Kiss the skies: future looks large, grand & green

New Architectural Styles May Help Silicon City Sport Brand New Look


Bangalore: Bangalore’s skyline and architecture are changing in ways that could make this city unrecognisable in a few years. Highrises, massive residential and mixeduse projects with extensive open green spaces and exotic landscaping, and newer architectural styles are combining to give this Silicon city a brand new look. The trend towards high-rises is striking, particularly in residential projects. The website of Emporis, a global provider of building-related data, lists 47 completed high-rises (12 floors or more) in Bangalore. A good number of these were completed in the past few years. As many as 18 more high-rises are stated to be under construction. And these are unlikely to include some of the projects more recently announced. Burjor Kothawalla, associate in the architecture firm Venkataramanan Associates, says as space gets more valuable and the availability of land drops, there is a tendency to go high-rise. “This is an interesting trend for Bangalore which traditionally contented itself with low-rise structures, much like the city of London,” he says. If the new comprehensive development plan for Bangalore raises floor space indices (FSI), as is expected, that would provide a further boost to highrises and encourage developers to challenge the 106-metre high Public Utility Building, the city’s tallest building even today. Large, grand and green: The highrise phenomenon is being accompanied by horizontal expansion. Newer projects are typically large-scale projects on a minimum of 10-15 acres, some going up to 100 acres and more. In line with customer expectations of large open and green spaces, most new projects try to keep built-up area to a minimum. Some 75-80 per cent of land area is often devoted to landscaping. “People today want lung spaces, open spaces, where grandparents, parents and children can move around,” says I. Zachariah of the architecture firm Zachariah Consultants. Even in landscaping, there is now growing levels of creativity. Puravankara’s Riviera tries to provide a resort-like feel with a stream running through and plenty of water bodies. Its Fountainsquare attempts to provide an European ambience through layered gardens, a grand central fountain, water cascades and cobble stone paths. Akme’s Ballet is attempting to recreate the grandeur of Renaissance architecture. “Customers want unique offerings,” says Girish Puravankara, director in Puravankara Projects. Arunjot Singh Bhalla, associate director in RSP Architects Planners & Enggs, says even in commercial projects people are conscious about integration of the landscape into the campuses. “People believe trees and greenery make a difference to their psyche, improve their efficiency. This is particularly evident among R&D companies, and now, the more conscientious BPO companies also want to provide such facilities,” he says. So if you are worried about Bangalore losing its Garden City status, the new developments should provide some comfort. Newer materials and styles: There’s also comfort for those tiring of the glass and aluminium cladding look in commercial buildings, a trend started by ITPL. Corporate clients and architects too are beginning to tire of this look and are moving towards other materials. “There has been an indiscriminate use of glaze and alucobond,” says Kothawalla. “Many of these materials have been developed in the US and Europe, where the primary consideration is to keep the heat within the building. In our geographical context, where the primary consideration is to keep the heat out of the building, these materials must be used judiciously.” Bhalla, who agrees with this, adds: “Clients now say they are sick of glass. In most of our projects, we’re shifting partially from glass to materials like sandstone, granite. We’re also trying to bring in elements of traditional Indian architecture like sandstone screens.”

ON THE ANVIL
Trend towards high-rises: Website of a global provider of building related data lists 47 completed high-rises (12 floors or more) in Bangalore.
Not just tall: New projects are typically large-scale projects on a minimum of 10-15 acres, some going up to 100 acres and more.
Creativity unbound: Resort-like feel with stream running through; European ambience through layered gardens,a grand central fountain,water cascades and cobble stone paths; grandeur of Renaissance architecture.
Sick of glass: Most of the projects shift partially from glass to materials like sandstone, granite with elements of traditional Indian architecture like sandstone


Visit Emporis for further details and listed here are some of the High rise buildings touching the sky in bangalore.

