Purchasing a House in RamaMurthy Nagar/TC Palya/Akshay Nagar

[mvinaykrishna]

Hello Friends,

With a budget of 55L I am looking to purchase a Residential House. Minimum site size 800sft. with atleast 2 portions. Purpose: My Stay and/or rental. My searches resulted in properties around RamaMurthy Nagar/TC Palya/Akshay Nagar/Kalkere/Maragondana Halli etc.

Are these areas good buying options? Especially with respect to DC conversion(B Khatha), Water(800ft borewell and still no water in many areas), Future value. The main attractions for me are 1) property within my budget 2) close proximity to city and ITPL (can expect good rentals).

Any advice is welcome.

[MariGold]

Hi,

As rightly by you, these areas to the best of my knowledge don't have A-khata. And a majority of them might not be DC converted as well. So verify the property documents with an reputed advocate before you make any sort of payment in case you have shortlisted any property.

I am residing of TC Palya, R.M Nagar.

Have observed that in the last 6 months or so,about a dozen individual houses being constructed within a radius of about 500 mts. Not sure what has caused this spike (ever increasing raw material/labor cost?).

If i am not wrong, you can get a house build on 30x40 site itself (though i am not sure of the current rate though) for about 55-60 lakhs. If you want to avoid paying the broker 1-2%, you could casually roam around these areas on a sunday morning. If you see an house is under construction (or near completion), there is a high probability that it is for sale.

As the properly is B-Khata, you might not get loan from nationalised banks or large private sector banks (like Axis, ICICI). Though there are other smaller institutes like DHFL, Tata Finance which might offer to finance the property.

I think these areas are good as they are in close approximatey to many IT hubs (Manyatha, ITPL). The average rent that a individual house build on a full site (30x40) can fetch is about 10-12k pm.

Hope this helps.

[sam_m400]

I also stay close to the area. Many houses are unsold for even 6 months as loans not available/legalities issues (lawyers not giving go ahead) ,No DC conversion and can end up in legal complication latter. Price was very high as just in 6 month increased by 9 lakhs as 1200 house used to get at 46 to 48 lakhs are now asking for 55 to 63 lakhs without any reason. Without loan nobody can buy this with risk involved being B katha and they are not ready to reduce price as well which is much much high...

[prabhu422p]

Rental wise Ramamurthy nagar is good as it is close and easily accessable to IT Concentrated areas.If there is no "A" Khatha as most of the bank won't finance in future if one wants to sell you will find less buyers and ultimately its value decreases whereas if one buys loanable house at some point of time if we want to sell it makes our life easy as most bank finance for which one can find lot of buyers.

Thanks
Prabhakar