bangalore. It is well connected to the central city. However the rate of appreciation will depend on the development in that area and the up keeping of Skylark Ithaca.

ascet.suresh: I have 1800sqft residential plot in Pune. Could you please tell me the construction price at minimum rate for 1 sqft or in the present market any builders will construct the house with 50:50 margin in my plot?

Diipesh Bhagtani

Executive Director, Jaycee Homes

Your plot size is meant for an independent house. Based on the locality and the FSI available in the area, a developer will take his individual call. The per sq. ft. rate of construction depends on the type of construction you want to undertake.

reachharsh: Bought a 3BHK duplex in Padra, Baroda District for 30lacs in 2010 for self use but plans have changed since and we are not even seeing substantial appreciation. Would you recommend we sell and invest elsewhere or continue invested please

Diipesh Bhagtani

Executive Director, Jaycee Homes

You have not mentioned the area of your duplex so I will not be able to evaluate the cost. However, depending on the location of your house, the price ranges from 2800 to 3200 per sq ft. Since your plans have now changed, you may look at other properties closer to town rather than outskirt of Vadodara for investment purpose as properties in town or closer to town appreciates better.

nareshsadh: What is the SC verdict on VAT? Do builders have to refund it ?

Diipesh Bhagtani

Executive Director, Jaycee Homes

The verdict of the supreme court is that the VAT is to be paid at the rate applicable at the time of purchase of the flat. Currently it is 1% of the total value of the flat. So there is no refund in question.

akhiltushar: Sir, I have a flat in Amrapali Empire Near ABES Engineering College in Ghaziabad. Shall I hold it or I can sell? I can hold it for next 2 to 3 Years after that I will be retiring from Air Force. Thanks

Diipesh Bhagtani

Executive Director, Jaycee Homes

All properties have to be registered and stamp duty paid irrespective of society being formed or not. It is to your advantage to get the property registered before making the full payment for that property. To legalise the deal you have to register your property.

verma_cp2003: cpverma52: What do you say for an invesment in buying a house 4BHK costing Rs 47 Lakhs Near Kundli, Sonepat, Xpress City.

Diipesh Bhagtani

Executive Director, Jaycee Homes

If the title of the property is clear and the property is from a reputed builder, its a very good deal. Check for the hidden cost over and above this if any.

rajvaidya81: sir i am a salaried person working in government agency. i have purchased a house at Indore (MP) for which i am seeking a loan from CAN FIN HOMES Ltd of Rs 1600000/- and they have charged 1% as processing fee and also asking for stamp duty and agent commission separately (0.25%+0.50% of loan amount), whereas the processing fee is 0.5% as i have seen on their web site. sir i want to know are they charging a fair amount or i need to negotiate with them, also i want to know why the interest rate is higher than other home loan providers/Banks (currently 10.95%). Is there any policy or regulatory for them. Thank you sir.

Diipesh Bhagtani

Executive Director, Jaycee Homes

All banks have their set of rules governed by RBI. You can get the quotes from any other bank also and do a comparative study. You will get an idea of the variable components in the loan process. The rate of interest keeps on changing from time to time. Currently it is 10.75 %. You have to pay stamp duty on the loan agreement. Agents commission is not payable by you and the processing fees that a bank is charging can be negotiated.

abhimegha82: Sir, I want to invest 25-30 k in noida for 5 years. Please guide me for which place is better from noida extension, yamuna expressway or nh24.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

I will recommend Noida Extension over other areas.

spatidar: Which location is good for investment- Thergaon(Pune) Or Ulwe(Navi Mumbai) My budget is 35L(1 BHK)

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

I would recommend Pune, considering the proposed budget.

amanshankhshar: My name is Aman Shankhdhar. Age 25. Single. I have an in-hand monthly salary of 56000. I would like to invest on a 2BHK, that provides good returns in 4-5 years. I have zeroed-in on Supertech Golf Village - Yamuna Expressway (Greater Noida) They are providing a 2BHK of 1000 sq. feet @ 34 lacs. Builder is saying that pocession will take 5 years. My questions are: 1. In my Salary, what amount and period of home loan should I be okay with? 2. Is Supertech a reliable builder as the project I am thinking to invest in is new and will take 5 years till pocession? 3. Are there any better investment options in market for 2BHK? 4. Should I wait for sometime before investing. I have heard property market is soon to see a price correction. Is it true?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Good deals in the property market are available only when there is uncertainty. Post elections, the scenario will change and is bound to turn positive. It will be ideal to look for an attractive deal in the current market environment and grab the opportunity. From the eligibility point of view, you have a chance to strike a good deal in the current market scenario.

sanhs: I have two options to buy house. Option 1: buy now with current money I have and take loan for 20 Year. Option 2: save money for another 5 year (in FD/debt-MF with 8% return p.a) and than buy house after 5 years with less loadn preiod of 15 year. Please let me know which is better option by considering? In option-1 will I may more interest to bank than what I get from bank-fd in option-2 (considering nationalized bank interest rate).

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

In uncertain and turbulent times, there is always a good deal available. When the country is struggling on growth, currency stability and inflation, we find current scenario good time to do bargain hunting for good deals. Option 1 is where you are hedging against the current environment and taking floating rate loan. You can further hedge yourself by getting the upside on the property prices in the near future and reducing the interest burden going forward when the economy recovers, as interest rates are going to reduce in the months to come.

daniel_math: can i split the long term capital gains received from selling my property into bonds and a new property

Aditya Verma

EVP and COO, Makaan.com

I do not know if this question is from taxation point of view or otherwise; but if it not for taxation, then you can invest the capital gains from selling a property into any instrument of your choice including bonds. Instead if you are looking to save tax, re-investing in property within a specified timeframe will help save long term capital gains.

aniruddha2306: Which is the best destination to buy a flat for investment purpose in maharashtra

Aditya Verma

EVP and COO, Makaan.com

In Maharastra, you can look at the cities of Mumbai and Pune. The number of transactions in these markets is the highest, which allows easy entry and exit, especially for people who are putting money for investment. Other markets may offer similar returns but are less liquid compared to Mumbai and Pune.

manu1503: i am looking for investment in saptashree galaxy project in kalyan shilphata road. Please suggest how much price appreciation one can expect in this area in next 5 years.

Aditya Verma

EVP and COO, Makaan.com

I am sorry, as a policy we do not comment on any specific Builder / Project in public. However, I would urge you to check the past track record of the builder before making any investment. The property prices in Kalyan varies from 4000 to 5000 psf depending on the location and the reputation of the developer. In the given market situation, you can expect an appreciation of 5-8% per annum.

udaykokitkar: In mumbai which place is better to invest??

Aditya Verma

EVP and COO, Makaan.com

Mumbai has many locations that can give a decent appreciation even in the current market scenario. According to Makaan.com price trends, 10 locations have been taken into consideration , with names like Kharghar, Mira Road, Kandivali(East), Ulwe topping the list. Please find below the average psf rates for all the localities; these will help you decide a location based on your budget. - Kharghar - 6000 - 7000 psf- Mira Road - 6000-7000 psf- Kandivali(east) - 13000-14000 psf- Ulwe - 4000-5000 psf- Goregaon(east) - 11000-12000 psf- Kamothe - 5000-6000 psf- Virar- 4000-5000 psf- Panvel - 3000-4000 psf- Vasai Road - 4000-5000 psf- Dombivili(east)- 5000-6000 psf

nikunja_mc: I want to purchase land in Hyderabad, but will be able to build a house after 10 yrs, thereby I want to know shall I buy a land now or else invest the same amount else where. How much increase is expected in land cost in near 10 yrs (in Hyderabad).

Aditya Verma

EVP and COO, Makaan.com

Hyderabad has witnessed second highest occupancy of IT spaces in India during the last one year. Hence, this is a good opportunity for property buyers because Hyderabad may witness property boom in the midterm (post the settlement if Telangana). You can invest in land at Gachibowli, Shamshabad or Kokapet with a target of average return of 5-10% per annum.

riteshpresswala: Sir i want to invest Rs 45 lakh in residential, which area will give better return in short time Ahemdabad or Surat, in Gujarat

Aditya Verma

EVP and COO, Makaan.com

In the price bracket of 45 lakhs you can look at Bopal, Satellite and Prahlad Nagar in Ahmedabad. You cannot expect return in a short duration in any CAT B towns; however in long term, it might give good results. The appreciation if 5-8% per annum should be decent for a market like Ahmedabad. The average PSF rates (in Rs.) for each locality are given below for your reference. This is based on data collated by pricetrends.makaan.com for Ahmedabad. Hope this helps. Bopal 3000-4000 psfSatellite 4000-5000 psfPrahlad Nagar 4000-5000 psf

payaljagani: pls guide me on fungible area to old tanate as per new dcr plot area is 1824sqmt using carpet area including balcony 19079 balcony is 10% please guide me as ihave 736sq ft flat including balcony how much i get as fungible area we enter in mou 2yrs back with aditional 20%carpet area and as per new dcr we r eligible for fungible area so pls guide me

Diipesh Bhagtani

Executive Director, Jaycee Homes

To answer your query in a simple language, the thumb rule is you will get 35% on the approved built up area as fungible FSI which is free of cost for existing tenants. Assuming you have 736 sq ft. less 10% for balcony will leave you with 662.40 sq ft. Hence with 15% loading your built up area will be 761.76 sq ft. Assumed this is approved by the concerned authority in your state / city like BMC in Mumbai. Then the calculation for fungible will be : 761.76 X 35% (266.61) = 1028.37 sq ft. You may calculate on the same basis for whatever your increased area is.

drvudas: TDS on purchase of Property above 50 lakhs has become effective. If I hold my property in joint names (Equal contribution for Purchase) Agreement is likely to be of 67 lakhs. will both of us comply with this regulation? if i take cheques of 33.5 laks each?

Diipesh Bhagtani

Executive Director, Jaycee Homes

The onus of TDS lies with the first holder in full if it is a single agreement. If there are two separate agreements then both will have to comply with TDS.

amitsinghee: I have purchased a plot of land from Government agency , Jaipur Development Authority, in open auction for Rupees 80 Lacs. Do I have to deduct 1% from purchase(auction) amount? It is exactly like purchasing property from DDA/BMC/MMDA?

Diipesh Bhagtani

Executive Director, Jaycee Homes

TDS is not applicable to Government agency. You don't need to deduct 1% from your total amount to be paid.

aniruddha2306: I wish to buy a Flat for the purpose of investment.Suggest me locations in maharashtra where fast growth is taking place.

Diipesh Bhagtani

Executive Director, Jaycee Homes

This depends on your budget. Place beyond Mira Road in western Suburbs and places beyond Kalyan in eastern suburbs are recommended for investment now. Also New Panvel can be looked at upcoming area.

nareshmarwah: Commercial property option - Gurgaon or greater Noida ?

Diipesh Bhagtani

Executive Director, Jaycee Homes

Graeter Noida. This is the fastest growing area in the NCR. Price is still affordable, good infrastructure is expected to come up here and the demand for commercial property will go up in time to come.

0123yummy: i invested rs 85000 in sahara city homes chandigarh. now what will happen after sebi seized the land? what should i do? has my money gone??

Diipesh Bhagtani

Executive Director, Jaycee Homes

It is unfortunate that such a scenario has taken place. Sahara is looking to pay off their investors. You should follow up with them for your investments. Don’t give up hope, I am sure that Sahara will do its best to maintain their image and reputation.

n.tomar: Hi sir,I\'m planning to buy plot in hyderabad,will it be a good option to buy plot in 1500 acre venture by alien groups near shamshabad inte\'l airport???or suggest me area where i can invest 10-15 lacs for good return?plz give me ur advice.thanks.

Diipesh Bhagtani

Executive Director, Jaycee Homes

There is a lot of development happening in areas like Shamshabad, Nizam Pet, Saroor Nagar, L. B. Nagar. There are independent houses available from 14 lakh onwards. You can choose from amongst these areas. They are all upcoming areas being developed intensively.

rpandey05: I wan to buy a flat of 36Lacs in chennai, I can pay 12 lacs and rest will be loan, can you suggest me some good properties in south chennai

Diipesh Bhagtani

Executive Director, Jaycee Homes

The loan will be available to you from banks which will be based on your credit standing. South Chennai is developing very fast and there are number of projects currently going on. Some of them are Pacifica Aurum, Swanlake, Daffodills - Potheri and many more. They are all priced differently based on the type of construction. The price ranges from Rs. 24 lakh onwards.

ranjitajai: i had bought a flat (agreement date is 18 feb 2010) now i want to sell this flat (agreement date will be 11 feb 2013) what will be the tax liability.