Completed:

High-rise Buildings (completed)
1. Subhas Chandra Bose Tower (106 m, 25 Floors)
2.South City Tower B5 [South City] (76 m,22 Floors)
3.South City Tower B1 [South City] (75 m,22 Floors)
4.South City Tower B4 [South City] (73 m,20 Floors)
5.South City Tower C3 [South City] (71 m,21 Floors)
6.Barton Centre (50 m 15 Floors)
7.Vidhana Soudha (46 m4
8.Visvesvaraya Tower (21 Floors)
9.Brigade Towers (17 Floors)
10.Raheja Towers (17 Floors)
11.HMG Ambassador (16 Floors)
12.Magnolia [Brigade Millennium] (15 Floors)
13.Cassia [Brigade Millennium] (15 Floors)
14. Mantri Elite Tower C [Mantri Elite] (15 Floors)
15.Mantri Elegance Tower .. [Mantri Elegance] (15 Floors)
16. Mantri Elite Tower A [Mantri Elite] (15 Floors)
17. Mantri Elegance Tower .. [Mantri Elegance] (15 Floors)
18. Mayfair Block [Brigade Millennium] (15 Floors)
19.Mantri Elite Tower B [Mantri Elite] (15 Floors)
20.Mantri Elite Tower D [Mantri Elite] (15 Floors)
21.Mantri Elegance Tower .. [Mantri Elegance] (15 Floors)
22.Mantri Elegance Tower .. [Mantri Elegance] (15 Floors)
23.Fairmont Towers (15 Floors)
24.Mittal Tower (15 Floors)
25.Du Parc Trinity (15 Floors)
26.Brigade Residency Bloc.. [Komarla Brigade Reside..] (14 Floors)
27.Brigade Residency Bloc.. [Komarla Brigade Reside..] (14 Floors)
28.Manipal Hospital (14 Floors)
29.Prestige Meridien II(14 Floors)
30.Platinum City Block D [Platinum City] (14 Floors)
31.Binny Crescent (14 Floors)
32.Discoverer [International Tech Park..] (14 Floors)
33.Prestige Meridien I (14 Floors)
34.Platinum City Block G [Platinum City] (14 Floors)
35.Vijaya Bank (14 Floors)
36.Platinum City Block C [Platinum City] (14 Floors)
37.RMZ The Millenia (13 Floors)
38.Purva Heights Tower A [Purva Heights] (13 Floors)
39.Shankarnarayana Towers (13 Floors)
40.Explorer [International Tech Park..] (13 Floors)
41.Vayudoot Chambers (13 Floors)
42.Innovator [International Tech Park..] (13 Floors)
43.Regency Heights (13 Floors)
44.Purva Heights Tower B .. [Purva Heights] (13 Floors)
45.Prestige Towers (12 Floors)
46.Embassy Heights (12 Floors)
47.Manipal Centre (12 Floors)
48. High Point IV

About Emporis:
Emporis leads the world today as the most comprehensive information provider with a focus on high-rise buildings (12 floors and more), with the ambition to cover the whole building market in the years to come.
Emporis is already one of the world's most respected, widely utilized sources for research, ratings, and analysis on information concerning buildings. The firm publishes research results and commentary that reach millions of website users around the globe.
The integrity and deep market expertise have earned Emporis the trust of market participants worldwide. Our ratings and analysis track hundreds of domestic and international real estate markets covering approximately 100,000 high-rise buildings, 30,500 companies, 8,000 cities in 206 countries and areas.

Some High Rise Buildings (Construction Ongoing/Started/Announced)
1. Akme Harmony
2. Purva Riveria
3. Prestige Shantiniketan
4. Akme Ballet
5. Brigade Metropolis
6. HM WorldCity

