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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.

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Builders has to obtain CFO to handover flats to buyers

Wednesday, July 22nd, 2009

The Karnataka State Pollution Control Board (KSPCB) will not give Consent For Operation (CFO) to the apartment that does not show the source of drinking water supply. The builders cannot hand over the flats to buyers unless he gets CFO from KSPCB.

For apartment buyers, dream home is turning to be elusive or indefinite. The homes are built and payments have been made but flats will be handover only when builder gets CFO from pollution control board.

Prevailing Norms

  • According to prevailing norms, at the time of construction builder has to get Consent For Establishment (CFE) form KSPCB if the structure is more than 5,000 sq.ft in area.
  • If the building is more than 20,000 sq.ft in area, the builder has to obtain CFO and environment clearance after completing the structure.
  • If there are more than 25 apartment complex, a builder should establish their own sewage treatment plant, garbage disposal system and source of drinking water to apartments.

KSPCB’s norms do not permit the builders to drill bore wells to draw water for these apartments and builder will not get CFO till they show the source of drinking water for these apartments.The builder had applied for BWSSB water supply but Bangalore Water Supply and Sewerage Board (BWSSB) will supply drinking water to these apartments only in 2012 after the completion of Cauvery Stage IV Phase II and if there is sufficient water to supply.

Some of the builders have completed their projects according to prevailing norms. But KSPCB has denied CFO to the builders and builders cannot handover the flats to buyers. KSPCB and builder will have to sit to explore the possibilities of supplying drinking water to get CFO and handover the flats to buyers.

Links to Refer:

Pollution norms stall home dream

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Solid Waste Management Unit Mandatory To Get Clearance For Apartments

Wednesday, June 24th, 2009

Karnataka State Pollution Control Board (KSPCB) made it mandatory for large apartments to have Solid Waste Management (SWM) units for getting clearance. KSPCB has forced to make it mandatory due to inefficient waste management of BBMP and BBMP’s empathy towards proper waste management.

Citing the example of Karnataka Golf Association, Bangalore Golf club and Bangalore club, KSPCB said on-site waste management plant will have equipments to manage waste. It is estimated solid waste management plants in Bangalore can handle solid waste of over 3400 tonnes per day but only around 1200 tonnes is reached to the plant, the rest is dumped improperly by roadside, tank beds and empty sites.

The Mandur plant, where the BBMP has leased 135 acres, has a capacity of 1,000 tonnes. However, it receives only 250-300 tonnes per day. The Mavalipura plant also has a 1,000-tonne capacity, but receives just 100 tonnes. However, the Doddaballapura plant, which has a 1,000-tonne capacity doesn’t receive even a single truckload of garbage.

A few builders or developers have already installed this on their premises and effectively managing solid waste generated from their apartments. The organic manure manufactured from unit is collected by farmers and nursery in and around the apartment. Some apartments grow vegetables in apartment using the organic manure from these units.

Solid waste management plant will lessen the burden of BBMP and helps to manage solid waste effectively in the city. KSPCB has made mandatory for large apartments to have their own solid waste management unit for getting clearance from pollution board.

Reference:
Waste Disposal Units A Must In Apartments

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Stamp Duty Cut on GPA-Executed Sales Deed

Monday, June 22nd, 2009

Stamp duty on General Power of Attorney (GPA) based documents has been reduced by state government to 6 per cent. An ordinance promulgated on June 4, Stamp duty for GPA-based document was reduced along with cut down in stamp duty for first sale of apartments.

Union government has asked state government to reduce stamp duty to bring uniformity across the country. The buyers will have to pay stamp duty 6 per cent and 10 per cent cess on stamp duty and depending on the place of transaction additional duty on stamp duty and a surcharge will be imposed. A stamp duty of 6.72 to 6.78 per cent will be levied on transaction which includes surcharge, additional duty and infrastructure cess.

Reduction on stamp duty for GPA-executed sales deed will benefit to property buyers in urban area when comparing with rural area property buyers. Normally transaction of GPA-executed sales deed is found in urban areas such as Bangalore, Mangalore, Mysore and other urban areas. In urban areas GPA executed sales deed could amount 5 per cent of total transaction and it is around 1 per cent in rural areas.

If the transaction is in corporation limit, surcharge and additional duty of 2 per cent on stamp duty will be levied on transaction and the transaction in gram panchayat limit such transaction will levy 3 per cent on stamp duty.

