HI

I have been seeing many queries on how to buy a property in GGN, Noida ..etc..I myself have spent quite many years looking for investments and in the process made visits to GGN, Noida etc...I am placing all my experience and thoughts under here for the benefit of all concerned...members are invited to put their experiences too ..

PROLOGUE::

Before I start let me say that the first decision that would come to the mind of a middle class person is, whether he should invest/buy a property or not ? A well to do person will not wait for answering this question and will invest anyhow..but for the middle class it becomes extremely important as he will be taking some risk in the process...so here is my answer..go for the property investment / buy if :
1. you have a good job
2. have an experience of atleast 5 years
3. have finished your studies (PG/ MBA etc..)
4. you have still 3-4 years for marriage but you are drawing good salary
5. you are already married for 2 years and are stable in job.
6. you can expect some support from parents / in laws (no dowry but pyar se)..
7. You are eligible for loan.
8. your wife is also working.

Now i think that if you fulfil any of these conditions that you must seriously start thinking for buying / investing in property..so lets say you pass the first test so lets move to second question?
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PART 2::

I CAN AFFORD ONLY 20- 40 LACS AND ALL PROPERTIES ARE > 50 LACS. ?

This is going to be the case with many ..the answer to the question is a follows...

if you can afford 20- 40 lakhs you can invest in a property of worth 50- 70 lacs if ::

1. your job is stable and you can save enough for loan
2. you can get some support from friends/parents / in laws.

BESIDES,

The basic ides here is you can go for a under construction property where the 50- 70 lacs will be spread for atleast 3 years ...so you can take the risks if you fulfil condition 1 and 2 listed above..however you need to be disciplined in life and have to save the money to pay for your EMIs...we do assume here that the rate of property will be increasing and so in case if you are caught on the wrong foot ( sudden loss of job / accident or like) you can sell of the property..which means that you must always invest / buy a saleable property and this should be your first criterion when you buy any x.y , or z property..(my POV)...

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PART 3::

SO finally you have decided to take the plunge ..now comes the question where and how to invest / buy ??

Basic rule::
Rule number 1:: your property should be near your workplace if you are looking for self use...
Rule 2: your property should be close to basic facilities like some hospital, market , school ...if you are looking for end use..
Rule 3::Your property can be anywhere if you are looking for investment.,,but preferably near to your present city of residence..
Rule 4: If you are are on tight budget try to look on periphery or outskirts of city and something which looks promising in the future ( 3- 5 years ))..
Rule 5: you can also consider your future planing ..for example u want to retire in NOida so u can consider something in greater noida ...or my children will be studying nd working in this city so i can buy something for them
So this should give you some thing at hand..

but buying a property is not all that easy..

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PART 4::

HOW DO I GO FOR IT . I DONT HAVE ANY IDEA...should i go to the builder or the broker??

This is the case with everyone because everyone starts by buying first property some point of time and than move on afterwards.....so in case this is ur first purchase you need to be very careful..if not higher there is an equal chance that you may make some error ?? ( in fact your broker will first ask you " Is this your first investment ? " so as to cut you accordingly or he will ask you" is this for end use or investment ?" another tricky question to make a BAKRA out of you..

so buying property is not all that easy even if you are flush with money...so how do you go ??

i think i will take a break here..need a cup of coffee to write further...

cheers
asheesh
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  • Thanks chilleezz...iam glad u liked the thread..to make it sticky i think u need to recommend it to admin / moderators..

    best wishes for ur property ? u can share some details n the logic for the decision..

    Originally Posted by chilleezz
    Hats off to you Asheesh for taking pains and writing some good stuff which I am sure will be very valuable to RE buyers. Why not make this thread a sticky? I too bought a property last month and I also went through many brokers. Luckily I ended up with a very good broker. I think a broker who wouldn't stick to his words some times makes it very obvious. Its for the buyers to observe closely all the brokers and find out whether he is talking sense or he is just pushing a deal to achieve his target.
    CommentQuote
  • Stick to the basics:

    I have already highlighted the importance of basics whether we are into share investing, or buying property or playing cricket for that matter..one of the mistake that many of the Indian batsman commit is to 'tinker' (chedkhani) with an ball away from the off stump and going further away..this is absolutely no no in the basics or technically speaking language of cricket,,,Hear any commentary from Sunil Gavaskar and he will give a very good dressing to any player who plays such shots...so the basics have importance everywhere...lets us see what are the basics or fundamentals of buying a property>>

    1. first and most imp...find your budget..
    2. spread the budget by may be 15 %-20 % but not very substantial in case you are awed by a property...this extra spread can be covered through some help from friends/ parents/in laws
    3. A RTM is always better but you may need to pay quite a big amount upfront..can be preferred if funds are not a problem..
    4. the better option is for under construction if on a planned budget..
    5.Best time to buy a RTM is one year or 6 months before possession .as the premium will shoot up immediately after possession or prior 1-2months.
    6.best time to buy a new property is very initially if the builder and location is perfect and is in the budget or 6 months - 1 year later when the initial investor will be moving out ; you will be sure of the construction. and the premium may not be very high.
    7. A bird in hand is better than two in the bush...go for one property at a time ...pay for two years minimum....and than start looking for the second if you are purely into investing..here the assumption is your first property is ripe and saleable .
    8. it takes a minimum of 2-3 months even assuming you have a prime property which is at an advance stage of construction, even if the property is commanding good reputation in market. start contacting the brokers atleast 6 months b4 you want to dispose off your property..this will give you a feel of the market and your property will be in the brokers list ..remember brokers do have a cartel and they work in groups and know which property is out for sale.
    9. A Good property can be sold easily in the initial stage ..
    10.ideally one should keep a property for 2 years which can fetch decent returns unless you are a whole time property investor with lots of funds..
    11. In delhi higher floors are not fetched while in bombay higher floor go for a premium..avoid the top floor as it wil not sell easily.
    12...avoid heavy PLCs as it is tough to sell off your property with many PLCs if the market is weak. or even otherwise..unless the PLC has some high value (worth)
    13. a 3 % discount are bare minimum from any broker..try to extract more...if the property is not selling fast but is good.
    14. Avoid investing near Nallah, high tension lines , villages , grave yards etc..they will not be commanding premiums and are difficult to sell .
    15. there is always a compromise between the premium property and the bad properties...avoid the two..the first because they will be selling at high rates and the second because they may not be completed...there is always risks in both the cases...the middle path is always good..for a common investor / end user.
    16. Temples, hospitals , hotels, markets near by are a good sign for any property.