Taxing Times...Co-applicants and tax

This article explains how IT rebate can be availed when a home loan is taken jointly.
Many home loan borrowers are not aware of how interest is worked out when the loan is taken jointly. Let us take an example. A borrower took a home loan of Rs 20 lakhs in his wife's name. When applying for the loan, his wife's salary did not qualify for the Rs 20 lakhs. So the bank suggested that he should include his name for enhancing the family income and thereby the loan eligibility. His wife is the 100 percent owner of the property and only she would be taking the benefits of IT rebate under the Income Tax Act. All the papers related to property are in her name including the share certificates, allotment letter and the possession letter. Even the repayment would be done from her account only. As both husband and wife are the co-applicants, the banks usually send the statement for claiming IT benefits in both the borrowers' names. Now the question is, whether this may create problems for the wife as she would be unable to get 100 percent of the IT benefits. The wife is the owner of the house and for technical reasons the husband is only co-applicant for the loan. The repayment of loan is effected from her account. As such the bank may be requested to send the certificate in her name only, to enable her to claim income tax benefits. Alternatively, the wife can give a declaration to her employer to the fact that she is the owner and the installments have been paid by her only, and the name of her husband was only for securing the housing loan. The employer may grant the benefit on this declaration also. Another issue which is often raised is whether a wife can purchase a house when the husband already has a house in his name, or vice versa. What would happen to the taxability of income? There is no restriction on purchasing a house by a wife in the same city where the husband also owns a house. She can claim deduction of 30 percent of net annual rental value of the property towards repairs etc., and the amount of interest paid on loan under Section 24 while computing income from house property along with rebate on principal repayment. In case the property is not let-out, she can claim deduction of interest up to Rs 1.5 lakhs from net annual value of the property. Related to this, let's say the husband stays in a flat owned by his wife in Delhi. In order to avail of tax sops, he plans to purchase a flat in Bangalore. He intends to avail a loan. The husband does not own any other flat. The question is whether the husband would be eligible for tax benefits with respect to interest and principal components of the EMI from his taxable income. In order to claim the annual value of the property to be nil one has to prove that the owner is using the property for self-occupation. If one can prove that it is being used for his own residence, he can claim its annual value to be nil. If he leases the property, then the rent received, after allowing a deduction, will be taxable under the head 'Income from House Property'. The deductions are a sum equal to 30 percent of the annual value, and where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital.

Also an article on Moneycontrol discusses about the benefits of getting marriage on Housing Finance perspective.

Marriage has benefits even when buying a house. Are you planning to buy a house anytime? Then, even if you are Mr. Deep Pocket, it is better to opt for housing finance. Tax breaks are available only on borrowed funds and not on the use of your own moolah. Moreover, in most cases, you will find that the direct cost of borrowing is much lesser than the tax saved especially now with the new Budget offering tax breaks of Rs. 2.5 lakh on combined interest and principal payments.
Like I said, if you are buying a house, it helps if you are married. Real estate can be co-owned. Buy the property with both having an equal share. This way she cannot throw you out of the house (half of it is yours remember). But that’s not my point.
The loan should also be taken equally and the interest and principal payments for the same should be made separately by each from their respective bank account.
If the above is carried out, each is entitled to an interest deduction of up to Rs. 1.5 lakh under Sec. 24 and a principal deduction of Rs. 1 lakh under new Sec. 80C. So totally between the both of you, up to Rs. 5 lakh of income will escape tax! Makes you wonder why can we marry only one?

Voila..Tis Villa time in Bangalore

The fast expanding city of Bangalore will soon house a premium residential project promising the best of the construction with all the amenties being provided for. To be spread over 136 acres and five kilometers from the proposed international airport at Devanahalli, it promises to be Asia’s most luxurious townships. Designed and to be built by Jurong Consultants of Singapore and promoted by MetroCorp, the premium township - Nirvana will be the first of its kind in India to blend the flow of space between the indoor and outdoor environs.

