Bangalore Property Related Queries

What is the market price for a resale apartment in Basavanagudi

?

The average residential apartment value in Basavangudi starts from Rs 5,700 per sqft onwards. To know more, do a small research and find out the last transaction price of a similar-sized property.

What is the per sqft rate of a multi-storey apartment in Wilson Gardens?

Wilson Gardens is centrally located and it enjoys good connectivity with important localities such as M G Road, Koramangla, Jayanagar and J P Nagar. The average value of a residential apartment in Wilson Garden starts from Rs 4,500 per sqft depending on the location, abutting road width, age of property and other attributes of the property.

Please explain the concept of undivided share (UDS) in real estate.

UDS is the part of the land which is associated to an individual apartment and registered in the name of the apartment's owner(s). This share of land has no specific boundaries within the total extent of the land on which the apartment is built. Each and every flat in the apartment complex will have an associated UDS. The sum of all the UDS will be equal to the total land area of the apartment. It is a co-ownership along with the owners of the other UDS.

The UDS of land itself is inalienable separately as such. It goes together with the apartment. UDS is usually calculated as a percentage of the apartment's super built-up area to the total super built-up area of all apartments.

Usually, it is of the formula, UDS is equal to the individual apartment's super built-up area divided by sum of all apartments' super built-up area multiplied by total land area. The sum of all the UDS will be equal to the total land area of the apartment.

Why are builders charging service tax when it is not payable by buyers of flats as per the Finance Bill? In case we have to pay, at what rate are we liable to pay the tax?

Service tax is not payable if the apartment is sold after completion of construction subject to some conditions. However, service tax is applicable if the apartment is booked and the agreement is entered into during construction. In this case, relevant services that are applicable are construction of residential complex and works contract service. There is a view that the former is applicable when the company is only developing/constructing the property owned by the service recipient. Works contract service is applicable in cases where there is transfer of property in goods involved in execution of the contract which is leviable to tax as sale of goods. While the rate under former service is 3.09 percent on the basic price provided land cost is included in the service value, the rate under works contract service is 4.944 percent on construction value of the sale price.

I would like to know what is a) Super built-up area b) Plinth area c) Carpet area d) Covered area and floor area ratio (FAR).

Super built-up area is equal to builtup plus proportion of common area, built-up area is equal to carpet area plus area covered by walls columns etc. Plinth area is equal to area on the ground where the building is to be constructed. Carpet area is equal to the inside area which is used i.e. wall to wall but without the area covered by walls and columns. Covered area is same as built-up area. FAR is allowable area on a plot of land by municipalities or sanctioning authorities. This normally does not include car parking, underground tank, lift machine room, stair overhead, open terrace, roof etc.

Source: These queries have been answered by real estate experts on http://www.networkhomes.in. For further queries please visit http://www.networkhomes.in

by: Imtiaz

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