    17. Looking for distress sell can be a trap also..BEWARE of the traps..high risk high gains.
    18: a person who wants to sell off a property with full money in a week time can be termed as DISTRESS SELL.
    19. while buying or selling a property one can go along with some senior male member of the family..
    20: NRIs are more prone to the risks of property. for them is is better to develop a contact ( friend) who can tell important updates/ points of the property.
    PS: these are general rules based on my own experience...Exceptions will be there and so will be difference of opinions..

    .
    CommentQuote
  • Word of caution for first timers

    Although I have written may important points, but i still feel buying property at today's price are laden with inherent risks.so my advice to all first timers will be to be careful and book some profits b4 going for other investment...today i was having talk with some people and the message out of the talk was traders in delhi have left their traditional business to do brokerage / investment etc in property...these are dangerous signals..another person confided that there are no buyers in delhi for properties at such higher prices..most of the rates are on paper and at times it becomes difficult to dispose off ...

    therefore if u r sitting on profits and if its your first investment, than i think its better to book profits and reinvest..rather than keeping the first and also investing in another will be quite risky if the money invested has loan components or has been accrued by selling some other assets / property...

    cheers
    CommentQuote
  • Formalities for selling

    1. Spread the word among 4-5 good brokers ( good brokers are those who take interest in ur property , revert back to u , and have the means to negotiate and be on ur side with trust )
    2. Stck to ur price - a buyer will normally seek a discount of 50 - 400 rs PSF when on the table with money .
    3. be firm on ur price whatever, unless u are desperate.
    4. ur desperation should never be visible to the buyer or broker..( a broker can switch sides without u ever knowing )
    5. the meeting point can be a neutral venue ( gd restaurant ) or the brokers office..no need to keep it in ur house or the buyers.
    6. if u r ok with price, take the token , and the first agreement will be signed .(read the agreement for something mischievous , although that does not happen if the broker is good..the agreement will be prepared by the broker and he will show it to both the parties for consent).
    7. after the token money , the time frame is decided..normally 30- 45 days or even earlier / later subject to both parties consent and trust.
    8. decide the black / white component.
    9. u have all the power to decide...if u are not comfortable on any point, walk down , dont take money, dont sign agreement.
    9. get the money as stipulated..when the substantial money is paid ( in the second transaction after the token money) , u will sign another agreement , which will be as per ur white component . the first agreement is for the total amount including black and white. normally black component is paid b4 the final settlement..
    10. now both the parties are strongly binded...
    11. collect the white money , on the final transaction, ( by a demand draft if possible) go to the bullder office, sign the transfer papers, only after collecting all ur money ( no cheque only DD) and to ur satisfaction.
    12. dont sign papers if there is any vagueness or confusion or doubt or in alcohol / drunkedness.
    13. take one of ur trusted friend / ralative with u for all money deals
    best wishes
    CommentQuote
  • ashish 1963 you write good friend.
    CommentQuote
  • COMPLETE Transfer set AND AGREEMENT::TO BE SIGNED between buyer and seller

    (Letter from the Transferor/Assignor/Seller, i.e. the current Allottee) along with passport size photographs

    Date: ___-MAY-2011

    M/s DLF LIMITED
    ADDRESS

    Sub: Transfer/Assignment/Nomination of the provisional registration/registration of the Flat / Independent Floor / Plot/ in..............., Gurgaon.

    Dear Sir,

    I/We had applied for provisional registration/registration of the Independent Floor / Plot No............... admeasuring about 2220 sq. feet /super area in your project at PROJECTT LOCATION, Gurgaon. I/We have already paid a sum of Rs.____________/- including Service Tax of Rs.____________/- so far towards the cost of this property as per details below:

    Receipt No.___ Date ________ Amount Rs.________/-
    Receipt No.___ Date ________ Amount Rs.________/-
    Receipt No.___ Date ________ Amount Rs.________/-

    I/We now want to transfer/assign/endorse our provisional registration/registration/booking/allotment in favour and in the name of my/our nominee/transferee i.e

    BUYERS NAME AND ADRRESS

    be substituted in place of my/our name in the said provisional registration/registration/booking/allotment and that the same be completed in his/her name. For the said substitution/endorsement/transfer/assignment of the name, I/We am/are sending herewith all original documents including Buyer’s Agreement (please confirm if executed or yet to be executed), to facilitate the matter. I/We would request you to kindly do the substitution/endorsement/transfer/assignment nomination in your records by endorsing the original booking/registration as well as the Receipts and Buyer’s Agreement that are annexed herewith. After substitution/endorsement/transfer/assignment of the name of the said Nominee, I/We shall have nothing to do with the said provisional registration/registration/booking/allotment nor will we have any lien or right therein. This letter of mine requesting you for transfer/assignment /endorsement/Nomination in favour of the transferee/assignee/my Nominee’s name on the said provisional registration/registration/booking/allotment is irrevocable, and is not liable to be cancelled by anybody at any point of time in present or future.