Kenneth Blades, Director, MetroCorp said, “Nirvana will establish the finest living environment in Bangalore, designed to world-class standards; providing luxury, serenity, convenience and connectivity. The Nirvana township will provide a holistic living experience that blends physical comfort and spiritual well being. The architecture will be tropical and the design will be Vaastu compliant.” MetroCorp, which is in the business of developing townships and infrastructure projects, is owned and managed by a team of international investment bankers and real estate venture funds. Within the Nirvana campus will be a 40-acre Club House, Resort and Spa, with world-class sports and recreational facilities including a 400-yard Golf driving range and putting greens, 12 tennis hard courts, 12 indoor badminton courts, 10 squash courts, 3 swimming pools (including one heated pool and a Olympic sized pool), basketball courts, jogging and cycling tracks, 12-lane bowling alley, 10,000 sq ft fitness room, cybercafes, coffee bar, business centre, conference room, open-air deck lounge, 600-person banquet hall, multi cuisine restaurant, four speciality restaurants, internet and video conferencing, library, children's play area, etc. The Spa Resort will be run by one of the world's leading spa management companies and will have facilities such as therapeutic massages, rejuvenation centers, saloons, pool villas and Jacuzzi villas. Jurong Consultants is wholly owned subsidiary of Jurong Town Corporation, a statutory body of the Singapore Government. Jurong is responsible for some of India's leading projects such as ITPL Bangalore, i Labs, Hyderabad, Cyber Pearl, Hyderabad. According to Mr Rao Munukutla, CEO of Jurong Consultants “Nirvana will set defining standards for luxury townships in India, with the same kind of design and standards that are available in premium townships internationally. However, the township will be unique in the way in which the internal and external spaces are seamlessly merged into each other to provide a tropical paradise feel. Multi-layered security, water treatment plants, hydro pneumatic water systems, sewage treatment plants, DG backup, fire protection systems, optic fiber connectivity, Wi Fi, rain-water harvesting, besides an international school, shopping centers, ATMs, creche, clinic, etc, will be available.” Mr Munukutia said “Nirvana could be defined as the transition of one's life and its means, to a state of wholesome blissful living”. “It is this theme of a ‘unique inspirational living milieu’ that has been boldly translated to bring-in a 'living retreat' called Nirvana - an agglomeration of premium dwelling units capaciously designed on lines of the ever-cherished ‘Tropical Architecture. For the Nirvana township project, Jurong (India) has provided all technical support through its services as the Master planners, Architects and Engineers. As contractors, Jurong would also carry out the construction and delivery of the entire built space to international quality standards. Jurong India is involved in numerous projects across the length and breadth of the country worth about Rs 2000 crore.

Bangalore Real Estate market speeds northwards

This article discusses about the driving force behind the unrealistic land prices..err..realistic land prices

Land prices rocket to a new high
The Driving Force: Easing Of FDI Norms, Creating Land Banks By Sujit John/TNN
Bangalore: Landlords are kings. Bangalore is witnessing feverish land acquisition activity by developers, and anybody with a parcel of land is today hot property.
Consequently, land prices, which were beginning to stabilise some time ago, has once again shot up. A property consultant says he had closed a land deal in Whitefield
a month ago for Rs 1,000/sqft, but today in the same area there are transactions happening at Rs 1,200/sqft.
“Some land owners are asking for prices as steep as Rs 1,500/sqft,” he says.
In Hebbal, land prices have touched Rs 1,500/sqft against Rs 1,100/sqft about 6-8 months ago. And land owners are beginning to ask for up to Rs 1,700/sqft.
Towards Yelahanka, land rates have touched 1,000/sqft and on Doddaballapur Road (near North West County), it is seen to be touching Rs 700-800/sqft.
Industry analysts say this is being driven partly by the expectation of foreign investment flows into the property business following the recent easing of norms for such investment.
“A few months ago, local developers were saying land has become very expensive and this wouldn’t be the right time to buy. But that’s changed. Everybody’s now trying to block large parcels of land in good locations,’’ says Mayank Saksena of Chesterton Meghraj Property Consultants. Such land blocking would enable local developers to compel international developers to enter into joint ventures with them to develop these prime properties. A number of foreign construction majors are seen to be interested in building integrated townships in India.
Srikanth Srinivasan, director in management consulting company JCSS Global, says his company alone is working on three integrated township projects in Bangalore, all of them involving foreign majors and each on over 200 acres of land.
The Puravankara-Keppel Land joint venture is planning three massive projects. Some see the frenetic land acquisition to be the result also of the trend towards built-to-suit facilities for corporates. Such facilities require large land parcels because companies want to consolidate all operations in that space and simultaneously provide for scalability.
“So developers feel the need to build a good land bank,’’ says Ankur Srivastava, managing director of property consultancy DTZ Debenham Tie Leung.

Reforms In Real Estate – The FDI way

Foreign Direct Investment (FDI) basically is the revenue brought into the country by foreign agencies for the purpose of business or investments, through the official Foreign Investment Promotion Board (FIPB) channels. The Indian Government has allowed FDIs for several industries in the recent past. FDI in Real estate is being permitted since January 2002. Despite the fact that it is almost three years since the FDI was allowed in Real Estate, the response is not encouraging. But after the recent cabinet clearance and reforms on FDI in real estate, things have started to look up.