Diipesh Bhagtani

Executive Director, Jaycee Homes

Yes there will be tax liability as per short term capital gain tax rules. Long term capital gain tax is applicable only if the flat sold after 3 years. Long term capital gain can be reinvested in land in a stipulated time to avoid tax.

j_bhavin: I WANT TO INVEST IN A PROPERTY IN AHMEDABAD ON S.G.HIGHWAY.WHAT IS THE FUTURE OF AREA BEHIND NIRMA UNIVERSITY

Diipesh Bhagtani

Executive Director, Jaycee Homes

The future is good but It will take some time for this area to come up. If you are looking at investment, I will suggest Naroda.

rudra8224: Is it safe to buy property in Royal palms, goregaon east Mumbai as it is much cheaper than market rate? Are there any legal issues with that land or buildings?

Diipesh Bhagtani

Executive Director, Jaycee Homes

I have not heard of any legal issues but yes the quality has definitely suffered over the years and the maintenance is low.

manav_soul: is dwarkaexpressway indiabulls enigma is worth good investment at 7200 rupees per sqft...

Diipesh Bhagtani

Executive Director, Jaycee Homes

Indiabulls is a reputed builder. The rate in this area ranges from Rs. 5500 upwards and goes upto Rs 7500 per sq. ft based on the exact location and amenities provided. Invest as per the stage of construction.

naveen323: is buying a plot in Ansals Palam Vihar Gurgaon a good investment?

Diipesh Bhagtani

Executive Director, Jaycee Homes

Palam Vihar is an upcoming area and has scope of further development. Ansals are a reputed builders and developers not only in residential areas but also in commercial areas. It will be a good investment. Please does a check on the competitive pricing and ownership of the plot you intend to buy.

vikrant8547: I have a 2bhk in Magarpatta city at Pune. I purchased it in 2010 and have rented it out for 15 k per month. I had purchased the flat @ 3250 per sq ft. Should I hold on to this flat or sell it and invest somewhere else. I currently live at my own house at Noida.

Diipesh Bhagtani

Executive Director, Jaycee Homes

The price at Magarpatta City Pune has nearly doubled in two years since you bought the house. It is expected to go up further as this area is developing fast. My suggestion will be to hold on.

ken796: Mr Diipesh, I have booked a property in Mumbai Suburbs by paying 30% of the property value. The builder has given allotment letter mentioning the amount paid which is 30% of the total cost. My questions is as follows: 1. The builder has not given any receipt of the payments yet. 2. The builder asked for 3.09% service tax in advance on the amount of 30% I paid. And didn’t provide me any receipts yet. 3. The pre-launch title doesn’t have IOD and CC. But they are expecting it in 9 months’ time So i want to ask what should my stand be on this. Should i continue with this builder or stay away and take my money back.

Diipesh Bhagtani

Executive Director, Jaycee Homes

You are entitled to the receipt with details of the payment or at least there should be a mention on the allotment letter giving the cheque details of your payment. 3.09 % Service Tax is applicable on all the property under construction till such time the occupancy certificate is not received. Please check the credentials and standing of the builder concerned and according take a call.

arshanp: Hi Expert, I am an NRI and invested in a property Value 60 lakhs and located at vasant vihar thane, maharashtra. I will appreciate if you will help me guess rate of appreciation on this property in next 2-3, 3-5, 5-10 years. I am also planning to invest another property in or around Mumbai for 60 lakhs, Please advise when is a good time to make the second investment Thanks, Arshan

Diipesh Bhagtani

Executive Director, Jaycee Homes

Rates are definitely going to appreciate year on year in Thane the area / Location is developing fast. Rates are expected to increase by 15 to 20% in next 2 to 3 years. Infrastructure connecting to city from Thane is also improving at a fast pace.Level of Appreciation Depend on which project you have invested Rs, 60 lakhs in, the size of your apartment, Amenities in the building and the neighbourhood. Without disinvesting you can go in for a second investment now.

kshitiz_1985: Sirs, I am interested in buying a 3BHK apartment in Delhi-NCR (preferably Delhi, Noida, Gurgaon; not Noida Extension). My budget is 45-55 lacs and want to take possession within 2013. I request your advice on viable options. Further please can you advice on the current rate of Amrapali Zodiac (3BHK or 2BHK), or if any better option is there closer to Delhi. Thanks in anticipation. Mittal

Diipesh Bhagtani

Executive Director, Jaycee Homes

There are many projects going on in and around the area of your preference. Projects by SS Group, Assotech, Paras Builders, Experion, Mahindra and many more. Most of these are offering 2, 3, 4, BHK apartments and are at various stage of Construction. It is suggested that you personally visit the sites and need to make a choice based on your likes, dislikes and your long term requirements. The rate of Amrapali Zodiac is around Rs. 5000/- per sq. ft.

sandeepkumarsinghal: Dear Sir, I already own a house which is presently unoccupied and is free from any loan liability. Now I wish to buy another house under bank home loan scheme. Please let me know what tax benefits can I avail on the EMI for the second house. Also what are other tax liabilities ( like wealth tax, income tax on rental income etc) for the second house. S.K Singhal

Diipesh Bhagtani

Executive Director, Jaycee Homes

You will be entitled to tax benefit on theprincipal amount and interest amount of the loan under section 80C and 24(B). Your additional property, under income tax rules will be considered as deemed to be let out. Wealth tax will be applicable if the property value is above Rs, 1crore

tvmanikandan: Hello, I would like to know the market value for a plot in BMRDA approved layout in the following locations @ bangalore: 1) Nisarga layout in bannerghatta-jignai road 2) chandapura-anekal road within radius of 5km from chandapura circle

Diipesh Bhagtani

Executive Director, Jaycee Homes

Land price does vary from location to location in the plan itself based on the plotting. Plot price per sq. ft in Nisarga Layout in Banergatta will range from Rs. 1050 to Rs. 1200. Plots in and around Changrapur Anekal rd. can range from Rs. 700 to Rs. 1000 per sq. ft depending on the closeness of the plot from the main road.

akshayakumar76: I want to purchase one flat at Noida/Gr Noida for my own living purpose after 4-5 yrs. Pls guide me for this .I want 3 BHK flat with price range from 40-50 lakhs. It should have well connectivity by metro network with good living amenities.

Diipesh Bhagtani

Executive Director, Jaycee Homes

Your budget may fall short of the price for a 3 BHK flat. This may be possible in a project that is just being launched and is at very initial stages. The best would be to connect with local authority for such information and grab the opportunity.

hemant_2652: I own a flat at Gurgaon. Wish totransfer it on son\'s name through a transfer deed. Is it the best way to do or is there any other method. If so tax and other legal implications?

Diipesh Bhagtani

Executive Director, Jaycee Homes

You will have to pay stamp duty @ 5% and registration fees as applicable. The other way is to gift it to your son and 2% stamp duty and registration fees as applicable will have to be paid on the market value of the flat. Another way is to give your son power of attorney of the flat and unconditionally will it after you.

shitolechandru: I have 1 flat at baner, pune. One korian is staying there as tenant. When leave agreement was done that time she was working in korian company at pune. Now she resign from job and went back to koria and trying for getting business visa to India. For this purposs she want to mention my flat address as residential address on visa application. Till she is paying rent as per agreement (for 2 yrs). She want to do business in pune and want to stay in my flat. She is not going to use my flat for business purposs. Is there any legal problem for me in future. I am working outside of India

Diipesh Bhagtani

Executive Director, Jaycee Homes

There is no problem in her using the address of your apartment as far as you leave

lubhit: I have a query on taxation benefit for housing. I purchase a property in the name of Person A. Took home loan for 10% of property value. Home Loan taken in the name of Person B and Person A as joint applicant since Person A has no income, this is allowed by Pvt banks like ICICI or HDFC. Home Loan EMI is being solely paid by Person B. Since the title of the property is not with Person B and if Person B doesn\'t want to avail tax benefit on interest paid on home loan, can person B continue to utilize the benefit of HRA if the rented accomodation and pruchased flat is in same city.

Diipesh Bhagtani

Executive Director, Jaycee Homes

If person A and person B are not spouse then person B can avail of HRA. In a situation where Person A and person B are Husband and wife then person B cannot utilize the benefits of HRA

prashant001_1977: I HAVE BOOKED A FLAT IN 2009 IN GHAZIABAD AND POSSESSION WAS DUE IN MARCH 2011. NOW I HAVE RECEIVED OFFER OF POSSESSION AND THE BUILDER IS PRESSURING TO GET THE FLAT REGISTERED BUT IS NOT READY TO PAY ANY PENALTY AMOUNT AS PER AGREEMENT. I WOULD LIKE TO ASK THAT CAN I CLAIM MY PENALTY AMOUNT AFTER I GET THE FLAT REGISTERED IN MY NAME.

Diipesh Bhagtani

Executive Director, Jaycee Homes

Yes you can. If you approach the consumer redressal forum with this issue you can achieve this purpose. But the cost will be higher than what you can achieve. It is better to take possession and avoid court as real estate development is time consuming and sometimes takes longer than estimated to complete.

zafaralikazi: I wish to gift my flat in Mumbai to my only child who is married and living in UK. Presently we are living in the same flat and that is the only property we have. What is the proceedure for this gift and how I can register it. Thanks and regards.

Diipesh Bhagtani

Executive Director, Jaycee Homes

You will have to pay stamp duty @ 5% and registration fees as applicable. The other way is to gift it to your son and 2% stamp duty and registration fees as applicable will have to be paid on the market value of the flat. Another way is to give your son power of attorney of the flat and unconditionally will it after you.

abhi469: We had Rs.30,00,000 from sale our ancestorial property, which we decided to invest of developed land. we have paid Rs.28,44000 for purchase of 3 developed sites measuring 7200sqft (3 x 2400sqft), the price of which is Rs.395.00/sqft, now at the time of registering the developer is making a deed to be registered with price of Rs.130.00/sqft. He is saying that it is the guideline value of Govt .The deed draft says that it is the market value. I am confused that the term guideline value of Govt is not used and instead the term market value is used. How does this effect our taxation because the value on the sales deed is Rs.9,36,000. They have given us the receipts for the payments they received. could you please advice

Diipesh Bhagtani

Executive Director, Jaycee Homes

This indicates that you are buying the property to offset the tax implication on the capital you have received from the sale of your ancestral property. In such a case you have to show that the amount received out of this sale is being reinvested for purchase of the property. If the deed value is for a lesser amount, you will have to pay capital gain tax on the balance amount. You should insist for a deed of actual amount you have paid for the purchase of the property.

sarojkumarmittal: Which area will give a better return while investing in a 2BHK flat for 30-35 lakh? Bhiwadi at Rajasthan or Rajnagar Extension at Gaziabad? Investment horizon is five years. Also the rental scenario?