    (To be added in case the receipts had been lost)
    Out of the receipts issued by the Company for the sale consideration, I/We find that the following Receipts have been misplaced / lost. While I/We declare hereby that these Receipts were not used by me/us for any other purposes, I/We shall be returning them to the Company, as and when located. Meanwhile, I/We am/are furnishing the necessary Affidavit(s) and Indemnity Bond indemnifying the Company from any loss caused due to the lost Receipts as mentioned hereinabove.

    a) Receipt No. ___________ Date ___________ Amount _____________/-
    b) Receipt No. ___________ Date ___________ Amount _____________/-
    c) Receipt No. ___________ Date ___________ Amount _____________/-


    I/We are enclosing my/our signatures duly verified by our banker for your record.
    You are requested to kindly do the needful.

    I/We know Mr. SELLERS NAME personally and he has signed in my/our presence.



    BUYERS NAME WITH ADDRESS
    (Name, address and signature
    of the Buyer / Nominee) Thanking you,
    Yours faithfully,



    Mr. SELLERS NAME WITH ADDRESS
    (Name, address and signature
    of the Transferor/Seller, i.e. the current
    allottee/registration holder)


    Document No. 15

    LETTER FROM THE TRANSFEREE/BUYER/NOMINEE


    M/s DLF LIMITED
    ADDRESS


    Sub: Transfer/Assignment/Nomination of the provisional registration/registration/booking/allotment of the Flat / Independent Floor / Plot in PROJECT NAME WITH ADDRESS, Gurgaon.


    Dear Sir,


    This is in reference to the provisional registration/registration/booking/allotment of the Flat / Independent Floor / Plot in ................, Gurgaon by Mr. BUYERS NAME S/O WITH ADDRESS “Original Applicant” and has so far paid Rs.____________/- including Service Tax of Rs.__________/- to the Company in terms of the said provisional registration/registration/booking/allotment towards the part consideration. The Applicant has written a letter-dated ____MAY-2011 to the Company requesting you to take me/us as his/her Nominee/Transferee/Assignee for said provisional registration/registration/booking/allotment all future purposes.

    I/We assure you and declare that the aforesaid letter is signed before me/us and I/we shall be responsible for all consequences in case the executants of this letter dated ____MAY-2011 denies the said authority. I/We shall be bound by all the terms and conditions of the Company including the terms and conditions as stated in the Application form or as may be more pertinently detailed in the Buyers Agreement/ Sale Deed to be executed by us at any point of time as desired by the Company as a Nominee/Transferee/Assignee of the Original Applicant and undertakes to abide by all the terms and conditions of the Company.

    I/We also undertake to pay the entire balance dues of the consideration and other charges as per the terms and conditions of the Company and undertake to execute the Agreement in the standard format of the Company as and when desired by the Company, after the request for Nomination/Transfer is accepted by the Company. (in case the Buyer’s Agreement is yet to be executed)

    I/We now request you to kindly treat me/us as Nominee/Transferee /Assignee of the Original Applicant for all future purposes and execute/register the Agreement/Sale Deed also in my/our favour on completing full payments for the property including Stamp duty & Registration charges etc. I/We also enclose herewith Receipt dated ________ clearly mentioning therewith that I/We have already paid the amounts due to the i.e. the Original Seller/Transferor of the amounts which they have paid to the Company for the said provisional registration/registration/booking/allotment, which is being transferred in my/our name, and the said Receipt is attached herewith. I/We further agree and undertake to execute any document that may be required by the Company at any point of time in present or future.

    I/We are also enclosing herewith my/our signatures duly verified by our Bankers.

    Thanking you
    Yours faithfully,

    ( )
    Mrs. BUYERS NAME


    ( )
    Mr. BUYERS NAME

    I know .....SELLERS NAME.................personally and they have signed in my presence.

    Document No. 16
    Joint Letter
    Date: ____-MAY-2011

    M/s DLF LIMITED
    ADDRESS

    Sub: Transfer/Assignment/Nomination of the provisional registration/registration dated ............... 2008 of the Flat / Independent Floor / PloT.............., Gurgaon.

    Dear Sir,

    This is to inform you that I/we, the Transferor/Applicant/Allotee(s) has/have received a total sum of Rs._____________/- including Service Tax of Rs.__________/- from the Transferee/Nominee(s) i.e.
    .............................................
    You are requested to kindly adjust the amount of Rs.___________/- including Service Tax of Rs.____________/- paid by me/us to the Company, as mentioned in (a) above to the account of the Transferee/Nominee in your records for the subject Property.

    The Original Applicant/Allottee hereby confirms that he has received the full amounts back from the Transferee/Nominee/Buyer as mentioned above, and the /Transferee/Nominee/Buyer confirms that he/she has paid the amount to the Original Applicant/Transferor/Allottee through Cheque No(s). _________________________ dated _______________________ drawn on ____________________ _____________________________ Bank.

    The parties hereby declares and confirms that the aforesaid information given herein above is true and correct and they are solely responsible for the said transaction and company is not liable in any manner whatsoever for the aforesaid transaction.

