Watch this before buying a FLAT | How to find fair market value of property
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- เผยแพร่เมื่อ 3 มิ.ย. 2024
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In this video, we are understanding the pricing of a Flat. How can we estimate the real value of a flat and know whether the builder is overcharging?
00:00 Introduction
01:41 RERA Carpet Area
02:14 Built-Up Area
02:40 Super Builtup Area
04:34 Flat Fair Price Calculation
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Read the detailed article here: labourlawadvisor.in/blog/how-...
LLA Blog : labourlawadvisor.in/blog/
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Shot & Edited by: Rohan Agarwal, Naveen, Harish
Presented by: RJ (Rishabh Jain)
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Real Estate Masterclass: link.lla.in/EnrollNow
Use Code "RISHABH" for 40% Off ( Auto Applied on link above )
Know more: www.courses.lla.in/real-estate-masterclass
Recording will be available to all registered participants
Kuch Samaj Nahi Aaya
Pls much after the Masterclass is over like few months later. Can you upload the session in different videos on TH-cam. Will be helpful for lot of people who are not able to join now and learn. And is consistent with LLA's brand of providing high value to it's viewers
Hi sir ,
I want to join the class but the issue is on that day I have a family wedding to attend and will be out of town and I really doubt if I will be able to join. Is there a recorded video available which I could access so that I can see when I can .
Kindly get back .
Sir to add - what you referred to is actually Market value . The fair value is value at which the land price is fixed by govt and the land can't be registered lower to that amount. One can find the resp fair values by going online and searching the Survey Numbers.
The market value gives a more realistic time based rate. As after builder starts the project in that area the market prices of all nearby properties usually increase , the rate of change depends on the seller.
Bro, I will share my experience. Been to many different builders in Noida and Indirapuram area, same story everywhere. They tell you its 1350 Sqft Super area, when I ask Carpet area, they say at least 900 Sqft.
I know what a 900 Sqft carpet area would be since I have been living in 465 Sqft Carpet area (measured with tape). There 900 is like 150 Sqft more than mine.
Thats not it, when you will actually buy it, they will say if you register on actual area then you will have to pay extra registry fee, so better tell the authority that you have smaller area so pay smaller registry fee. Buyer in order to save some money, agree to it. And you must have guessed by now that, the actual area would be small but nobody measures with tape when customers go with broker (even when you want to measure like I wanted, you can't really do that because it will take significant amount of time which broker will not give you and if you do take their time and don't buy the flat, they will go haywire. So to prevent that situation you don't ask for measurement everytime. Another way is that they tell you the tiles are of 2x2 so count the tiles and you know the room size but those tiles are also cut sized.) and that's how the flats do get sold. I know some buyer as well.
Huge SCAM.
Content = 3 minutes. Ad = 5 minutes. Intro = 2 minutes. This is a big downgrade in quality. Sharing feedback as a long term subscriber.
Edit: I already am a Premium user and I am not talking about the ads TH-cam shows. I am talking about the sponsership ads too.
२x ne dekho
Get YT premium. Ads are source of revenue for TH-cam and Content creators.
@@PremiumSubscription-tf6ve I already have YT Premium. By Ad, I meant the advertisement he did for his course.
I am a premium user, so can’t complain about ads.
@@gauravrangnekarabe kahe ka premium?! iss video k andar ki advertisement ki baat karra hai wo! 😂
I was thinking about the same topic and LLA be like : yeh lo 👌
Same, just went to search for a new flat in the morning
Dimag padh lete h ye log
I m also 😅
Next level digital marketing
Me to kal yahi soch raha tha aur aaj ye video aa gaya
You have not considered the parking area and park that has been left without construction, but builders have to purchase the land area for that at the same cost. Plus approvals from government authorities for construction and many other things like playing area, gym, community hall that also has to be installed with many equipments. Bank intrest cost for the project development
It's all depends on the F.A.R value of land. How many sq ft can be construed on the plot size . Gyms , community hall etc are covered under super build up ( you are giving on the constructed property )
The drive way is not charged but the parking is charged if and only if there is shade provided, open air parking can't be charged legally.
Bulider already considers the open common areas like garden , driveway etc when dividing the total exp to arrive cost per sq ft for him - as he has bought a plot and then divided so it will already be covered . Ie , cost of land + construction cost + legal costs + misc exp etc to derive at total cost and then he divides by no of flats / SBA to get cost per SBA .
Also it differs for floors
Been searching for a flat to purchase for the past 6 months and the variation in prices was making me go crazy. This gives me some peace and a negotiation ground and a cross-quiz round for builders. Looking for flats gonna be fun now.
