Archive for the ‘Apartment Buying’ Category

New Project: Sunil Mantri Group Mantri Premero in Bangalore

Wednesday, January 13th, 2010

Real estate major Sunil Mantri Group, has identified Bangalore as a strategic target for expansion with the launch of an integrated residential community project christened as Mantri Premero, in close proximity to major IT companies, the Electronic City, and ITPB. The total net worth of the project, would be Rs. 250 crore.
Speaking on the launch, Sunil Mantri, Chairman, Sunil Mantri Group commented, “Bangalore, being one of the most prominent landmarks on the world map, inspired us to develop good quality homes and spaces that are on par with world-class standards. Now, with Mantri Premero, Bangalore will have exclusive lifestyle homes with the blend of affordable amenities that integrate nature with every day dwelling”. Complete News here.

Bangalore Shifts into one BHK homes

Tuesday, November 24th, 2009

Many developers in the city are looking at building— 1-BHK ranging between 500 sqft and 800 sqft with a price tag of around Rs 10 lakh to Rs 15 lakh. Electronic City, Whitefield, Marathahalli and Bannerghatta Road are the current hotspots for 1-BHK and studio apartments. Brigade Group, which just announced the launch of its value homes, says that 30% to 40% of the 10,000 units it’s expected to build would comprise 1-BHK units.

Bangalore city that rarely saw a 1-bedroom hall kitchen (BHK) apartment or a studio apartment could soon have a plethora of them. Most of the handful of 1-BHK apartments around are actually 2-BHK apartments converted into 1-BHK ones, sporting a large drawing room. Pricewise, these units command the same rates as a 2-BHK.

The trend of buyers wanting 1-BHK units and developers acceding to their wishes hinges on affordability. 1-BHK ranging between 500 sqft and 800 sqft with a price tag of around Rs 10 lakh to Rs 15 lakh. This could particularly benefit young professionals, newly-wed couples, and senior citizens.

Lease out as serviced apartment or rent out as studio apartment 1-BHK units will also help rental market. For a serviced apartment model, the per night tariff would be between Rs 2,500 to Rs 3,000, while on a monthly basis the rental could start from Rs 10,000.

Akruti Developers has launched a 150-unit fully-furnished studio apartment project in Whitefield. The units range between 650 sqft and 800 sqft in size and come fully loaded with AC, TV, and furniture including a coffee maker. According to Nikhil Jadhav, MD, Akruti Developers, “We are offering this product as an investment option to buyers whereby they can either lease them out as serviced apartments or give them on rent as studio apartments.”

Links to refer

bangalore shifts into 1 bhk homes

BDA’s Masterplan 2015 has increased the building heights

Monday, October 26th, 2009

Until now, any building with a height of 15 meters or more (ground plus four floors) was classified a highrise.The new zonal regulations have increased the threshold to 24 meters (ground plus eight floors).

The BDA’s Masterplan 2015 has increased the threshold to 24 metres. For this, you don’t need to get an NOC from the fire force department. Even two years after the Karnataka government’s nod, the go-vertical plan is mired in a bickering among the BDA, fire and emergency services department and BBMP.

But Fire force department has written to the BDA commissioner that the height relaxation is illegal. According to them, any building beyond 15 meters should obtain an NOC.

The Masterplan gave a relaxation — buildings up to 24 metres needn’t obtain an NoC from the fire department and pollution control board. But the builder has to incorporate the fire-safety norms, architect should submit an affidavit confirming the structure has adhered to fire-safety norms.

Reference:
Tiff stops Bangalore’s vertical growth

Regularization of Unauthorized Property under Akrama-Sakrama Scheme

Thursday, September 24th, 2009

The Akrama-Sakrama Scheme, formulated during the H.D. Kumaraswamy government in 2007, could not be implemented following strong protest and severe criticism against regularizing the structures that violated the building bye-laws and the high penalty rates. The Cabinet Subcommittee, which met on Tuesday, has recommended slashing of penalty rates. The Akrama-Sakrama is expected to be ready for implementation in about a month from now, as the BBMP has to also finalize the penalties.