Reference:
Stamp duty cut on sale deed executed by GPA

Knowledge-Articles for residents of apartment

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Shobha Developers Received Approval to Raise its Share Capital

Saturday, June 20th, 2009

Shobha Developers Bangalore received approval to raise its share capital to Rs 1500 Crore. The company got approval from shareholders at its shareholders meeting hike Foreign Institutional Investors limit to around 100% of company’s equity share capital.

Shobha Developers said that on shareholders meeting company received approval from shareholders to raise Rs 1500 crore from domestic and international market. Company will also hike Foreign Institutional Investors (FII) limit to 100%. The company said in a filing to the Bombay Stock Exchange (BSE).

The company would raise capital to Rs 1500 crore from International market by issuing shares through American Depository Receipts, Global Depository Receipts and from domestic routes through warrants and debentures.

Further, the company will increase the FII investment limit in the company to 100% of the paid-up capital, provided the equity shareholding of each FII shall not exceed 10% of the total paid-up equity share capital of the company.

Reference:

sobha developers gets shareholders nod to raise rs1500 crore

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Marginal increase in Income tax exemption is expected

Thursday, June 18th, 2009

According to sources in finance minister, the center is likely increase income tax exemption limit in forthcoming general budget. Government is considering a proposal to hike income tax exemption limit to boost demand and rebuild the slowdown-hit housing industry.

At present tax payers are eligible for exemption of income tax on interest rate paid up to Rs 1.5 lakh every year and it is likely to increase to Rs 2.5 lakh a year. If the proposal is accepted, tax payers will save up to Rs 31,000 a year from income tax exemption this will make purchasing home more affordable. However, tax payers can get this benefit only after construction of house is completed.

While acknowledging the fact that a “marginal” hike in the income-tax exemption limit will lead to some revenue loss, the Tax Research Cell (TRC) believes that the very injection of a “feel good” factor into the economy will have a positive spiraling effect on the “demand dynamism.”

Reference

www.deccanherald.com

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Property Tax Payers List Published By BBMP

Tuesday, June 16th, 2009

BBMP has released the list of owners who have paid their property tax 2008-09. You can check the details of your property tax paid and if you find any discrepancy, you can report BBMP online.

BBMP is updating list of property owners who paid property tax 2008-09.The property has been indexed Assistant Revenue Officer (ARO) wise, Ward wise and Street wise. This enables property owners to check the tax payment details easily.

Checking  tax payment details

  • Click on “Property tax paid by tax payers for 2008-09” to check your payment details.
  • This will lead you to guidelines to use the site for checking your payment details. Click “Next” and again click “continue” to proceed further.

  • On next page you can see two link one for property tax payers who filed return and other for tax payers who have not filed return. Click on the property tax payers who filed return.

  • You can see list of ARO, select the ARO which is applicable for you, then your ward and street. After selecting your ARO, ward and street click on “Report” to view the details.

  • This will generate list of tax payers in your locality or area. To view the details of return filed click on green link “Click” This will ask you to feed cheque/DD/ pay order number to view the details. Enter your cheque or DD number to view the details of payment.

  • If the details found have any error or discrepancy in the report, you can report the same to BBMP online. To report discrepancy click on blue link “Click”. Enter the details of payment such as cheque or DD number, amount paid, Name and branch of bank and feed back or remarks. On remarks/feedback column you can briefly explain the discrepancy details. Click “Send” to send the discrepancy details.



If your property details is not found in list

Don’t get panic if your name is not in the list of property tax payers list even though you have paid property tax in time. BBMP is been entering the data of property tax payers, you can report your details to BBMP showing that you have paid property tax. You need to follow these simple steps to report BBMP.

  • When you visit BBMP website and entered the details of ARO, ward and street, report will generated showing the list of data available of property tax payers.

  • In the bottom of the page you can see a link “If your property is not found in the list Click here to give Details”. Click on the link to give to your details.

  • You will get a page to enter the details. You need to enter your application number, details of cheque or DD such as Name and branch of bank, cheque number, Amount paid. You need to select the help center name from the list. Enter remarks for the same.

Report Discrepancy

  • Green Link: Green link enables property owners to view the details of property tax return filed. To view detail you need to enter you cheque/DD/pay order number and click continue to view details.

  • Blue Link: If there is any discrepancy in the details entered by BBMP, property owners can report the same to BBMP in online. This link can also be used by tax payers to give feed back or suggestion to BBMP.

