Posts Tagged ‘Housing’
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 »
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 »
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 »
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 »
Wednesday, July 8th, 2009
The minister for housing and urban poverty alleviation has announced a model bill for regulating the real estate sector by August-September timeframe.
The Model Bill would propose a regulator and aim to address the concerns of consumers as well as the real estate industry. The minister for housing and urban poverty alleviation, Kumari Selja said, “We have initiated a dialogue with all key stakeholders including private sector, NGOs, and various States to prepare the model Bill for regulating the real estate sector.”
Bangalore-based realtor Ozonegroup has announced the launch of its maiden township project — ‘The Metrozone’ — in Chennai. The project will be a joint venture between Ozonegroup, HDFC India Real Estate Fund and Urban Infrastructure Opportunities Fund and would involve an overall investment of Rs 2,500 crore and is likely to be completed in about 52 months. Spread over an area of 42.5 acres, the township offers apartments, penthouses and commercial space for hospitality, retail and offices.Sudarshan KS, COO of Ozonegroup said that the first phase of the township is scheduled to be delivered by November 2010
Links to Refer:
Govt Announces Bill to Regulate Real Estate Sector by Aug-sep
Tags: Housing, Housing Developement, Housing India, indian real estate, market trend, model bill, ozone group, property, Real Estate India
Posted in Housing India | No Comments »
Wednesday, July 1st, 2009
State Bank of India has launched new scheme which assures lowest interest rate in home loan market for first three years. SBI launched SBI easy loan and SBI Advantage home loan. SBI Easy home loan is for amount up to Rs 30 lakh and SBI Advantage home loan is for amount above Rs 30 lakh and will carry special rate of 8 per cent for first one year.
State Bank of India country’s largest lender cuts home loan rates for first three years. The loan rate will be fixed at 8 per cent for first year, in second and third year there will be increased 100 basic points to 9 per cent. Under SBI Easy loan, rate is fixed for low rate for first three years and from fourth years onwards, customers can choose either floating rate 2 per cent below the State Bank Advance Rate (SBAR) or fixed rate 1 per cent below SBAR with a five year reset. Under SBI Advantage home loan, interest rate for second and third year is fixed at 9.5 per cent. From fourth year onwards, customer can either choose floating rate 1 per cent below the SBAR or fixed rate 0.5 per cent below SBAR with a five year reset.
The special rate for home loan fixed by SBI could spark a rate war in the highly competitive home loan rate. HDFC stands second in charging lowest rate for home loan. HDFC charge 9.25 per cent for home loans up to 30 lakh and 9.75 per cent for loans above 30 lakhs. Borrowers can get best from this competition and SBI move to lower the loan rate could spark rate war with leading lenders in home loan market.
Reference:
Tags: Bangalore, cut down, Home Loan Market, Home Loan Rates, Home Loans, Housing, Housing India, indian real estate, rate war, Real Estate India, SBI Home Loan
Posted in Loan | No 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 »
Monday, June 29th, 2009
In new block period, tax payers will get tax-paid only after the realization of cheque. According to BBMP, cheques submitted by the tax payers in current block period nearly 13,000 cheques had problems. Out of these, 6,000 cheques had no date or even payee name on the cheque. The tax-payers were traced by using contact detail available on the cheque. Out of 8000 cheques received, 4000 cheques are yet to be encashed.
The new block period tax starts from July 1st. Property owner’s can start paying their property tax online from this July 1st. BBMP will introduce system of giving tax-paid receipt only after realization of cheque from new block period. Since many people use tax-paid receipt for rebate on income-tax, BBMP may write to the Income Tax department, asking it to decline exemption to defaulters till their cheques are encashed.
June 30, is last date for filing returns for current block period (2008-09). One day is left to pay the second half year installment without 2% penal interest and last day for filing revised returns. BBMP has also issued a notification to occupiers of tenant property to ensure prompt payment. BBMP is planning to have separate windows for collecting tax and revised returns, anticipating the response in past few days.
Tax Dates
- June 30: Last day for filing property tax 2008-09 and filing revised returns for those tax payers who made mistake in filing the returns.
- July1: Tax payers can start paying property tax for 2009-10 online or at citizen center.
- July 30: Last date to avail 5% rebate for tax paid in full
- August 30: Last date to pay tax for the whole year or the first half-year installment without penalty (at 2% interest per month).
Tags: Apartment, Apartment India, Bangalore, Bangalore East, bbmp, Housing, Housing India, indian real estate, market trend, online tax, property, property tax, Real Estate India, Tax calendar, Tips
Posted in Bangalore | 1 Comment »
Friday, June 26th, 2009
Global slowdown had led all industries to look towards government for help and packages to regain the market situation. Real estate sector is one of the industries which look Union Budget with hopes and expectation. Real estate industry expects some tax concession and packages to boost the industry.
Developers and builders expect reintroduction of section 80-IB (10) of income tax Act. The section was lapsed on March 31, 2007. If the provision reintroduced, builders will be encouraged to build small sized apartments. As per this section there was exemption from income tax on profit made by developers in constructing houses of less than 1000 sqft in Mumbai and Delhi, and less than 1500 sqft in other cities.
There is huge demand for small sized apartment. There is urgent need to boost the industry by restoring fiscal concession or restoration of section 80-IB (10). Developers and builders feel this measure will encourage builders towards construction of small sized housing or apartment and lowering the price of small residential units.
Stable government has played vital role in getting hopes and confidence of property buyers, investors and Realtors. Industry experts feel government is on right track by considering the hiking of income-tax exemption available for interest payment on home loans. Home buyers and investors expect the government will increase the income tax exemption slab for interest payment on home loans from Rs 1.5 lakh to Rs 3 lakh. The Budget should free the rental income yielded by commercial premises from service tax.
Every industry is expecting government for help and stimulus packages to regain the market situation and come out from the current situation. Real estate sector looks union budget as an opportunity where government will offer packages to boost the industry.
Tags: Apartment, Apartment India, Bangalore, Bangalore East, budget, Buying, Housing, Housing Developement, Housing India, Housing Societies, indian real estate, market trend, property, Real Estate India, recession
Posted in Apartment Buying | No Comments »
