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BBMP decided to re-launch its drive against building violations

Wednesday, November 10th, 2010

The BBMP has decided to re-launch its drive against building violations and reissued a circular to the engineers concerned of its Town Planning Department to crack the whip against such violations.
The circular reiterates that the officials should take action against buildings which have been constructed in violation of the approved plan.The Mahanagara Palike has asked ward-level engineers to carry out regular inspections and those at Town Planning Division to send the approved plans to sub-divisions within seven days.

In a release, the Palike has asserted that they would continue the drive and have directed officials concerned in the Department of Town Planning and other departments to pursue the same.

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RBI introduced a ceiling on “loan to value”

Tuesday, November 2nd, 2010

Home buyers can now avail only 80 per cent of the value of a house as home loan, when they buy their dream house.This comes after the RBI introduced a ceiling on “loan to value” ratio for home loans. The RBI has also clamped down on teaser home loan rates.

The central bank has said that the loan to value ratio for home loans cannot exceed 80 per cent. The Home buyers will have to pay the 20 per cent of the value of a house as housing loan from their own pocket. The RBI has also said that teaser rate loans present higher risk to banks. The RBI has increased the standard asset provisioning on teaser loans to 2 per cent from 0.4 per cent.

The Reserve Bank of India has sounded a cautious note as far as property prices are concerned. The RBI had noted that residential property prices have been rising in most cities, especially in Delhi and Bangalore.

Now, getting a home loan becomes harder and Home buyers can now avail only 80 per cent as housing loan. They will have to pay the remaining 20 per cent from their own pocket. Till now, new borrowers could avail home loans at lower rates of 8 per cent for a fixed number of years.The RBI has also clamped down on teaser home loan rates and said that teaser rate loans raise concerns as borrowers may not have the ability to service loans.

Source: profit.ndtv.com

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Gaining demand for resale apartments

Wednesday, July 14th, 2010

According to realtors who have been exclusively marketing resale properties, the demand for resale apartments in and around city areas has been gaining momentum. Larger unit size, proximity to schools and hospitals and work areas are some of the criteria that tilt the balance in favor of resale apartments.At the same time prices for resale units in city areas have also gone up by 50 per cent in a span of two years.

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The demand for resale units is high particularly in areas like Lavelle road, Richmond road and Cunningham road, says Rebekka Ninan of RNU Partnership. There are specific locations where resale market is quite active like Koramangala, Jayanagar, JP Nagar, Malleshwaram and Ulsoor, according to property consultants.

The new units cost anywhere between Rs 10,000 and Rs 15,000 per sqft in CBD areas. The prices for resale units vary from Rs 6,000 to Rs 12,000 per sqft depending on the age of the building, quality, specification and type of amenities available.

The demand is more for CBD areas as proximity to a range of facilities is what nudges them to opt for resale units. The demand for home loans for resale units has also picked up if the quantum of enquiries received by various housing finance institutions is any indication. At the same time not all companies provide home loans for resale units beyond 15 years.

Reference: commonfloor.com/stories

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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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E-stamping gains popularity in document registrations

Monday, June 7th, 2010

Gone are the days when people had to wait in serpentine queues to purchase a stamp paper. The efforts of the Karnataka Government in promoting e-Stamp papers with the support of the public sector Stock Holding Corporation of India has started paying rich dividends. Nearly 175 e-Stamp sale counters have come up across the State. E-Stamp papers sale has gained popularity in Maharashtra and Tamil Nadu as well.

“It is almost impossible to produce a fake e-Stamp paper. Each paper carries a code and the paper itself has several security features. The efforts are on to open 400 e-Stamp vending centres across the State and of them 200 will be located in Bangalore where the sale of stamp papers is one of the highest.Credit for this should go to K.R. Niranjan who until recently was the Inspector General of Registrations and Commissioner of Stamps.” says S.N. Jayaram, the incumbent Inspector-General of Registrations and Commissioner of Stamps.