Diipesh Bhagtani

Executive Director, Jaycee Homes

Return on investment purely depends on the infrastructure development that is taking place or is proposed to take place. Also the location’s closeness to a bigger city will determine the rental. By this assumption Gaziabad looks better.

gurbirbhatia: I along with my 2 sisters have parental property in New Delhi. In my late mothers will I am the owner of 2nd floor and from last 10 years I have the possession of 2nd floor. Now in New Delhi 3 floors + 1 ground floor are allowed . Now my question is, who has the rights of 3rd floor being owner of 2nd floor I am or all three sisters have equal rights. Regards GSB

Diipesh Bhagtani

Executive Director, Jaycee Homes

The right of development goes to the owner of the land on which the building stands.

damdamohammed: What is Sinking fund-for commercial property

Diipesh Bhagtani

Executive Director, Jaycee Homes

Sinking fund is the fund kept aside in a society to take care of major repairs of the damages and maintenance of the society in long run, say 7 – 10 years.

rosesrunique: i want to buy 2 bhk for investment i want to know which city i should invest, surat, vadodra, ahmedabad in gujarat or badlapur , ambernath in Thane maharashtra

Diipesh Bhagtani

Executive Director, Jaycee Homes

Both the markets are growing equally well. My suggestion is buy a property closer to your place of residence so that you can keep a close eye on the development.

su230474: I need to purchase a under-construction 3BHK flat (1400sqft), ready for possession latest by Nov 2013, with budget of Rs. 90 lakhs (approx.) in Dwarka, preferably adjoining Expressway on Delhi side (Sector 110, 111, 112, 113). Kindly advice which are the best properties / scheme(s) meeting above criterion? Regards, AB

Diipesh Bhagtani

Executive Director, Jaycee Homes

There are many projects going on in and around the area of your preference. Projects by SS Group, Assotech, Paras Builders, Experion, Mahindra and many more. Most of these are offering 2, 3, 4, BHK apartments and are at various stage of Construction. It is suggested that you personally visit the sites and need to make a choice based on your likes, dislikes and your long term requirements.

soumitrasen1982: I am 30 years old and live in mumbai. My wife and I are contemplating purchasing a flat here worth 1.7crore. Of which we have 85lakh that we have the capacity to pay. Therefore the mortgage amount would be 85lakh. My annual income (before tax) is 12.5lakh and my wife\'s 8 lakh. We end up with approx 1.3 lakh in hand after paying tax. Could u please help me calculate our tax burden under 2 scenarios 1) living in the flat - therefore letting go of hra but benefitting from 80c principal and 24(b) interest - unsure on which is more beneficial here. 2) renting out the flat

Diipesh Bhagtani

Executive Director, Jaycee Homes

The tax burden will depend on the property you intend to buy, whether ready possession or under construction. Also a lot depends on the ownership of the apartment. If it is the second property in the same owners name than there will be property tax applicable. Yes you can claim tax benefit under 80 C on the principal amount upto Rs. 1 lakh pa under normal circumstances. You can also get tax banefit on interest, but only after possession of the flat and if it is self-occupied under section 24(B). Even the interest paid on loan before possession will get tax benefit in instalment after possession over a period of next 5 years. All this is subject to the conditions as mentioned above. You have to get accurate details from your bank based on the nature of your loan. Your benefits against your HRA will also be based on the amount of EMI you intend to pay and the duration of the loan.

aparnakb: Is it worthwhile to purchase a second home in Rajarhat, Kolkata? Which builders should I consider? What are the mid-long term growth prospects there? I plan to purchase in mid 2014.

Diipesh Bhagtani

Executive Director, Jaycee Homes

Rajarhat is a fast-growing planned satellite city. This new information technology and residential hub is being developed on the north-eastern fringes of Kolkata. It’s a planned city and price will appreciate. My suggestion would be to invest but after doing a proper ground check on the project you intend to buy.

kamlesh29july: I HAD BOOKED A 2BHK FLAT IN LUKNOW UNDER THE PROJECT GOEL HEIGHTS AT BASE PRICE RS 1900/SQ FOOT. THE TOTAL AREA WAS 1290 SQ FOOT. THE BUILDER IS MAKING TERRACE WHICH IS ABOUT 180 SQ FOOT WHICH IS NOT A PART OF ACTUAL MAP PASSED BY NAGAR PANCHAYAT AND SHOWN TO ME AT THE TIME OF BOOKING. THEY ARE CHARGING FOR IT ALSO. THE PROPOSED TERRACE WILL HINDER THE SUN LIGHT IN THE FLAT. I WANT TO RESALE THE FLAT. WHATSHOULD BE THE CONTENT OF RESALE LETTER I WOULD WRITE TO THE BUILDER ? WHETHER I CAN GO FOR ANY LEGAL REMEDY TO STOP THE BUILDER FROM MAKING ILLEGAL CONSTRUCTION ? KINDLY RELPLY ON MY EMAIL ID kamlesh29july@gmail.com. REGARDS K K MISHRA SR MANAGER BANK OF INDIA

Diipesh Bhagtani

Executive Director, Jaycee Homes

If it’s an illegal construction, then you can write to the developer or even complain to Lucknow municipal corporation. You have to be sure of your claims and your fact rights that the construction in question is legal or illegal.

manoj_p: I purchased a Ready Possession flat in Pune In June 2012. Should VAT be paid for Ready Possesion property? I paid VAT for it. Will the VAT be refunded back to me?

Diipesh Bhagtani

Executive Director, Jaycee Homes

A.The VAT amount is 1% of the agreement value as on today. This amount has to be paid at the time of registering the flat with the registrar of housing. Depends on whom you have paid the VAT to and what amount. Vat @ 1% is applicable even in a ready possession flat. Also Service tax is applicable if the Occupancy certificate has not been issued yet. There is no vat applicable on resale of the flat.

nairanoop86: dear sir, I am considering buying a residential plot in sector 162, noida ( noida map is showing it as residential zone). sir how can i verify if the property on sale there by the developer is legal and all the clearances from the district administration has been obtained ?

Diipesh Bhagtani

Executive Director, Jaycee Homes

You can contact the corporation there and file RTI for the project. That will make it easier for you to know if all the necessary permission and approvals are in place

shivk_cnbc: I bought a 2BHK flat in Bangalore and builder is asking to pay sales tax on construction. Who should pay sales tax either by customer or builder? Thanks in advance

Diipesh Bhagtani

Executive Director, Jaycee Homes

It’s the service tax and VAT that has been implemented by the government. Technically the developer has to pay as he is liable to the government. This in turn will be definitely collected from you by him.

dayaldas: I bought a flat in Hyd in June 2008 which was registered for 21 lakhs. I am now selling it for Rs 62 lakhs. How much would be the capital gains - Is it 62 - 21 = 42 lakhs? If I do not want to invest in another property how can I avoid paying tax?

Diipesh Bhagtani

Executive Director, Jaycee Homes

Capital gain tax is calculated based on indexation. There are ways to reduce tax burden by investing in long term government infrastructural bonds. The options are available from time to time as introduced by Reserve Bank of India.

yedadola: I have a small cottage with a garden which i built myself 7 years ago in south Goa near the famous Palolem beach. In the last year or so for the first time apartment buildings have started coming up in the neighborhood. Prices vary from Rs 23 lakhs for a one-room studio apartment to Rs 65 lakhs for a 2BHK of about 1000 sq ft. I want to sell my property. My question is: how do i price it, given that land with free title is scarce in Goa?

Diipesh Bhagtani

Executive Director, Jaycee Homes

The price for an apartment and a piece of land are two different things. The price of the land depends on the size of the plot, FSI available for it and many other conditions. Goa reality market is on a high since everybody is looking for a second home there. You can definitely get a great buy for your clear property.

jasondsouza: Hello, I plan to purchase a property under construction and completion is after 2 years. ICICI offers an option commence EMI from the date of first disbursement. Since this contains the Principal and Interest component, can I claim tax benefits on this EMI paid? Thanks Jason

Diipesh Bhagtani

Executive Director, Jaycee Homes

Yes you can claim tax benefit under 80 C on the principal amount upto Rs. 1 lakh pa. You can also get tax banefit on interest, but only after possession of the flat and if it is self-occupied under section 24(B). Even the interest paid on loan before possession will get tax benefit in instalment after possession over a period of next 5 years. You have to get accurate details from your bank based on the nature of your loan, but the fact is that you are to a tax benefit on housing loan.

bimalwalia: Dear Mr. Diipesh, I am still awaiting your response to my query on 8th Jan, 2013, with respect to Earth Infrastructure Ltd. I wanted to know how is the company and whether it is safe to invest in its projects in Greater Noida and Gurgaon, since i have been offered good discount and assured return on investment. Your reply is eagerly awaited. Warm regards Bimal

Diipesh Bhagtani

Executive Director, Jaycee Homes

Any investment need due diligence. There have not been any negative reports of Earth Infrastructure Ltd. It is supposed to be one of the leading real estate companies of NCR. Since you have not mentioned what kind of investment you plan to do, I am not in the position to comment on this. However let me also tell you that a lot depends on the kind of investment and market conditions prevailing at that time.

sumit_dua: I purchaed a plot on reseal from the original alootee in sector 46,HUDA Gurgaon. Now, I have come to kn ow from my friend, the original aloottee that the HUDA has asked him for additional money of 1.5 lacs for making this money to the land owner from whom the HUDA acquired the land. My question is that who will pay this money. Whether the original aloottee to whom the HUDA gave this plot at the Govt.rates Or by me, I purchased the plot on markeet rate from the original allottee.

Diipesh Bhagtani

Executive Director, Jaycee Homes

The Onus of paying all the taxes / payables falls on the current owner of the property, unless agreed upon otherwise at the time of purchasing the property. You may request the earlier owner from whom you have purchased the property to share the extra cost if he is agreeing to it. Refer to the agreement you signed with him. If it says the property comes to you with HUDA being completely paid then the previous owner should pay or else you have to bear the expense to keep your property clear from any outstanding.

Ace258: I have a shop in pune which i intend to lease out. Want to know how more property tax will i have to pay Is there a ruling that the property tax is dependent on the rent receivable? Txs

Diipesh Bhagtani

Executive Director, Jaycee Homes

There will be no change in property tax due to leasing of your property. You will have to pay stamp duty and registration fees when the lease is registered. Stamp duty and registration fee varies from place to place and also depends on the rent amount. Please refer to the ready reckoner of that place. Tax structure if any as it was before leasing will apply. There will be no change in that.

hemanonline: Housing society has transferred the flat in my name 8 yrs ago and have paid all the required charges, the maintenance receipts are in my name etc..however they have not update the records in society register by mistake, the office bearers of that time are no longer staying in the society. I have all the documentations, proof and share certificate in my name and 6 months are left to finish my housing loan. What needs to be done now? Is it a problem for me if they have not updated the register?

Diipesh Bhagtani

Executive Director, Jaycee Homes

This issue can be rectified by the current managing committee of the society provided you have all documents in place and dues paid. To substantiate your claim you can produce a duplicate copy of you Registration papers to the society Committee. Also if you do not get required cooperation, then you can complain to the registrar of society and he shall sort the matter for you.

ameet2012: Want to have present VAT payment solution in favour of buyer for the flats bought between 2006-2010 as plenty of buyers are already in bad shape and on top of that they can no way pay the VAT . Please suggest solution

Diipesh Bhagtani

Executive Director, Jaycee Homes

I understand your sentiments, considering a situation from the time VAT is applicable since 2006, where a builder has developed thousands of apartments on various properties, there is no way any developer is in the position to accept additional burden of VAT. On the other hand these properties, since then, are either occupied by the original owners where the value has appreciated many folds or the property has changed hands and profits booked. A developer has nothing to do with these transactions or for that matter the property in question after handing it over to the societies. The only solution to this will be if government decides to withdraw VAT payable for all registered properties and apply only on the yet to be registered property. This way the buyer will be aware of his outgoings and developer will be aware of the expenses.

b4babitamalik: Sir, My query is that if a daughter has received a DDA flat as gift (duly registered gift deed) . Now whether the daughter can sell the same any time or there is minimum holding period before selling. Thks.

Diipesh Bhagtani

Executive Director, Jaycee Homes

There is no lock in period. Once the formalities of a gift deed are executed, and the property is registered in the daughter’s name, she becomes the rightful owner.

skirank: I would like to purchase a resedentila land( Betwen 130 SQYD to 200 SQYD) for investment in Hyderabad.My duration is 10 Years and budget is 20 Lacs.Gachibowli and Hitech city are not afforable in my budget.Kindly advice the upcoming areas in hyderabad.

Diipesh Bhagtani

Executive Director, Jaycee Homes

There is a lot of development happening in areas like Shamshabad, Nizam Pet, Saroor Nagar, L. B. Nagar. There are independent houses available from 14 lakh onwards. You can choose from amongst these areas. They are all upcoming areas being developed intensively. She can sell the property any time.

r4rakesh: Dear Sir, I have entered into a transaction for purchase of flat in Jamshedpur fron builder.We have cocluded to purchase 4th floor measuring 1185 sqft.I paid 6 lacs as advance in march-11& applied for loan from LIC housing finance for balance amont.I got the sanction letter but during disbursement they asked for addition paper from builder,which builder couldn\'t produce & docs was returned by LIC in July-Aug-11.Again,I applied to IDBI &I received the sanction letter.Before disbursement,bank official visited the site & found that 4th floor is already occupied,& they have asked to inspect 5th floor,which is not the approved plan by the local authority.Fearing that the builder may aallot this flat to someone else we had asked for registration of property & got it registered in Jan-12.Builder has assured me that they will get the approval very soon,which has not happened tiil date.Now the builder is pressing hard for repayment of balance amount.In this scenario what should I do?The registered paper is also with the builder.He has cheated & trapped us.In fact he has taken us from 2nd to 5th floor.Please advice sir what to do as we are in trouble.