    Thanking you,

    Yours faithfully,

    SELLER NAME AND ADDRESS

    BUYERS NAME AND ADDRESS


    Document No. 17
    AFFIDAVIT (TRANSFEROR/ASSIGNOR/NOMINATOR)

    Affidavit of Mr...................do hereby solemnly affirm and declare as under:

    1. That I have applied for provisional registration/registration/booking/allotment of the Flat / Independent Floor /Plot in ............, Gurgaon with M/s DLFLimited. having their registered office at................. hereinafter referred to as “Company”, for purchase of the Flat / Independent Floor /Plot No. ............ admeasuring 2220 sq. ft. in the residential/group housing project of the Company know as in ............, Gurgaon as per the terms and conditions provided therein and communicated by the company and understood by us. Out of the total consideration besides other charges mentioned in the provisional registration/registration/booking/allotment. I/We have till date paid an amount of Rs._____________/- including Service Tax of Rs.___________/- as per details of Receipts given herein below, the originals whereof are annexed hereto; and that an amount Rs...../- excluding Service Tax is however still due and payable by me/us under the said Agreement.
    Receipt No.___ Date ________ Amount Rs.________/-
    Receipt No.___ Date ________ Amount Rs.________/-
    Receipt No.___ Date ________ Amount Rs.________/-

    2. That pursuant to and in agreed terms, I hereby confirm to have, nominated ................... hereinafter referred to as Transferee/Assignee/Nominee under the said provisional registration/registration/booking/allotment and I/We had requested the Company to substitute the Transferee/Assignee/Nominee in place of me/us under the said provisional registration/registration/booking/allotment. After substitution/transfer of the name of the Transferee/Assignee/Nominee, I/We shall cease to be the party(ies) to the said provisional registration/registration/booking/allotment and shall not have any charge or lien therein. This nomination/transfer/assignment is irrevocable and shall not be canceled by me at any point of time in future or present.

    3. That I/We confirm to have received Rs._________/- including Service Tax of Rs._____________/- from the Transferee/Assignee/Nominee for the amounts already paid by me/us to the Company under the said provisional registration/registration/booking/allotment. The Transferee/Assignee/Nominee shall pay the balance amount of sale consideration and other charges still due as per the Company and shall execute all the documents including Independent Floor/standard Flat/Plot/Villa Buyer Agreement to the Company directly.


    4. That I/We have not violated any of the relevant provisions of law particular the provisions of Indian Stamp Act in making the aforesaid nomination by assignment of right under the said Agreement, and if there shall any liability, duty, penalty of whatever kind in this regard, I/We shall be exclusively liable and responsible therefore, and I/We do undertake to pay the same and do hereby indemnify and keep indemnified the Company against any loss, penalty damage that may be caused.

    5. That I/We declare that the facts mentioned above are true and correct and nothing has been concealed and in case any consequences arise because of any false statement or concealment of any fact, I/We shall solely be responsible and liable; I/We do hereby indemnify the Company against any damage, loss, penalty and/or legal injury that may be caused in this behalf.

    6. I/We do hereby identify the Transferee/Assignee/Nominee.


    DEPONENT
    VERIFICATION

    Verified at Gurgaon on ____ day of MAY 2011, that the contents of the foregoing paragraphs 1 to 6 are facts true to my knowledge and that no part of its is false and nothing is concealed therefrom.



    DEPONENT

    Document No. 18
    AFFIDAVIT (TRANSFEREE/ASSIGNEE/NOMINEE)

    Affidavit of............................do hereby solemnly affirm and declare as under:

    01. That in terms and pursuant to provisional registration/registration/booking/allotment dated ...... 2008 of the Flat/Plot/Villa in , Gurgaon and entered into by Mr. ..................... hereinafter referred to as “Original Applicant/Allotee” with M/s DLF Limited. having their registered office at hereinafter referred to as “Company”, for purchase of Flat/Plot/Villa No. .............admeasuring 2220 sq. ft. in the residential/group housing prOPERTY......, Gurgaon. The said Original Applicant have nominated me by transferring/selling/assigning his/her rights under the said provisional registration/registration/booking/allotment and substituted me/us in place of the Original Applicant/Allottee in the said provisional registration/registration/booking/allotment.

    02. That I/We shall be bound by all the terms and conditions of the said provisional registration/registration/booking/allotment being the Nominee/substitute of the Original Applicant/Allottee. I agree and undertake to execute the Independent Floor /standard Flat/Plot/Villa Buyer’s Agreement directly with the Company and undertakes to abide by all the terms and conditions which the Company may implement for the said Property.

    03. That I/We have paid a sum of Rs.____________/- including Service Tax of Rs.__________/- to the Original Applicant/Allottee towards total consideration already paid by the Original Applicant/Allottee to the Company as per the terms and conditions of the Agreement, copy of the receipts whereof are annexed hereto. I/We undertake to pay the balance sale consideration besides other charges of Rs......./- excluding Service Tax as per the provisional registration/registration/booking/allotment. I agree and undertake to execute the Independent Floor/standard Flat/Plot/Villa Buyer’s Agreement directly to the Company.

    04. That the Independent Floor /standard Flat/Plot/Villa Agreement in respect of the said provisional registration/registration/booking/allotment for Independent Floor/flat may be executed and registered in my/our favour. Further, the Sale Deed/Conveyance Deed may be registered in me/our favour after I/We have completed the full payment due to the Company on all accounts including registration charges and cost of stamp paper etc. and other charges due and payable by me/us. I/We undertake to pay Stamp-Duty registration charges and any other charges which shall be payable under law.

    05. That I/We have not violated any of the relevant provisions of law, particularly the provisions of Indian Stamp Act in making the aforesaid nomination under the said Agreement, and if there shall liability, duty, and penalty of whatever kind in this regard, I/We shall be exclusively liable and responsible thereof. I/We do undertake to pay the same and do hereby indemnify and keep indemnified the Company against any loss, penalty damage that may be caused.