E-Stamp papers are available in select branches of Syndicate Bank, Canara Bank, Souharda Cooperative Bank, Indian Bank and Corporation Bank while Punjab National Bank and Karnataka Cooperative Apex Bank have come forward to open sale counters. Apart from this the new variety of stamp papers are also sold in nearly 50 post offices and this will be extended to another 50 by the Postal Department.In the two years from March 2008, a total of 9.53 lakh e-Stamp papers with a face value of Rs 73.19 crore have been sold in the State.

The introduction of e-Stamp papers and the opening of sale counters across the State will not merely counter the circulation of fake document papers but also net a rich revenue to the State exchequer.


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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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BBMP to Issue notice to defaulting property owners for 2008-09 and 2009-10

Tuesday, February 9th, 2010

According to an estimate, nearly 2.5 lakh property owners have not paid their property tax for 2008-09 and 2009-10. Now, the civic authority plans to do a door-to-door survey to issue notices to the defaulting property owners and make them pay the dues.The demand notice will give them 15 days time to make the payments with two per cent penalty.

“Our officials have been visiting all these buildings and issuing notices to the occupants, irrespective of whether they are the owners or not,” said an official. BBMP expects to meet the shortfall of Rs 400 crore in the two months time.

Despite issue of notices,many of property owners has not paid property tax 2008-09 & 2009-10 under SAS.If the property tax for 2008-09 has been paid, property owners can avail the facility of online paying for year 2009-10 by using Visa/Mastercard on BBMP’s website.

The property owners without Occupancy Certificate can pay property tax under Self Assessment Scheme (SAS) with their title deed (sale deed).The property will be registered in BBMP’s B-Register until regularization of property.The property owners cannot file self assessment declaration once assessment order is issued. BBMP requests property owners co-operation during inspection and assessement by BBMP officials.

Last chance for defaulters

  • For payment made after 30th November 2009, an interest of 2% per month will be levied.
  • Property owners paid property tax for 2008-09 can avail the facility of online paying for the year 2009-10 by using Visa/Mastercard on BBMP’s website.
  • The property owners without Occupancy Certificate can pay property tax under Self Assessment Scheme (SAS) with their title deed (sale deed).
  • The demand notice will give property owners 15 days time to make the payments with two per cent penalty.
  • Further action will be taken against them as per the provisions, if defaulters do not pay their dues even after receiving demand notices.
  • Log on www.bbmp.gov.in or your nearest Help center for more details.

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Rainwater Harvesting opened a new window of employment to plumbers

Tuesday, February 9th, 2010

Rainwater Harvesting (RWH) appears to have opened a new window of employment to plumbers, who are in huge demand.There are approximately 60,000 houses which need to implement the system in Bangalore by May 2010, and 8,000 of them have already implemented it, according to BWSSB.

Each project can cost from Rs 4,000 to about Rs 40,000, which includes the material and labour cost. BWSSB is also trying to get the 12.5% VAT exempted from materials required for rainwater harvesting.The mandatory clause will be applicable for all new structures on a sital area measuring 1,200 sqft (30×40) and above, in the case of existing structures, it will be applicable for those built on a sital area of 2,400 sqft (40×60) and above.

When the order was issued, there were hardly any plumbers to do the skilled job, now there are around 400 plumbers trained by BWSSB, Karnataka State Council for Science and Technologies (KSCST) and IISc, and are available to implement the system wherever required. NGOs like Samvada are also training youth. “Around 10 youth trained by Samvada are busy meeting the demands of several calls. Their charges are site-specific and they specialize in rooftop rainwater harvesting for houses, hospitals, factories or any commercial establishments”-said program associate, Samvada, Satish K S.

The training process for rainwater harvesting will continue for the next three years. From April, another 500 will be trained and certified. Anyone can take up this training, and no formal qualification is required. As of now, BWSSB’s registered plumbers are being trained.

The Bangalore Water Supply and Sewerage Board (BWSSB) has proposed relaxation of Value Added Tax (VAT) for filters intended to motivate the public to opt for RWH before the May 27 deadline. To motivate plumbers to carry out Rain Water Harvesting (RWH), BWSSB has announced cash incentives if they attain specific targets.