The Akrama-Sakrama Scheme regularize the property by imposing penalty on property that are either constructed violating building bye-law or purchased land outside the erstwhile city corporation limits. The scheme involved the payment of one time penalty by property ranging between Rs. 5,000 (for minor violations) to Rs. 2.10 lakh.

Regularization of unauthorized apartment

In case of regularizing an apartment, only the apartment owners association is authorized to apply for regularization and not individual apartment owners. If the association does not apply for regularization, then the supply of water and electricity is liable to be disconnected after issue of notice. An apartment coming up in an area allocated for parking cannot be regularized at all. If the application for regularization is not considered, then the fees will be refunded.

What Akrama-Sakrama Scheme means

If the violations in residential buildings in BBMP limits are within 25 per cent, penalty will be 6 per cent of the guidance value of that particular locality. If violations are more than 25 per cent, then penalty is 8 per cent. For commercial property violations within 25 per cent in BBMP limits, fines will be 20 per cent while for violations more than 25 per cent, fines will be 35 per cent.

Authorities cannot go above the fixed rate while collecting penalties though they can reduce it. The meeting also said violations in residential buildings should not be more than 50 per cent, while putting a cap of 25 per cent for commercial buildings. The earlier rule had considered 15 per cent and 20 per cent of the guidance value for residential building violations (within and more than 25 per cent violations), while it was 25 per cent and 40 per cent of the guidance value for commercial property violations.

Conditions for Regularization

The penalty will be based on the location of the unauthorized structure in a given zone. However, building law violations should be not more than 50 per cent for residential structures and 25 per cent for commercial buildings. Unauthorized constructions on government properties, parks and footpaths will be ineligible for regularization under the scheme. Further, people could seek regularization over a six-month period as against the earlier three-month period.

The Cabinet Subcommittee has recommended slashing of penalty rates applicable under the earlier Akrama-Sakrama Scheme by nearly 50 per cent. The Legislative Assembly recently adopted the Karnataka Land Revenue (second amendment) Bill 2009 which seeks to regularize all unauthorized layouts and housing sites developed prior to December 31, 2008.

Recommended Penalty

The penalty that the owner of a building on an unauthorized residential site measuring 20 feet by 30 feet will vary between Rs. 30,000 and Rs. 45,000 compared to the Rs. 72,000 which was fixed earlier. For 30 feet by 40 feet unauthorized site, the penalty will range between Rs. 60,000 and Rs. 90,000 compared to the Rs. 1.62 lakh fixed earlier. For a site measuring 40 feet by 60 feet, the penalty will vary between Rs. 1.80 lakh and Rs. 2.10 lakh compared to the Rs. 4.23 lakh suggested earlier. The penalties, which were earlier roughly 15 per cent of the guideline values of the properties, have now been reduced to 8 per cent.

The estimation is that there are nearly seven lakh unauthorized structures in Bangalore alone. The Akrama-Sakrama is expected to be ready for implementation in about a month from now, as the BBMP has to also finalize the penalties based on the residential and commercial zones.

The Future of Affordable Housing is Indeed Bright

Thursday, August 20th, 2009

Real estate sector always come up with innovative way to secure your investment. Buying a home is dream of common man and affordable housing has made dream come true. “Affordable housing” is a term used to describe dwelling units whose total housing costs are deemed “affordable” to those that have a median income.

Affordable housing denotes the basic human need for a comfortable home that offers value for money and cost is relative to the amount that the buyer can afford. Experts here suggest that homes costing no more than five times the buyer’s annual income can be considered affordable.

According to a Planning Commission Report, the urban housing shortage as in March 2007 was around 24.71 million and it will increase to 26.5 million by 2012. Ninety-nine per cent of this shortfall in housing is with regard to Economically Weaker Sections (EWS) and Low-Income Groups (LIG) which contributes to squatting and slum formation. Apart from the existing shortfall, the increasing urban population, which is expected to reach 576 million in 2030 from the current figure of 328 million, will add to the affordable housing demand.

