Real Estate India, Residential Commercial Real Estate Properties India

Question asked by Mr Binu from Bangalore, India: Hello, My name is Binu and I am in a sticky spot. My family purchased a house in Bangalore, a gated community. It is currently under construction. Now out of the blue, the developers of that area have decided to erect a transformer next to our house, right adjacent to the house. This was not disclosed earlier but also there is nothing in the contract to prevent the developers from using the rest of the land in the way they like. It poses two problems, it is a nuisance, and hazardous plus it ruins the look of the house. also the price would depreciate after the transformer is built. There are kids in our family and we would never live in this house if the transformer were to be built. What in your opinion is our best bet. Is there anything we can do to prevent this from happening. Thanks Binu Vatsala Answers: Most transformers have safety standards to follow. If there is genuine danger, nuisance or undue hardship, you can send a legal not

Question asked by Mr Prem from Karnataka: Namaskar Vatsala, Please can you help me with the following, 1. Can you tell me the time it can take to convert agricultural land into Non agricultural land (commercial) in (North) Karnataka, in rural area not in city or village 2. what are the official fees for converting agricultural land per acre (karvar district) With friendly regards Mr. Prem, Karnataka Vatsala Answers: The time taken is generally three to four months, after submitting the documents. The fee is about Rs. 1,25,000/- per acre for commercial use. Normally the conversion is linked with plan sanction and the conversion order is issued along with the sanctioned plan for commercial building. Vatsala http://www.atoneplace.com For more information, kindly visit at Real Estate India or Online Real Estate Video .

Question asked by Mr Moorthi Subramaniyan from Bangalore: Hi Vatsala, I am Moorthi, recently I got registered my flat in a small apartment (it has 12 flats) in Bangalore. My agreement with builder is Rs. 9L for land cost & Rs. 21L for construction (including electricity, water, registration etc). My question is, How much VAT I need to pay (based on 4%)? Can you help me on this? Regards Mr. Moorthi Subramaniyan Bangalore Vatsala Answers: Service tax will not be attracted for a complex where the total number of Apartments is 12. Regarding the VAT liability, it may not be payable on the entire amount of Rs.21 lacs. Definitely the amounts charged towards cost of registration and obtaining electricity and water connection should qualify for abatement. On the balance amount, the builder has two options for collecting VAT, viz., either the compounding option or the actual value option. If he prefers compounding option then the VAT is payable on the balance amount at 4% in Karnataka. If th

Question asked by Mr Sunny Sureen: Dear Vatsala, Few years back my father had applied for a loan from LIC Housing Finance for construction( extension ) of his existing property. The papers of existing house were kept as a security. We are living in the same house till now. The loan was granted and it is being repaid in the form of EMIs. During the 1st year a part of the EMI was adjust for a premium payment of Insurance policy started at the time of approval of the loan. But it was discontinued due to financial constraints and the policy got lapsed. A month back my father passed away and a major part of the loan is still outstanding. I am getting calls from the institution to pay the EMIs due since past few months. I told them the situation on phone. Now the institution is suggesting me to continue paying the EMIs till the entire loan is repaid. Please suggest me what would be the standard procedure to be followed in this situation, so that later on I dont face any restrictions/hassles

Question asked by Mr Suphal Agrawal from USA: Gentlemen, I was referred to your site by one of my relatives in India. I am a male of Indian origin, now a U.S. Citizen for several years. I am interested in purchasing residential real property near Mumbai with a goal to sell it later on (time not definite yet, but could be anytime after a year or so, depending upon the local market situation and my own financial plans) and then buy something else, but eventually I intend to repatriate all proceeds -- my original investment and all gains -- back into the U.S. Based on my extensive search on this topic, here is what I understand: 1) I am classified as an NRI due to having held an Indian passport previously, and due to both my parents being Indian 2) As such, I can buy residential real property in India without any specific permissions; I can pay for it via wire transfer from my US bank to the seller's bank in India; later, I can sell it to an Indian citizen or another NRI but must hold

Question asked by Mr Asma Ashfaq: Hello I am interested in selling a property received through a gift deed from my father. Will this invite capital gains tax ? Regards Asma Ashfaq Vatsala Answers: You can sell the property received through gift deed from your father. It will definitely attract capital gains tax. After payment of the applicable capital gains tax, the balance amount can be repatriated upto a maximum of 1 million US Dollars. Vatsala http://www.atoneplace.com For more information, kindly visit at Real Estate India or Online Real Estate Video .