Archive for the ‘Bangalore’ Category
Monday, December 21st, 2009
The home buyer is normally a person who wants to set up a family or one who looks around for investment options. With the tax exemptions allowed by the government for repayment of loans and interest paid on loans for purchase of house property/construction of houses, investment in property received a shot in the arm.
As for the one who wants to set up a family, his needs depend normally on the number of members in the family, price quoted for the house and available surplus for repayment of loan. Location and distance from work place, possibility of future expansion and the like come next.
In India, promotion of housing initially came from the government. For the middle and upper middle class, affordability is the key. The increase in income of people during the last 10-15 years due to higher industrial growth, proliferation of software firms etc enabled property buyers to go in for larger and luxurious houses. The global meltdown turned the table upside down and investment in house property has been hit badly. This has led to shift in demand from large or fairly large accommodation to lesser floor space. Another reason might have been the wait for locating accommodation in the city center area.
Improvement in transportation facilities, construction of ring road and peripheral ring road, metro rail etc also factored in. The development of townships in and around the peripheries of cities also shifted the demand from one location to the other. There was a time when small apartments went a begging in Yelahanka, Kengeri, Whitefield and Bannerghatta Road. After the economic slowdown, salaries took a downslide and people thought of various methods to beat the recession.
One major approach has been to go in for lower floor area houses. The city is becoming larger and people need to either move out from the central area or go in for smaller accommodation. In this background, the one-bedroom tenement is perhaps the solution.
Reference:
The Hindu
Tags: 1bhk, affordable home, Apartment, apartment buy-sell, Bangalore, Bangalore East, Buying, home buyers, Housing, indian real estate, market trend, property, property buying, property tax, Real Estate India, recession, Second homes, Tips
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Monday, December 14th, 2009
According to the Palike, the BBMP One centres may issue building plans for structures on 30’ x 40’ and 40’ x 60’ sites in the city. The proposal may also include approval of plans for structures on 50’ x 80’ sites. Palike officials state that the citizens who want building plans approved will be given a pre-determined set of norms that will include the setback and other technicalities involved.
The Palike may also go one step further and provide an option for the people to choose from a BBMP-approved list of more than a 100 architects to design their houses without violating building by-laws.“We will display the norms on the BBMP website for citizens to adhere and ensure that their architects build it within that constraint,” said a Palike official.
On the confusion that may arise because of the name being similar to Bangalore One, the BBMP official said: “We may also include the existing Palike help centres and remodel them in such a manner that it would be placed strategically in the City. There will be no overlapping of services as BBMP One will only concentrate on the core Palike services.”
Tags: approval of plans, Bangalore, Bangalore Property, BBMP One, citizen service center, help centers, Palike, property owners
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Friday, December 4th, 2009
The government hopes to collect a whopping Rs 5,000 crore as fine from the scheme in Bangalore city alone. Apart from penalty, there will be a substantial increase in the revenues of urban local bodies as all these illegal constructions would come under the tax net from next year.
The revised Akrama-Sakrama scheme, which was approved by the state Cabinet on Thursday, will benefit about seven lakh properties in Bangalore and about five lakh properties in other cities. Stating that the scheme was a one-time opportunity to get building violations regularised, Transport Minister R Ashok said he had recommended to the government not to encourage violations in future and initiate criminal proceedings on both property owners and BBMP officials. He has also recommended setting up of an authority to check violations and encroachments in future.
Former BMP mayor M Ramchandrappa said that the government has failed to take people into confidence before taking a final call on the revision of the Akrama Sakrama scheme. People have been kept in dark and they are not aware of the happenings related to the scheme, he said. However, we need to look into what revisions have been made in the scheme to further comment on this, he added. The government is only fooling people with the scheme. “How would they reduce it to 50 percent, when the scheme itself was never implemented? The new legislature is far from the people’s requirement,he added.
The revised Akrama-Sakrama scheme, which was approved by the state Cabinet on Thursday.The revised Akrama-Sakrama scheme will benefit about seven lakh properties in Bangalore and about five lakh properties in other cities. The government hopes to collect a whopping Rs 5,000 crore as fine from the scheme in Bangalore city alone.Transport Minister R Ashok recommended setting up of an authority to check violations and encroachments in future.He had recommended to initiate criminal proceedings on both property owners and BBMP officials.
Tags: akrama, akrama sakrama bangalore, Akrama-Sakrama scheme, Bangalore, bbmp akrama sakrama scheme, indian real estate, property, Real Estate India, regularization, regularizing unauthorized apartment, sakrama, trend in real estate
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Monday, November 30th, 2009
BBMP property tax kiosks had a busy day on Sunday, the last date for paying the second installment of property tax for 2009-10 without penalty. There was a huge rush at the Bruhat Bangalore Mahanagara Palike (BBMP) property tax collection centers. “Our online property tax collections have touched Rs18crore. The online collection on Sunday alone stood at Rs35 lakh,” a senior BBMP official said.
