Were you promised free car parking space and later made to pay?

Magicbricks.com moderator says: With the property market taking a dramatic turn, people have no inhibitions in investing their hard earned money in real estate. They are ready to pay anything for their own space, a place, which can give them the feeling of their own priced possession, a place, which comes well equipped with all the modern amenities and features.

Cashing in on this need of the buyers, most builders these days are providing dedicated car parking spaces in the complex itself. Unlike earlier times, car parking has become a major issue as it has now gained the status of a necessity rather than of a luxury. It is become a norm for even the middle class families to own at least two cars. But the problem lies in finding enough parking space for the vehicles.

Many real estate developers charge extra for the parking space, while there are others who promise free parking space and then at the last moment back out on their commitment. One of our readers faces a similar dilemma who was allured with the promise of free parking space and at the time of agreement was asked to pay for it. Do you think the buyer should stand firm on his ground and refuse to give in or should he start his search for another property all over again? What would be your take on such a situation and what suggestions would you give to our reader.

Reader’s Query
"I had purchased a 2.5 bedroom flat in a residential complex measuring 1020 super built up. Car parking was mentioned as common amenities in the brochure but was amended in the agreement stating that it has to be purchased. The builder has circulated a circular stating that those who have not purchased car parking would not be allowed to enter the complex."

What if someone makes a claim on your property?

Magicbricks.com moderator says: The Indian real estate market is expanding as never before and with real estate developers offering unique and competitive features, the buyer in most cases ends up in a win-win situation. However this isn’t the case with all as one of our reader’s had invested in a property on which another party is laying its claim as a grant land. The construction on that land has been stopped as the case has been taken up by the High Court. Now the question that arises is will the builder pay any compensation for the delay? And what steps should he take to save his property? Post your opinions and suggestions to help our reader. 

Ravi’s Query
“I have purchased a builder share flat in Kundalahalli, Bangalore. The property was registered in Jan 06, and the flat was supposed to be handed over by March 06, but till the date 15 Aug 07, it has not been handed over. Meanwhile, another party is claiming that the land was a grant land and it belongs to them. Now the construction has been stopped and the case has been taken up by the High Court. The builder has added a clause in the sale deed that any defect in title is to his account. I wonder if the builder will pay compensation for the delay and what steps should I take to protect my flat?"

Is it wise to trust new developers?

Magicbricks.com Moderator says: In the past few years the real estate industry has been growing by leaps and bounds and this in turn has led to the emergence of innumerable real estate developers throughout the country. Some of them have emerged as the stalwarts while others are still establishing their foothold in the industry. But irrespective of whether the player is small or big, everyone’s purpose is to offer the best deal to the customer and this is usually achieved through a gamut of additional benefits and offers. One of our readers wants to know if he can trust a new developer who is assuring to pay EMIs of a flat till occupant possession or does this entail too many risks? Help our reader by sharing with us your suggestions and opinions.

Reader’s Query
“I want to buy a flat (3 BHK in Delhi). I heard this radio advertisement where the developer promised to pay the EMIs of flats till occupant possession. This seems lucrative but the developer seems to be a new player in market. Is it wise to trust new developers like this? Or should I explore options available with big/reputed developers?”

Should one invest in shares of a listed developer?

Magicbricks.com Moderator says: Investment in real estate has gained a lot of momentum in the last couple of years. Buying a plot or an apartment is the most common form of investment in real estate, however there is another breed of investment which is coming up and that pertains to investing in shares of a listed developer. One of our readers is also thinking of investing in shares; however he has concerns regarding the risks involved in this kind of an investment. In this case what advice or suggestion would you give to Anant?

Anant’s Query
“I want to invest in real estate, but do not wish to possess a plot/flat which I would have to manage. If I invest in shares of a listed developer would I get same returns as I would if I bought a flat/plot? How safe are such investments for small investors like me? How do I choose which is the best company to invest in.

How much does 2-BHK flat cost in Pune?

MagicBricks.com Moderator says:- User queries are becoming increasingly popular with our surfers. We have received innumerable queries from our users till now. This time we present Manish Jhaveri’s query. He wants to know the estimated budget to buy a 2 BHK flat in Pune. Any suggestions for Manish? Type your suggestions in the ‘comments’ section. Get going here…

 Manish Jhaveri’s query:
I am IT professional. I want to buy a 2 BHK flat in Bibwewadi, Pune. How much would it cost me? What should be my estimated budget? Can anybody guide me?

Looking for flat in Andheri

MagicBricks.com Moderator says: Dear users, thanks for all the encouraging responses to Monisha's query. This time we are trying to resolve Gunesh's confusion.

We really look forward for more 'comments' from all of you. So, get going… Comment here…

Gunesh's Query:
I am interested in buying a 2BHK flat in Andheri (East) area of Mumbai. This is the IT and Commercial hub of the city with excellent connectivity to roads and airports. The prices in this area are constantly appreciating over last 3 years.

I am mainly interested in Mahakali Caves Road area, which is relatively pollution free and near to Jogeshwari-Vikhroli Link Road and software industry. Shall I wait & watch the prices to come down or go ahead and purchase the flat? Please help.

Please Note: This blog is exclusively for our users. We welcome all users to highlight any property concerns/queries here. Just post them to editor@magicbricks.com

Should I invest in real estate?

MagicBricks.com Moderator says: Taking this blog forward, we would like to feature user queries more often.  To begin with, we present Monisha’s query. She wants to invest Rs 5 lakhs in real estate for just 2 years. Should she buy a flat or invest funds in bonds floated by developers?

This is your chance to answer Monisha’s query. Type your suggestion in the ‘comments’ section. Get going here…

Your query can also get highlighted on this blog. Just post your questions and concerns to editor@magicbricks.com.

Monisha’s Query: "I want to invest Rs. 50,00,000/ in real estate for maximum period of two years. What is the best mode of investment? Please advise."