Posts Tagged ‘Housing’
Monday, December 21st, 2009
The home buyer is normally a person who wants to set up a family or one who looks around for investment options. With the tax exemptions allowed by the government for repayment of loans and interest paid on loans for purchase of house property/construction of houses, investment in property received a shot in the arm.
As for the one who wants to set up a family, his needs depend normally on the number of members in the family, price quoted for the house and available surplus for repayment of loan. Location and distance from work place, possibility of future expansion and the like come next.
In India, promotion of housing initially came from the government. For the middle and upper middle class, affordability is the key. The increase in income of people during the last 10-15 years due to higher industrial growth, proliferation of software firms etc enabled property buyers to go in for larger and luxurious houses. The global meltdown turned the table upside down and investment in house property has been hit badly. This has led to shift in demand from large or fairly large accommodation to lesser floor space. Another reason might have been the wait for locating accommodation in the city center area.
Improvement in transportation facilities, construction of ring road and peripheral ring road, metro rail etc also factored in. The development of townships in and around the peripheries of cities also shifted the demand from one location to the other. There was a time when small apartments went a begging in Yelahanka, Kengeri, Whitefield and Bannerghatta Road. After the economic slowdown, salaries took a downslide and people thought of various methods to beat the recession.
One major approach has been to go in for lower floor area houses. The city is becoming larger and people need to either move out from the central area or go in for smaller accommodation. In this background, the one-bedroom tenement is perhaps the solution.
Reference:
The Hindu
Tags: 1bhk, affordable home, Apartment, apartment buy-sell, Bangalore, Bangalore East, Buying, home buyers, Housing, indian real estate, market trend, property, property buying, property tax, Real Estate India, recession, Second homes, Tips
Posted in Bangalore, News | No Comments »
Monday, November 30th, 2009
BBMP property tax kiosks had a busy day on Sunday, the last date for paying the second installment of property tax for 2009-10 without penalty. There was a huge rush at the Bruhat Bangalore Mahanagara Palike (BBMP) property tax collection centers. “Our online property tax collections have touched Rs18crore. The online collection on Sunday alone stood at Rs35 lakh,” a senior BBMP official said.
Devendrappa, assistant revenue officer at the Mayo Hall BBMP office, said, “About Rs75 lakh was collected at our office on Sunday alone. In the three wards of Neelasandra, Shantinagar and Richmond Town that come under our jurisdiction, there are 20,000 property holders and 75% of them have paid the property tax. “Notices are being issued to 6,000 defaulting property holders. The defaulters will now have to pay the property tax along with a 2% monthly penalty,” he said.
There was huge rush at the property tax collection centers on Sunday, raising the levy collection for the year to Rs500 crore.The online collection on Sunday alone stood at Rs35 lakh.The defaulters will now have to pay the property tax along with a 2% monthly penalty.
Reference:
bbmp property tax kiosks had a busy day
Tags: Apartment, Apartment India, Bangalore, Bangalore East, bbmp, bbmp bangalore, Housing, Housing India, indian real estate, market trend, online tax, property, property tax, property tax 2009-10, Real Estate India, Tax calendar
Posted in Bangalore, News | No Comments »
Friday, November 13th, 2009
Estate South 2009 – “South India Real Estate – The Way Ahead”
Estate South 2009 is one of the leading conferences on the real estate sector in South India.Estate South 2009 conference will focus on various critical issues like affordable housing and challenges faced in the current economic scenario and how to overcome from the global recession.
Estate South 2009 Starts on November 13, 2009 and ends on November 14, 2009 at Hotel Taj Coromandel, Chennai.
The fourth edition in the Estate South serie, organized by Confederation of Indian Industry (CII), will provide an outstanding platform for industry leaders to share their experiences and thoughts to develop the real estate industry.
Sessions @ Estate South
- Who Moved My Lease?
- Money Matters – The Investment Route
- Sustainability – Green Way to Success
- State Focus: Best Practices in Sanction Process
- Alternate Revenue Generation from PPP Models: Is real estate the answer?