Devendrappa, assistant revenue officer at the Mayo Hall BBMP office, said, “About Rs75 lakh was collected at our office on Sunday alone. In the three wards of Neelasandra, Shantinagar and Richmond Town that come under our jurisdiction, there are 20,000 property holders and 75% of them have paid the property tax. “Notices are being issued to 6,000 defaulting property holders. The defaulters will now have to pay the property tax along with a 2% monthly penalty,” he said.
There was huge rush at the property tax collection centers on Sunday, raising the levy collection for the year to Rs500 crore.The online collection on Sunday alone stood at Rs35 lakh.The defaulters will now have to pay the property tax along with a 2% monthly penalty.
Reference:
bbmp property tax kiosks had a busy day
Tags: Apartment, Apartment India, Bangalore, Bangalore East, bbmp, bbmp bangalore, Housing, Housing India, indian real estate, market trend, online tax, property, property tax, property tax 2009-10, Real Estate India, Tax calendar
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Tuesday, November 24th, 2009
The government attached properties worth several hundred crores, belonging to ViniVinc Group head Srinivas Shastry, on Monday. This includes 49 sites measuring 64,245.25 square feet near Yelahanka, and 39 acres in Hoskote taluk where a township is proposed. In a multi-crore scam, Shastry, through the company, had hoodwinked around 2,000 investors of nearly Rs 203 crore.
The follow-up action to get money out of the property was also quick. The deputy commissioner, Bangalore district, has appointed a liquidator, who has already fixed dates for public auction of the sites near Yelahanka. They will go under the hammer from Wednesday and the money will be distributed among investors.
Shastry was arrested by the Corps of Detectives (CoD) in Vishakapatnam in 2005, and the Supreme Court recently granted him a two month bail based on the assurance that he would return money to all depositors within the specified period.
Monday’s attachment of properties, under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004, is the biggest since Shastry was nabbed. “The reason for the attached properties being worth several hundred crores is that the 49 sites in Yelahanka and 39 acres in Ekarajapura in Hoskote are fully converted,” sources said. However, the exact price has not been estimated.
While other property had been attached earlier, a sessions court, on November 2, had taken serious objection to the Yelahanka and Hoskote properties being left out. The court had observed that the Act provided for an overriding effect in respect of properties held by fraudulent financial institutions falling under it purview.
Reference:
ViniVinc Shastry’s Yelahanka, Hoskote properties attached
Disclaimer: The article contains data collected from various sources and the use of same is at readers discretion.
Tags: Apartment, Bangalore, Bangalore East, hoskote, properties held by fraudulent financial institutions, property, property fraud, Real Estate India, Vinvinc group, Yelahanka
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Tuesday, November 17th, 2009
BBMP has sent nearly 2 lakh notices over the past 10 days. May 30, 2009, was the last date to pay the second half installment without penalty for 2008-09. Technically, the BBMP has powers to issue notices from September. However, the process was delayed till the compilation was complete.
In its drive to catch errant taxpayers for the previous block period (2008-09), the Palike has surprisingly been snaring a few regulars. This has shocked both residential and commercial property owners. Venkatesh, staying in an apartment on Sarjapur Road who promptly paid tax for both block periods within the rebate period, was shocked when he received the notice. It said the BBMP is yet to receive tax on his property for the previous year.
BBMP revenue officials, who confirmed the mistakes had indeed happened, said it could be in cases where people paid tax on the cut-off date or later. “We admit it’s a mistake but you needn’t panic if you have the receipt. You must produce it and ignore the notice,’’ a BBMP official said.
According to BBMP records, only 7.63 lakh property owners of the overall 20 lakh properties in Bangalore have paid tax for 2008-09. This includes 2.6 lakh owners in core areas which have 6.9 lakh properties. A majority of residential property owners in the newly added areas are yet to enter the tax bracket for the previous block period. All this when the November 30 deadline for payment of second-half instalment for the current block period is not too far away.
Reference:
Times of India
Tags: Apartment, Apartment India, Bangalore, Bangalore East, bbmp, bbmp bangalore, Housing India, indian real estate, notice to defaulting property owners, property, property owners, property tax, property tax 2008-09, Real Estate India, Tax calendar
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Monday, November 16th, 2009
The Akrama Sakrama building regularization scheme will come up before the next Cabinet meeting for approval. According to an estimate, in Bangalore there are around 5 lakh illegal properties. Chief Minister B S Yeddyurappa said there are 8 lakh assessed properties and that the government can easily raise Rs 5,000 crore from the regularization drive.
The Akrama-Sakrama sub-committee headed by transport minister R Ashoka recently made a recommnedation to the government in this regard. B S Yeddyurappa said “after the Bill is adopted in the legislature, people will be given adequate time to apply for regularizing illegal buildings.” The draft Bill on the regularization of illegal sites and buildings will take up at the next Cabinet meeting.