Some developers have either shifted to affordable home projects or made some change in project to make their existing project fit for affordable home. If you already own a house, investing in a second property may not be a bad idea. You can get tax benefit on your second home. Buy a second house that meets your needs, available finances and lifestyle.  The economic slowdown is proving to be a blessing in disguise for the common man, especially as far as housing is concerned.

Lower interest rate, construction cost and easy home loan makes investing or buying affordable home easy.The future of affordable housing for the next few years to come is indeed bright. Energies of all stakeholders are focused in the right direction to meet a common goal. Public-private partnerships will be a vital tool and the way forward to address affordable housing.

Contact Civic Agencies Before Buying An Apartment

Thursday, August 13th, 2009

There are chances of sellers producing fake certificates

Recession has opened opportunity for people seeking home or apartment at affordable price. Though real estate business hit by recession, it manage to get demand from property buyers and investors in short period. There are chances of sellers producing fake certificates, hence, check the authenticity of property before you buy them.

The hassle in purchasing unauthorized properties is that there are always chances of the property being demolished or heavy penalties being levied to regularize it. Check the details and authenticity of the property with civic agencies before buying the property. Layouts are indeed springing up on plots measuring up to three acres in places like Kengeri, Whitefield, Ulsoor and Sarjapura Road.

People should ask for no-objection certificates (NOCs) issued by civic agencies like the Bangalore Development Authority (BDA) and Bruhat Bangalore Mahanagara Palike (BBMP) before purchasing a property. Buyers can check lists of unauthorized properties on BDA, BMRDA and BIAPPA websites. The BDA website (www.bdabangalore.org) had listed 127 illegal layouts as in 2007 with their geographic location and details of builders.

Last year, BDA had cautioned people against purchasing properties in European township as it was unauthorized. People wanting to buy property can contact BDA at 080 23443206/ 23340258 for more details before taking a decision.

Links

BDA Approved Layout

Bruhat Bangalore Mahanagara Palike (BBMP)

Guidelines for property buying

Watch out-Home dreams can sour

Green Building For Healthy Environment

Monday, August 10th, 2009

Green building is a concept fast-catching the fancy of people all over the world. Demand for green building materials and equipments are increasing day by day. A green building is one which is energy efficient, uses natural and renewable energy and causes the least amount of damage to the environment.

In India, Indian Green Building Council (IGBC) Green Homes is the first rating program developed exclusively for the residential sector. Indian Green Building Council (IGBC) is a part of CII-Godrej Green Business Centre, which is actively involved in promoting the GreenBuilding movement in India.

IGBC estimates the demand for green building materials and equipment will reach USD 4 billion per annum by 2010. In tune with the global trend to protect the environment, the number of green building projects in India may go up from the current 164 to over 2,000 by 2012.

Some of the features of green buildings are heat reduction insulated roofs and walls that substantially reduce heat ingress (up to 60 percent) thereby resulting in lower AC loads, cross ventilation with fresh breeze, low energy costs (up to 40 percent), and 100 percent natural light all across, thereby cutting down usage of artificial light by 50 percent. You can enjoy healthy living with innovative solid waste management, waste segregation system and nature-friendly infrastructure.

The biggest advantage is, the well designed green building may accrue life-long benefits at small make-up costs and reduction in water and operating energy costs. Generally, the cost difference while raising a green building is approximately between five and eight percent more than a conventional building, but the investor recovers costs within three years.

Green building not only offers healthy environment but also helps to save energy and water. If you are planning to buy an apartment or home, green building enables you to save cost of construction and you can enjoy healthy living with innovative solid waste management, waste segregation system and nature-friendly infrastructure.

Purvankara Launches Affordable Housing Project in Bangalore

Friday, July 31st, 2009

The affordable home is showing signs of taking off in a big way with big developer brands. Affordable housing segment receive big boost with provident housing, a wholly owned subsidiary of Puravankara projects, launching its first such projects in Bangalore “Provident Welworth City” on Yelahanka Doddaballapura Main Road in Bangalore.