- Taxation and Processes
- Affordable Housing – Reactive Alterations Rather Than Proactive Decisions?
Confederation of Indian Industry invites you join at Estate South 2009 on 13- 14 November 2009 at Hotel Taj Coromandel, Chennai.
For Further Details, Contact
Ms Merin Devassia & Ms M Subha
Confederation of Indian Industry
No 98/1, Velacherry Main Road, Gunidy Chennai 600 032
Tel:91-44-42444555 fax:91-44-42444510
Email: merin@cii.in; subha.m@cii.in
Reference:
http://events.linkedin.com/Estate-South-2009-South-India-Real/pub/153702
Tags: affordable home, conference, estate south 2009, Housing, Housing Developement, Housing India, indian real estate, property, Real Estate India, real estate sector, south india real estate
Posted in Events | 1 Comment »
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
Tags: Apartment, Apartment India, Bangalore, bbmp, BDA masterplan 2015, building height for highrise, Housing, indian real estate, New zonal regulations, property, Real Estate India
Posted in Apartment Buying, News | No Comments »
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
Tags: Apartment, attractive offers for property buyers, Buying, festival season, Housing, Housing India, indian real estate, market trend, property, Real Estate India, residential property, Tips
Posted in Uncategorized | No Comments »
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
Tags: Apartment, apartment buy-sell, Bangalore, guidelines, Housing, indian real estate, market trend, property, Property Registration, Real Estate India, Stamp duty, Tips
Posted in Bangalore | 3 Comments »
Thursday, September 3rd, 2009
Demand and price rise for properties in the outer ring road belts. The IT boom accompanied demand for the property in localities close to areas where IT development was happening. The capital appreciation seen in the IT belts over the last two years was around 25-30 percent.
IT Belts in Bangalore city are Whitefield, Electronic City, Outer Ring Road (from Marathahalli towards Old Madras Road), parts of the CBD, and Bellary Road (towards Hebbal). Whitefield and Outer Ring Road (Marathalli-Sarjapur stretch) are the key IT belts in the city that have witnessed significant commercial development in the last three to four years.
Nowadays, investors who want to invest in commercial spaces are bringing in lesser capital, pooling it into a large facility and leasing it out to quality tenants. North Bangalore and areas in close proximity to Hebbal are the emerging micro markets with potential for future commercial development over three to five years. This is largely due to the improved connectivity as well as potential for development of social infrastructure and residential development.
When it comes to investing in an IT belt, a leased commercial IT space garners a yield of around 9-12 percent. This acts as a hedge against inflation. The capital appreciation seen in the IT belts over the last two years was around 25-30 percent. A rental return of 9-12 percent can be expected depending on the quantum of investment.
The Whitefield and Sarjapur-Outer Ring Road belts have been the fastest-growing belts in the last few years. These are the two belts with the highest IT development in Bangalore with Outer Ring Road having around 11 million sqft of completed leased space and Whitefield having around 13.2 million sqft of completed IT stock. Both areas are well-connected to the international airport through existing or planned civic infrastructure initiatives. The planned Peripheral Ring Road (PRR) will improve connectivity from Whitefield to the airport.
A long-term investment in this belt will yield high rental returns and capital appreciation, and acts as a hedge against inflation.
Whitefield has seen residential growth in Varthur, Brookefields, Mahadevapura, and in localities around Whitefield. The Outer Ring Road belt has both residential and commercial development with multi-tenanted facilities as well as high-end apartments. Southeast Bangalore is an employee catchment area close to the Sarjapur-Marathahalli- Outer Ring Road belt. The largest increase in the gross rental yield in the city was seen in Whitefield – from 11.6 percent in the fourth quarter last year to 12.4 percent in the first quarter of this year.
Tags: Apartment, apartment buy-sell, Bangalore, Housing, Housing India, indian real estate, market trend, outer ring road, property, Real Estate India, Tips
Posted in Bangalore | No Comments »
Tuesday, September 1st, 2009
According to a revenue official, the last date to pay the first installment of property tax for the financial year 2009-10 ended on Sunday. From beginning of financial year to August 30, Bruhat Bangalore Mahanagara Palike (BBMP) has collected approximately Rs. 380 crore as property tax from around 4.3 lakh residents of the city.
