Posts Tagged ‘Apartment’

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

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

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

The Launch of Township Project “The Empyrean” at Bangalore

Friday, October 16th, 2009

FIRE Luxur Developer Pvt. Ltd. announced the launch of Phase 1 of its township ‘The Empyrean’ at Bangalore. FIRE Luxur Developers Pvt. Ltd. is a JV company formed between FIRE (First Indian Real Estate) Capital Fund, a Private Equity Fund focused on Indian Real Estate and The Nilgiris Group of Bangalore, with a project outlay of over USD 350 million.

The Empyrean is located on the outskirts of Bangalore, towards east of Whitefield, away from the congestion of the city. It’s proximity to five existing and upcoming IT Hubs, is expected to make it a preferred destination among the IT/ITeS professionals.

The low rise, low density residential development has multi- housing option including five spacious options of villas with sizes ranging from 2,095 sq ft to 5,500 sq ft, very attractively priced at an average overall price of Rs 2250 per sq ft. All the major amenities are clustered at the centre of the Township, with a Clubhouse, Primary School and Shopping Centre nestled around a Central Park, designed in neighbourhood cluster format providing easy on-foot accessibility for every resident.

The project has already received Environment Clearance from the State Level Environment Impact Assessment Authority, Karnataka and the Layout Plan Approval from Department of Town & Country Planning.The Empyrean will be developed as a modern ‘Garden City’, offering a differentiated proposition in a city dotted with frantic real estate growth.This is the third investment in India after ‘Silver Springs’ in Indore and ‘The Empyrean’ in Nagpur.

Reference:

fire luxur announces the launch of its township project the empyrean at Bangalore

New Akrama Scheme is likely to earn an additional Rs 1000 cr

Thursday, October 15th, 2009

The government plans to regularize all unauthorized layouts and housing sites developed before December 31, 2009 as against December 31, 2008. In the run-up to the BBMP polls, the government drastically slashed penalties from 20% to 8% for residential building and 25% to 20% for commercial buildings.

Continuing its efforts to fill its empty coffers and also with an eye on the upcoming BBMP polls, the state government on Wednesday indicated that the Akrama-Sakrama scheme will take a definite shape within a week.The cabinet sub-committee for regularisation of unauthorised constructions decided to issue a notification soon.

Initially, the revenue target was Rs 4,000 crore from this scheme.Now, with the extension of deadline it is likely to earn an additional Rs 1000 crore.The Akrama-Sakrama scheme was originally formulated during former chief minister H D Kumaraswamy’s regime but could not be implemented following strong opposition from people over high penalty rates.The then government had amended the Karnataka Town and Country Planning Act to introduce the regularisation as a one-time measure.

Links to refer

apartment-bangalore.com/bank-loans-for-sakrama-penalty

timesofindia.indiatimes.com/city/bangalore/New-Akrama-scheme-could-mop-up-Rs-1000-more

www.commonfloor.com/articles

Demand for Residential Property Market will increase in this Festival Time

Monday, October 5th, 2009

As the festival season begins, analysts believe banks and developers will offer attractive schemes to attract home buyers. Activity in the residential property market has increased quite significantly during the last couple of months.Many banks are planning attractive home loan schemes to draw homebuyers during the coming festival season. Therefore, people looking at investing in property can make a serious attempt to get a good property and home loan deal.

As consumer confidence is increasing, the developers are launching many new projects. Analysts believe developers will offer some attractive schemes to attract homebuyers and book as many units as possible. Flexibility of the scheme during the home loan tenure is an aspect that borrowers should look for while selecting the lender. It is important to go through the various terms and conditions of the available schemes and offers carefully. Prospective borrowers should know the various fees/charges that come with the schemes.

Reference:

Home loan schemes attractive at festival time

Bank loans for Sakrama penalty

Tuesday, September 29th, 2009

The BBMP has tied up with some nationalized banks to fund the regularization penalty amount with the same property as guarantee. In fact, the last time when Akrama-Sakrama was announced and BBMP started collecting applications, many owners availed of this loan. But the BBMP stopped the process midway when the scheme was delayed by the new BJP government. After realizing that the notification of rules would get delayed, BBMP passed a resolution to refund the money.

More than 3 lakh property owners in Bangalore alone will now have to plan their investment better to get a clean chit for their properties. The penalty rates, which run into thousands and lakhs of rupees, will definitely pinch the pockets of the middle class. The BBMP has tied up with some nationalized banks to meet this expenditure with bank loan.

It’s also good business for banks as a majority will apply for the loan. And for owners, the loan will not be a big burden. Also, the same customers may get back to the bank for home loans in future when they construct after the regularization. The arrangement is such that banks, after processing documents, will present a cheque directly to BBMP for the amount. The rate of interest is as per the prevailing home loan interest.