The Cabinet Committee on Economic Affairs liberalised rules for foreign investment in the real estate and construction sector, said a senior industry ministry official.
The move is another step to reform India's financial sector and deepen the liberalisation process which kicked off in 1991 when the country embraced free market reforms.
To start with, the 100-acre criterion for FDI in realty has been removed.
The government will shortly announce its decision on modifying FDI norms in construction sector to make them more construction-centric rather than land-centric.
Though foreign investment was allowed in the sector earlier too, too many restrictions were preventing flow of FDI.
In order to avoid speculation in real estate by foreign investors, the sale of undeveloped land has been prohibited.
Minimum area to be developed under each project would be a minimum land area of 10 hectares in the case of serviced housing plots; and 50,000 sq mts in the case of construction-development projects. In the case of combined project, any one of the above two conditions would suffice.
The investment would be subject to minimum capitalisation of $10 million for wholly owned subsidiaries and $5 million for joint ventures with Indian partners.
The funds would have to be brought in within six months of commencement of business of the company.
Also, foreign investors have been barred from selling underdeveloped plots. Only fully developed service plots can be sold.
FDI in real estate should be taken trough automatic route, not FIPB.
The government is keen on allowing FDI in the construction sector as it would not only generate employment but also spur development of urban infrastructure besides bringing in hi-tech construction technology. FDI in construction would also stimulate the steel and cement industries.
Currently, FDI is permitted only in township development and with various conditions like $10 million investment

Benefits of FDI in Real Estate
FDI in real estate can create major inflows of funds that can enhance domestic investment to achieve a higher level of real estate development. FDI can certainly bring in the funds at reasonably cheaper rates, besides new ideas and technologies, which would enhance the efficiency of the Indian construction industry. A major part of the cumbersome procedures of the government and RBI are simplified with the FDI policy. So, the impact on the real estate industry can be significant, leading to increased competition levels among the local developers, in terms of price, quality and timing. The potential of growth and contribution of the real estate industry to the GDP is tremendous in India, as compared to other countries;

Reviews about leading property developers

This review gives a good insight on the problems faced by apartment dwellers.

Mantri:
Contrary to popular belief and opinion Mantri has received a lot of negative feedback. I’ve heard a number of people complaining about quality of construction especially in Residency and some in Elegance and Paradise also. Their ethics are also questioned.

First:
Mantri is forcing the owners of flats in Mantri Elegance to sign two registration papers. In order to save tax for itself (not owners), Mantri has divided flats greater than 1500 sft into two and taken approval from BDA using such plans.
The crux is that people with flats > 1500sft technically own two flats which have been combined to a single flat. Although it has made life easier for Mantri, it has complicated life for the owners - seems like the owners can apply for tax rebates only for one flat! Moreover, since the plans are not as per the approved plans, BDA can object to it anytime. Even though it'll be difficult for BDA to take any drastic measures, it may impose fines etc on the residents for bending the approved plans
People who are resisting signing two registrations are being compelled to do it - Mantri is alleging it would increase registration rates shortly!!
Additionally, lots of people who have gotten woodwork done in Mantri flats (residency, elegance) say that the carpenters are complaining about the wall alignment not being proper.
I have been speaking to owners of flats in various Mantri projects and they all seem to be echoing one thing - either make Mantri mend it's ways (it's arrogance, delivered quality, timelines etc.) or back out from the project. It is not worth paying high premium to Mantri when its construction does not live up to what it advertise.

Second:
-Rhythm project: Approvals not coming for almost a year while his less known neighbors have been getting them. There are firing noise problem from defense area as well. However location wise this project seems to be pretty good.