Last year, around 7.5 lakh property owners paid tax to the tune of Rs. 748 crore to the civic authority. The official said property owners had just two months’ time to pay the property tax under self-assessment scheme last year. This year however, they have been given abundant time and they can pay the tax, albeit with penalty, till October-end.
The official said that the civic authority hoped to collect at least Rs. 800 crore as property tax this year. BBMP targets for 1000 crore and to ensure 100 per cent payment, BBMP will use Geographical Information System, that enables to scrutinize the details such as built-up area, number of floors and usage of the property.
While four lakh owners filed their tax returns at various centers identified by the BBMP, more than 30,000 property owners chose to go online. The official also said that the BBMP had received a lot of complaints from property owners last year about the cumbersome procedure involved in filing the tax returns.
Tax Calendar
August 30- Last date for payment of property tax for full year or First half-year without penal interest.
November 30- Last date for payment of property tax for second half-year without penal interest.
Tags: Apartment, Bangalore, bbmp, Housing, Housing India, Housing Societies, indian real estate, property, property tax, property tax 2009-10, Real Estate India, Tax calendar
Posted in Bangalore | 1 Comment »
Thursday, August 20th, 2009
Real estate sector always come up with innovative way to secure your investment. Buying a home is dream of common man and affordable housing has made dream come true. “Affordable housing” is a term used to describe dwelling units whose total housing costs are deemed “affordable” to those that have a median income.
Affordable housing denotes the basic human need for a comfortable home that offers value for money and cost is relative to the amount that the buyer can afford. Experts here suggest that homes costing no more than five times the buyer’s annual income can be considered affordable.
According to a Planning Commission Report, the urban housing shortage as in March 2007 was around 24.71 million and it will increase to 26.5 million by 2012. Ninety-nine per cent of this shortfall in housing is with regard to Economically Weaker Sections (EWS) and Low-Income Groups (LIG) which contributes to squatting and slum formation. Apart from the existing shortfall, the increasing urban population, which is expected to reach 576 million in 2030 from the current figure of 328 million, will add to the affordable housing demand.
Some developers have either shifted to affordable home projects or made some change in project to make their existing project fit for affordable home. If you already own a house, investing in a second property may not be a bad idea. You can get tax benefit on your second home. Buy a second house that meets your needs, available finances and lifestyle. The economic slowdown is proving to be a blessing in disguise for the common man, especially as far as housing is concerned.
Lower interest rate, construction cost and easy home loan makes investing or buying affordable home easy.The future of affordable housing for the next few years to come is indeed bright. Energies of all stakeholders are focused in the right direction to meet a common goal. Public-private partnerships will be a vital tool and the way forward to address affordable housing.
Tags: affordable home, Apartment, apartment buy-sell, Apartment India, Bangalore, Bangalore East, cut down, Home Loans, Housing, Housing India, indian real estate, market trend, property, Real Estate India, recession, Second homes
Posted in Apartment Buying | 1 Comment »
Friday, August 14th, 2009
Housing finance major HDFC offers loans between Rs 30 to 50 lakhs at 9 per cent. HDFC has upped the ante for market share in the home loan market by reducing rates by 50 basis points.
The development comes within a week of the country’s biggest bank SBI cutting rates by 50-75 bps for high-value loans and offering loans up to Rs 5 lakh at 8% fixed rate for five years.
As per the revised rate, loans between Rs 30 to 50 lakhs will be offered by HDFC at 9 per cent. As the lender has not revised its prime lending rate, the rate will apply only for new customers.
Several public sector lending institutions such as Canara Bank, SBI and LIC Housing Finance have unveiled competitive schemes to attract home loan seekers. HDFC now wants to take advantage of the festival season spike in business.
Reference
HDFC cuts rate to 9% for Rs 30-50 lakh loan
Tags: cut down, HDFC, Home Loans, Housing, indian real estate, market trend, property, Real Estate India
Posted in Loan | No Comments »
