Posts Tagged ‘trend in real estate’

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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Home buyers need not worry about being levied a service tax

Monday, April 12th, 2010

Local authorities in some states do not issue completion certificates while others take many years to issue one. The budget for 2010-11 has proposed Service tax if payment is made before the completion of construction. If Home buyers and property developers cannot procure a completion certificate from the local authority they need not worry about being levied a service tax. The government could allow some independent authority to certify that the property is complete.

“We are examining the issue and will see if a similar certificate from an outside agency can suffice,” said a finance ministry official.The service tax will be levied only on 33% of the base price of a flat sold at construction stage. Charges such as development fee, parking fee and premium location usually paid at the time of completion of construction will also be included in the base price. The new rule will come into effect when Parliament approves the budget.

Home buyers and property developers need not worry, if they cannot procure a completion certificate.The finance ministry may admit a certificate from an architect or builders association as a sufficient proof of completion. Sale of fully completed houses will be exempt from the tax if a completion certificate from a local authority is provided.

Non-availability of completion certificate can increase the cost of a property as the 3.3% service tax would be significant, taking the tax element to nearly 10% after including the stamp duty.Property developers had a mixed response to the proposal. Rajeev Talwar, managing director of DLF, the country’s largest developer, felt the flexibility could be abused. However, an executive of Delhi-based developer Ansal API appreciated the government’s decision. “If the government takes the decision to outsource the whole process to an accredited agency, it will take the pressure off the realty firms.”

Reference:

The Economic Times

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Sakrama to benefit 12 lakh properties

Friday, December 4th, 2009

The government hopes to collect a whopping Rs 5,000 crore as fine from the scheme in Bangalore city alone. Apart from penalty, there will be a substantial increase in the revenues of urban local bodies as all these illegal constructions would come under the tax net from next year.

The revised Akrama-Sakrama scheme, which was approved by the state Cabinet on Thursday, will benefit about seven lakh properties in Bangalore and about five lakh properties in other cities. Stating that the scheme was a one-time opportunity to get building violations regularised, Transport Minister R Ashok said he had recommended to the government not to encourage violations in future and initiate criminal proceedings on both property owners and BBMP officials. He has also recommended setting up of an authority to check violations and encroachments in future.

Former BMP mayor M Ramchandrappa said that the government has failed to take people into confidence before taking a final call on the revision of the Akrama Sakrama scheme. People have been kept in dark and they are not aware of the happenings related to the scheme, he said. However, we need to look into what revisions have been made in the scheme to further comment on this, he added. The government is only fooling people with the scheme. “How would they reduce it to 50 percent, when the scheme itself was never implemented? The new legislature is far from the people’s requirement,he added.

The revised Akrama-Sakrama scheme, which was approved by the state Cabinet on Thursday.The revised Akrama-Sakrama scheme will benefit about seven lakh properties in Bangalore and about five lakh properties in other cities. The government hopes to collect a whopping Rs 5,000 crore as fine from the scheme in Bangalore city alone.Transport Minister R Ashok recommended setting up of an authority to check violations and encroachments in future.He had recommended to initiate criminal proceedings on both property owners and BBMP officials.

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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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