    06. That the facts mentioned above are true and correct and nothing has been concealed and in case any consequences arise because of any false statement or concealment of any fact, I/We shall solely be responsible and liable; I/We do hereby indemnify the Company against any damage, loss, penalty and/or legal injury that may be caused in this behalf.




    DEPONENT


    VERIFICATION
    Verified at Gurgaon on ___ day of MAY 2011, that the contents of the foregoing paragraphs 1 to 6 are facts true to my knowledge and that no part of its is false and nothing is concealed there from.



    DEPONENT

    Document NO. 19

    INDEMNITY CUM UNDERTAKING OF THE TRANSFEROR/ASSIGNOR/SELLER/NOMINATOR

    This Indemnity Bond cum Undertaking is made on this ____ day of MAY, 2011 by Mr............................hereinafter referred to as the “Indemnifier” which expression shall include his/her/their heirs, successors, executors, assignees and administrators on the ONE PART.

    In favour of

    M/s DLF Limited a company incorporated under the Companies Act, 1956 having its registered office at ................... hereinafter referred to as the “Beneficiary” which includes its Assigns, Nominees, Successors, etc. of the OTHER PART.

    AND WHEREAS the Indemnifier has applied and entered into a provisional registration/registration/booking/allotment dated 2008 of the Independent Floor/Flat No. ......................., Gurgaon with the Beneficiary a Company duly incorporated under the Companies Act, 1956 having its registered office at ............... for provisional registration/registration/booking/allotment dated ............... 2008 of the Flat/Plot/Villa at..........................., Gurgaon , admeasuring 2220 sq. ft.

    AND WHEREAS the Indemnifier out of the total sale consideration besides other charges as mentioned in the provisional registration/registration/booking/allotment till date has paid an amount of Rs.__________/- including Service Tax of Rs.____________/- details whereof are as follows and the original receipts are annexed hereto-:

    Receipt No.___ Date ________ Amount Rs.________/-
    Receipt No.___ Date ________ Amount Rs.________/-
    Receipt No.___ Date ________ Amount Rs.________/-

    AND WHEREAS an amount of Rs................/- excluding Service Tax is still due and payable by the Indemnifier towards the sale consideration besides other charges for the said Independent Floor/Flat/Plot in terms of the provisional registration/registration/booking/allotment dated .......... 2008 of the Independent Floor/ Flat/Plot.


    AND WHEREAS the Indemnifier now wishes to transfer the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot in favour of his Transferee/Nominee/Assignee ......................... (hereinafter referred to as the Transferee/Assignee/Nominee) instead of his/her name. That the Indemnifier has requested the Beneficiary to assign the provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot in the name of the aforesaid Nominee(s)/Transferee(s) in place of the Indemnifier and the Indemnifier has no objection in this regard.

    AND WHEREAS the Indemnifier is making the said nomination/transfer/assignment of the Agreement for the said provisional registration/registration/booking/allotment for the Flat/Plot/Villa in favour of the Nominee(s)/Transferee(s) voluntarily and out of his own free will without any coercion from outside.

    NOW THIS INDEMNITY CUM UNDERTAKING WITNESS

    1. That, the Indemnifier henceforth, after the transfer/nomination shall have no claim, right, title and interest whatsoever on the said provisional registration/registration/booking/allotment for the Flat/Plot/Villa AT..............., Gurgaon , admeasuring 2220 sq. ft. and on any amounts paid for the aforesaid purpose to the Beneficiary at any point of time in present or future.

    2. That, the Indemnifier jointly and severally undertake to keep the Beneficiary, its successors and assigns harmless and indemnified against any claims, losses, damages, costs including litigation costs, etc. of all kinds whatsoever suffered or incurred directly or indirectly or in any manner whatsoever by the Beneficiary in respect of the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot ..............................., Gurgaon, admeasuring 2220 sq. ft. on account of the Transfer/Nomination of the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot in favour of the aforesaid Nominee/Transferee at any point of time in present or future.

    3. That, the Indemnifier undertakes and agrees that the aforesaid Nominee(s)/Transferee(s) shall comply with all the terms and conditions, rules and regulations laid down by the Beneficiary Company for the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot At ........................., Gurgaon, admeasuring 2220 sq. ft. in the aforesaid project of the Beneficiary Company from time to time and shall execute the Independent Floor/standard Flat/Plot/Villa Buyer’s Agreement and any other documents as may be required by the Beneficiary Company from time to time.



    IN WITNESS WHEREOF I the above named have set my hands on these presents on the date hereinabove first mentioned in the presence of the witnesses who have also set and subscribed their respective hands in my presence and in the presence of each other.



    INDEMNIFIER/DEPONENT


    WITNESSESS:
    1.


    2.

    Document No. 20

    INDEMNITY CUM UNDERTAKING OF THE TRANSFEREE/NOMINEE

    THIS Indemnity Bond cum Undertaking is made on this ___ day of ....MAY 2011 by................................................................hereinafter referred to as the “Indemnifier” which expression shall include his/her/their heirs, successors, executors, assignees and administrators on the one part.

    In favour of

    M/s DLFLimited a company incorporated under the Companies Act, 1956 having its registered office at ......................... hereinafter referred to as the “Beneficiary” which includes its Assigns, Nominees, Successors, etc. of the OTHER PART.