Diipesh Bhagtani

Executive Director, Jaycee Homes

In such a case the local authorities cannot register flat that do not have necessary approvals. But since you have done that, then find out more about the developer and his reputation. In case he has a good track record then give him some more time to get the necessary approvals. Fix a time frame with him and if he fails to Resolve in such timeframe then you complain to the competent authority or consumer forum and if need be then the court. Also contact the local real estate body and they shall help you out. My advice would be, if the matter is solved out of court, it will save you lot of money and hardship

ashokkumar1511: I registered my flat in pune in 2010 before 31st march.The agreement value was around 3000000.Total build up area is around 950 sq ft. I like to know how much VAT should i need to pay as per the Govt rule.

Diipesh Bhagtani

Executive Director, Jaycee Homes

The VAT amount is 1% of the agreement value as on today. But if your agreement is registered before 31st March, 2010, then it will be 5%. That means you will end up paying Rs. 1,50,000/- towards VAT . This is a onetime payment.

dsgopal: Scenario: Mr A and Mrs A purchased residential plot in a private society for INR 100 in year 2005 [as per the allotment letter from the developer]. Mr. A’s father contributed INR 40 and rest of the payment was done in installments to the seller. At the time of sale the Indexed cost is INR 150 and price at circle rate is 175. The property is not yet registered. Q1. What is the purchase date as the payment is made in installments? Q2. Is this short term or long term capital gain [as it is not registered yet and possession has also not been taken]? Q3. Considering the Mr A is in top most tax slab while Mrs A and HUF are not having any income.Based on the answer of Q2, is this correct? Case a) STCG = Sale Price - Cost = 175 - 100 = 75 How to save tax if this can be shared among Mr A, Mrs A and HUF. or worst case Tax = 75*.3 + Education Cess and Surcharge Case b) LTCG = Sale Price - Indexed Cost = 175 - 150 = 25 How to save tax if this can be shared among Mr A, Mrs A and HUF. or worst case Tax = 25*.2 + Education Cess and Surcharge Q4. How to save LTCG tax in case b? Ans. Entire sale proceed [as the original asset is land] needs to be invested in a house or a plot on which construction is done within 3 years?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Q1 -Date of purchase will be considered as Date of Registration / Date of taking the possessionQ2 -Taking allotment letter in consideration for date of purchase will be tricky considering that the property has not been registered and neither possession has been taken till dateConsidering that property has been purchased by Mr.A and Mrs. A basis the allotment letter, contribution of payments has been done by Mr.A\'s father. The tax liability will rest with Mr.A and Mrs. A. You need to consult tax consultant to understand the tax liability better and if sections under section 54 of IT Act can be considered for reinvesting into another property to save tax.

nshekar: I have a surplus cash and want to invest in real estate with aim of long term(10 years) appreaciation. Is it advisable to buy land or residential flat

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Land has always given best appreciation over long term but has many hassles to manage it. Apartment can also give you appreciation over long term. You need to find right product and right location for long term appreciation. Hyderabad and Bangalore can be considered for long term appreciation.

shailendra20381: book a flat in Aurangabad and sanction loan from SBI bank, Builder not ready give tri party agreement. What i have to do now. SBI wants Tri part agreement.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Bank is right with regard to requirement. Developer needs to change his stance or you need to re-look at the developer.

E364705: Can i get home loan and loan against existing residential property for the purchase of new residential property.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Home loan is normally obtained for new/re-sale property purchase. For loan against existing property, Loan Against Property (LAP) is available. Both options are easily available.

indraejeetsahu4u: Dear Sir, Please let me know where to invest in budget of 35 Lakhs , which one is better option between Noida Extension and Yamuna Expressway. Where can I get more rent between Yamuna Expressway and Noida Extension. Currently I am working in IT Sector and my Name is Indrajeet Sahu and Mobile Number is 9654019659.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Both have similar growth potential. You need to identify right product and location in both these areas to identify best investment deal you can get.

rsk1971: I have property at sanpada, Palm Beach Road is walking distance from my Flat. approx. 500 m. I would like to sale the property and re-invest in Khar Khar/upcoming areas in Navi Mumbai for better appreciation. Whether it is advisable to sale the flat this point of time and how much I will get. Please also suggest the location where I can invest if u advise to sale the flat.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

The property you had invested has appreciated, you may want to consider re-investing the amount in Kalamboli or Ulwe.

kalen1: Sir, regarding the MVAT, i have following query - As mentioned in 27th Aug Business standard article, if the sales happen after receipt of OC the builder is liable to pay the VAT on property. Also one article in Sakal (marathi newspaper) states that the MVAT is applicable to underconstruction flats and not on ready flats. I have purchsed a ready to occupy flat in Vichumbe,new panvel in Aug\'2009. The building was ready and already 7-8 people were residing in it. Now, the builder has demanded 5% MVAT by 31st Aug\'12. In the notice served today he has written that the sale agreement mentions that the buyer is liable to pay any levies/tax demanded by Govt in future. I wish to know am i liable to pay the tax. If yes then at what rate. Nilesh Kale kalenilesh1@rediffmail.com

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

The understanding is absolutely right. You need to consult VAT consultant to accordingly respond to the developer.

parveezshaikh09: Dear Sir, I am a muslim adult aged 36years working in the gulf for last 16 years, i bought a flat from my earnings in navi mumbai which is registered in my mothers name. I have 3 brothers and a sister,of them all are independent and well settled. Now i need the flat to be transferred in my name, what are the most possible and cost less procedures for the same. can i get a power of attorney in my name,if yes will it make me the legal owner to sell or lease the flat does a power of attorney needs witness,what if such witness changes thier mind after wards does the demise of my mother nullifies the power of attorney is making a will a better solution,which can be done through a proper lawyer or legal adviser. do i need to approach the society with the will or power of attorney to claim my ownership rights kindly guide me on the same regards, SHAIKH PARVEZ

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Power of Attorney is not a solution. You will have to either transfer the flat into your name by payment of stamp duty or execute a gift deed by payment of stamp duty. This will ensure full title of the flat in your name.

surendra-1967: Dear Sir/Madam , We are defence personnel staying in the flats at Mumbai. These flats were constructed by Air Force & Naval Housing Board (AFNHB- a no- profit no-loss organisation for defence personnel) on the plot leased by Mahrashtra Area & Housing Development Authority (MAHDA) for the defence personnel. Our agreement is with the AFNHB and it is clearly mentioned in the agreement that we are not allowed to mortgaged these flats without getting prior permission of both the agencies i.e. AFNHB and MAHDA. However society has issued NOC for Mortgaged. It is noted that some bank officials mortgaged our flats in lieu of a collateral guarantee for some credit facility of loans without getting NOC from both the agencies i.e. AFNHB and MAHDA. I have following query . pl. advice......... 1. Is this a valid mortgaged or defective mortgaged ? 2. Is bank can auction these flats in case of NPI of account ? 3. What action to be taken on bank officials if they commit the mistake for mortgaging such type of property? 4. We are ready to exchange these flats by mortgaging a commercial plot and requested to bank officials to release these flats but they are adamant and not doing the same, while the commercial plot has clear title deed. What action to be taken on bank officials in this case? Thanks. Naveen Kumar from Mumbai

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Basis the details shared by you, Banks would have considered the NOC provided by both the agencies before considering the mortgage. Under the regulations, Bank can act upon legally to recover the dues by liquidating the apartments in case of non-payment. It will be difficult to state why Bank can\'t settler the payments against the commercial plot. It will be the discretion of the Bank to take a call on such matters.

firozfidai1968: Is Hyderabad a good market to invest? I am looking to invest around 45-50 lacs in a residential property. Can you please recommend good area and builder in Hyderabad. My priority is to fetch good rent return and eventual appreciation too on this investment. Thanks!

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Very wise decision to consider Hyderabad for investment. Gachibowli, HI-TECH, Miyapur will be the right areas for consideration. You may want to consider Aparna Cyberzon or Sunway Opus Flexi Villas for such investment.

ramaswamy_gct: Which is the best place for buying a property for investment and capital appreciation purposes in Chennai? Any good developers which you could recommend?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

In Chennai, Oragadam and OMR have higher future appreciation potential along with other areas. In OMR you have many options but Embassy project offers value-for-money deal considering the growth potential.

surkatham: I want to buy the Residentail Flat in Jahangirpura Area, Surat (Gujarat) for an investment purpose. Pl. do let me know, would i expect 20 % Hike in Price in Next 2-3 Years down the line.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Investments in Real Estate should always be considered with minimum 5-8 years investment horizon. Surat’s business dynamics are quite vibrant and the potential in terms of growth can help you witness such growth with 5-8 years investment horizon.

v.ramesh-mtil: Will investing in a flat in greater mohali today @ 2350 Rs/sqft, yield good returns in a 3-5 year horizon ?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Investments in Real Estate should always be considered with minimum 5-8 years investment horizon. Considering the job creation is happening with higher intensity in NCR, you may want to evaluate investments in Manesar, Noida

anupnamrata: I got an under constructed house transferred to our name on 18th January, 2012 from a third party (not directly from Builder—Jaypee). First buyer has paid approx Rs 13 lacs before June 2010 without service tax, as service tax was not applicable at that time. Further payment made by the first buyer include service tax, I paid 13 lacs plus other amount paid by him to the first buyer, including the service tax paid by him and got the under constructed house transferred ( by endorsement) to me paying the transfer fee to the builder. Now after transfer, builder has deducted service tax on 13 lacs also, which pertains to the amount paid by the first buyer before June 2010. Please tell me whether service tax is payable on the prior payments (before the amendment in the act pertaining to service tax for construction of house property)

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

You need to compile the set of documents reflecting dates and applicability is not valid as dates pertain to earlier dates, you need to consult tax/legal counsel to resolve the matter.

sultas3h: I have booked a flat in Rustomjee Global City at Virar, Maharashtra & registered the same in Oct\'2009. In the course of various installments I was asked to pay VAT @ 5% (Rs.47,127/-) of the flat cost to be deposited in the prescribed bank as an FD. They also said that MHCI has lost the VAT case against the govt hence we have to now pay the VAT charges. However, Rustomjee also claims that with the VAT cost the Govt. is also charging 15% interest on the VAT cost from the time of registration till payment of VAT which is roughly 3yrs interest which is utter nonsense. ALso now Rustomjee is asking to make the VAT pymts directly in their favour rather than put in FD... We are very unclear on how serious this matter is and how can the Govt charge 15% interest on VAT... Lot of middleclass people have invested in this project and asking them to pay exhorbitant VAT+ interest amounts will choke them to death. Moreover we never get 15% returns for our investments (FD, Bank Deposits, PPF etc) and in turn the Govt is asking us this amount. I am now wondering whether if this is a builder ploy or a fact. Requesting you to please guide us in this matter on an priority basis.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Recently Government of Maharashtra has come out highlighting the liability of paying VAT remains with the developer. If the developer had highlighted and included in the price sheet, such cases will have a different treatment considering the cost was presented by the developer accordingly. Considering that Government and High Court have come out with specific pointers, you can consult your legal/tax counsel to take stand on this subject basis the documentation signed by you.

zeeshanafzal: I am looking forward to invest in residential plots at Pune. Being a young professional I am low on budget. 1.)Which areas have high potential for appreciation? 2.)How to find out the authenticity of Property brokers, sellers, land ownership etc? 3.) Is \"land loan\" for buying residential plot for investment purpose a wise choice?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Investing in Land has always been a wiser decision when you compare it for longer investment duration. In Pune, with long term investment horizon you can certainly look at Pirangut area. There are many gated townships coming up in this area and many reputed developers have good options to choose from. You can look at this investment as a very good investment with minimum 5-10 years investment horizon.

mohitrastogigmat: I am willing to buy a 2 BHK flat within a budget of 30 lakh in NCR region ( GZB, Greater Noida, or anywhere) which can fetch me good rental income within 3-6 months from buying date. Please suggest me a suitable area and if possible project names/details.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Considering the budget options in Greater Noida, Manesar

gautamnsa: My father had one flat in Mumbai at co. .op society. He died without will in 1991. We are four sisters & no brother. One of our sister is staying in this flat from @1980 & not vacating flat. paying taxes only. How we will get our share in this flat. We do not know exact status st housing society. We all other 3 sisters written letter to society & no any responce from society. Plese advice in this regards...

