Posts Tagged ‘Apartment India’
Wednesday, August 19th, 2009
The Karnataka land revenue bill 2009 seeks to regularize unauthorized layouts and house sites developed prior to December 31, 2008. The details of the regularization process will be drafted in the rules to be formed under the amendments to the Land Revenue Act. There are large number of people who had constructed houses in unauthorized layouts or on unauthorized sites and were not in possession of valid ownership documents.
The Karnataka land revenue bill 2009 seeks to regularize unauthorized layouts and house sites developed prior to December 31, 2008.
It is a one-time measure to provide relief to a large number of people who had constructed houses in unauthorized layouts or sites. Nearly five lakh persons have purchased such sites and built houses thereon and are facing undue hardships. This is a one-time comprehensive scheme subject to certain reasonable conditions.
The legislation seeks to regularize all unauthorized structures and even the layouts and house sites formed on revenue lands, which include agricultural lands. In a way, the regularization announced under the Revenue Act is another format of the Akrama-Sakrama scheme contemplated nearly two years ago and has been awaiting implementation. However, that scheme is only pertained to jurisdiction of BBMP while amendment of bill is applicable to all over the state.
Under the new legislation, unauthorized structures or sites in natural drains, on government lands, the applicant has no title, beneath high tension lines etc., will not be regularized.
The H.D. Kumaraswamy-led coalition Government had taken pains to implement the Akrama-Sakrama scheme in 2007 and it was then estimated that nearly six lakh unauthorized constructions in Bangalore would stand to benefit. Under the new legislation, some of the conditions include — unauthorized structures or sites in natural drains, on government lands, coming in the way of existing or proposed rings roads, national highways etc, belonging to another person over which the applicant has no title, beneath high tension lines etc., will not be regularized. Property owner with more than two floors have to produce a certificate from a structural engineer and a no-objection certificate from the Fire and Emergency Services Department.
Links to Refer:
Opposition for debate on Land Revenue Bill
Unauthorised layouts, sites to be regularised
Tags: Akrama-Sakrama scheme, Apartment, Apartment India, Bangalore, Bangalore East, bbmp, indian real estate, karnataka land revenue bill, market trend, property, Property Registration, Real Estate India, regularize unauthorised layouts, Tips
Posted in Bangalore | 1 Comment »
Wednesday, August 19th, 2009
Demand and enquires for small or affordable home is increasing in last two or three months. In the coming month, sale of property will increase since people who postponed purchase in October due to recession and instability in market are firming up their mind.
Developers and most companies as reported increase in sale of property by 60 per cent in second quarter. In the recently concluded CREDAI Realty expo besides large number of enquiries in new projects 36 housing units were sold on the spot.
Single bedroom apartment or small homes were exception in past. Developers or builders are looking this segment as feasible opportunity to offer affordable home. Several projects are being modified to fit in 1 BHKs.
The recession has also bring down the cost in the affordable home segment, range from Rs. 15 lakh to Rs. 25 lakh in well-developed areas. As the demand for space increases along with the need for affordable houses, 1 BHK apartments and small homes will become a norm in the future.
Before the recession set in, 1 BHKs were confined mostly to projects developed by Category C developers whereas even Category A developers are also pitching in into affordable home segment now. This is also the best time for customers to buy homes, as prices could go up again in near future.
Reference:
For builders, small is now beautiful
Tags: affordable home, Apartment, Apartment India, Bangalore, indian real estate, market trend, property, Real Estate India, recession, single bedroom, Tips
Posted in Builder | No Comments »
Wednesday, August 19th, 2009
Register property with alternative documents
After two-and-a-half years of rigmarole over khata transfer and endorsement which had put property registrations in the erstwhile urban local bodies in a limbo, the Karnataka government has facilitated the sale-purchase transactions by suggesting alternative documents.
The government issued a fresh notification on August 12, 2009 about the acceptable documents during registration.On Aug 14, the inspector general of registration and commissioner of stamps K R Niranjan has written to the sub-registrars to follow the new guidelines and open up the registrations.
Since 2007 after the urban local bodies came under BBMP fold, property Owners who wanted to sell their properties could not do so. Now the government issued a fresh notification on the acceptable documents.The registration process for apartments located in these areas has also been made smooth now.
The khatas issued by the erstwhile CMCs, TMC or panchayats to which your buildings/sites belonged before becoming a part of the BBMP, will suffice to do property transactions.