    AND WHEREAS Mr. ,,,,,,,,,,,,,,,,,,,,,,,,,,,, hereinafter referred to as “Original Applicant/Allottee” had applied and entered for a provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot/Villa No. ..........................., Gurgaon, admeasuring 2220 sq. ft. dated................ with the Beneficiary and a Company duly incorporated under the Companies Act, 1956 having its registered office at ........................................

    AND WHEREAS the Indemnifier has already paid an amount of Rs.__________/- including Service Tax of Rs.___________/- as per the Agreement to the Original Applicant/Allottee towards the sale consideration of the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot/Villa No. ..................., Gurgaon admeasuring 2220 sq. ft., details whereof are as follows -:
    Receipt No.___ Date ________ Amount Rs.________/-
    Receipt No.___ Date ________ Amount Rs.________/-
    Receipt No.___ Date ________ Amount Rs.________/-


    AND WHEREAS the Indemnifier is ready and willing and undertakes to pay the balance of the total sale consideration as per the Agreement i.e. Rs........./- excluding Service Tax to the Beneficiary directly on transfer of the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot/VillA................, Gurgaon admeasuring 2220 sq. ft. in his/her favour.

    AND WHEREAS the Original Allottee has vide his/her letter dated _________ to the Beneficiary had requested to surrender the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot and wish to Transfer/Nominate the same in my/our favour. That the Indemnifier has also requested the Beneficiary vide letter dated __________ to transfer the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot in their name as the Nominee(s)/Transferee(s) in place of the Original Applicant/Allottee.

    NOW THIS INDEMNITY CUM UNDERTAKING WITNESS
    1. That, the Indemnifier, accept and agree with the terms and conditions as set out in the Agreement which he/she have fully understood and undertake to pay all charges and abide by all the terms and conditions of the provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot and Independent Floor/standard Plot/Flat/Villa Buyer’s Agreement and other terms imposed by the Beneficiary from time to time.

    2. That, the Indemnifier, shall Indemnify the Beneficiary and keep the Beneficiary Indemnified against the loss and damages caused due to the claim of the transferor or any other person claiming under him for any right, title interest in the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot and any amounts paid for the aforesaid purpose to the Beneficiary at any point of time in present or future.

    3. That, the Indemnifier, jointly and severally undertake to keep the Beneficiary, its successors and assigns harmless and indemnified against any claims, losses, damages, costs including litigation costs, etc. of all kinds whatsoever suffered or incurred directly or indirectly or in any manner whatsoever by the Beneficiary at any point of time in present or future, in respect of the Agreement on account of the Transfer/Nomination of the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot in favour of the Indemnifier.

    4. That, the Indemnifier undertakes and agrees to comply with all the terms and conditions, rules and regulations laid down by the Beneficiary Company for the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot in the aforesaid project of the Beneficiary Company from time to time.

    5. That, the Indemnifier undertakes and agrees to execute all other documents as the Beneficiary may feel necessary for the purposes of transfer/assignment of the provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot and for execution of the Independent Floor/standard Flat/Plot Buyer’s Agreement or any other document and Sale/Conveyance Deed in his/her favour for the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot at any point of time in present or future, after making the full payment to the Company.

    6. That, the Indemnifier have not violated any of the relevant provisions of law particularly the provisions of Indian Stamp Act in making the aforesaid nomination by assignment of right under the said provisional registration/registration/booking/allotment for the Independent Floor/Flat/Plot and Agreement, and if there shall any liability, duty, penalty of whatever kind in this regard, the Indemnifier shall be exclusively liable and responsible therefore, and the Indemnifier do undertake to pay the same and do hereby indemnify and keep indemnified the Company against any loss, penalty damage that may be caused.

    IN WITNESS WHEREOF I the above named have set my hands on these presents on the date hereinabove first mentioned in the presence of the witnesses who have also set and subscribed their respective hands in my presence and in the presence of each other.



    INDEMNIFIER/DEPONENT
    WITNESSESS:
    1.



    2.
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  • Originally Posted by khalijeb
    ashish 1963 you write good friend.

    thanks khalijeb..hope ur jeb remains filled in real times..;)
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  • Sample agreement papers between buyer and seller

    AGREEMENT TO SELL (FOR WHITE COMPONENT ONLY..IT IS ASSUMED THAT THE SELLER HAS RECEIVED THE BLACK AMOUNT BEFORE SIGNING THIS DOCUMENT)

    This Agreement to Sell is made on this th day of MAY 2011 between: -
    Mr.
    S/o
    R/o

    Hereinafter called the “First Party” or the “Party of the First Part”, (which expression shall also mean and include his heirs, successors, liquidators, executors, legal representatives, administrators and assigns etc.) of the one part.
    AND
    Mr. ...............................S/O
    r/O

    Hereinafter called the “Second Party” or the “Party of the Second Part”, (which expression shall also mean and include their heirs, successors, liquidators, executors, legal representatives, administrators and assigns etc.) of the other part.
    WHEREAS the First Party is Allottee of the residential unit ...., in “PROJECT NAME” at PROJECT LOCATION, Gurgaon, (Haryana) admeasuring 2220 Sq. Fts.( Sq. mts.) in the said colony (hereinafter called the said “Property”).

    AND WHEREAS the First Party is the Allottee of the said Property from M/s. DLF Limited vide Builder Buyer Agreement dated 20th February 2008.

