So you finalised the site. Now what next..
Yes you need to make sure that you are buying a safe site. which does not have any litigation or other legal complexities.
The easiest way is to take the documents to an advocate specialized in this and get his/her opinion. I went to one M/s Kumar Associates in Koramangala to do this for me. They are slightly expensive and charged me 7K that time. But I was OK. One reason I knew they will have contacts in the bommanahalli BBMP office under which the property comes and in Koramangala registrar's office where it will be registered. So thats one thing you have to think when you select the advocate. Make sure he is familiar with the locality. and yes for a property on which I am going to spend 25Lackhs I was fine to spend 7K.
The advocate had a check list of different documents and he asked for each and every document in it. I got it from the owner and handed them over to the advocate. He had some 10 Jrs under him and they used to go to the BBMP office and cross check the documents..
Finally he said the property is 85% buy-able and thats the best you can get in Bangalore. Any thing above that according to him is like a kohinnor diamond. only kings has access to it.
So I decided to go for this site...And registration is the next thing...and yes arranging for the money obviously..
My plan was to get the site first and then clear of the financial commitments around that and then later say after 3 years go for construction... So I did not go for any loans, all the savings, a surrendered LIC policy some pledged gold, help from parents and in laws and a small personal loan I made it. remember if it is not a composite loan (land + construction) you won't get the tax exemption.
My advocate assisted me with the registration as well. It was funny when he showed and explained the expenses around registration. there was an entry called "bribe" and ha\e had put some 10-15K for that. Trust me if you are ready to pay that every thing is just a 30 mins job. Otherwise it can get delayed for ever....
I am not at all a supporter for bribes. but in bangalore, you can't survive without that...and yes a life with out this corruption at the lowest level is what I am dreaming from an "India against corruption"
Any ways the registration is over and yes I am a land lord now :-)
Yes you need to make sure that you are buying a safe site. which does not have any litigation or other legal complexities.
The easiest way is to take the documents to an advocate specialized in this and get his/her opinion. I went to one M/s Kumar Associates in Koramangala to do this for me. They are slightly expensive and charged me 7K that time. But I was OK. One reason I knew they will have contacts in the bommanahalli BBMP office under which the property comes and in Koramangala registrar's office where it will be registered. So thats one thing you have to think when you select the advocate. Make sure he is familiar with the locality. and yes for a property on which I am going to spend 25Lackhs I was fine to spend 7K.
The advocate had a check list of different documents and he asked for each and every document in it. I got it from the owner and handed them over to the advocate. He had some 10 Jrs under him and they used to go to the BBMP office and cross check the documents..
Finally he said the property is 85% buy-able and thats the best you can get in Bangalore. Any thing above that according to him is like a kohinnor diamond. only kings has access to it.
So I decided to go for this site...And registration is the next thing...and yes arranging for the money obviously..
My plan was to get the site first and then clear of the financial commitments around that and then later say after 3 years go for construction... So I did not go for any loans, all the savings, a surrendered LIC policy some pledged gold, help from parents and in laws and a small personal loan I made it. remember if it is not a composite loan (land + construction) you won't get the tax exemption.
My advocate assisted me with the registration as well. It was funny when he showed and explained the expenses around registration. there was an entry called "bribe" and ha\e had put some 10-15K for that. Trust me if you are ready to pay that every thing is just a 30 mins job. Otherwise it can get delayed for ever....
I am not at all a supporter for bribes. but in bangalore, you can't survive without that...and yes a life with out this corruption at the lowest level is what I am dreaming from an "India against corruption"
Any ways the registration is over and yes I am a land lord now :-)
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