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Considering that your father has left no will, you need to obtain probate from the court. This will help in providing clarity on the asset title. This process will help you ensure the title is clear and not no ambiguity.

sachinkg007: Hi Sir, please advice in the enclosed case, i had purchased a ready possession flat in Dec 2009 for 55L and the registeration was done in Jan 2010 and possession taken but the MVAT was not charged, i am aware that post 1 Apr 2010 there is a 1% MVAT on the consideration amount but the builder is claiming a MVAT of 5% of the consideration amount and has sent a demand letter, reading at some articles on the net it appears that there are deductions applicable from the consideration amount for the Land cost other inputs etc and the MVAT is payable on the net amount post deduction, can you advice my liability towards the MVAT in this scenario. I am sure it can\'t be 5 times than the people who have done the registeration after 1 Apr 2010

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Applicability of MVAT is clearly specified and strongly recommend you review the exact dates in your agreement and consult the VAT counsel to build your case in this regard. You can look at claiming relief under the guidance of VAT consultant.

kashyapsinha: Can you tell me about Service tax and Vat Charges to be given to builder and how much? I had purchased Flat in Kamothe in Feb 2012 and 85% work completed.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

The Service Tax and VAT are taxes that Developer collects from the customer to pay to the government and is similar to Stamp Duty. You can request your developer to provide you complete price sheet with break-up. In this price sheet, you can specify the timelines for each payment.

Ace258: I intend to buy a 3 bedroom flat in Viman nagar pune. What kind of returns can i expect in 5yrs? Any other location in pune which can give me better returns?TXxs

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Considering the corporate activity is dramatically moving towards to Viman Nagar, one can look at good potential returns in Residential purchase at Viman Nagar in next 5-7 years. You may want to explore Khardi and Wagholi also.

ramaswamy_gct: One of the nationalized banks approved a project development without considering the re-payment capacity of a developer, say X, and funded for the complete costs associated with the development, say A. The bank has also approved home loan for a buyer, say Y, at a later date acknowledging the property which has been funded by the bank to be free from any encumbrances and legal matters or other issues. The developer has defaulted and has not completed the property in development but sold out the development, handed over the keys after receipt of funds from the buyer. Now, the bank has listed the entire development to be a NPA and has filed a case against the developer which has been on-going for few years without any conclusion. The bank on the other hand has also issued show cause notices to all the buyers restraining from selling or mortgaging the property in question until the legal issues are resolved. The buyer having received the loan for a development authorized and funded by the bank is in jeopardy as the basic amenities like lifts have not been installed. On what grounds, can a buyer sue the bank which has supported a fraudulent developer and the developer for not fulfilling his Contract obligations as well as for misleading the buyer? Please advise. Ramaswamy Sundaresan Reply back on ramaswamy.sundaresan@gmail.com Thanks.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

In the case mentioned, there are three parts to analyze before moving forward with proposed legal action. The first part is Bank’s mortgage agreement with the home buyers and provisions protecting home buyer in case of developer not honoring the commitments with appropriate possession. Second part is home buyer’s agreement with the developer listing down the home buyers rights with regard to rightful possession. Third part is Bank’s stand with regard to due diligence followed during funding the developer. First two are easily accessible by the home buyer, one needs to seek protection under law with regard to title and rightful possession. Third part being the difficult part in terms of proving that Bank has defaulted on due diligence and processes, all home buyers need to unite and get into a dialogue with the Bank to understand is there a process lapse or fault in processing the developer loan.

nayanpr77: What is the potential of value appreciation of NA bungalow plots in Murbad Maharashtra? My investment horizon is 8-10 years. Thanks

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Such investments are considered to be second home investments. Enjoying weekends and holidays is why people look at such destinations. Possibility of appreciation is there but one should not invest into such locations with a view to see serious appreciation. For serious and structured appreciation, one should look at destinations where demand for homes is backed by job creation. Holiday destinations will appreciate over a long term but should be bought with many other objectives into consideration.

prakash8800: Respected sir/madam I had booked flat in casabella made by lodha developers in dombivali shel road. They had to hand over me possession of aforsaid flat on 30th april,2011. as per agreement but builder fails to give me possession on & also liable for interest @12% p.a.from the date of expiry + 6 month grace period. They had send me letter regarding civil governance charges but these charges are not mention in agreement & i don,t know why these charges are applicable who should bear this charges i want to ask u at what amount these interest should be calculate & i\'m liable to get interest from builder for delay possession as i had not made any delay in payment to builder & The civil governance charges are borne by me or not please help me i\'m waiting for your reply so can take some action against builder your faithfully

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

You will need to verify the agreement signed by you in this case. Your rights and liabilities will be clearly specified in that agreement. If you find that you have not violated any norm and have documentation backing this part, you can consult your legal counsel to explore how to defend this under the contract signed by you.

yogeshchandra1956: I AM NRI AND HV BEEN GIVEN A FLAT ON POWER OF ATTOERNEY BY MY NRI FRIEND IN LIEU OF A LOAN IN FOREIGN CURRENCY IN 1996. HE HAS NOW MIGRATED TO CANADA AND TOLD ME TO CONSIDER THIS FLAT AS REPAYMENT . CAN I TRANSFER THIS FLAT IN MY NAME SINCE HE IS NO LONGER INTERESTED IN FLAT NOR REPAYMENT OF MY LOAN. DO WE NEED RBI APPROVAL SINCE LOAN WAS IN FOREIGN CURRENCY. WHAT IS BEST OPTION TO REGULARIZE IT.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

You need to get this formalized with approvals from Reserve Bank of India through your domestic banker. This may require making a formal application by both (buyer and seller). As this is coming to you in lieu of settlement of foreign currency loan, the status of the person who borrowed money and his status as resident/non-resident at the time of borrowing will also play important role. Post approvals, you can formalize it by a sale deed registered in India confirming the asset ownership is with you.

rameshnairkn: I have taken a home loan of Rs.16,20,000 since Dec 2010 & since then I am paying a EMI of Rs.16330/- at the rate of 8.9% fixed interest. If I intend to do a pre-payment of 10 lakhs by Dec\'2012 what would be the balance amount as Principal & what could be the probable EMI left out.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

The rate at which you have availed home loan is very attractive. Getting the actual outstanding and balance payable EMI

prayagagarwal: Hi, I am planning to buy a property. The first owner (1995) paid the stamp duty but the sale agreement is not registered. However the second and third sale agreement is duly registered and stamp duty paid. What kind of risk is there if i buy this property. Will i face any problem in selling this property after few years

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Your legal counsel helping you finalize the sale deed will need to read the chain of sale deeds to verify the risk you carry in buying such apartment. On the face of it, this doesn’t seems to be problem.

akhann72: I have bought a plot at Kensington Park - Wish Town developed by Jaypee Group, Noida and is now being offered a possession of the same. The demand letter from the group is asking for payment of Social Club Charges, Social Club Subscription Charges, Intrest Fee Maintenance Deposit and 1 Year advance of Maintenance charges. While the Social club has not been constructed yet and there are no basic facilities available that can be availaed or any facilities created yet as per the info pack advertised during the sale of these plots. While I have been pushing back for non payment of the same till these have been build but the builder is adamant for getting these payments. Hence, I look forward to your expert advice in treating this transaction and also want to know if there is any regulation with respect to same which can protect the interest of the buyer. Thanking you in advance.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

It all depends upon the agreement that you have signed with the developer at the time of purchase. If you want to take it legally, you need to check what provisions come to your rescue.

elvika: Dear Sir I have finalised a property in navimumbai. Property is in CIDCO constructed building. Originally Property was registered in the name of father & daughter. Now father is expired & daugher is willing to sale the property. What is legal action is required so that transaction is free of any dispute?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

It will be ideal that you insist for probate order of the court. Alternatively you can consult legal counsel to help you draft agreement, where you make other siblings as consent parties for the sale agreement and get it registered with all the consent parties being part of registration. Also insist for a newspaper advertisement before you proceed on agreement part.

samir7580: I want to purchace a 2 BHK flat at alibag near new mumbai. What will be the budget?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Alibaug is a second home destination and New Mumbai is extended suburb of Mumbai even though it is a large geography and better in infrastructure. New Mumbai will be ideal for growth perspective and Alibaug will be a destination where you will need to look at pleasure and not too much of growth.

xmanamit: Is it the right time to invest in Noida. Also could you please guide which is the better place Noida extension or greater noida?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

In the current scenario, cost of construction has shot up by 30%. Land constitutes significant portion of the cost and land prices have also moved up considerably. Noida being part of NCR, potential is great when you take 5-7 years investment horizon. Both Noida Extension

prashant1507: I have bought flat in new bombay. Process started with Builder quoted me the area of 600 sq ft (Super built up) and agreement done for (600 - 30% margin of 600) 420 sq ft carpet area. But bank giving me loan on 546 sq ft area ( 420 + 30% of 420). So there is difference of 54 sq ft (600 - 546) because of calculation difference. I don\'t know which one is right? Please suggest what can be done in such case.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

As per the law, Developer has to mention the carpet area in the agreement that is registered. At times Developers also mention Saleable area in the agreement. Banks will make one of the two as basis for loan disbursal calculation. In this case, you will have to clarify with the Developer the working of Carpet and Super built-up. Finally agreement becomes the basis for future reference.

mohitshetty: I have brought a underconstruction flat two years back for 23 lakhs and will get the possessing in 15days. The EMI now has started to burden me and I am now in a dilema to sell the flat or carry on with it. I am now staying at my father\'s flat and don\'t intend to move to my home. Please advise as I have a debt of rs 8 lakhs too, which is been paid via EMI. My current salary is 37,000 and after 15th of every month nothing stays. Please advise?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Dilemma of debt servicing an asset that is not currently required by you. If you are unable to service debt, you can consider rent off-setting your EMI. If you sell the asset now, you will also have capital gains tax issue. Would recommend you find the tenant to service the debt and keep your asset as a long term investment.

hiteshshalaj: Dear Sir/ Madam I refer to your show on property related matters on CNBC AWAZ channel, for which I have one query / problem related to investment in property. I had invested Rs. 4.50 Lacs for a Flat in Parsvanath Project named ‘ Pleasant’ at Daruhera (Haryana) in April 2006 in a pre-launch scheme of Parsvanath Developers Limited. The Flat has approx. area of 1800 Sq ft. and purchase consideration is also @ Rs. 1800/-psft. The total cost of the flat is approx. Rs. 36 Lacs (inclusive of other charges for parking/ club etc.) I have also paid one of the installment of Rs. 4.0 lacs in December 2007 as per construction linked plan. The company has also demanded approx. Rs. 16 lacs more till end 2009 saying that the construction has been made. However, since then the construction is stopped by the company due to insufficient funds. The company has also initiated the ‘Flat Buyer Agreement’ which has not been signed by me till date. The total investment of Rs. 8.50 Lacs in the project has stuck for which, I have requested several times to company to refund the money, which the co. has denied saying the money cannot be refunded. Keeping in view the aforesaid, I humbly request you to guide me for any legal action or other option to release my hard earned money Regards, Hitesh Jain

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

The initial agreement that you have signed with the developer needs to be verified to check which clauses protect you in such scenario. From your email, we understand that you haven’t signed any agreement till date. Ideally buyers should sign and register agreements at the time of purchase. Considering that you are not having any document for your protection, recommend you meet legal counsel with all the correspondence and receipts to check your current rights under the law.

drgamd: Dear Sir, I have purchased booked one flat in 2009. I am yet to get possesion. I have paid 95% amount to developer/builder. Now he is demanding 5% VAT as Maharshtra government is asking from him. As per him VAT on the date of agrrement was 5% even it is 1%. My question why should I pay VAT for the amount which I paid when VAT was 1 %. How can agreement date shall be date of consideration for VAT?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

This is a very debated subject among currently. But the tax incidence in cases like yours depends upon the agreement that you have entered with the developer. You will have to get this verified with your tax consultant to check if the agreement you signed protects you and the incidence of VAT applicability.

surenqld: I have an approved farm house of 1 acre and adjoining another acre agricultural land in India. I moved abroad in Jan 2008 - can I still hold agricultural land - I understnad NRI cannot acquire agricultural land but I had acquired this land prior to Jan 2008 - many thanks & kind regards

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

I don’t recollect any RBI circular refraining NRIs from holding Agricultural land in India. If any NRI is holding Agricultural land in India before he became NRI, there should not any restriction in this regard. You may want to still re-confirm with your tax consultant.

