Current rate in JP Nagar 9th phase 2nd block

lavanya.sath
Posts: 5
Joined: November 15th, 2010, 10:18 am

Current rate in JP Nagar 9th phase 2nd block

Postby lavanya.sath » November 15th, 2010, 10:27 am

Hi,

What is the current reasonable rate for BDA site in JP Nagar 9th phase 2nd block (near Tippu sultan circle, area name is Avalahalli). We have zeroed down on a site just parallel to main road, facing BDA park. Rate quoted by agent is Rs.2100/sq.ft. Is this reasonable? He is not ready to negotiate nor he is ready to give details of the actual owner till we pay token advance. Please suggest if Rs.2100 is reasonable?

jackalbda
Posts: 352
Joined: May 5th, 2009, 9:55 am

Re: Current rate in JP Nagar 9th phase 2nd block

Postby jackalbda » November 15th, 2010, 6:55 pm

I cannot comment on the rate as such because I had been searching for a plot here ,probably 1.5 years back. Unless there had been some tremendous change in this place, which I doubt, I personally feel that this was a very congested area close to Anjanapura Village. Again I am sure that you would have verified all those things yourself, but just my two cents !!

Going with the present rate in JP Nagar 8th/9th/10th phase, I would say its a bit on the higher side. But again, as I told, am not sure of the running rates in this area and hence cannot confirm. Probably 1800 to 2000 will be an OK deal.

Btw, please make it very clear to the broker that, unless you get to see the photocopy of all the documents, you are not interested to give a token. Believe me, there are many potential buyers struggled and failed to get back their tokens after finding issues with the docs. Its these RE agent's typical trick to get some deal from your side, confirmed. Please dont fall for it. Also dont give any amount > 2.5K as token. Take my word, its much better to loose 2.5K than struggling to get the typical 10K ( as compelled by these RE agents).

If you want to get a good RE agents contact for this area, please mail me to m4kpm4@gmail.com and I can send you my agent's detail. In my deal, he was 100% good and I had made my terms with him as well as the prospective owner , pretty clear, well in advance. He dint pressurize me for going for a deal, neither he asked me money until the deal was closed. It was a 7-8 month old plot hunt for me and he was very good to me in the overall deal. But he deals with JP Nagar / Anjanapura/ Bank Officers Lay out, BDA Officers layout, Judicial layouts only. He can speak only Kannada , which is a down side. But you can manage with bit of English also , I guess , now !!

I dont have any vested interest in this comment or the area in particular, neither I get any cut from this agent !! He still continues to be a good friend of mine and hence thought of helping both you and him, thats all.

lavanya.sath
Posts: 5
Joined: November 15th, 2010, 10:18 am

Re: Current rate in JP Nagar 9th phase 2nd block

Postby lavanya.sath » November 16th, 2010, 10:26 am

Thanks for the quick reply Jackalbda. You are right to say that 1800 to 2000 will be an OK deal. Perhaps the site which I have shortlisted is a north facing site, facing BDA park. But there is a south facing site just behind this road, which is quoted at Rs.1850/sq. ft. Just because our site facing the park and north facing, I am in a situation to shell out Rs.250 extra/sq.ft :(

There is 1 more catch in this. The site is locked by a agreement holder. He is kind of advanced RE agent. I hope you would have heard about such agreement holders in your experience of site hunt in Bangalore. May be this agreement holder is raising the bid by Rs.100 or more/sq.ft, which would be his profit if we finalize the deal. But since he holds the agreement with owner, there is no way we can skip this guy.

And thanks for your advice on token advance. The amout demanded by this agreement holder is Rs.25K (cant beleive it. These RE agents are a big headache to genuine educated buyers, can't argue with them) but we are trying to convince him that we will give him 5K now. I'll further try to negotiate for paying around Rs.2.5K for token advance.

jackalbda
Posts: 352
Joined: May 5th, 2009, 9:55 am

Re: Current rate in JP Nagar 9th phase 2nd block

Postby jackalbda » November 16th, 2010, 11:28 am

why are you then so particular about this plot? Even I had the same feeling for some plots , during my hunt, that this looks good to me , and I should not miss it or some sort of that. Believe me ,after my final deal made, I feel pity to myself for having felt such feelings towards some plots which I had seen earlier !! At that time they were looking good to me , but after seeing more and more plots, I started getting educated myself about many things , which helped me a lot. One among them is, dont go for an agreement holder plots !! You will always be the looser in this deal from the financial perspective. These intermediate folks wont allow you to bargain ,and moreover for the actual owner , it will be a tough deal as he is seeing his plot being sold for much higher a price than what he is actually getting . So he would always love to see this deal not happening . The agent would always be assuring you that things are all good behind the scene but actually it will not be. Meaning, suppose your lawyer asks for some addnl document, you will go and talk to the agent and ask for the document. Obviously the agent has to now get it from the actual owner and he might not give it where his actual intention is not to make this deal happen !! Once the stipulated agreement time is over, the agent will be out of the picture and the owner can directly sell the property. Also its always better to talk to the actual owner and get to know his legal heirs to see how willing they are all in selling the property. I accept that in case of a BDA, its a self earned property ( unlike inherited ) and legal heirs dont have much role to play, but still its worth to know and atleast talk to him/family once.