You can submit following documents during property transaction
For buildings/sites in old urban local bodies:
- copies of khata and assessment extracts issued by CMCs, TMC or village panchayats to whose jurisdiction the properties belonged
- copies of property tax application and tax paid receipt under BBMP’s Self-Assessment Scheme
- Sale of apartments: copy of registered sale deed of first transaction
Links to follow
register property with alternative documents
Khata Transfer
Tags: alternative document, Apartment, apartment buy-sell, Apartment India, Bangalore, bbmp, guidelines, indian real estate, khata, property, Property Registration, Real Estate India, Tips
Posted in Bangalore | No Comments »
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
Tags: Apartment, apartment buy-sell, Apartment India, Bangalore, bbmp, Housing, Housing India, indian real estate, market trend, property, Real Estate India, recession, rising prices, Tips
Posted in Apartment Buying | No Comments »
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.
Tags: Apartment, Apartment India, Bangalore, Buying, green, green building, home, Home Loans, indian real estate, market trend, property, Real Estate India, Tips
Posted in Apartment Buying | No Comments »
Saturday, August 1st, 2009
It is good time for home buyers, especially buyers looking for affordable home. The government has taken some positive step to boost realty sector. Tax holiday has been announced for ongoing infrastructure projects which were approved during 2007-08 and projects to be completed before 2012. Earlier, the provision was limited to only projects sanctioned before March 2007 and the project to be completed before March 2010.
The government has decided to reduce interest rate one per cent for one year on home loans less than Rs 10 lakhs for a house costing Rs 20 lakhs. The move is expected to boost realty sector and the realty sector is directly or indirectly support other sectors. This measure will have positive impact on economy.
The interest subsidy is aimed at mid-segment housing loan borrowers. One caveat is the cost of the house should not exceed Rs 20 lakhs. Also, the subsidy will be available only for one year. This interest subsidy will be routed through scheduled commercial banks and housing finance companies registered with NHB. A number of developers have been considering getting into this segment. The move to extend by two years the tax exemption available to builders of smaller homes is also likely to persuade builders to reduce the cost of such homes. The minister has urged the developers to pass the tax benefits to customers.
Working of One per cent subsidy
The government has decided to reduce interest rate one per cent for home loan up to Rs 10 lakhs for house costing Rs 20 lakhs, for one year. This means, if you take home loan for 9 per cent and your loan amount is less than Rs 10 lakhs to buy a house costing Rs 20 lakhs, you are eligible for one per cent subsidy.
The Bank deducts one per cent interest from your loan and collects only 8 per cent interest on your home loan from 9 per cent. The one per cent interest subsidy will be routed through scheduled commercial banks and housing finance companies registered with NHB. It means a one-time saving of Rs 7,596 for anyone who takes a Rs 10-lakh 20-year loan at an interest rate of nine percent, with the subsidy taking his effective interest rate down to eight percent.
Tags: Apartment, Apartment India, Bangalore, Bangalore East, Buying, Home Loans, Housing, Housing India, Housing Societies, income tax, indian real estate, market trend, property, Real Estate India
Posted in Bangalore | 2 Comments »
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:
Tags: Apartment, apartment buy-sell, Apartment India, Bangalore, Housing, Housing India, Housing Societies, indian real estate, market trend, property, Real Estate India, rising prices, Tips, Villas
Posted in Apartment Buying | No Comments »
Saturday, July 25th, 2009
State Bank of India will hold two days loan mela in Davangere. Loan mela will be held on Saturday and Sunday at Abhinava Renuka Mandira. The customer with relevant documents can get car loan on the spot and SBI will issue loan approval letter for loans under housing schemes. SBI will not charge any processing fee for loans in the loan mela.
During loan mela held last year, SBI had done a business totaling over Rs 7 crore and targets to achieve the business of Rs 15 crore this year. There was a special offer of car loan as well as housing loans. The customer for loan for housing will get loan approval letter at loan mela and application for car loan will be sanctioned on the spot.
SBI will accept PAN card, voter ID cards, driving license, and passport as identity proof. Proof of residence, Bank account details, Form 16, IT returns for past three years and salary certificate are essential for sanctioning your car loan or get a home loan sanctioned in the loan mela.
Reference:
SBI loan mela from today
Tags: Apartment India, Bangalore, Home Loans, Housing India, indian real estate, market trend, property, Real Estate India, SBI Home Loan
Posted in Uncategorized | No Comments »
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.
Tags: Apartment, apartment buy-sell, Apartment India, Bangalore, budget apartment, Home Loans, indian real estate, market trend, property, Real Estate India, recession, Tips
Posted in Apartment Buying | No Comments »
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
Tags: Apartment, apartment buy-sell, Apartment India, Bangalore, bwssb, Housing, indian real estate, kspcb, property, Real Estate India, Tips
Posted in Apartment Buying | 1 Comment »
