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Shobha Developers Gets Rs 225 Crore Investment

Thursday, June 18th, 2009

Shobha Developers Bangalore is raising Rs 225 crore from Purna Partners Bangalore, a private equity fund. The investment will be made at the Special Purpose Vehicle (SPV) level.

The raised fund will be used towards development of projects in Bangalore and other cities. For this purpose company will identify certain land parcels in Bangalore and other cities for development of residential and commercial projects. It will also undertake mixed development projects in Bangalore and other cities.

Shobha developers will execute the project as the principal contractor and each of projects will be valued separately. The company has also informed that they have received Rs 25 core from the private equity fund. Shobha will be shareholder along with Purna partners and other investors. The number of project will be decided by the investors.

Shobha developers are also looking to raise Rs 1000 crores through Qualified Institutional Placement (QIPs). The company’s board has also called an extra ordinary general meeting to increase share capital of company up to Rs 1500 crores. It is also considering increasing the limit of Foreign Institutional Investors (FII) in equity shares up to 100% of the share capital of company.

The company is also looking to at raising money by diluting stakes in its non-core assets or non-realty business. The fund raised will be used primarily to pay its debts and to fund it realty projects. The realtor is also looking to raise fund by selling 200 acres from its 3000 acres land bank.

Reference:

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Sobha Developers, Sobha Developers Bangalore, Shoba Developers, Shobha Developers

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Online System for Paying Property Tax 2009-10

Monday, June 15th, 2009

Property owners in Bangalore will experience new method of paying property tax from this July. Online system enables property owners to pay their property tax online using their Visa/Master card without any extra charge on their card. From this July onwards you no need to stand in queue or wait for assistance at help center.

The meeting held between BBMP and revenue officers for discussing the action plan for 2009-10 come up with decision to go online. A training session is also planned to organize before July 1 or before system becomes operational in full capacity. BBMP hopes to redress tax issues of current block period. Some corrective measures by adopting online system are reducing manual process, accepting only completely filled forms and an opportunity to make prompt payment of property tax by the owners outside the city.

If you want to pay your property tax by cheque, you can fill up the form online and download them to submit at respective help center. There will be two forms available online.

  1. Form IV for property where there is no change in built-up area or property usage
  2. Form V for the property with changes in these parameters.

Paying property tax online

  • Login to BBMP website www.bmpoline.org and enter your application number in the box to get access to details of previous tax paid.
  • Fill up the mandatory field and details of tax calculated. To pay property tax you can either pay online using Visa/ Master card or download the filled up form to pay by cheque.
  • To pay online enter the details of card and submit it. Download the acknowledgment receipt on submission. BBMP will send the hard copy of the same.
  • To pay by cheque, submit the cheque at respective help center along with downloaded filled up form.

From the beginning of July, you need not require to stand in queue or run towards help center for paying property tax. You can pay your property tax using your Visa/ Master card. National Informatics Center and IDBI bank has agreed to provide the `payment gateway‘ free of any extra charge on the card user. Pay your property tax online and remember to download the acknowledgement receipt after submission.

Links to Refer:
Pay your property tax online

www.bmpoline.org

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Posted in Bangalore | 7 Comments »

E-Stamp for Property Registration

Monday, June 15th, 2009

The Stamp and Registration Department will catch up and implement e-stamp project for registration of property. From this August onwards, you will not have to stand in long queue at sub registrar’s office or in bank to purchase stamp papers.

E-stamping is computer based application which enables you to pay for stamp duty using electronic device. It is safe, secure and easy process of paying stamp duty when comparing to traditional stamp duty payment. In short, “e-Stamp” means an electronically generated impression on paper to denote the payment of Stamp duty, by Central Record Keeping Agency or ASC.

At present government has authorized national banks to sell stamp paper and these bank will continue issuing stamp paper but not under e-stamping system. Government will take decision on whether to with draw the service or not depending on success of e-stamp paper. The system was launched with association of Stock Holding Corporation of India Ltd (SHCIL).

In future, payment of stamp duty will be collected by Authorized collection Centre (ACC) or Authorized Stamping Center (ASC). The ASC official will feed details of transaction after collecting stamp duty and will generate a stamp duty paid certificate. This will not take more than five minutes. The revenue department has framed separate rule under Karnataka Stamp Act for implementing e-stamping system The Karnataka Stamp (Payment of Duty by Means of e-stamping) Rules, 2009.

E-stamp certificate is temper proof with security features such as 2-dimensional barcode, watermark and micro-digiting. The agents have to register with SCHIL and need equipments such as computer with internet, printer and other related infrastructure. Agents could be post office, banks or charted accountant and they will get 0.15% from SCHIL on each transaction. E-stamping was launched by the state government in 2008 with a pilot at Gandhinagar sub-registrar office which spread to other four SR offices.

Applicants for e-stamp duty need to pay ASC official for stamp duty and they will feed the details or information provided by applicant and downloads the e-certificate. The print out of same is taken and sign with date and official seal. Non-washable permanent black ink is to be used by official to sign. Applicant can go to sub-registrar office with the certificate.

Links to Refer

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Posted in Apartment Buying | 1 Comment »

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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Posted in Housing India | No Comments »

Buying an Apartment in Bangalore

Friday, April 10th, 2009

Apartment buying is not only meeting an immediate requirement but also investing for a better future for your family. You need to plan and select best apartment which suits all your needs. While buying an apartment you need to take care of following things:

1. Area where you want to buy.
2. Builder Information
3. Apartment Specification: Size of apartment, Built-up area, Amenities, Cost, Premiums.
4. Legal Information about the project.

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Posted in Apartment Buying | 1 Comment »

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