Long story short, for you, it will be a tough exercise for you to close the deal, in case of agreement holder properties. I would suggest, you be patient and hunt more, you will get better deals !! Not trying to discourage you from this particular deal, but trying to make things clear to you ,just in case you are not aware of ,already.

OldWorldCharm
Posts: 44
Joined: November 4th, 2010, 8:54 am

Re: Current rate in JP Nagar 9th phase 2nd block

Postby OldWorldCharm » November 17th, 2010, 10:08 am

I agree with Jackalbda. It's best to avoid the so called agrement holders. To some extent, there is a conflict of interest between the site owner and the agreement holder and that results in the buyer's pockets getting more empty than they ideally should. Mine too was around 5 months hunt in J.P. Nagar 8th and 9th phases and I was shown a number of sites by an array of RE agents. I finally managed to zero-in on a reliable broker and he showed some genuine sites and arranged a converstaion between me and the site owners. I ended up buying in J.P. Nagar 8th Phase 2nd block.
To summarize -
1. Do not fall prey to regular expressions that a lot of other people are interested in this site and if you don't act fast (i.e. give a big token money), you'll lose the chance
2. Always ask for photocopies of the property papers against the payment of token amount
3. Keep the token amount within 3K max
4. If you really zero-in on some good site that suits your needs, make an application for Encumbrance certificate for that site in the registrar office and verify the latest and preceding ownerships right until the site allottee.

jackalbda
Posts: 352
Joined: May 5th, 2009, 9:55 am

Re: Current rate in JP Nagar 9th phase 2nd block

Postby jackalbda » November 17th, 2010, 10:47 am

Hello OldWorldCharm,

Good to see that you have bought a property in JP Nagar 8th Phase 2nd block. I would like to get one point clarified about the water availability ( BWSSB Vs Royal county) there. Is yours a direct BDA or a Royal County one ?. Could you please just mail me to m4kpm4@gmail.com from your e-mail so that we can talk better

OldWorldCharm
Posts: 44
Joined: November 4th, 2010, 8:54 am

Re: Current rate in JP Nagar 9th phase 2nd block

Postby OldWorldCharm » November 17th, 2010, 11:15 am

Hi jackalbda,

Mine is a direct BDA site and not a Royal County one.
I have sent you a mail on the given ID.

Rgds.

lavanya.sath
Posts: 5
Joined: November 15th, 2010, 10:18 am

Re: Current rate in JP Nagar 9th phase 2nd block

Postby lavanya.sath » November 18th, 2010, 11:04 am

Hello OldWorldCharm,

How much did you pay for the BDA site in 8th phase 2nd block. My budget is between 2000 to 2100/sq.ft. Any chances of getting a site there in my budget? Please suggest.

OldWorldCharm
Posts: 44
Joined: November 4th, 2010, 8:54 am

Re: Current rate in JP Nagar 9th phase 2nd block

Postby OldWorldCharm » November 18th, 2010, 11:46 am

Hello Lavanya,

I bought my site about 11 months back (@ 2100/sq.ft). I just checked a couple of weeks back and got to know that the rates differ within 8th phase 2nd block itself. For e.g. some sites, that have proximity to Royal county may be available at around 2600 to 2850 /sq.ft. The ones that are towards Raghuvanapalya may be available for a little lesser, say around 2450 to 2600 /sq.ft.

It appears that there has been some upword movement of rates in this area over the last year. My take would be that it'll be difficult to get a site in 8th phase 2nd block BDA layout for under 2100 /sq ft currently. You may have to jack up your budget a little or be real lucky to find a seller who is in urgent need of money and will settle for a lesser amount.

However, this is my personal view and I may be completely wrong here.
jackalbda and other esteemed members can probably share their opinion on this.

lavanya.sath
Posts: 5
Joined: November 15th, 2010, 10:18 am

Re: Current rate in JP Nagar 9th phase 2nd block

Postby lavanya.sath » November 18th, 2010, 12:05 pm

Thanks for the quick reply. 11 months back was the best time to buy a site, since it was the recession time. From 2010 onwards, the rates are rising slowly. Now when we started searching 4 months back, even we heard probably same rates between 2300 to 2800 thro different RE agents in and around 8th phase 2nd block.

I would want to share my experience about a discussion we had with a site owner recently. RE agent arranged for a meeting with a site owner who quoted 1850/sq.ft which seemed to be reasonable for us. Till previous day night, the owner was ok with this rate. The next day when we met him, he demanded 1L more saying that he enquired in that area and got to know that rates have raised now. He was arrogant in saying that he need not keep up his words and has the right to raise even during the nth moment of registration, since he holds the site and he has all power to sell it whenever/however he wants. Its just not RE agents who play wrong in Bangalore real estate, but such land owners also.


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