Reference:
Sakrama to come up before Cabinet this week
Tags: akrama, Akrama-Sakrama scheme, Apartment, Bangalore, next cabinet meeting, regularization, regularize unauthorised layouts, sakrama, yeddyurappa
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Monday, November 9th, 2009
According to P B Ramamurthy, Chairman, BWSSB, the new water pipelines are being laid as part of the Bangalore Water Supply and Sewerage Project II, Cauvery Water Supply Scheme – Stage IV Phase II (CWSS) to supply an additional 500 million litres a day (MLD) of water to all new BBMP areas that were not covered before.
This scheme will cover the satellite towns of Byatarayanapura, Bommanahalli, Rajarajeswari Nagar, Yelahanka, Dasarahalli, Krishnarajapuram and Kengeri. With this scheme, 20 percent of the water supply to these newly added areas will be Cauvery water while the rest of it will be from borewells, said the official. The project is funded by the Japan Bank for International Cooperation (JBIC) at an estimated cost of Rs 3,384 crores and will be completed tentatively by 2012.
Cauvery Water Supply Scheme – Stage IV Phase II (CWSS) comprises water supply as well as sewerage works.The water supply component includes abstraction, treatment and transmission to terminal reservoirs in the city. The raw water will be drawn from the Cauvery river at Shiva Balancing Reservoir (SBR) in Mandya and will be treated at Thorekadenahalli (T K Halli) Water Treatment Plant. This project will run parallel to the existing CWSS, Stage I Phase I. The final pumping station will supply water to six proposed ground level reservoirs at Jambusavarigudda (J P Nagar 8 Phase), Koodlu, Uttarahalli, GKVK, Old Madras-Banaswadi Road (OMBR), Hoodi, and Narayanapura.
Reference:
Times of India
Tags: Bangalore, bbmp, bwssb bangalore, bwssb supply additional 500MLD of water, Cauvery water supply scheme, Japan bank for international cooperation JBIC, new bbmp areas, new water pipelines, satellite towns, water supply
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Tuesday, October 27th, 2009
From November 1 rain water harvesting will be mandatory for new buildings.The recent amendment of the BWSSB Act that’s made rain water harvesting mandatory for new and bigger old buildings could bring about a change. Provided, citizens understand the law, get the system installed and also trained in handling it.
People need professional help to design a system complying with the law. They also need trained plumbers and masons as well as money to invest in the structure. Some plumbers and masons well versed in this are listed on the BWSSB website.
Rain water if captured can generate water equivalent to 3000 MLD, almost double the current demand. It can also reduce the massive problem of flooding in Bangalore to a great extent, say experts.Depending on design, orientation and catchment area of the house, you could pay between Rs 8,000 and Rs 75,000 to set up the system.
If you don’t have an RWH unit, your water and sanitary connections could be cut. However, there are rewards for installing one. After an assessment by the BWSSB in January 2010, five houses will be selected and rewarded Rs 10,000 each.
Reference:
Making rain water harvesting mandatory
Tags: Bangalore, bwssb, bwssb bangalore, rain water harvesting, rain water harvesting mandatory for new building
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Monday, October 26th, 2009
‘Hasiru Sante’ was organized in Malleswaram in order to spread awareness on importance of planting saplings.The “Sante” was held opposite Sankey Tank on Sunday October 25. The “Hasiru Sante” was a step towards creating awareness on the importance of greenery in a city.
“Hasiru Sante” was a collaborative effort of the BBMP and 12 resident welfare associations (RWAs) as well as Non-Governmental Organizations (NGOs).The exhibition was initially planned to be held between 6.30 am and 10.30 am. But due to increased demand, it was extended till 7 pm.
The market had been organised keeping medicinal plants and herbs in mind, hoping to spread the awareness about their uses and value.Brochures and pamphlets on how to make the best use of these plants were distributed.In the first hour of the ‘sante’, 10,000 people arrived and purchased over 6,000 plants.
Around 10,000 plants were on sale as a part of “Hasiru Sante”. Tree saplings of pongamia, mahogany and neem were also on sale. Medicinal plants, vegetable carvings, Ikebana and banners were on display at the 15 stalls set up at the venue.
Earlier, the “sante” was inaugurated by Katta Subramanya Naidu, Minister for IT, BT, Excise and BWSSB. The BBMP Commissioner Bharatlal Meena and Malleswaram MLA Ashwath Narayan C.N. were present. A rainwater harvesting stall specially set up for the occasion was appreciated by Mr. Naidu.
Hoping to keep the effort going, the BBMP official said that they were planning to launch a trial website that people could visit if they wanted BBMP to plant medicinal plant saplings in their localities.
Reference:
6,000 plants sold in one hour at ‘Hasiru Sante’
Govt sounds a green call
Tags: awareness program, Bangalore, bbmp, exhibition, greenery in the city, hasiru sante, malleswaram, medicinal plant saplings, medicinal plants, planting saplings, sankey tank
Posted in Bangalore, News | 1 Comment »