This was quite simplistic. Land per square feet rate varies from individual plot to parcel acquired for group housing. It’s not that simple to find out land parcel cost. There are multiple govt charges, various approvals, EDC, IDC, stamp duty GST etc. there is interest during construction, marketing cost, SG&A as well. Cost of construction per square feet is also not appropriate- any basic semi luxury spec cost is atleast 2-2.5k/sqft.
Also you can figure out cost of apartment just like you stated in your video. Best is to compare with existing resale market. New flat would be at 15-20% premium due to newer construction and amenities.
yup, this video was made just to sell their class.
very helpful video for someone like who doesnt know about this real estate terms. thank you lla team for bringing this up.
LLA is my GOTO for all investments questions from past several years..
Abhay OP. You are building trust and loyalty. Keep growing like that and helping us with informative content. Thank you so much !!
LLA channel India ke logo ka trust ban jayenga ekk din dekhna
Q ki aap bilkul sahi baat batate ho sir
Thank you so much sir 🙏😊
Project start karne se phele, Land Purchase hone ke baad se Project Approval milne tak ka bhi jo expense hota he wo sab bhi Flat rate me Add ho jata he. i.e. NA Permission, Plot Validation, Fire Approval, Environmental Clearance, Architecture Design, Plan Approval from Authority..(under Table expense) etc.
Yes you are right.
1200 per sq ft construction seems to be too less.
local gunde , local club and local politicians k pise for construction and after construction ( yes yes I am from wb)
@@ajrokks9521if you are from west bengal, you might know flat rates in Kolkata ar 2000-6000/sqft. Visit Mumbai buy a flat at 15,000- 1 lakh/sqft and then use your preconceived notions in your dreams.
I have a keen interest in real estate sector and I was looking for this topic that is how to calculate the fair market value of the flat in order to know whether builder is charging a fair amount or not and this video exactly explains that so thank you very much for this highly informative video
One can check fair value but all depends on demand and supply. Just like stock market.
best thing find the areas where mostly flats are dealt in white amount an then go towards the local registrar and search for index 2, if the locatlity have a huge amount of flats sold in black then add back the average black amount you got the market rate
Thank you so much for the video. I really wanted to learn more about real estate.
Great Initiative by LLA!! Can we have this Real Estate Masterclass being held annually? Since there might be people who may not want to invest in the same immediately but are planning to so in a few years. The reason for this is every year the tax laws and other legal/financial aspects related to it keep changing, if not much a slight variation is observed. Given the complex nature of the real estate asset class, it would be great to have an updated playlist changing maybe only certain points which got amended from the previous year.
Grattitude in Background was Overwhelming ❤
1. Super built-up rate is half of carpet area rate ? Always?
2. Land cost will be divided by no. of flat owners and not floors. As each owner will have ownership of land as well, right ?
1. Super built-up area rate would always be more than the carpet area rate. i.e. 20% to 50% higher.
2. Since you are considering all the values in sq. ft. You can never have 2 owners in the same sq. ft. You can think about it like the sq. ft. land is divided between the number of floors.
please dont go by this its very simplistic and Naïve - You will not be able to purchase a house ever.
If Flat owners do not complete the Flat Mutation process, do they still have equal rights on the portion of land as compared to the flat owners who have completed their flat mutation process ?
Hi LLA Team, I purchased the Real Estate Masterclass and as promised I received the recording but not the separate PPT. In session it was mentioned by Mandeep that the PPT will be shared with recording.
can u explain where was the recording was sent? how to access the recording? thanks u
Construction cost you mention is pre covid or non metro cost
Cost is higher than mentioned
My e-scooty had an accident before the registration, I had taken out the insurance earlier, now the insurance company is saying no for the claim, what should I do, please help.
This is an eye opener epic video. Thanks a lot. 🙏🙏🙏 Pl do one video on redevelopment.
Thank you so much for this educational video, I learned so much.
Glad it was helpful!
baingan
@@LabourLawAdvisor ...Thanks for the video bro........please make a video.....on...why...APPS need access to customer, contact details, access to phone camera, access to mic, access to messages, while downloading the AAP........dont you think its a breach of customers privacy.....?? this is PURE BLACKMAIL by AAPS.
@@LabourLawAdvisor Thanks for the video bro........please make a video.....on...why...APPS need access to customer, contact details, access to phone camera, access to mic, access to messages, while downloading the AAP........dont you think its a breach of customers privacy.....?? this is PURE BLACKMAIL by AAPS.