    AND WHEREAS the First Party has full and unrestricted right and power to convey, transfer, alienate and sell/transfer the said Property.
    AND WHEREAS the First Party has agreed to Sell/transfer the said Property i.e. residential unit No ........, in “PROJECT NAME” at LOCATION, Gurgaon, (Haryana) admeasuring 2220 Sq. Fts.(... Sq. mts.) in the said colony to the Second Party for a sale consideration of Rs.______________/- as detailed below:

    Basic Sale Price of the Apartment : Rs.40,30,9800/-

    EDC/IDC : Rs.3,75,400/-
    PLC (Preferential Location Charges) : Rs.5,80,500/-
    Car Parking : Rs.4,50,000/-
    Club Membership : Rs.275,000/-
    Service Tax as on date : Rs.________/-
    Total Sale Consideration : Rs.____5000000___________/-

    NOW THIS AGREEMENT WITNESSETH AND IT IS HEREBY AGREED AND DECLARED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:-

    1. That in pursuance of the said Agreement and above said Sale Consideration the First Party has received the Amount of Rs.___________/- as advance and the details of the payment is as below:-
    Cheque No. Dated Amount Drawn On Favouring
    111111 29/04/2011 Rs.1,00,000/- STATE B INDIA NAME OF SELLER
    _______ __________ Rs.4,00,0000/- ______________
    ________ ___________ Rs._________/- ______________
    ________ ___________ Rs._________/- ______________
    ________ ___________ Rs._________/- ______________


    The receipt of which the First Party hereby acknowledges. The First Party being in good health and sound mind by his own free will without any pressure of any kind hereby has agreed to convey, transfer the said Property i.e residential unit No XYZ , in “PROJECT NAME ” at LOCATION, Gurgaon, (Haryana) admeasuring 2220 Sq. Fts.(.... Sq. mts.) in the said colony along with benefits, easement, privileges and appurtenances to the Second Party, after and only after the realization of the full value of the property i.e. Rs.__________/- (Rupees ___________ __________________________ Only).

    2. That the Property hereby agreed to be sold is not subject to any other charge, mortgage, lien, encumbrance, dispute, litigations, injunction, notice or notification of acquisition and hold good

    3 (a) That the First Party has paid to M/s DLF Limited installments of total amount of Rs._______________/- (Rupees ________________________________________________ Only) including Service Tax of amount of Rs._________/- and the Second Party will pay the balance Installments of Rs.5000000/- (Rupees FIFTY LACS................... only) directly to M/s DLF Limited. The Second Party will pay to the First Party the Balance Sale Consideration as per detail below:-

    Total Sale Consideration : Rs._____________/-

    Balance Installments to be paid : Rs.5000000-
    to M/s. DLF
    Amount Paid : Rs._____________/-
    by the Second Party to the First Party
    via cheque number………….dated…….……..and Subjected to realization of the same.
    Balance Sale consideration : Rs.NIL/-
    to be paid to the First Party

    Transfer will be done on or before __________2011 only. The first party will transfer the property only after duly satisfied with the transaction been realized as per the deal of this agreement. In case of any Party failing to conclude the deal, the other party will give two times the amount of advance Money and make good any loss occurring due to the aforesaid reason.

    3(b) All the original documents which include Buyer Agreement, all Original Receipts etc. will be handed over to the Second Party by the First Party in the office of M/s DLF Limited.

    4. That the Second Party assures the First Party any charges related to the said property after the transfer in his name or his nominee(s) name if and when demanded by the M/s DLF Limited will be paid by him directly to the M/s DLF Limited.

    5. That the First Party shall discharge all the liabilities like transfer charges, interest etc. if any in connection with the above said Property up to the date of transfer i.e…………….only, of the said Property in the name of the Second Party in the records of M/s DLF Limited. Any additional amounts, if any, demanded by DLF Limited and thereby paid by the First Party in respect of the said Property up to the date of transfer will accordingly be added to the Balance Sale Consideration to be paid by the Second Party to the First Party.

    6. That the First Party hereby also assures the Second Party that the Property hereby conveyed is of his absolute ownership and that this Agreement to Sell is executed in all its entirety and the same is free from all sorts of encumbrances, charges, liens, sale, mortgage, gifts and transfers etc.

    7. It is clearly understood that the Second Party has read and understood the Builder Buyer Agreement dated 20th MAY 2011 between M/s DLF and the First Party and is aware of the terms and conditions contained in it and that the Second Party will abide by and adhere to each of the clauses of this Builder Buyer Agreement and will fulfill their responsibilities, obligations. In case any action initiated by said M/s DLF Ltd for breach of any of the terms, after the date of transfer of the said property in favour of the second party and the same shall be the responsibility of the second party alone.

    8. That the presence of both the Parties is required in the office of M/s DLF Limited. The First Party and the Second Party will appear in the office of M/S DLF Limited and the First Party will sign all the documents which are required for the transfer of the said property in the name of the Second Party.

    9. This Agreement to sell is irrevocable. This agreement can be forced by both, by the First Party and the Second Party against each other through specific performance in the court of law for completing the deal as agreed above only in the stipulated time. Over and above this Agreement to Sell stands cancelled if the Second Party fails to conclude the transaction on or before _____________ only, and deal will be terminated with immediate effect.

    IN WITNESS WHEREOF the parties have set their respective hands at these presents at the day, month and year first above written in the presence of the following witnesses.

