Archive for November, 2009

A huge rush at the BBMP property tax collection centres

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

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The government attached properties in Yelahanka and Hoskote worth several hundred crores

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.

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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

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Hundreds Of Property Owners Hounded By BBMP Despite Having Paid Tax

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

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The Akrama Sakrama Scheme will come up before the next Cabinet Meeting

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

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Estate South 2009 on 13- 14 November 2009

Friday, November 13th, 2009

Estate South 2009 - “South India Real Estate - The Way Ahead”

Estate South 2009 is one of the leading conferences on the real estate sector in South India.Estate South 2009 conference will focus on various critical issues like affordable housing and challenges faced in the current economic scenario and how to overcome from the global recession.

Estate South 2009 Starts on November 13, 2009 and ends on November 14, 2009 at Hotel Taj Coromandel, Chennai.

The fourth edition in the Estate South serie, organized by Confederation of Indian Industry (CII), will provide an outstanding platform for industry leaders to share their experiences and thoughts to develop the real estate industry.

Sessions @ Estate South

  • Who Moved My Lease?
  • Money Matters – The Investment Route
  • Sustainability – Green Way to Success
  • State Focus: Best Practices in Sanction Process
  • Alternate Revenue Generation from PPP Models: Is real estate the answer?
  • Taxation and Processes
  • Affordable Housing – Reactive Alterations Rather Than Proactive Decisions?

Confederation of Indian Industry invites you join at Estate South 2009 on 13- 14 November 2009 at Hotel Taj Coromandel, Chennai.

For Further Details, Contact

Ms Merin Devassia & Ms M Subha
Confederation of Indian Industry
No 98/1, Velacherry Main Road, Gunidy Chennai 600 032
Tel:91-44-42444555 fax:91-44-42444510
Email: merin@cii.in; subha.m@cii.in

Reference:
http://events.linkedin.com/Estate-South-2009-South-India-Real/pub/153702

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SBI extends its special home loan scheme till 31st March, 2010

Tuesday, November 10th, 2009

The country’s largest lender State Bank of India on Friday decided to extend its 8 per cent home loan scheme till March 31, 2010.The decision of the bank would help small home loan receivers.State Bank of India decided to extend its 8 per cent home loan scheme just a day before it was due to expire.

SBI, which offer the special plan under `My Home Campaign` is providing 8 per cent fixed rate of interest for five years for loans amounting Rs 5 lakh, having an upper limit of 10 years. Apart from latest development, SBI is also providing SBI Max Gain, under which it provides home loan as overdraft with saving interest option. Moreover, SBI is also providing SBI Advantage Home Loan carrying a fixed rate of interest of 8% in the initial year and 9% during second and third years.

In the past few days banks like Axis Bank came out with a special 8 per cent scheme for the first year and Bank of Rajasthan too dropped home loan rates to 7.5 per cent w.e.f. from November 9 and Punjab National Bank extended its 8.5 per cent scheme till December 31. SBI’s aggression may also force bigger private sector players to re-look at their strategy.

Links to Refer:

www.commonfloor.com/articles/category/property-buying/home-loan

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New Pipelines in New BBMP Areas will bring cheer to residents

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

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