@@LabourLawAdvisor Thanks for the video bro........please make a video.....on...why...APPS need access to customer, contact details, access to phone camera, access to mic, access to messages, while downloading the AAP........dont you think its a breach of customers privacy.....?? this is PURE BLACKMAIL by AAPS.
The quality of content LLA provide us. I think they deserve atleast 50M subs.
Could be a great way to evaluate or have an idea about the fair value of a flat
Pls much after the Masterclass is over like few months later. Can you upload the session in different videos on TH-cam. Will be helpful for lot of people who are not able to join now and learn. And is consistent with LLA's brand of providing high value to it's viewers
#WATCHLLA because
1. Providing good care of content without taking wrong sponsorship.
2. EXCELLENT BACKEND TEAM
3. Works with videos that are needed to explain in detail and as an investor you need to know.
4. They have lost their own hard earned money in some things like crypto and other things so they have experienced what losing money is.
5. THEY DON'T FLEX THEIR MONEY AND INVESTMENT.
SALUTE TO TEAM LLA AND
Mandeep Sir and Rishabh Sir
Thanks for the video sir ❤, much needed and knowledgeable.
Always welcome
Fantastic Topic 👍👍👍
Hello LLA, do you provide recordings of your masterclass to those who have registered for it? Just in case someone was not able to join the live session.
But Team LLA ..if you go Lil more wide in area in different states.. this formula is good but you won't find any fair value property, cause all builders in that area selling like black market stuff and govt is doing zero on these
What a timing sir. I have been looking for this kinda video. Flats in Bangalore have gone sky high. For God knows why...
Thankyou RJ Sir.
Very well explained Sirji
Sir make a video on how to buy 2nd hand card and what to check
Very informative videos ❤
Plz make a detailed video on how you & Lawyer conduct their Research sources etc❤
Kal he hum dost log baith kar is topic pr baat kar rahe the ki kaise kya decide hota hoga or aaj video aagai 🔥
Dear LLA, I was hoping if I can recommend a new topic...can we have some insights on Prepaid electricity connection vs regular electricity connection...
Bahut seekhne ko mila
Really helpful video
@LabourLawAdvisor...Some designs are counting Personal Foyer (outside the flat entrance) and consider them inside the "salable area". When we ask them if we can cover that area with a half gate/wall, they say after BU permission and moving in you can do it. I feel this is a scam of selling 30-40sqft area extra to each member. Your thoughts on this ?
Thanks Jain Sir ❤
Hello LLA. I would like to request you to provide knowledge upon the issue of clash of residential and commercial properties in growing urbanisation. How businessmen are capturing residential places for their businesses and how can a normal resident of the surrounding can tackle it?
Had attended Capital Tax Master Workshop Class it was really Insiteful
Abhay op sir very well knowledgeable video
Great work sir thankyou so much for the insight
Thank you Rishabh bhai
I can't afford to invest in real estate but I want to own the house it helped me a little
Abhay OP.. Great and Very informative video.
@LabourLawAdvisor. Pls make video on how a fund manager makes or decision is made on buying or selling a stock. For example now , market is 22K but in MF still fund manager know when to buy or wait. Very requested. Please🙏
Thanks Bhai ❤ good information
@LabourLawAdvisor
Hello,
If me and my wife have purchased a flat (co owners) with initial down payment from my account only (however she has transferred partial amount from her account to mine).
And we have availed a co - borrowed loan (whose emi is getting deducted only from my account). She transfers her share of emi on regular interval to my account.
I have two queries -
1. Is this arrangement of payment okay with respect to the tax deductions and other tax compliance.
2. Since all payments to the builder is done from my account. Builder is paying the TDS amount on behalf only through my PAN/account. So till now all TDS is submitted through my account and none through my wife's.
What should be done, is there any changes needed in this with respect to the taxation purpose.
It is still under construction stage.
I am Land & Building Valuer (IBBI Registered) and I thank you for this video.
Where to find land valuation at tier2 city taluka
Good Advice, but pl. Explain it with slow speed so that I may pick up your suggestions.
Please consider below the table expenses also
If you want to build more than 7 floors there is licensed permission from RERA which is chargeable
Can you please make video on Education loan
@LabourLawAdvisor,
Why can't we use the UDS area of a flat to find the land cost? i.e UDS area * land price per sq ft of that area?
Video mentioned that live masterclass would be 3 hours long but the registration link says that it will be 1 hour long only. Can you please clarify the actual duration of the masterclass?
Do we get the recording of this zoom session just for backup ?
Can u make video on fractional ownerships , like Hbits and strata
Nice information
Sir We are looking to buy our first Household!! Which do you think will be better? A flat or a House?
Or I should re-phrase it is there any problem with buying a Flat?
