Posts Tagged ‘indian real estate’

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Estate South 2009 on 13- 14 November 2009

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

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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

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Posted in Apartment Buying, News | No Comments »

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

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Property Cards will serve as authentic documents

Monday, October 5th, 2009

Today it is world of cards where you will have credit card, debit card, petro and membership cards. Now property owners in Karnataka will soon have property card which will serve as authentic documents.

When the Karnataka Land Grabbers (Prohibition) Act comes into force soon, it’ll bring in transparency by cleaning up land records. Sources in the revenue department said that, with new rules in place, registration of sale deeds would be replaced with registration of titles. This will be done by introducing the progressive system of property titles and maintenance modeled on the Torrens System. The newly formed task force for eviction of encroachers on government land is also part of it.

The Karnataka Land Revenue Rules provide for a detailed inquiry of urban properties which can be done by the survey department following a procedure of issuing notices, hearing objections, ascertaining documents and finally writing property cards. The property card proposal is currently awaiting presidential assent.

There are about 15 lakh properties under BBMP and still more in the 2,000 sq km of Bangalore Urban district.In Bangalore,survey of property was last undertaken in 1975. It’s estimated that about 150 qualified surveyors would be required to complete the city survey inquiry.Even if a citizen pays Rs 500 to get the highly dependable property card, the cost of the project can be met. The present system of registration of documents can be misused quite often. With new rules in place, registration of sale deeds would be replaced with registration of titles.

Reference:

Property cards to fix glitches in records

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Posted in Bangalore | 1 Comment »

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

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Posted in Bangalore | 2 Comments »

Mobile Bangalore One from this November

Monday, September 21st, 2009

From November you can get facilities from your Bangalore One right at your doorstep. Bangalore One starts service in mobile vans. Besides easy payment of power and water bills, you can also get your passport made.This initiative of the state’s e-governance department is called `E-services on wheels’ or mobile Bangalore One.

Bangalore One centers will come right to your doorstep. All the facilities now available at Bangalore One will also be  available in Mobile Bangalore One. Two mobile vans with five computers each will travel in designated areas. The schedule of mobile Bangalore One will be informed in advance and they will stop for a minimum of two hours depending on the area’s need.Centers like Bangalore One will be launched in the other eight corporations soon.Tenders for the same has been called and soon will know about the private parties offering the services.

Reference

Bangalore One at your doorstep from November

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Posted in Bangalore | 1 Comment »

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

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Posted in Bangalore | 3 Comments »

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.

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Outer Ring Road Belt Good for Investment

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. 

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BBMP hopes to collect at least Rs. 800 cr. this year

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.

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