Nationalized banks to chip in for Akrama-Sakrama Loans. The rate of interest is as per the prevailing home loan interest. After processing documents and calculating regularization amount, bank will directly pay to BBMP through cheque. If regularization is rejected for that property, the cheque will be returned to the bank.

Reference:

Bank loans for penalty amount

Do not wait for BBMP to do your work-clean-up campaign

Monday, September 21st, 2009

More than 300 volunteers and citizens took part in a clean-up campaign launched by two non-governmental organisations, Youth for Seva and Anonymous Indian Sunday at Malleswaram, Banashankari, G.M. Palya and Vijayanagar.At Malleswaram, the volunteers marched with drums and slogans to create awareness about cleanliness.

The volunteers asked the residents to bring out garbage and showed them how to separate wet waste from dry waste.Residents came out of their houses in response to the campaign and many of them joined the volunteers to clean up the neighborhood.The volunteers explained right way for segregation of waste and disposing it.

The clean-up campaign was to create awareness about cleanliness and message for people that they should not wait for Bruhat Bangalore Mahanagara Palike (BBMP) to do everything. people’s participation is necessary if they want to see the city clean.

Reference:
Creating awareness about cleanliness

Hassle free Property Registration at Post Office

Monday, September 14th, 2009

Karnataka Stamps and Registration Department is considering over 2000 post office and equal number of public sector banks across the state for property registrations. The department has been running the pilot project for the e-stamping initiative at four sub-registrar offices in the city. Property buyers will not have to go through the hassle of paying the registration fee and stamp duty at the sub-registrar’s office from next month.

On a pilot basis, the department is planning to launch the facility in 75 post offices in Bangalore by next month. A public sector undertaking, Stock Holding Corporation of India Limited (SHCIL) would be in charge of keeping a centralized record of all e-stamping documents. E-stamping is computer based application which enables you to pay for stamp duty using electronic device.

The postal department wants to charge Rs 10 as an additional fee from customers for e-stamping denominations up to Rs 100, and Rs 15 for e-stamping denominations above Rs 100. This is in addition to 0.15 per cent commission per transaction, which post offices get from the government for the e-stamping.

The department in association with SHCIL, is implementing e-stamping to put an end to illegal benami registrations and for plugging revenue leaks. The post offices have expressed interest and are waiting for a final approval by the state finance department.

Links to Refer:

Property Registration at post office

Residential Property is good for Investment

Monday, September 14th, 2009

It is good time for investing in residential property. Localities in each zone of Bangalore are emerging as prime residential areas.

A region is good for investment with various reasons such as easy commuting to key areas in the city, good connectivity with the Outer ring road, commercial development, good social infrastructure, industrial growth etc.

Residential segments in the north and northeast Bangalore such as Hebbal, Nagavara-Outer Ring Road (ORR), Yelahanka, Sahakaranagar, Jakkur, Coffee Board Layout, HRBR and HBR Layout, Banaswadi, off Kempapura Road, Amruthahalli, Hennur Road, and Thanisandra Road are the best options for investments. Devanahalli and Yelahanka are emerging as good alternatives to set up facilities. The international airport spurred growth in the north, and many companies are shifting here Yelahanka has seen significant residential spread over the past eight years. Due to good connectivity with the Outer Ring Road, the Hebbal flyover, and the underpasses, the 18-20 km to M G Road can be easily covered. There are approximately 4,000-5,000 units under construction to be completed in two years’ time here.

Major demand for housing in south Bangalore comes from the IT/ITeS segment. The completion of the flyover from Central Silk Board to Hosur Road will boost residential development along this stretch through smooth connectivity. Koramangala, Madivala, BTM Layout, HSR Layout to Sarjapur-Outer Ring Road, and Kanakpura Road up to Metro in the south-east and in South Bangalore, areas from JP Nagar to Bannerghatta Park, including Vijaya Bank Colony, Meenakshi Temple belt are good for investments.

In the east, Marathahalli, Brookefields, and Whitefield are witnessing residential development. The easy commute from the east to the international airport through the Outer Ring Road and the signal-free junctions will see the emergence of the east and north as major residential and commercial hubs.

In the west, The Vijayanagar belt, Nagarbhavi, Bangalore University belt up to Rajarajeshwarinagar and Kengeri satellite town, are emerging as good places to investment. There is good social infrastructure with a host of educational institutions and hospitals. Jalahalli and Peenya have the potential for residential development since there will always be an inflow of workforce looking for homes nearby due to locality close to industrial areas.