Sir i had attended the zoomclass midway. will the recording of zoom class be available ??
I think more parameters are not considered. But u will get price approx estimation
When will this class come again? I missed it.
Can you explain how expense is deducted because ppfas fund shows expense ratio as 0.6% but my app shows that I have paid 2.5% .. same is case for all funds.. the actual amount paid as expense ratio is way higher than this percentage.. you won't believe that my app is showing that axis mutual fund has charged 3%+ expenses since I started investing and no mutual fund house is giving a clear statement on how much I have being paying all along.. can you help ??
Sir, what about other charges which builder has to pay like purchasing land then that lands registration charges like stamp duty and registration then paying realtor his commission then architect fees, RCC specialist fees, in Mumbai we have BMC so BMC fees from i.o.d,c.c to OC plus under table charges, local politicians charges, local area festivals charges plus interest rate of builder borrows money to buy land or to construct the building.... So if you add all this then profit margin is around 30% to 40% atleast in Mumbai this is the calculation.
Great 😃❤
Good topic and thanks for calculation. However thumbnail needs to be rectified
How to calculate will buying godown or shop
house ki calculaions kaise karte hai plz make video on tha
Thanx
Thanks sir
I need your help. Can you?
Regarding credit card payment
Sir please make video on how to give franchise of your own business
Can I watch the recordings of the classes? Otherwise, when's the next session? I'm traveling at that time. I need this session specifically because my father passed away 6 months ago and he never shared pretty much anything with the family 😔
Now we're all scrambling to figure out what to sell to repay the loans and all...
Same is happening all over newly developing cities where builders have formed a cartel for price fixing.
What usually happens is - when a builder buys the land the rate of land will be less and later on when he begins and puts a publicity - the rate of that area increases if its a reputed builder . Moreover more the reputation grater will br the % increase in price.
Sir jab startup se profit hota h us profit ko dobara se usi startup me invest kiya jata h or wo startup ka bootstrap model hota h
Toh jab ham profit ko dobara invest karte h tab tax relaxation/ 0 tax ITR kaise kaise file hoti h....
Plz reply 🙏🏻
Ho sake toh iss topic par bhi video banaye....
Construction cost in Hyd is around 2k/sft
Which is a better option: paying back a loan by increasing the annual percentage rate by 10% or investing the money in stock market?
I actually calculate with the rental return. If, the return of the area is min 10% ony then I will invest.
haven't receieved recording of real estate mastercall, not any documents like ppt/pdf
Any old students who took the masterclass previously, please share LLA / Rishab Jain's Master Class review...
Please make a video on JV in real estate
Is this session recorded. can we watch later?
so on January 14th, 2024, I was allocated Room number 404 (double sharing with an attached toilet and bathroom) and paid the agreed-upon rent amount to the PG owner/director. On February 16th, 2024, I paid the rent for the ongoing month for the same room (404).
However, on February 19th, the manager, Yogesh Thakur, asked me to relocate to another room (Room 201, single sharing with a common toilet and bathroom for the whole floor) against my will. The rent for this new arrangement is not justifiable to me.
what should I do now, where should i file complaint against those scammers
(This PG is located in Laxmi chowk, Hinjawadi Phase 1, Pune)
How to watch class of real state as it is showing already sold.
Thanks Sir, can we record the live class?
sure why not
Its sold out now @lla do you have any recorded sessions?
Also make video for commercial real estate like shop mall godawan how to find fair market price and high rental yeild real estate 😊
4:23 Rishabh sir in your video the masterclass duration is mentioned as 3 hrs but in actual link it is 60 mins. Please clarify what's going to be the actual duration.
Sir ek video Jaipur ke JDA or society patte or 90b inpe bnao kya safe hai kya nahi urgent required
Knowledge video
How can I assess this course?
Sir Kindly reply,
I sold my house 10 years ago and the buyer had removed the meter and then sold it to someone else and he was still running without a meter.
Now, the person who bought apply for the meter, in some way or in checking, checker found that the meter was installed earlier and his application was rejected.
And now that person tell the checker that the meter was installed on my name, what should I do now? If the electricity department writes FIR against my name, what should I do?
BRO WE SHOULD APPRECIATE THEIR CONTENT KYA BAAT KAR RAHE PAGAL HO TUM LOG 😢😢 LOVE #LLA
Team one doubt at 4:17 , the masterclass duration hours mentioned is 3 hours . When i visited the Masterclass website , i can observe duration about 1 hours. So how the experts will cover the topic as i feel i can't find enough data before joining the masterclass.
Abhay OP.......shaandaar tips