Ace258: \' sandy1 Silver Member 1 Followers I have given my flat in a CHS in Pune to a company on leave and license basis. The flat is being used for residential purpose for its employees only. It is maintained by a caretaker employee who just comes for an hour or two in the day. We are paying non occupancy charges The CHS has raised objections to the same saying that a family is not residing and only bachelors, the use is commercial. Are the objections valid? What should be my stand?” Thank you.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Society bye-laws can be model bye-laws or the new points that society members can adapt in the society AGM. Considering that society members are having objection for using the apartment for guest house type of facility by the company, you need to speak and find amicable solution. You can also check your legal counsel with regard to measures that you can take in this regard.

neerajjain85: Hi , I am interested in buying a property in NCR region. I am currently working in a software company in Gurgaon. My budget is around 30 lacs and my main motive is to stay in it. I have seen some properties which I liked : AVJ Platinum (Sector Zeta – I , Greater Noida) , Supertech CZAR- Nicolas I and II (Sector Omicron , Greater Noida) and Shalimar City (Shalimar Garden , Ghaziabad) I just want to know which one is better. Also as I am in Software profile so if I will change job then it may be the case that my new job may be in Gurgaon or Noida. So I also wanted to know which one will be better so that I can commute to both Gurgaon and Noida. I have to finalize the option very soon so prompt reply will be really appreciated. Thanks in advance.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Considering the budget specified by you, Greater Noida and Manesar can be considered by you. Considering the budget, you will have multiple options and you need to take into account critical factors like reputation of the developer, past track record and how much time the construction will take.

dewakarm: Hi, My self (Dewakar Mahendru) purchased a residential land (75 Sq Yd) in 1981 in 3000 rupees. I constructed the house on the same land during the period (1984 – 2000). I have sold this constructed house in the year 2012 in 10 lacs. Please let me know; how to calculate Property Capital Gain Tax? Thanks Dewakar Mahendru Mobile: 09810181898 Email: mahendrudewakar@yahoo.com

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Calculation of capital gains tax is simple but you need to consider various parameters before you arrive at final outcome. Sale price minus purchase price will give you capital gains and when you factor the inflation index of the year you purchased and the year you sold, it help you attain inflation adjusted capital gains. Recommend you consult tax consultant for arriving at capital gains tax figure and tax applicable thereafter.

varma_sam: Hello,I would like to invest around 70-80 lakhs preferably in a underconstruction/ready commercial property in Pune which can offer me a good rental and appreciation in long run.Am not able to locate an ideal area for the same .Could you please advice me in which area should I look for a commercial property in Pune and which kind of commercial property should I be looking for better returns i.e office space,shop or showroom.Hope you will be able to address my query and oblige....Thankyou in anticipation

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Identifying office space or showroom with the budget mentioned by you, many compromises will have to be made by you. You should always buy property with 7-10 years investment horizon and preferably a premium property. In future if you want to sell, you can always find a buyer and in the interim, you can also lease out the property to earn decent returns. Ideally would recommend you consider good residential project in Wakad and as this will give you good rental yield and appreciation over the long investment horizon.

shubhamsinghrathore: my father purchase a 200 yards plot in 2008 at the rate of 1800rs per yard in jaipur.( on kalwar road or jodhpur highway) and the rate is same till now...dealer ready to give us only 1900 rs per yard...what we have to do..either sale it or keep it for further time...plese guide us...thankyou sir..

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Job creation and Industrial growth corridor are key drivers for any growth in the housing sector. Considering Jaipur falls under the Mumbai – Delhi growth corridor, growth in terms of industrial activity should pick-up. This should eventually help in job creation in this growth corridor. You should look at 5-7 year investment horizon for any investment into real estate.

liyakathusain: Sir I have 2rooms 20/21 in the building but the monthly receipt of landlord for both the rooms is one.now our building is going in re development and he told us that they will give only one flat of minimum area because we have only one receipt for both the rooms our 1 room area is 200sqft and another is 160sqft he told us he will give only 400sqft area for both.....So SIr please guide me what to do....and also tell me what is the minimum area rule from government of maharashtra.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

The re-development regulation in Maharashtra has clear provisions in this regard. You need to get the documents verified with legal counsel before you initiate next steps. In terms of provisions, you need to ensure documents you carry are clear to establish your right under the provisions.

stocks-update: I have purchased a 1BHK flat in Ulwe. While sealing the deal I was told by Builder/Developers that I am not entitled to pay service tax as the number of flats in Building is twelve thereby increasing the rate per sqft. Since Builder/Developers will pay service tax only if the number of flats are 13 or more in a Bldg. I have paid stamp duty/registration charges and I will be given possession of the under construction flat in Aug, 12. Recently Builder/Developer called up telling I need to pay service tax on flat as he had constructed 2 shops in ground floor which entitles to pay service tax for all flat owners because of two shops constructed. Also he stated that in the agreement it is hereby mentioned to pay all government charges by the buyer. Can you please guide us do all flat owners really need to pay service tax because of two shops constructed by Builder/Developer in the building as number of residential units are 12 + 2 shops which has levied service tax burden on all of us with no good reason? Thanks, Hemant (9886693051)

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Three things you need to review (1) Date when the registration was done (2) Date when possession was given (3) Date by when you made the full payment for booking the apartment. Once you share these details with your tax consultant, he/she can accordingly help you file the response to the developer in this regard.

sksrivastava1951: Dear Sir, Queries for Property Guru CNBC Awaaz We have recently moved in a Tower Building situated in suburban area of Mumbai. The agreement was registered in August 2009 in the name of myself and my wife & son. We all three are co borrowers also for the loan raised for buying this apartment. My questions in this regard are as under: i) Whether service tax imposed by the govt is payable for such building built before July 2010 as OC was issued by BMC in July\'10.The builder had taken a cheque while giving possesion that in case Govt applies law for recovery then the captioned cheque would be lodged for recovery. However, the cheque should now be stale. ii) Whether share certificate would be issued in the name of all three of us or first name holder would only get his name registered for issuance of share certificate. iii) whether in situation (ii) above nomination can be made in the name of co- owner son and in that situation while submitting application to Society all three will sign and shall authorize nomination to one of the co-owner who would be also signing for nominating to himself as he happens to be co owner. Or only first name holder will be required to sign in application for share certificate issuance where he ie my self can nominate my son as nominee despite he being a co owner. iv) Whether a co owner who is considered as an Associate member of the society can prticipate in meeting of society and does he possess voting right. What are the rights and privileges available to an Associate member in legal parlance Kindly advise Regards. SKSrivastava Mob: 9920205746

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Service tax applicability depends on (1) date of completion (2) date of registration(3) date of possession, you need to check these aspects before you consult tax consultant. With regard to joint holders, they can be part of society meetings on filling a basic membership form entitle for all the rights as the primary holder. Nomination by all the three holders can be filled together.

deepakgupta1968: Dear Sir, I wish to buy residential plot for investment purpose in Lucknow. Budget is 70-80 lacs. Pl help me or suggest me a consultant. Best Regards Deepak

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

It all depends on your end-use objective with this investment. If you are looking for end-use, Lucknow can be considered. If you are looking for rental yield from the asset along with capital appreciation, you can look at cities where job creation is happening.

rishabh83: How would you rate the Jaypee sports city plots and appreciation in next 2 years

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Real Estate investment should be considered with minimum 5-7 years.

jugalbhagat: Hi,I am working in UAE,want to invest in commercial segment in the budget of 15-20 lacs in Surat(Gujarat) area.what could be the best options for me.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Surat has great potential as a city and with Gujarat Government working hard to attract industrial houses, Surat has good potential. Being a NRI, you can look at buying an apartment or retail outlet that can fetch you rental yield.

mrahul724: Hi I booked a plot is ansla api sushant city sonipat in 2004 , and they alloted a plot in 2006 with constructin linked payment plan. lat year i approched them for final payment and posession , they asked time to make AVR, they repeatedly contacting, they given my AVR, having an interest burdon from 2008 to 2012 for rs. 4 laks on blalance payment of rs. 3 lakhs.as they say they made afinal call notine in 2008., which i did\'nt recived. Also in statements for june 2011 and dec 2011 shows no due balance in my ledgers. please suggest what we can do in tegal terms. As they are asking for interest or th=reting for cancillation of plot. Rahul maheshwari 9818289878, 9868025585 delhi mrahul@hotmail.com

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Ideally ensuring the allotment is not cancelled should be your first priority. Taking the possession first will help you. Pursuing with legal counsel with all the correspondence will help you find options.

nikki_rohit: i have a property in Noida and i am getting the possession of that property as builder has given me the possession letter. But builder is saying that registry for that property will take another 8-9 months. Is this legal or i can ask for penalty till the time builder is not able to provide me the registry?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

If the possession letter clearly specifies the registration timeline, you can always use this document for future negotiations.

tushardesai9: i along with my wife and 3 daughters own inherited ancestral agri land.one daughter is married and au.s. citizen. Can she be part of the. Project to convert the land into non agricultural and then sell it. If yes the profit generated would be capital gain or Business income. Also can she repatriate her share of the money to u.s.a.Thanking you TusharDesai .

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

The conversion of land and sale are completely different subjects. Once you decide to sell the sale proceeds will come to your family in the proportion that each individual is entitled as per the holding structure (specified in inheritance document or probate). After the sale proceeds are received by your daughter, remittance upto USD 1 Million is permitted, provided requisite permissions are approved for inherited property.

pramodarora7852: Dear sir, i have purchased a MIG flat in new delhi of dda, for which i took a loan of rs 22 lac. in which papers was of 18 lac and renovation loan was of rs 4 lac. now i want to sell the property and want to buy a new property in rohini. In which papers was of rs 25 lacs,now is there any provision from bank side that they can release my property after recieving the demand draft from buyer

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

You need to share these details with the buyer and if buyer is availing home loan, the buyer’s banker/home loan provider will come-up with the process that you need to follow. If the buyer is not availing the home loan, you can make a tripartite deal with your banker where the agreement will be structured in such a way.

sachinpandey1982: Dear Sir, I have purchased a 1 BHK flat in Kharghar, New Mumbai on May 2011. The builder confirmed me that he\'ll give me the possession in October 2011 before divali. I have paid registration, stamp duty, 95% of Flat value by taking a HL from IDBI. Till date I have not got any possession and on asking he always give me assurance of next month. He told me that he is waiting for OC but when I checked it with architect of the project, he said that the OC is still not applied to CIDCO. I asked builder for the reason to not applying and all, den he simply denied the fact told by archtect and assured me that he applied it. I asked him to pay me the rent amount since October when he committed for the possession. Then he denied that he have nt committed any thing and he cant help me either. Myactual EMI of the IDBI is still not started and I have paid of Rs.190000 in 10 months as interest only.I am also paying 9k for rent and 9k for PL which i have taken to pay the builder. Due to non possession of the flat, whatever I have planned for my future is messed up and Its horrifying me mentally. I request you to provide me the appropriate solutions to get rid of from this and what legal action I can take against builder. Regards Sachin Mobile: 9833304490

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

You will need to check the agreement you have signed carefully with regard to clauses that are available with your protection or eventuality of delay in possession. If you are not covered adequately under the agreement, you will need to consult legal counsel with regard to approaching consumer court to start with.

gnrkannapa: Dear Anand, I have 9600 sq. ft of land 750 m from IT highway in Kelambakkan Chennai. Is it a worth investment to build a Warehouse with RCC roof and rent it?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Potential of the location is good. If you have long term investment horizon, it will be ideal.

shikha_sehgal95: My father was expired in nov.1982 and he had left some jewellery, one house in Kirti Nagar, New Delhi measuring 200sq yds. leaving behing our mother, two sisters and three brothers as his heirs. We all shifted the NOC in favour of my mother\'s name in 1993 and she then sold some part of the property on the ground floor for the sake of my two brothers. As the property was built upto second floor, she again sold remaining part of ground floor and give the right of part to my second brother as full and final part of the whole property but gave nothing to other brother and sisters. can we claim property part from mother as she is determined to give the whole remaining property and all other jewellery to one brother only. Can we claim for our part, if so pls tell the procedure.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

In absence of the will by your father, the property transfer to your mother in form NOC was an interim solution. As the law, obtaining probate will be a full proof solution in terms of legal title of the property. Considering the NOC has been already provided, mother has right to decide further distribution of the property. You need to consult legal counsel for the right path as per law and circumstance.

chawla7: Dear Sir, I am planning to buy a property in Kharadi Pune. There is one project recently launched Park View I by Gera Builder. Price of the property is Rs4500 per sq ft which will come around 56lacs. It is near to EON SEZ. Could you please advice if its worth considering the price quoted.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Considering the area and price point, it looks attractive. Your decision with regard to developer needs to be evaluated by comparing more projects in the area and the past track record in terms of timely delivery of the project and quality of the product.

vineet1551: Sir, I had invested in greater noida in jaypee sports city in residential plot in 2010, i am till now satisfied with returns, and now recently i had booked a commercial SCO in the same city. can you suggest that with airport moving out what is the impact on this place, are there any IT companies likely to come? should i move ahead with this investment or pull out? i have a horigon of five years in mind...

