Residential Property Q&A With Om Ahuja

04. Jun, 2012 by Administration 4 Comments

Om Ahuja, CEO – Residential Services, Jones Lang Lasalle India

I wish to buy a flat at Wakad, Pune, off the Express Highway. The quoted rate is Rs 3811/sq ft. with a floor rise of Rs 20/floor after the 4th floor. Please advise if the rates are reasonable and prospects of future appreciation.

Wakad is a rapidly upcoming area in Pune, and has excellent prospects in terms of future growth potential. There are many options available with regards to township properties. I strongly recommend you evaluate more options before you finalize the apartment.

I want to buy a resale flat for a consideration of Rs 75,00,000/. However, the Government fixed rate for that area for this flat is only Rs 40,00,000. I would 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 the flat and for the modular kitchen and wardrobes separately?

Stating a lower amount in the agreement as sale value and the remaining amount for fittings will help you save on stamp duty, but this will also be illegal. As both the buyer and seller have agreed on cheque payment, I recommend that you make the sale agreement for the full consideration and pay the applicable stamp duty. Else, look for a better option.

I had invested in Greater Noida in Jaypee Sports City, in a residential plot in 2010. So far, I am satisfied with the returns. I recently booked a commercial SCO in the same project. Can you suggest what impact the airport moving out will have on this place? Are there any IT companies likely to come there? Should I move ahead with this investment or pull out? I have a horizon of five years in mind…

Investments into residential property needs to be considered with minimum 5-7 years investment horizon. Considering the future potential and affordability aspect, holding on to the investment with a long-term horizon is recommended.

I am planning to buy a property in Kharadi Pune. There is one project recently launched with a price of Rs 4500 per sq ft, which will come around 56 lakh for the flat. It is near to EON SEZ. Could you please advise if it is worth considering at the price quoted?

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

My father expired in November 1982 and left a house in Kirti Nagar, New Delhi measuring 200 sq yds. Our mother, two sisters and three brothers are his heirs. We all shifted the NOC in favour of my mother’s name in 1993 and she then sold part of the property on the ground floor. As the property was built upto the second floor, she sold the remaining part of the ground floor and gave the rights of a part to my second brother as full and final share of the whole property, but gave nothing to the other brother and sisters. Can we claim a share in the property from my mother, as she is determined to give the whole remaining property to one brother only?

In the absence of a will by your father, the property transfer to your mother in the form of NOC was an interim solution. According to the law, obtaining a probate would be a fool-proof solution in terms of the legal title of the property. Considering the NOC has been already provided, your mother has the right to decide on the further distribution of the property.

I have purchased a 1 BHK flat in Kharghar, New Mumbai on May 2011. The builder confirmed that he will give me possession in October 2011, before Diwali. I have paid registration, stamp duty, 95% of the flat value by taking a home loan. Till date, I have not got possession and on asking was always assured that possession would be given the next month. He told me that he is waiting for the occupation certificate, but when I checked it with architect of the project, he said that the OC is still not applied for at CIDCO. I asked builder for the reason and he simply denied the fact. I asked him to pay me the rent amount since October when he committed for possession, to no avail. Please guide me.

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

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