    WITNESSES :-
    1. FIRST PARTY




    2. SECOND PARTY

    -----------------------------------
    ALL FIGURES ARE FICTITIOUS...THESE WILL BE FILLED AS PER YOUR AGREEMENT.
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  • How to go for resale buy

    I have been seeing many posts where people are asking on the modus operandi of resale deals ..so here it is..
    Let say that u are looking for a property to buy in resale...lets assume that you have zeroed in the property....so the first thing is to put ur requirement on magicbriks ( i have tried this for delhi and have seen fabulous responses)...or makaan or 99 acres...you will soon get calls from brokers....tell them ur requirement ....u can also meet some well known brokers in gurgaon / noida ...many of the brokers have expertise in select project..so u have to do some homework and fin out who all are active in a particular project..for example BOP is active in Jaypee projects in NOida...Investor clinics is also active and can be a good place to inquire...however there are many smll brokers who really are good in specific...in fact i was looking for resale in essel tower in gurgaon and found that one particular broker was really holding all the details and many of the other brokers were actually going through him...
    The broker will show u the options and will arrange for u the keys to have a first look....
    if u find a property ok, u can ask the broker to arrange a meeting with the proprietor..
    this negotitate and close the deal...
    the papers and agreement are discussed in the earlier post..
    cheers
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  • Awesome work Mr. Asheesh!!
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  • Lovely thread

    Sent from my GT-I9300 using Tapatalk 2
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  • awesome
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  • Property buying/selling is a test of man's patience, character,smartness, cool headedness & above all his knowledge....The point made by asheesh i.e. regarding removal of all doubts before taking/giving any token money as to how & when future transactions of money & the exact procedure/timelines of transfer will take place esp of a resale deal is indeed very important & can easily make a difference of 3-5 lacs.

    Basically...one has to negotiate on each & every point...eg....if payment of balance money by buyer is made in 1 month then seller can say that i will sell property at 60 lacs....if buyer asks for 2 months...seller should demand 62 lacs......eg..if the property is held with a financier/broker, u can negotiate more to bring down price..but if there is F2F meeting between both parties & broker is just taking commission...then negotiation will be a bit less...if buyer is asking for less white component...accordingly the seller should increase the price of his property before negotiation......never commit blunders like dealing with brokers having no permanent office... signing agreements without knowing what & how will future payments take place, handing over of original papers to buyer before taking premium money.....transaction of each & every paisa & its exact/approximate date should be clear before taking any token money

    whether for end use/investment...one has to find a property which will appreciate & give good returns.....one should keep that perspective always in mind.....first of all gauge the approximate rate prevalent in area u have shortlisted to buy...then visit the area,...see what is happening in that area...what will be the future of this area...compare the area with nearby areas......try to look for some area which has loc advantage..but rates somewhat subdued...dont go for area which has seen mad rush in price increases in past as that time is over & wont see such appreciation in future..... call all brokers in that area where u are interested to buy....take their quotes(while dealing with a broker, talk in simple english/hindi,,,...know what u are talking...dont speak like a call centre employee out to impress someone without any knowledge of the area)...., cross check these quotes in every possible way...like calling as a seller when u want to buy & call as buyer when u want to sell(preferably while doing this u should give exact plot no/flat no or atleast the line in which a particular flat is situated if u want broker to give some indication of rate...otherwise if u say i have a plot to sell in a particular sector/area the broker will ask further questions which may catch u on wrong foot or both of u will be talking in air)...once u get approximate quotes...then give ur own quotes which should be well below the market rate & it can be a bit absurd too...tell thim this one line>>>>yeh ___hai mera final quote...manjoor to paise lejao ghar se kal..or something like that.......then play waiting game & dont call brokers...u will definately get a call after 2 or 5 days and broker will quote u his final price...now is the time for final negotiation & party meeting......while at party meeting negotiate like a crook....project all negative/positive points of property accordingly depending u are buyer/seller....clear all doubts as above.....pay/take token money..sign agreement & then dont think too much.......
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  • Buy cheaper flats in a resale

    After the failed predictions over the past couple of years about a fall in property prices, you are more likely to witness the prophesied Second Coming before the promised correction. So what should cash-conscious buyers do? Wait endlessly in the hope that realty prices falter or take the bait of glossy schemes offered by developers? While most such offers for new houses seem tempting, you won't derive any real benefit.

    Fortunately, there is a third option: cheaper flats in the resale market. No, these aren't old, mouldy apartments in decades-old projects. Quite a few of these houses have not even been lived in, but you can still get them at a discount to similar houses within the same project or vicinity. If you're wondering why resale flats are cheaper than the new ones being offered by the developer, it can be due to various reasons. One of them is that these houses have been snapped up by buyers and investors during the pre-launch phase with the intention of selling them after about three years to earn a profit. At this stage, they were only required to make the down payment.

    "Many investors book a property at the initial stage just to make a small profit. If they want to make a quick exit, they will price it cheaper than the one offered by the developer, for a faster sale," says Yashwant , president of the Estate Agents Association of India, an apex body of real estate developers.

    Another reason is that a lot of investors who book flats during soft launches are offered heavy discounts by builders. "To get funding before construction commences, builders offer investors at least a 20% discount to the prevailing market rate," adds .

    So, even if such investors sell the flats at a price lower than the one offered by the construction company, they make a hefty profit. While individual buyers readily make the down payment, a few find out that their finances are strained when they have to start paying the home loan EMIs after the construction is complete, especially if they are also paying a rent. In some cases, they find another project that is more to their liking. Obviously, in either situation, the only option is for them to sell the current house as quickly as possible to repay the home loan, even if it means earning a smaller profit than the one they had hoped for.


    Also, a seller may prefer to dispose of the house before he starts paying the EMI. This is because the home loan principal repayment benefit of up to Rs 1 lakh under Section 80C is reversed if a house is sold within five years of buying it. The amount that he had claimed for tax deduction would be included in his salary and become taxable. Another factor that could influence the seller's decision is that he would want to exit the property before taking possession. This would help him avoid paying the additional charges, such as the fee for parking space or club membership. The seller could also avoid paying the registration charges and stamp duty, which can be as high as 12% of the value of the property.
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