(sticky post) IPO Performance table

Friday, January 5, 2007

And Finally ...... but definitely expensive.

And Finally my hunt for a site ended on the 27th December 2006.
So how did it all happen.

In early December 06, I had seen and almost decided on a site in Telecom layout.
After long long negotiations with the site owner, (almost an expensive deal), I showed the papers to a lawyer, but our lawyer started asking for 43 year papers.. Where do I or the owner get papers for 43 years... Hence I went in search of the society.. Now the society told us that seller should have a NOC from the Society before he sells.. (Its a way of the society making some money.. they are jealous that somebody is making 9x profits from his investments and wants a small pie) and as expected they scoffed at the request for 43 year papers.. However the seller wasn't ready to pay for the NOC.. He was insisting on me paying the extra 20k for the society and he wanted me to register in 10 days time. That's when I had to ditch this site too.

I was thinking abt things like why am I ditching a site for 20k .. after agreeing to pay a real lumpsum amt. However I knew that I had almost reached bankruptcy and even 20k was more for me. Also getting NOC was the job of the seller not the purchaser.

Then we came to know of some other vendor who was selling the site on the parallel road on the same layout.. After discussions and negotiations .. (this was a very small discussion), we arrived on nearly the same amount (marginally less) but however this seller said he would bear the NOC charges and was ready to give me 2 months time.

The seller got the NOC for the site from the society but there was a new rumour in the town that guidance value is going to go up and that's when the seller said that I had to pay the extra for the capital gains if the guidance value where to go up. Added to that the registration charges which is a fixed percentage of the guidance value would also increase my costs. That's when I decided to register the site before the new year.

We were almost ready for the registration on the 18th of Dec 06 and then the confusion started.. our folks(sub-registrars office) in the registration office started having cold feet .. they quoted some bloody gazette and stopped registrations.. Now I went back empty handed. This temporary stop on the registrations was suppose to end soon .. but that was not to be ..

So the sub-registrars came up with a novel idea, increase the bribe and start something called as pending registrations in which they verify papers after registration but before they are delivered... ( just as an excuse to increase bribes)

We decided on a pending reg on the 27th Dec. However the sellers found out on the 27th itself that they had an important function at home and hence can't be there for the registration.. However better sense prevailed and I got my site registered thro a pending registration on the 27th dec.

And I got the registered papers yesterday (4th Jan 2007).
So my hunt that started exactly 3 years ago for a 40x60 site ended with a 30x40 site for double the amount i.e I paid four times the per sq ft price for having delayed the decision so long and that too in a lonely location...
My Dad contributed all his life savings along with my savings till now into buying this site.
I hope my worst nightmares is behind me .. (After all there is nothing else I can do).. and I am looking forward for the grind called "building a house" and I need all your best wishes.

So as it stands .. I am a pauper on paper .. So any moneylenders and cash rich folks out there .. u can look out for me as a good prospective customer.

1 comment:

Rajesh said...

Congrats Bro! U finally made it