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How about a honeymoon in Space?

Monday, June 21st, 2010

Once the ambitious ‘Space City’ materializes, space would be just 100Km from Bangalore. The Space City focuses on boosting real estate, hotels and hospitality, leisure and tourism sectors. It will have UFOs, galaxy-shaped shuttle station, a virtual museum and star hotels. The project, which is expected to provide employment to 20,000 people, has been planned to be pollution-free. Once a person enters the city, he will have to travel around either by monorail or electric cars.

How about a honeymoon in space? The honeymooner space luxury would be available in various categories, three star to six star hotels. All this would be a reality once the ambitious ‘Space City’ materializes. The journey for the Space City began on Saturday, with the state government’s high-level clearance committee on investments, headed by chief minister B S Yeddyurappa, giving its in-principle approval.

The project promoter is Marib Infrastructure India Private Limited, a joint venture of Abu Dhabi and Malaysian firms. Sheik Sultan Bin Mohd Bin Khalid Al Nahyan, a member of Abu Dhabi’s royal family and one of the main promoters of Marib Group, is expected to arrive in Bangalore by next month-end for project consultations with the state government.

The ambitious ‘Space City’ to come up on a sprawling 1,600 acres at a whopping Rs 18,500 crore investment at Bagepalli in Chickballapur district, it will be the first of its kind in the country. The project, which is expected to provide employment to 20,000 people, has been planned to be pollution-free.  The project combines unique, futuristic themed and varied project components. It will have science and technology park, exhibition centres, malls and media-linked events. Besides, the project will fill the space for the real estate needs.

It will be a state-of-the-art multi-functional educational, entertainment project focusing on science, technology, innovation, art, design, ecology and entertainment among others. Land acquisition and water would be the two challenges for the project. However, as it is a dry area, land wouldn’t be a problem. The government has suggested to the project promoter to go in for rainwater harvesting, zero discharge and utilization of treated water.

Source: Times of India


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Reduction in stamp duty is a boon

Friday, March 12th, 2010

In recent Karnataka budget 2010-11, the decrease in stamp duty is expected to cause some optimism among home buyers. Real estate sector is gradually becoming active and reduction in stamp duty in recent budget is boon for for those homebuyers or investing in real estate.

Stamp duty on Deposition of Title Deed (DTD) would be would be reduced to 0.10 per cent from previous 0.25 per cent subject to a maximum ceiling of Rs.50,000. For amalgamation and de-merger of companies, present rate of 5 per cent would be brought down to 3 per cent. One per cent duty would be imposed on papers of Transfer of Development Rights (TDR).

An appropriate amendments would be brought in to stop stamp duty evasion in transfer of apartments/flats. Stamp duty on Agreement to Sale to be modified from 0.25 per cent to 0.10 per cent subject to a maximum of Rs.20,000. After further simplifying of duty structure in respect of lease and license, Stamp Duty at the rate of 0.50 per cent will be imposed for a period up to 1 year subject to a maximum of Rs.500 for residential buildings. Stamp Duty would be imposed one, two and three per cent respectively for a period of one year to 10 years, 10 to 20 years, 20 to 30 years, based on average of one-year. rentals and advance

Stamp Duty and Registration Fee exemption

In the recent budget 2010-11, it is decide to exempt Stamp Duty and Registration Fee fully in respect of loan documents of rainwater harvesting units, houses built under Indira Avas Scheme and non-conventional sources of energy – like solar and bio-gas energy units. Stamp Duty and Registration Fee exemption will be granted in respect of documents transferring properties for public purposes, free of cost to local bodies and urban development authorities. Duty in respect of annulment of all kinds of documents will be simplified.

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Buying A Home and Home Loans get pricier

Tuesday, March 9th, 2010

A week after the Budget made homes more expensive by imposing a service tax of 10% on the cost of construction, banks are now ratcheting up interest rates by 0.25-0.50%. Bankers say they expect rates to rise by another 0.25-0.50% after two-three months when the Reserve Bank ups rates in general at its next credit policy review in April.

All new home buyers will now have to pay 0.25-0.50% of additional interest. This is because the Reserve Bank of India has impounded more bank cash to check inflation, with the cash reserve ratio being raised by 0.75% to 5.75% in February. New borrowers will have to shell out Rs633 more in terms of equated monthly installments (EMIs) compared to people who have already raised their loans.

Home loan vendors are not making the buying decision any easier. Kotak Mahindra Bank, too, has announced a hike in home loan rates. On Thursday, leading home financiers ICICI Bank and Housing Development Finance Corporation (HDFC) ended their “teaser home loan” schemes, under which rates were as low as 8-8.25% in the initial years.An ICICI Bank spokesperson said that the “two-year fixed-rate home loan scheme has been discontinued from March 1, 2010. The current floating home loan rates are 8.75% for loans up to Rs 30 lakh, 9% for Rs 30-50 lakh and 9.5% above Rs 50 lakh.”

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JBJ City Developers was arrested in connection with land scam

Friday, February 19th, 2010

Bangalore police arrested Manivannan, director of Chennai-based JBJ City Developers in connection with a Rs 20-crore scam in Tamil Nadu and a Rs 7-crore land scam in Bangalore. The case came to light when people complained that JBJ City Developers had collected money for land and then failed to allot plots.

JBJ City Developers having its corporate office in Chennai collected several lakhs from people and cheated them by not registering land and also not giving back their money. When the customers approached,they supplied several cheques, which bounced consequently.When the customers approached, the management allegedly threatened them.

The Economic Offences Wing (EOW) of the Tamil Nadu police commenced investigations into the multicrore fraud last week. More than 1,000 victims thronged the EOW office to file their complaints. With the arrest of Manivannan, the police have finally managed to bust a racket that came to light five months ago.

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Bangalore Shifts into one BHK homes

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

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SBI extends its special home loan scheme till 31st March, 2010

Tuesday, November 10th, 2009

The country’s largest lender State Bank of India on Friday decided to extend its 8 per cent home loan scheme till March 31, 2010.The decision of the bank would help small home loan receivers.State Bank of India decided to extend its 8 per cent home loan scheme just a day before it was due to expire.

SBI, which offer the special plan under `My Home Campaign` is providing 8 per cent fixed rate of interest for five years for loans amounting Rs 5 lakh, having an upper limit of 10 years. Apart from latest development, SBI is also providing SBI Max Gain, under which it provides home loan as overdraft with saving interest option. Moreover, SBI is also providing SBI Advantage Home Loan carrying a fixed rate of interest of 8% in the initial year and 9% during second and third years.

In the past few days banks like Axis Bank came out with a special 8 per cent scheme for the first year and Bank of Rajasthan too dropped home loan rates to 7.5 per cent w.e.f. from November 9 and Punjab National Bank extended its 8.5 per cent scheme till December 31. SBI’s aggression may also force bigger private sector players to re-look at their strategy.

Links to Refer:

www.commonfloor.com/articles/category/property-buying/home-loan

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