Anyone with experience with HDFC purchases?

actually some lawyers/agents said those income limits are not enforceable. you just need to find a building/board who wants to work with you.

worst thing is, the city may sue you or the board if they found out your income was too high when you bought the unit, but it never happened and no one really care

I was just the broker on a sale in an hdfc building the board asked for 2 years financials. after board approval the paperwork went to hdfc for their approval and they asked for 2011 income tax before we get final permission to close. evidently in this building the rules are enforced

caomina, the rules ARE enforceable. Any lawyer/agent that tells you that does not know anything about HDFCs.

npaik, you are totally wrong.

those rules are NOT enforceable at all

the lawyers/agents who told me that information are all specialized in HDFC buildings ONLY, their total HDFC transactions are more than 60 last year,

npaik, have you googled "caonima" to see who you are talking to?

caonima, YOU are wrong. It's all about the city TAXES that the HDFC buildings pretty much don't pay, hence the artificially lowered maintenance charges. All this in exchange for following income rules and following other procedures. The city just got wise to some of the buildings that violated the rules and it's really hard to cell (and to buy) in HDFC system now.
Look at this one:
http://streeteasy.com/nyc/building/50-west-106-street-new_york
It's just not moving al all after 2009.

openhouse/npaik...

i think caonima's point is that yes, LEGALLY, they can enforce rules on you...

PRACTICALLY/REAL WORLD WISE, city agents, and HDFC "regulators" are either too incompetent to actually do anything, or part-take in illegal renting schemes themselves, so who are they to squeal?

>i think caonima's point is that yes, LEGALLY

Have you googled "caonima" before you supported his point?

npaik, agree with caonima...as someone who has purchased in an HDFC...the rules are mostly NOT enforecebale. i;m sure some buildings enfore (likelt the more "mature ones") but most uptown do not.

Thanks for your perspectives. So if want to go through with this plan, what would you suggest as the next step? Just go ahead and put in a bid for a HDFC building, even if I make more than the limit? What kind of hurdles should I expect to face?

That said, I'm leaning towards doing it on the up-and-up and would feel better having the requisite one (or is it two?) years of low/no income.

openhouse, you are wrong too. HDFC's maintenance charges are normally high, especially the ones with less than 20 units. simple math can explain why and no need for me to elaborate here

the one you mentioned is not moving because the sellers are too greedy.