The project comprises of Stilt, Ground and Seven floors. Provident Welworth City offers 2 & 3 BHK apartments sizes varying from 845 sq. ft. to 1180 sq. ft. Prices for apartment start at Rs 14.90 lakhs for 2BHK (845 sq. ft) and goes up to Rs 18.90 lakhs for 3BHK (1180 sq. ft.). The property boasts of amenities like lifts, playing area, swimming pools, gyms, multipurpose hall, super market etc. For covered parking one will have to pay Rs 1.50 lakh and open parking Rs 75,000. Moreover, an additional amount of Rs 2 lakh (approximately) costs for registration, taxes and some permission.

The project involves an investment of Rs 480 crore. The house will be ready by September- October of 2011. Fund for project comes from promoters’ equity, construction finance and advance from clients. Depending on completion of project, client will have to pay the money.

Last week, the Prestige Group said it is planning township projects on 400-600 acres of land in Bidai and Sarjapur which may include significant components of affordable house. The Confident Group said, a project launched in Sarjapur road with 675 units earlier saw a flood of calls and significant booking within first few days.

Price for affordable projects are low and it is possible because the locations are away from city center where cost of land are low and size of flats are smaller comparing to buildings built traditionally.

Reference:

Provident launches affordable housing project in Bangalore

Provident Housing offers ‘affordable units’ near Chennai

Changing Realty Market

Friday, July 31st, 2009

Realty sector is one of the fast developing sectors or industries. Till early 1990, apartment in the city were a rarity. It was believed that apartment is only a home fortunate for the rich and famous. Local residents would prefer independent house even if they are small.

Most of the city now dwells in high-rise or apartment building. During the peak years, anywhere between 3,500 and 4,000 apartment units were sold in the city every month. Now only language home buyers speak is BHK (Bedroom, Hall and Kitchen). Property or apartment comes in all varieties from 1-BHK to 5-BHK. The residential market in the city predominantly catered to the Rs 30 lakh to Rs 70 lakh market segment. There have been apartments in the city, which have been sold for Rs 17 crore.

Now, there is a new residential market emerging — affordable homes and nano homes. Housing units costing between Rs 10 lakh to Rs 25 lakh fall into the affordable home bracket, and housing units costing between Rs 4 lakh to Rs 10 lakh are in the nano home market. The demand for housing has increased tremendously in recent time. Professionals in field of teaching, medicine and youngster in IT sector invest in realty for long term benefits.

One could probably attribute this fact to the growth in the number of developers in the city. From just having a handful of developers, who were mostly landowners in 1980s, today Bangalore has over 300 developers of all hues.

A Confident project in the Rs 12 lakh to Rs 17 lakh bracket launched two weeks ago on Sarjapur Road is said to have received 1,500 calls on the day of the launch, and 50 bookings in three days.

Links to Refer:

Rise In Demand For Budget Apartment Projects

Friday, July 24th, 2009

Budget apartment bring affordability and easy repayment of home loans. Budget apartment projects are in the price range of 25-30 lakhs and some projects are in range of 8-10 lakhs or less. There is rise in demand for budget apartment and this has become good choice for end-users and investors.

Localities around Whitefield, HRBR Layout, Lingarajapuram, Sahakarnagar, Hennur Road, Hegde Nagar, K R Puram, and Hosur Road are witnessing the rise of budget apartment projects. Some projects in the range of Rs 8-10 lakhs also, with an area of 500-700 sqft are coming up on Bannerghatta Road, Hosur Road, Sarjapur Road, and Whitefield.Lack of space in the city and high land cost has led developers to come up with such options in localities away from the city.

For an end user, budget apartment offers affordability and easy repayment of home loans. A home loan ranging 25-30 lakhs are easily available and a joint loan will reduce burden of monthly EMI. This enables end user to repay loan easily.

A budget apartment is good choice when considering to resale after two or three years. If investor doesn’t have adequate cash flows, he can buy a lower level and this can work as a hedge against inflation.