Posts Tagged ‘Apartment’
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
The affordable home is showing signs of taking off in a big way with big developer brands. Affordable housing segment receive big boost with provident housing, a wholly owned subsidiary of Puravankara projects, launching its first such projects in Bangalore “Provident Welworth City” on Yelahanka Doddaballapura Main Road in Bangalore.
The project comprises of Stilt, Ground and Seven floors. Provident Welworth City offers 2 & 3 BHK apartments sizes varying from 845 sq. ft. to 1180 sq. ft. Prices for apartment start at Rs 14.90 lakhs for 2BHK (845 sq. ft) and goes up to Rs 18.90 lakhs for 3BHK (1180 sq. ft.). The property boasts of amenities like lifts, playing area, swimming pools, gyms, multipurpose hall, super market etc. For covered parking one will have to pay Rs 1.50 lakh and open parking Rs 75,000. Moreover, an additional amount of Rs 2 lakh (approximately) costs for registration, taxes and some permission.
The project involves an investment of Rs 480 crore. The house will be ready by September- October of 2011. Fund for project comes from promoters’ equity, construction finance and advance from clients. Depending on completion of project, client will have to pay the money.
Last week, the Prestige Group said it is planning township projects on 400-600 acres of land in Bidai and Sarjapur which may include significant components of affordable house. The Confident Group said, a project launched in Sarjapur road with 675 units earlier saw a flood of calls and significant booking within first few days.
Price for affordable projects are low and it is possible because the locations are away from city center where cost of land are low and size of flats are smaller comparing to buildings built traditionally.
Reference:
Provident launches affordable housing project in Bangalore
Provident Housing offers ‘affordable units’ near Chennai
Tags: Apartment, Bangalore, Housing India, indian real estate, market trend, property, purvankara, Real Estate India, Tips
Posted in Apartment Buying | 54 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 »
Monday, July 27th, 2009
BESCOM (Bangalore Electricity Supply Company Ltd) has announced the phone numbers of Superintending Engineers in and around Bangalore as helplines for registering monsoon-related complaints. In view of heavy rain in different part of state, BESCOM has will provide quick relief to public for restoring power supply and arrangement has been made for the same.
Citizen of Bangalore can register their complaints in case of electric poles or conductors are affected in rain. BESCOM will restore power supply as soon as possible after receiving complaint from public. The helplines in BESCOM Bangalore are as follows:
The phone numbers are:
- Bangalore: 223427019449844604 (North), 9449844605 (South)
- Tumkur :2278225, 9448279008;
- Kolar :222017, 9448279008
- Davangere :259210, 944879094;
- Chitradurga :222620, 9448279094
- Ramanagaram :7272866, 9448279007;
- Chikballapur: 270166, 9448279008
BESCOM applications for various purposes are available in its sub-divisions for all types of LT connection and in division offices for all types of HT connection. The applications for various purposes can be downloaded from BESCOM website http://www.bescom.org/
In some of its O&M subdivisions, official were refusing to register applications for new power connections under the pretext that applications were to be registered through licensed electrical contractors only. Instructions have been issued by BESCOM to field officers to accept applications submitted by customers directly.
If any official did not register the application or refuse to register new power connection, public can bring the same to notice of BESCOM vigilance on
- Superintendent of Police-office:- 22381838 and 9480625877;
- Deputy Superintendent of Police:-9448094801 and
- Executive Engineer, Vigilance:-9448094802
Links to Refer:
BESCOM announces helplines for monsoon-related complaints
Tags: Apartment, Bangalore, Bangalore East, Bescom, electricity, helplines, Housing, market trend, property
Posted in Bangalore | 2 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 | 3 Comments »
Tuesday, July 14th, 2009
Bangalore Citizen often confuse with Bangalore One and BBMP One. Earlier Bangalore One used to collect property taxes but in current Year property tax is collected only at BBMP One but people gather at Bangalore One centers to pay their property tax confusing BBMP One and Bangalore One as same.
“Bangalore One” center are run by the e-governance department and provides a host of citizen services from accepting payment of phone bills to booking of tickets. While “BBMP One” is re-christen of BBMP help centers mooted by ABIDe (Agenda for Bengaluru Infrastructure and Development) task force for providing BBMPs civic services.
Earlier Bangalore One used to collect property taxes but in current tax period 2009-10 BBMP has opened its own help center to accept the payment. Bangalore One and BBMP One sounds similar and citizen gather at Bangalore One to pay their property tax and turns irritated when they told they have to go BBMP citizen center to pay property tax for 2009-10.
Last Saturday, people gathered at Bangalore One to pay their property tax 2009-10 and turned irate when they told that they had to pay their tax at Palike Help Center. After this incident, Bangalore One centers posted notice stating property tax has to be paid at Palike Help Center.
BBMP officials admitted that it had caused quite a bit of confusion and the name was given only on ABIDe’s insistence. Now BBMP officials are calling BBMP One as Palike Help Centers or Contact Points to avoid confusion. Bangalore citizen can continue enjoying the service of Bangalore One from accepting payment of phone bills to booking of tickets except payment of property tax. BBMP accepts property tax for 2009-10 at BBMP One and also accept online at BBMP official site.
Links to Reference:
ABIDe Moots BBMP One Centres
Bangalore One- BBMP One Not One
Bangalore One
BBMP
Tags: Apartment, Apartment India, Bangalore, Bangalore East, Bangalore one, bbmp, BBMP One, citizen service center, indian real estate, property, property tax, property tax 2009-10, Real Estate India
Posted in Bangalore | 2 Comments »
Tuesday, June 30th, 2009
New Happy Home Loan is scheme for Home Loan by State Bank of India. Disbursement of home loan under this scheme has grown at Rs 1500 crore a month. Since the scheme was announced bank had monthly disbursement of Rs 1100 crore in first two month and current growth is Rs 400 crore more than earlier.
Till March Bank had sanctioned Rs 2,348 crore. Subsequently bank is sanctioning Rs 1500 crore every month under “New Happy Home Loan” scheme. SBI had announced 8 per cent home loan for first one year in the first week of February. In second year rate will be applicable with prevailing rate.
The rate was lowest so far in the industry and the bank’s move was to stimulate demand for home loan when home buyers postpone their purchasing decisions and economic uncertainty. The scheme has been extended till September.
SBI claims to have highest growth in last fiscal in its home loan portfolio. In the same period bank market grew to 19.74 per cent from earlier market of 17.48 percent. There was 21 per cent increase last fiscal of Rs 54,063 from Rs 44, 626 in previous fiscal. Bank offers various other schemes which will be valid till the month end. One of the schemes is 9.25 per cent fixed interest for five years on home loans between Rs 5 lakh and 20 lakh. Interest rate will be reset every five years from the date of disbursement of first installment. The rate was 8.5 per cent fixed for every five years on home loans less than Rs 5 lakhs and rate will be reset every five years from the date of disbursement of first installment.
Links to refer:
Tags: Apartment, Bangalore, Home Loans, Housing, Housing India, indian real estate, market trend, property, Real Estate India
Posted in Loan | No Comments »
