Posts Tagged ‘property’
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 »
Tuesday, November 24th, 2009
The government attached properties worth several hundred crores, belonging to ViniVinc Group head Srinivas Shastry, on Monday. This includes 49 sites measuring 64,245.25 square feet near Yelahanka, and 39 acres in Hoskote taluk where a township is proposed. In a multi-crore scam, Shastry, through the company, had hoodwinked around 2,000 investors of nearly Rs 203 crore.
The follow-up action to get money out of the property was also quick. The deputy commissioner, Bangalore district, has appointed a liquidator, who has already fixed dates for public auction of the sites near Yelahanka. They will go under the hammer from Wednesday and the money will be distributed among investors.
Shastry was arrested by the Corps of Detectives (CoD) in Vishakapatnam in 2005, and the Supreme Court recently granted him a two month bail based on the assurance that he would return money to all depositors within the specified period.
Monday’s attachment of properties, under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004, is the biggest since Shastry was nabbed. “The reason for the attached properties being worth several hundred crores is that the 49 sites in Yelahanka and 39 acres in Ekarajapura in Hoskote are fully converted,” sources said. However, the exact price has not been estimated.
While other property had been attached earlier, a sessions court, on November 2, had taken serious objection to the Yelahanka and Hoskote properties being left out. The court had observed that the Act provided for an overriding effect in respect of properties held by fraudulent financial institutions falling under it purview.
Reference:
ViniVinc Shastry’s Yelahanka, Hoskote properties attached
Disclaimer: The article contains data collected from various sources and the use of same is at readers discretion.
Tags: Apartment, Bangalore, Bangalore East, hoskote, properties held by fraudulent financial institutions, property, property fraud, Real Estate India, Vinvinc group, Yelahanka
Posted in Bangalore, News | No Comments »
Tuesday, November 24th, 2009
Many developers in the city are looking at building— 1-BHK ranging between 500 sqft and 800 sqft with a price tag of around Rs 10 lakh to Rs 15 lakh. Electronic City, Whitefield, Marathahalli and Bannerghatta Road are the current hotspots for 1-BHK and studio apartments. Brigade Group, which just announced the launch of its value homes, says that 30% to 40% of the 10,000 units it’s expected to build would comprise 1-BHK units.
Bangalore city that rarely saw a 1-bedroom hall kitchen (BHK) apartment or a studio apartment could soon have a plethora of them. Most of the handful of 1-BHK apartments around are actually 2-BHK apartments converted into 1-BHK ones, sporting a large drawing room. Pricewise, these units command the same rates as a 2-BHK.
The trend of buyers wanting 1-BHK units and developers acceding to their wishes hinges on affordability. 1-BHK ranging between 500 sqft and 800 sqft with a price tag of around Rs 10 lakh to Rs 15 lakh. This could particularly benefit young professionals, newly-wed couples, and senior citizens.
Lease out as serviced apartment or rent out as studio apartment 1-BHK units will also help rental market. For a serviced apartment model, the per night tariff would be between Rs 2,500 to Rs 3,000, while on a monthly basis the rental could start from Rs 10,000.
Akruti Developers has launched a 150-unit fully-furnished studio apartment project in Whitefield. The units range between 650 sqft and 800 sqft in size and come fully loaded with AC, TV, and furniture including a coffee maker. According to Nikhil Jadhav, MD, Akruti Developers, “We are offering this product as an investment option to buyers whereby they can either lease them out as serviced apartments or give them on rent as studio apartments.”
Links to refer
bangalore shifts into 1 bhk homes
Tags: 1-bhk, Apartment, apartment buy-sell, Apartment India, apartment prices, Bangalore, Bangalore East, Buying, Housing India, indian real estate, market trend, one bhk, property, real estate, Real Estate India, trend in real estate
Posted in Apartment Buying | 1 Comment »
Tuesday, November 17th, 2009
BBMP has sent nearly 2 lakh notices over the past 10 days. May 30, 2009, was the last date to pay the second half installment without penalty for 2008-09. Technically, the BBMP has powers to issue notices from September. However, the process was delayed till the compilation was complete.
In its drive to catch errant taxpayers for the previous block period (2008-09), the Palike has surprisingly been snaring a few regulars. This has shocked both residential and commercial property owners. Venkatesh, staying in an apartment on Sarjapur Road who promptly paid tax for both block periods within the rebate period, was shocked when he received the notice. It said the BBMP is yet to receive tax on his property for the previous year.
BBMP revenue officials, who confirmed the mistakes had indeed happened, said it could be in cases where people paid tax on the cut-off date or later. “We admit it’s a mistake but you needn’t panic if you have the receipt. You must produce it and ignore the notice,’’ a BBMP official said.
According to BBMP records, only 7.63 lakh property owners of the overall 20 lakh properties in Bangalore have paid tax for 2008-09. This includes 2.6 lakh owners in core areas which have 6.9 lakh properties. A majority of residential property owners in the newly added areas are yet to enter the tax bracket for the previous block period. All this when the November 30 deadline for payment of second-half instalment for the current block period is not too far away.
Reference:
Times of India
Tags: Apartment, Apartment India, Bangalore, Bangalore East, bbmp, bbmp bangalore, Housing India, indian real estate, notice to defaulting property owners, property, property owners, property tax, property tax 2008-09, 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 »
Thursday, October 15th, 2009
The government plans to regularize all unauthorized layouts and housing sites developed before December 31, 2009 as against December 31, 2008. In the run-up to the BBMP polls, the government drastically slashed penalties from 20% to 8% for residential building and 25% to 20% for commercial buildings.
Continuing its efforts to fill its empty coffers and also with an eye on the upcoming BBMP polls, the state government on Wednesday indicated that the Akrama-Sakrama scheme will take a definite shape within a week.The cabinet sub-committee for regularisation of unauthorised constructions decided to issue a notification soon.
Initially, the revenue target was Rs 4,000 crore from this scheme.Now, with the extension of deadline it is likely to earn an additional Rs 1000 crore.The Akrama-Sakrama scheme was originally formulated during former chief minister H D Kumaraswamy’s regime but could not be implemented following strong opposition from people over high penalty rates.The then government had amended the Karnataka Town and Country Planning Act to introduce the regularisation as a one-time measure.
Links to refer
apartment-bangalore.com/bank-loans-for-sakrama-penalty
timesofindia.indiatimes.com/city/bangalore/New-Akrama-scheme-could-mop-up-Rs-1000-more
www.commonfloor.com/articles
Tags: akrama, Akrama-Sakrama scheme, Apartment, Bangalore, bbmp, bbmp akrama sakrama scheme, karnataka government, property, regularization, regularize unauthorised layouts, sakrama
Posted in Bangalore | 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, 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
Tags: Apartment India, bbmp, Housing India, indian real estate, karnataka land grabbers (prohibition) Act, market trend, property, property card in karnataka, property card will serve as authentic documents, Real Estate India, Tips
Posted in Bangalore | 1 Comment »
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
Tags: akrama-sakrama loan, Akrama-Sakrama scheme, Apartment, Bangalore, bbmp bangalore, guidelines, Home Loans, Housing India, indian real estate, nationalized banks, property, Real Estate India, regularization of unauthorized property, sakrama loans, Tips
Posted in Bangalore | 2 Comments »