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Investments into real estate need to be considered with minimum 5-7 years investment horizon. Considering the future potential and affordability aspect, holding on to the investment with long term horizon will be recommended.

nkrajagopalan1941: I want to buy a resale flat for a consideration of Rs75,00,000/. But the govt. fixed rate for that area for this flat is only Rs 40,00,000. I like to pay the entire amount by cheque.The present owner also wants cheque payment. For what value we can register the flat.Can we pay for flat separately and for the modular kitchen and wardrobes seperatly. Rajagopalan rajagopalan.krish@gmail.com

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Stating lower amount in the agreement as sale value and other amount for fittings will be saving on stamp duty but will also be illegal as per the law of the land. As both the buyer and seller are agreeable for cheque payment, recommend you make the sale agreement for the full consideration and pay the applicable stamp duty.

deepaksamin: Hi, I wish to buy a flat at Wakad ,PUNE Off Express Highway in a Scheme \"ELEMENTA\" which is a township being constructed by AKSHAR DEVELOPERS Navi Mumbai .The rate is Rs 3811/sq ft.with a floor rise of Rs20/floor after 4th floor. Pl give information about the builder,and reasonability of rates,prospects of future appreciation etc.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Wakad as area in Pune is upcoming area in terms of future growth potential. Wakad has many options available in terms of buying apartment in a township. Strongly recommend you evaluate more options before you finalize the apartment.

abhinavkumaragrawal: Hi, Want to invest in commercial segment in the budget of 14-15 lacs in Noida/Greater Noida area. What could be the best options.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Recommend you look various options that are available in this budget in Greater Noida. It will be a very long term investment.

naresh_1982: Is it safe to purchase flat in Wave City NH-24 Ghaziabad? IDoes this project have all essential approvals/clearance from Govt? Why no pvt/PSU bank is giving loan for purchase of flats (Sector-2) in this project?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

It’s a very long term investment. If you are looking for long term investment, evaluate multiple projects that are available and then take your decision.

laiybah: I have purchase a Villa of 150 sq yard from BPTP in 2005, first they changed my villa from one location to the other location for which they took my concent and I agreed later i came to know that they have changed the construction plan of my Villa, Earlier they were going to give me 3 bedroom, 1 bedroom drawing rooom at ground flour and 1 master bedroom and 1 bedroom at 1st floor and now they have changed it to 2 bedroom and drawing dinning in ground floor itself and nothing on 1st Floor they recently took the installment for external plaster, I have always paid them installment on time. I am not in India so what action I can take against BPTP and how I can do this. Pleaae help.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Strongly recommend you verify the agreement you have signed with the developer and last consent letter in detail. If the agreement has any clause that provides them flexibility then you have very little ground to contest the changes. If the agreement and the consent letter is normal, then you shall consult the legal expert.

iyerrk: i had bought a property in Mumbai under construction 4 years back, but lack of FSI building had stopped work since 2/3yrs. what action we can take against builder kindly advise me on my mail ID : inderjeetoberoi@in.com

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

You need to consult legal counsel to understand the agreement you have signed with the developer covers you in this regard. The clauses stated in the agreement and legal consultation will help you understand the steps you can initiate against the developer.

kumarajayg: Dear Sir, My mother has purchased an under construction flat in CGHS society in Delhi from the member of that society in 1999 and paid Rs. 5.8 lacs and Rs. 15000/- as brokerage for the same. The flat was allotted in the year Nov-2009 but the possession for the same were given in the year June-2011 after clearing the dues such as Property Tax, society charges, freehold charges etc for the sum of Rs. 6.00 lacs, Thus she has paid an overall amount of Rs. 12.0 Lacs (approx.) till the possession, the possession of the flat is delayed due to some problem with the DDA. Now, she wants to sell the Property for approximately Rs. 55.0 lacs as per the circle rates and willing to purchase the property at some other place in Delhi-NCR region. I want to know whether the date of possession will be consider or date of allotment will be consider for tax calculations and what will be the tax implication for the same like capital gain(Long term & Short term) etc, Now, how much tax she has to paid after the sell. The current age of my mother is 71 years, Please advice. Regards Ajay Kumar kumarajayg@yahoo.com

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Transfer of asset results into capital gains as per IT Act. Technically the possession date will be considered for calculation of capital gains. Considering the allotment date for capital gains transaction will carry risk and assessment officer can comeback stating that the possession date will be considered and not the allotment date. You will need to obtain comfort of your Tax consultant, as his comfort will be important as he/she will interface the IT department when query comes (if any).

meenapassy: Dear Mr. Expert. My question is that normally most of the house owners purchase their house/flat through instalments. Sometimes the instalments runs into 5-7 years after which they get possession. For the purpose of calculating Capital Gains, which year should be taken as year of purchase. The year when the possession was actually handed over or when the full payment has been made.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Possession date reflects that the asset was taken into control and at times of capital gains calculation, the date of possession will be considered. For capital gains, transfer of property from the possession date to sale date are relevant. For the asset acquired, the payment pattern doesn’t have limited relevance for capital gains impact.

gaurav7531: is it good time to invest in lavasa (pune ) for mugaon city

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Any real estate investment needs to be done with minimum 5-7 years of investment horizon. Lavasa being the 2nd home destination in the current scenario, investment horizon in terms of return expectation needs to be further long term.

anujarora1990: what if registered owner(original allot tee,sister of person holding POA) of a land situated in gurgaon has transferred land by power of attorney to his brother without price & later on the person holding POA want to sell ........whether he can do so without the signatures of registered owner??

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

The question mainly revolves around the transfer of land without signatures of registered land owners, technically registrar will not entertain any POA holder in light of recent judgment of Supreme Court. The buyer also will ensure the title is successfully transferred and considering the background, the POA holder may not work.

shilpi2012_1984: HOW SUBVENTION SCHEME BEING OFFERED BY SOME OF THE DEVELOPERS FOR RESIDENTIAL PROPERTY BENEFITS BUYERS? PL THROW SOME LIGHT ON PROS

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Considering that interest burden for a specific period is not borne by the buyer, it benefits the buyer in terms of lowering the cost of purchase to the extent of interest outgoing that is saved. It becomes important for the buyer to check the interest burden is being borne by the developer and not back ended in the loan component by the financial institution/bank. Simple check will be to verify the EMI of loan that one will bear in a normal housing loan as against the interest subvention scheme during the complete tenure of the loan. Off-late many developers increase the price and then offer such schemes to attract the buyers. One needs to carefully evaluate that will it be better to go for normal home loan scheme with the reduced price or go for such subvention schemes. The net financial impact needs to be compared along with the price being paid for the purchase.

msaphale: I have purchased a residential property in Pune. All the payments were routed through NRE account. Will the rent I receive from the property when rented out or amount received on selling the property be repatriable?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

As per the current regulations, income generated from the property bought from the proceeds remitted from abroad can be remitted through the a authorized dealer (Bank).

drporan: I purchased a flat in Pune in Mar 2010 (Registration on 11 Mar 2010) which was under construction at that time. I have not got the possession till date. At the time of purchase of property the builder did not asked for VAT, since at that time VAT was not applicable (As per notification VAT 1510/CR-65/Taxation-1 dated 09 Jul 2010:- imposition of 1 per cent value added tax (VAT) on the contract price of flats mentioned in the agreement of sale registered on or after April 1). I paid the complete agreement amount to the builder in Mar 2010 at the time of registration by loan. But today the builder is asking to pay the 1%VAT before giving possession. My question is: Do I need to pay the 1%VAT today because at the time of registration of my property, VAT was not applicable. Moreover, I have not found any reference/notification/circular by Maharashtra Govt. Please guide me. emil: pborpujari@gmail.com

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

As the purchase, payment and registration was completed before the notification came into place, you can take this matter up with developer with complete backing of chartered accountant who specializes in the VAT to contest the stand.

shaileyshankar: We want to purchase a flat in Metro Suites, Sector-4 (Opp. Gaur Ganga-II), Vaishali, Ghaziabad. (Details: 3BHK + 2TOILETS). The final price we are getting is 87lakhs for 9 th floor. Is it worth investing in such property. How much return can we expect from such location in another 2-3 years. Also they are the very first time developers. What kind of inquiry should be done from our side? SUPER AREA: 1525 SQ. FT.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Investment return expectation in real estate should be evaluated over 5-7 years and with only 2-3 years in mind, it will be considered speculative. Considering the location and budget, you have many options available for consideration. When it comes to buying an apartment form a developer where past track record doesn’t exists, you can verify following details before moving ahead and finalizing your investment (1) Approvals of the project (2) Contractor employed by the developer is professional and the track record in term of quality

rcsourav: Dear Expert My query is regarding home loan. I had taken a loan of 10.55 lacs from SBI in August, 2008 to busy a flat in Kolkata at floating rate of 10.75%. But my current rate of interest in 12.25 whereas the market rate is 10.5-10.75%. Please suggest what should I do? Shall I change the lender or ask SBI for a rate conversion. Appreciate your suggestion. Best regards Sourav

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Ideally floating rate home loans are good in the times when interest rates are on the downward bias. In the recent credit policy, RBI has come out with clear directive to all the mortgage lenders that no bank can charge for shifting home loan outstanding to another lender. If you can avail home loan at a lesser rate from another institution, you may want to explore this but read the fine print carefully.

henry_1984: i have booked commercial office space in Grand Venezia project at pari Chowk, Greater Noida @ 6300 psf ,I plan to increase my investment by booking 1 more unit. What are prospects for rental and resale in that area and this particular project. Should I hold, sell or increase my exposure?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Any investment into a real estate should be done with two objectives in perspective (1) Rental Yield

sohamg: Dear Sir, I am planning to invest app 50-60 lacs in property in Mumbai/Thane or Navi Mumbai. Is right time to invest ? which location shall I go for which will give me higher returns in terms of capital as well as rent? Pl. advice

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Investment into real estate should be considered with minimum 5-7 years investment horizon. Thane

bhavindharodiya: Hi, Recently i booked flat in wakad pune, and i come to know from builder that if i will mention Parking space in sale of agreement then i need to pay straight 25K as stamp duty for that , is this true that stamp duty need to pay on paking space if we mention it in sale of agreement? Thanks

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Recommend you validate this from your legal consultant before you take any further step in this regard.

kapiljaidka: I have a 2 BHK apartment 3rd floor (Builder floor) in one of the vihar of east Delhi. When we purchased this house in 2001 the property agent played foul and removed the terrace ownership rights from the Power of Attorney and included the same in the common areas (however the last ownership power of attorney reserves the terrace rights as personal). Now we are planning to get the property registered, will it be possible for us to get the terrace rights? Second this apartment is a Ground plus Three building, will we be allowed to build anything on the terrace legally, and can any objection be raised by other residents of the building?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Technically registered agreement is considered to be the final document proving the ownership. In this case, as the ownership of the terrace is not part of the agreement, the ownership in true sense is not there. You need to get this formalized from the last seller an consult legal counsel to get this sorted. Ownership of the common place in a building will need consent of other members in true sense.

milindhalepaty: My father had purchased two adjacent flats in Santacruz, Mumbai and passed away in 1996. Thereafter, we, all of us (3 brothers and 1 sister) asked the society to put my mother\'s name as nominee. After she expired, we made a mou, whereby I have acquired 1 flat and the other by my sister and we have paid our brothers\' their due shares. Now, does the MOU need to be registered? Kindly advise

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Ascertaining probate in addition to MOU will ensure the ownership of the property. By just registering the MOU will not ensure clear title legally.

mah_akshat: Sir, some land was in name of mother of my Grandfather. After his death same was transferred in name of my Grandmother and my father and one uncle in year 1980. Now my Grandmother is no more and in land records it is in name of my father and uncle. we now want to sale it. My question is whether my Bhuas i. e. sisters of my father have any claim on it?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

From the details provided, it’s very difficult to ascertain title and ownership. Any family property inherited by Hindu will have different norms and other communities will have different norms legally. As per the Hindu law, daughters also have right over the property and without their consent selling the property will not make the title clear to the buyer.

