Wednesday, 10 October 2018

Need advice on property buying

I need suggestion on buying a property in Hyderabad.

I am a first-time property buyer and I have planned to buy a property in Nandigama Village in Patancheru Mandal (Survey Number - 452). This is an 8 Acre venture under HMDA Residential Zone - 1 and two 30 meter roads are within 500 meters from the entrance of the venture. The developer of the project is Greater Infra (http://www.greaterinfraprojects.com/). This is still in pre-launch state and they are pricing very less per SqYd compared to other projects in the same area. I met them this morning. Following are the details that I gathered -

1. They already have acquired 2 Acres of land on the company's name and they also have sale deed for the same. I have also checked Telangana Registration Website and in the Encumbrance Certificate, their name is reflected.
2. 4 Acres of land is registered on the name of Mr. A (Name changed for privacy purpose) who is an investor to there project.
3. Another 2 Acres of land is still in Farmer's name. They also have shown me the Agreement of Sale between the company and the farmer and they are pretty sure, they will get register the land on their name by next week.
4. They will apply to HMDA within one week.
5. They have already taken a token amount of 50,000/- to book a plot on my name and have told me to pay another 5,00,000/- to them when HMDA File Number (not LP Number) comes. At that time, we'll go for Agreement of Sale.
6. Once Development Certificate comes from HMDA, they will have a Development Agreement on the company's name from Mr. A for the 4 Acres land in the venture.
7. After LP Number comes, they will register the land on my name and I will be able to take a bank loan for the remaining amount.
8. This whole process may take almost 2-3 months of time.
9. They already have completed another venture in Rudraram following the same process and I have seen all the registered sale deeds, Development Agreements, HMDA Development Certificates, and other necessary documents.

They also told me that, the plot chosen by me may not be available if I wait for HMDA LP Number and also, they will increase the price of the land from next week. So, I booked the plot by giving them a cheque of 50,000/-. Also, they mentioned that, if I do not show interest, they will return me the money back what I paid.

Now, my question is, just on the basis of HMDA File Number and one completed project by the developer and an Agreement of Sale, can I trust this company and pay them 5,00,000/-?

If so, what will be my stand if they do not complete any development?
What if HMDA rejects their layout plan?

I hope, I was clear on my queries.


Edit: This is a response from Exclventures -

Hi 

Basically no land layout project is done after buying land outright by developer. Instead they enter into agreement with many landowners and pay them some advance and take time to pay rest. 

They then with cooperation of landowners apply to HMDA with their name as well as other landowner names

Buyers are asked to pay 40% or so  when HMDA sends letter asking the developer to pay FEES to HMDA

This means project is basically approved subject to fees

At this time developer will collect money from all buyers and pay fees  ..after this in another month or 2 they will get approval with LP number

This is normal process

Usually at prelaunch buyers go thro agencies like ours to ensure they are protected in the event of anything  negative happens

So its up to an individual buyer's confidence to proceed  directly, at prelaunch phase.   

Regards
Pramod K
www.exclventures.com 

Tuesday, 24 October 2017

My First Bike Trip Experience: Hyderabad-Amrabad Tiger Reserve-Nagarjuna Sagar Dam-Hyderabad - Day 2

Sunday, October 22, 2017
After a long tiring day, we slept until 10 am next morning. We were fresh again for our next adventure towards Nagarjuna Sagar Dam. We had our breakfast in a tiffin centre and started our journey. The journey started at 12:15 pm and mostly we covered many agricultural lands in our journey, we saw Kashful in the paddy fields. I thought this grows in West Bengal and Bangladesh only but had no clue that it grows in Andhra Pradesh as well. We stopped at one point where we could see hills behind these Kashful. They were beautiful indeed. If you see your familiar thing out of your native place, you know how the feeling is. The same feeling happened to us.


















Again, the roads were super smooth except some 5/10 kilometres. So, we had no issue driving through the roads and like the last day, it was a pleasing journey for us. But the weather was not so great, it was warm rather, so, we were getting tired a little bit while riding our bikes. The journey was not long, that was the only driving force for us. At road we came across a place from where we could see a part of the Dam. When we were in upper position of the place, the view was beautiful, we stopped there.












By 9984 in odometer and 1:20 on watch we reached the Telengana Toruism Launch Station. We bought the launch ride tickets and entered into the queue, then the ticket checker told us that, the launch will halt in an island, where a museum is located. We had to take ticket to enter into the island as well. Again one of us had to get to the ticket counter to collect the tickets for the island and museum.


Then we got into the launch, we had some soft drinks and chips while onboard. The launch started at 2:15 pm. The launch trip was good and refreshing. The trip was a time to rest. The complete two and half hours was rest for us, when we don't have to ride bike. Almost everyone dozed this time. The view from the launch was good as well, the launch was passing through a hill and finally it arrived at Nandikonda Island at 3 pm. As we had to go to Ettipottala Waterfalls as well, we did not go to the island. We waited in the same launch and at 3:45 pm it started again back to the Launch Station. We again had soft drinks and chips. In the return trip of the launch we had the view of sun reflecting in the water. It seemed to me as if we were travelling through waves of light. After crossing the waves of light, we reached the launch station at 4:30.







































Then we started for Ettipottala Water Falls at 4:45 and reached Ettipottala Waterfalls and reached there by 5:05 pm. We visited the Water Falls. Frankly speaking, nothing great was there, it was meant to be park where family can go and play games, have something to eat etc. At one, point, I personally felt that, we would have gone to the island and could have missed this water falls. Anyways, we had our lunch there at 5:30 pm and completed our lunch by 6 and started again for Hyderabad. 

















When we started again, we found that one bike has completed its 10K km journey. Well, with our journey, the bike also achieved something.

While returning the roads were smooth and all we had to do is to follow Highway, so no confusion took place. We stopped at Devorakonda at 7:15 and 100065 odometer reading, had tea and some sweets. It was a great experience altogether. So, a little sweet is not bad idea too !!!
After refuelling ourselves, we started for Hyderabad, we stopped in the highway twice and we were again driving like crazy, sometimes 105 kmph, sometimes 95 kmph, mostly more than 70kmph for sure. We completed 60 km ride within an hour including breaks. Then after driving about 10 kilometres, we crossed Outer Ring Road at 10 pm, it was clear indication for us that home is not far. All of us eagerly to come back to home. But alas, god had other plans for us indeed. After riding for another 20 kilometres, we had to stop as it was raining heavily. We stopped on the road and decided that, we should have our dinner and by the time dinner is over, rain will also stop. As per the decision, we entered nearby Pebbles Restaurant at 10:45 pm. When we entered the waiter told that it was the last order. So, we hurried on our food decision, had Kebabs and Biriyani. Then we left the restaurant at 11:45 with odometer reading 10159.


The roads were wet, so had to slow down. We checked Google Maps and it was almost 27 km left to reach our home but none of us hurried and safely drove through the last piece of journey and by 12:45 we reached home. When I checked the odometer, it was 10186. That concludes a total of 605 km journey had been completed.

Now, the journey completed. The journey was strenuous but I have gained from this trip as well. I had some idea on capability of my bike ride, some  idea how long you can endure a bike trip, how to have a long drive on bike, how to survive a failure and have the enthusiasm to ride again and above all some beautiful moments in the lap of nature. It was a new experience altogether which I never had earlier.

Thanks to -