Source: Times of India

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Akrama-Sakrama Regularization Scheme May Take another Six Months

Monday, January 18th, 2010

with the Governor, H.R.Bhardwaj, suggesting a thorough discussion on the issue on the floor of the Legislature, the hopes and aspirations of a large number of Bangaloreans to utilize the Akrama-Sakrama scheme and thus legalize their dwelling unit continues to remain a distant dream.

The much-touted scheme of the ruling BJP aimed at pleasing Bangaloreans has thus hit a roadblock right away with the Opposition parties keen on a full-fledged discussion on the subject which is likely only in the budget session of the State Legislature in March. Sources in the two main Opposition parties in the two Houses of the Karnataka Legislature, the Congress and the Janata Dal (Secular), told The Hindu that they are happy with the decision of the Governor to refrain from promulgating an ordinance.

“In 2004, the Governor T N Chaturvedi returned the ordinance with this message and then the government took three years to rectify and following objections the law was passed. It was also challenged in the Karnataka High Court which had stayed it. So how do you expect me to bypass both the legislature and judiciary?” asked Governor, H.R.Bhardwaj.

“It is an important subject which involves the lives of several lakhs of people. There has to be a full-fledged discussion on the Karnataka Town Planning (amendment) Bill.”

The two main Opposition parties in the two Houses were not per se against the Akrama-Sakrama scheme but were keen on a detailed discussion. It should be ensured that the scheme is only for the benefit of the common people and not for safeguard the interests of the real estate developers or commercial builders who have indulged in gross violations of building bye-laws.

The number of unauthorized constructions in the State has swelled with every passing year and what was four lakh when the regularization scheme was first proposed in 2004 has now touched nearly 13 lakh of which 10 lakh is in Bangalore alone.

Given the nature of the reply given by the Governor to the proposal of the State Cabinet to promulgate an ordinance, the regularization scheme is expected to be implemented well after the elections to the council of the Bruhat Bangalore Mahanagara Palike scheduled to be gone through on February 21. People will, however, have a year’s time to apply for regularization from the date of commencement of the process, although the cut-off date for regularisation has been fixed — December 3, 2009 — the date on which the State Cabinet approved the scheme.

Link to Refer:
The Hindu

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Ready-to-occupy homes will find favour with new homebuyers

Monday, January 4th, 2010

According to a Knight Frank report on affordable housing, affordable housing units are springing up in areas where there is a larger concentration of middle income end-user segment. Most builders in the city are concentrating on constructing one and two BHK apartments as affordable homes, with sizes varying from 500-900 sqft and cost varying from Rs 1200-2500 per sqft. The cost of an affordable unit would vary from Rs 15-30 lakh depending on the location.

With large land parcels on the outskirts of the city being cheaper, several developers have launched their affordable housing projects in the suburbs of Yelahanka, Doddaballapur, BTM Layout, Whitefield, Jigani, Sarjapur, and Kanakapura Road. Areas around Bellary Road leading to the airport have seen a spurt in the launch of residential units in the last one year alone with the road connectivity being a singular factor driving the demand here. Sarjapur Road continues to hold demand and the areas leading to Sarjapur Village and in the vicinity of the police station are seeing a spurt in an assortment of affordable housing units including compact villas.

According to the Knight Frank survey, the sentiments in the real estate industry are that although there is not much reduction in price, the absolute reduction in unit cost would be sufficient to drive affordable housing demand.Affordable housing projects are coming up along Doddaballapur Main Road, Hesaraghatta Road, Jakkur, Allasandra and Hennur ORR. Planned plotted layouts leading from Doddaballapur Main Road towards Nelamangala are finding takers in investors who prefer buying land to an apartment.BTM Layout, Kanakapura Road, Electronic City and Sarjapur ORR are where homes in the affordable range have been planned.  Several affordable projects have been announced around Whitefield in Hoodi and Kadugodi.

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