  • Brown Link: If a tax payer does not find his return entered, he can use this link to report the same to BBMP. Now Bangalore citizen can also provide information of Evasion of property tax. To provide information on evasion of property tax, citizen can application number of property owner and give brief description about evasion of property tax and BBMP will verify the same. Brown link is at the bottom of page where list of property tax payers are listed ARO, ward and street wise.

Pay your property tax for 2008-09 on or before June 30 and remember now citizen can inform the tax evaders in just a single click. Brown link helps BBMP to get evasion of tax and any complaints. Make prompt payment of your property tax and save from penalty.

Links to Refer:

BBMP Property tax system (property tax 2008-09)

BBMP-Bangalore

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Posted in Bangalore | 10 Comments »

Investing In Real Estate Business

Tuesday, June 9th, 2009

In India real estate business is one of the successful industries which offer good deal for both buyers and seller. In real estate market all buyers are not buying property for long-term purpose. They hold property for short-term and sell when they get marginal or good profit on the property. These profits become good income at the end of year.

To succeed in real estate business you need to know basic market trend and some experience in property transfer. Patience is very important in real estate business. You may some times encounter failure or loss in one or more transaction but you need to stick in the business to gain more.

While investing in real estate business, you need to know laws relating to property, taxation, updates of financial and banking rules etc. This will help you to know the market trend and the right moves you need to take, whether to buy or sell the property. For example, now you can see cut down in property rate, lower interest rate for home loan, cut down of stamp duty and so on. This indicates that this is buyer market and it is right time to buy property for selling in future.

You need to have good relation with people who are investing in real estate business. A good networking helps you to get best deal and more opportunity to invest and transfer the property at profitable rate. Real estate business needs hard work and smart investment to achieve success. It may take some years to earn big profit but you can get marginal profit on your transaction and learn new experience in each transaction.

Negotiation skill is important for surviving in this field. You need to negotiate well when buying a property and when selling the property you need to sell them for marginal profit. You need to know when to walk away from the bad deal.

Real estate business offers good return if you know the trend and idea of transferring the property. Patience is very important for surviving the failure in real estate business. You need to know laws relating to property, banking rules and Income tax laws. Good negotiation skill is tool for success and walk away from bad deal is wise than investing or suffering the loss. Make good market research before you invest or step into real estate business.

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A Second Homes Wave in India

Sunday, April 19th, 2009

India is a country where the young are reaching higher, dreaming bigger and demanding more. It is a country that is challenging the limits of aspirations, ambitions and possibilities everyday. It wakes up every morning a little younger and infinitely more ambitious in spirit, determined to seek solutions to its problems, and hustling its way to growth.

The trend of owning second homes emerged post the liberalization of the Indian economy, and gained steam in the mid-1990s as the country went through its first real estate upswing

If there is one sector, that reflects the changing aspirations and growing needs of this new India, it is the residential sector. Owning a home was a result of a lifetime’s savings. But Strong economic growth has led to rising incomes, better availability of attractive home loan options, wide range of supply and growing aspirations. In fact, in the metropolitan cities, it is not uncommon to see young professionals aspiring to own more residences than one. There is thus a ‘Second Homes Wave’ in the country.

Owning of second homes in India is a relatively new phenomenon emerged post to the liberalization of the Indian economy, and gained steam in the mid-1990s as the country went through its first real estate upswing. No single factor can be attributed as the driver of the second home wave. It was a combination of a host of converging factors that led Indian home buyers to explore the option of second home purchases. Some of these factors include:

Macro

· Strong economic growth

· Emergence of an upwardly mobile consumer class

· Rising aspirations

Sectoral

· Real estate as an attractive investment option

· Improved real estate transparency levels

· Wider options to choose from

· Availability of high-quality residential formats

· Competitive home loan rates

· Flexible loan financing – EMI holiday by developers

· Increased NRI buyer interest

All of these factors have led to the initial wave of second homes in India. Consumers started looking beyond their first home. When the real estate sector went into a consolidation mode during the closing years of the 1990s, the interest for second homes slackened a bit. However, a subsequent wave of second homes in the country has come about. This has been driven by the resurgence of the economy in the new millennium and the emergence of end-user demand for homes, on the back of attractive mortgage rates as well as rationalized home prices. This trend has remained consistent ever since and has manifested itself in varied typology and geographies across India. Now it is not a dream but a reality that you can owe a second home.

Links you can refer:

Second homes wave across the country

Meltdown gain: Rich hunts for properties abroad

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