hdfcbank: Hi, I had bought a 2 BHK jointly with my dad in April 2007 at Sanpada, Navi Mumbai. Subsequently in August 2007 my dad passed away. please suggest the best way to transfer the property either in my name (100%) or my mom along with my brother (50%). My dad didnot have a will and there was no nomination recorded. Now society is issuing the share certificate with retrospective effect and they are confused whether the certificate should be issued in joint name or only mine. Please advice.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

In absence of will and nomination, one has to obtain probate from the court. The process of obtaining probate from the court is time consuming but ensures the clear title over the property. Society amending certificate will not ensure clear title over the property in absence of probate.

skirank: Dear sir, I would like to invest 10L in real estate for long term.Can you pls advice which city is best among bangalore/chennai/hyderabad and also suggest the areas?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Capital values in all the cities mentioned by you have considerably moved up and with the budget of Rs.10 Lacs large cities are ruled out. Capital appreciation in other cities with short to medium term horizon will not be recommended.

rmalik2000: Dear sirs, We are 2 brothers and 1 sister. After the death of our father some years ago, we got our house in Shalimar Bagh, Delhi transfrerred to our mother\'s name (from my father\'s name) in DDA records. Now, I and my brother would like to reconstruct the house but we will need housing loan. My mother and sister are fine if we add names of myself and my brother in the property title and thus become eligible to apply for housing loan for construction. Is it allowed and what are the formalities to be completed? Also, we would like to adequately compensate our sister. I have a flat in my name in Noida which I would like to sell and transfer that money to my Mother and sister\'s joint account. Can I avoid Capital Gains tax on this sale? I bought this flat in March 2007 for 25 Lacs and present value is about 55 Lacs. Please advise the most tax efficient way for above transactions. An early response shall be highly appreciated. Best regards, Rahul

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Sale/transfer of any asset attracts capital gains tax. In your case, the long term capital gains tax will be applicable. By investing into another property the capital gains tax can be avoided by you. Transferring the Noida flat sale proceeds to your mother/sister will not help on the taxation front. Transferring/Co-owning the Property held in your mother’s name currently will involve transfer of ownership unless its structured in a different way by your legal/tax counsel. Ideally your mother should get into a Joint Development agreement with a developer and you should buy with your Noida sale proceeds one of the portion from the Joint Development to save capital gains tax. Other units that you mother will get from the Joint Development can be structured by her in the will to efficiently plan saving stamp duty and gift tax.

sdhundar: In Budget 12-13,Service tax is increased by 2 %. So Service Tax on property will too increased?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Service tax impacts the property also.

sahilshaikh1997: Sir,i want to make a property investment with an capital of Rs.15 lakhs.I want to know which place would be better to invest-within Mumbai/Goa/Pune/karnataka..Sir i would like to sell off the property after 1 year.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Ideally real estate should be bought with long term investment horizon. Buying with one year investment horizon will not be ideal. Capital values in all the cities mentioned by you have considerably moved up and with the budget of Rs.15 Lacs large cities are ruled out. Capital appreciation in other cities with short to medium term horizon will not be recommended.

saroj020868: Sir, Some property is in my mothers name,Which we want to transfer to my sons name.Can you guide us what are the Fees aplicable to us and what is the best way to transfer the Property.The property is situataed in Orissa.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Property transfer without any monetary consideration can be positioned as Gift transaction. Gift transaction may attract provisions of Gift Tax (if not structured well) and additionally stamp duty and registration cost applicable in the respective state. Ideally registration of a will be an ideal solution as it can be structured well considering costs and taxation.

sachin4078: I am looking for 1 bhk flat in mumbai .My budget is near about 20 lakhs. kindly tell me where can I get a flat in my budget. Will the resale property be the better option? If yes please guide me.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Considering the current capital values prevailing in Mumbai city, the budget specified will not help in identifying any good option. It will be difficult to find good option even in the neighboring areas of Mumbai city limits.

vj1729: Hi , I would like a own a 3 BHK falt in chennai near Ambattur . How much will be the property rates.. And what should be my plan so that i can buy it with in the next 2 years.. I am working professional earning 50 K per month and havent started any saving plan to buy a above mentioned flat. Thanks..

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Property rates in Ambattur vary from Rs.3,500 psf to Rs.4,000 per square feet. Considering your monthly income, you should look at availing home loan and make this beginning. Repaying home loan is considered to be forced saving and when you have asset creation happening in the process, it will be the best saving for any individual. Apartment size and budget are crucial parameters that individual comfort is important in decision making.

pschauhan57: what is the value of property in statesman house , cannaught place, new delhi

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

In commercial real estate the capital value of property is derived basis the yield generated from the leasing. The whole calculation revolved in such premium location ranging from 7.50% to 8.50% yield from the transaction.

sgpatel: I am in a process of selling my flat and for that purpose I want to calculate my Capitol Gain Tax. I want to refer the Table for the calculation of Inflation Index.

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Table for calculation of inflation index is available in the Income Tax Ready Reconker alternatively you can find the relevant details on the website of ICAI in this regard.

replyht: I\'m planning to buy a property in noida sec 117 in Unitech The residencies. i\'m looking for 2BHK..what are your views on this project ? is it worth investing in this project ?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Unitech project in that location has many good features. In Noida, many options are available and all depends upon the facilities that any individual is looking for. The project can be evaluated basis the pricing and view from the apartment that can one book

animurthy: Hi, I am planning to buy a 3 bhk flat (1075 sq ft) in provident welworth city, yelahanka. What is the market price for this and is it a good investment? Also, how much rent can I expect out of this property?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

The project referred is considered to be good in that area. The rates vary from Rs.2000 psf to Rs.2,500 psf. As an investment, the return expectation and reaping benefits will be very futuristic in terms of capital value growth.

PAURUSH1998: planning to book flat in bhandup west for Rs 8900/- p/sft. in Naptune buiders 100 above building. Request your suggestions

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Good location and project considering it is closer to Powai, Airoli

bhaswar_g: Hi, I own an apartment in Thane and would like to rent this out to a suitable tenant. I have two queries related to this. 1. Is is necessary to have the rental agreement registered? I have received mixed feedback on this. The agent who is helping me maintains that it is not necessary as long as the Police verification is done. 2. Are there companies who deal with such services to complete rental property leasing / maintenance, etc? Thanks

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

Registration of leasing transaction is important to ensure your property terms are not at risk and your interest are fully protected. Police verification is also important to ensure that there is no negative track record of the person taking it on the lease. There are many companies that provide end-to-end solution for leasing/registration, maintenance is not covered in their service to the best of my knowledge.

gr8ashish: what about the Nirmal life style city kalyan i want to buy 2bhk they quote 3800 psf is it worth .. is price gone above in future there they build 41 buildings in next 5+year with some commercials mall etc . can i buy in this rate?

Om Ahuja

CEO - Residential Services, Jones Lang LaSalle India

The rates in that area vary from Rs.3200 psf to 4000 psf basis the project and phase you select. The township is large and will eventually become the good destination in the near future. No can time the market in terms of buying at the right time. If the interest rates move downwards in the near future, one may see prices moving-up. Current trend suggests that prices may move sideways till any directional trend reflects.

caashwinjain: My query is related to development of old structures like chawls in mumbai.Whether any compulsion is put on landlords for mandatory going through the development of chawls into flats?Still in many parts of Mumbai, vertical development has not taken

Avinash Rao

Regional Director, South, Knight Frank India (Southern Markets)

There is no compulsion on landlords to redevelop old structures. The new DCR however has made it attractive for cessed buildings to be redeveloped by offering higher incentive FSI. For such cessed buildings at least 70% of the tenants and land lord must be willing to go for redevelopment. If the building becomes old, dilapidated and inhabitable, then MHADA and BMC may step in to force eviction if it is felt that the structure may collapse and arrange for transit accommodation.

pradipmisra: I want to invest 60 lakhs including taxes for investment only on a property in Yellahanka area in Bangalore.Could you suggest two options?

Avinash Rao

Regional Director, South, Knight Frank India (Southern Markets)

For Yelahanka, Bangalore, with a budget of INR 60 Lakh including tax for investment purpose, the following projects can be evaluated:Project name: Nagarjuna Meadows (Phase 1) (*Phase 1 is completed. Phase 2 is under construction with price of INR 3,490/sq.ft.)Developer: Nagarjuna Urban Infrastructure LtdLocation: Doddaballapur Road, Yelahanka2BHK Area (sq.ft.): 1,234 – 1334-----------------Project name: Purva VeneziaDeveloper: Puravankara ProjectsLocation: Yelahanka New Town2BHK Area (sq.ft.): 1,266 – 1388

jyothisubbu: I have a plot of land at the outskirts of Anakaputhur in Chennai. Should I hold on or sell>

Avinash Rao

Regional Director, South, Knight Frank India (Southern Markets)

Anakaputhur has recently witnessed a number of residential project launches which will create a substantial settlement in the region and consequently drive the demand for land in the near future. Proximity to the airport and expansion of the city towards the south augur better growth prospects for this location. Hence it is advisable to hold the asset for the present.

tsvamanlal: i am on the look out for a flat in central chennai for around 25 lakhs. kindly advise

Avinash Rao

Regional Director, South, Knight Frank India (Southern Markets)

At present it would be difficult to get a flat in central Chennai within the budget mentioned as majority of them fall in the higher ticket size. However, the resale market can be explored for the same purpose. Resale flats are the most transacted residential property type in central Chennai, considering the minuscule supply of new flats in the region, and have always been the preferred choice owing to the ‘Lower budget in a premium location’ factor. 1 BHK resale flats having saleable area in the range of 400-600 sq.ft. would fit into the 25 lakh budget in densely populated central Chennai residential locations like Saidapet, Triplicane and Choolaimedu.

chris1959: I want to buy a flat in a new scheme - ISCON PLATINUM. Pls advise about the builder , appreciation and mode of payment whether down payment or regular payment plan would be better.

Anand Narayanan

National Director - Residential Agency, Knight Frank India (All Markets)

ISCON group has certainly developed strong credibility and reputation for delivery quality homes in Gujarat. The Project is extremely well located on Bopal Road. Given the strong surge of demand in Ahmadabad, the project should do well in appreciation within five years. The concern remains about the size. It is a large 3.5 million square feet project and such large developments with high end specifications and amenities are largely unprecedented. This may put pressure on completion timelines. Construction linked payment scheduled or regular payment plan may be advisable unless you are getting substantial discounts on the down payment.

prabhu60lal: A property in vadodara has five owners of which 4 are in India and one in USA The owner in USA can not visit India. Can a person in USA execute POA in USA in favour of his father in India

Anand Narayanan

National Director - Residential Agency, Knight Frank India (All Markets)

It is possible to execute a power of attorney of a non resident Indian overseas, have it attested with the local Indian consular office or designated US notary and thereafter have it notarized in India along with proof of identity of the holder.

missray: I have a budget of 40 lakhs. It’s difficult to find a good deal in this budget. Should i go in for an under construction project or a resale type? Please advice on which area should I try. Preferred location would be Thane, Mulund

Amit Goenka

National Director - Capital Transactions - Knight Frank India

It will be difficult to source a good property with your budget in Mulund since the prices are breaching Rs. 8000/sq ft all inclusive. It would be hence recommended to look at either an underconstruction or recently constructed project in Thane. Thane west, Ghodbunder road offers several options for 1bhk apartments of about 600 sq feet with prominent developers lik Raunak, Puranik, Vijay Group, etc. If you are looking for a larger space then you need to extend your reach to Dombivali and Kalyan on the central belt and Mira road- Bhayender on the western belt. Both these regions are very fast developing and offer affordable options.

missray: Will there be a boom in prices of real estate in Kolkata?

Amit Goenka

National Director - Capital Transactions - Knight Frank India

Kolkata has already witnessed appreciation in prices since 2009 when the markets were dull. However further appreciation is not expected because of the glut of supply and weak buying sentiment. Large corporate occupiers and buyers are typically shying away from Kolkata. Hence it would be some time before any further upside can be seen in Kolkata realty markets.

mufimarket: Dear Sir,I am the resident of Dahod based in Gujarat. I am having 5400sq.ft plot under co-operative society on joint name of myself and my other partner. the plot sizes of the society varies from 2000 sq.ft to 5400sq.ft. I want to divide the plot. Is

Amit Goenka

National Director - Capital Transactions - Knight Frank India

The plot can be subdivided with the consent of the co-operative society. They would have to demarcate the plot into the parts that you want, issue separate share certificates and ammend their records. Depending upon the ownership entry at the sub registrar of land records/taluka inspector of land records, a separate sub division entry can also be made by approaching them with the society's consent and new land documents created.



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