Purvankara:
Issues at Purva Heights…

Pre Buying Factors
Only 68% carpet area (sales guy said 78%)
Poorly planned landscaping - no way for heavy vehicles transporting luggage, when ever some shifting happens those concrete tiles break.
White Elephants - Fountains (which are rarely operated), much Hyped Security System - never worked till date
Extra amenities promised do not exist - like Grocery shop, Laundry, beauty parlor, ATM (they say it was only a conceptual offering on their broacher, and it is not legally binding). Even if they are opened, they will be open to public and since they are within the complex, open to public means security risks.
Club house charges - They charge initial amount + monthly maintenance + usage charges, so overall it turns out to be quit expensive
Closed parking at Rs.175000
Skewed payment pattern (heavy payment initially, payment schedule not linked to progress)
They claim uninterrupted power supply, while actually you get only 50W of back up power per apt and that also only in a pre-designated point.
They try to monopolize on the vendors providing services to apt, i.e., no other vendor can come! (Like Satyam has pathetic broadband service, but Purva guys are not allowing another vendor to lay Internet cables). Same with other services also.
Very high charges for customization

Post Buying
Un-thoughtful electric connections (LAN cable in hall, bathroom light switch inside, geyser switch outside, etc)
Extremely bad tiling work - cracked tiles, not leveled properly, not filled properly (they crack later), diff shades of tiles used in same room
They continued work long past the promised date of delivery, so plan your shifting accordingly. Clubhouse took many months more
Tarnished tap fittings (apparently while acid washing the tiles they spilled acid on taps tarnishing the chrome finish)
Security system inadequate (provided on 1 balcony door and not on other balcony door) - but any way the security system doesn’t work till date
Lots of cracks in walls, apparently it was not cured properly
There are no luggage lifts and the existing Lifts cannot be used for transporting luggage so it has to be manually lifted up.
During heavy rains water comes inside the lobby and the Lifts!
Smell through drains in bathroom / Kitchen
Seepage reported in couple of apts
Extremely bad after sales service
If it matters to you, very low occupancy rates, about 40% of apts are still not occupied

-At Purva Fairmont as Purva seems to be pushing buyers to sign 2 agreements for apts>1500sq ft.



Sobha:
Advantages:
-High reputation. Lot of Infosys work done by Shobha
-Known for it’s good quality
-Premium and expensive builder
Disadvantages:
-High rates
-Carpet area only 73%. Many people wouldn’t observe it but if you compare it with carpet area of 80% which many builders would give you, the actual price goes even higher approx by 9%.
-Asks for 2.5 years for completion from launch
-Not very good at choosing locations. Many projects on the main road itself.
-First installment of 25% required against 10-15% average.

Brigade:

There were two negative feedbacks only:

I had purchased an apt in Brigade Millennium and believe me the entire process was a nightmare for me. They have failed to deliver what was promised at the time of booking. There are quite a few issues, which were faced by many of the owners. For me, Brigade guys are a group of crooks!! I would never recommend them to anyone else.

Adarsh:
They are good with the construction quality. However the pace is slow and if you have paid up the amount it will take immense follow-ups to do little things. They have delayed the handing over of the property by almost a year. People should always have a milestone-based agreement with them. Also if the delay is there in the committed dates, the builder at times will make it a part of the agreement to pay your rent if there is a delay after the agreed completion date.

The site (construction and maintenance) people are polite however their marketing office crew is very rude and unfriendly.


L&T Southcity

First:
I have some things you might want people to know about L&T.

· They have an issue with the maintenance charges -
§ They first took a life time deposit
§ The people who did pay had to pay again monthly once L&T found that the initial deposit was not “invested / utilized” properly.
· Yes access road is an issue.
· The Registration / “other charges” for registration are a little fuzzy.
· Finish in bath tiling, door / window frames is just OK - better expected out of L&T.
· Block B1 had seepage problems last monsoon.
· Bath fittings - Jaguar promised - there were cases where some inferior stuff was sneaked in. - Towel Racks etc…
· Finish of bath fixtures was not good -
§ sink - gap between granite top and sink fixed in it.
· The water pressure was not regulated - in a 19 storied building with the water tank on the 20th floor, the water pressure on floors below 15 or 14th floor was enough to burst water heaters / bust flexible connections to washing machines etc… -
§ They claim to have fixed pressure regulators - they never worked…if they did these problems should never occur.


BUT finally I have booked there -
Space utilization & design are great.
Construction technology is new - no other builder uses this kind of construction
L&T cement used -
The construction division has strict standards and norms - with an active quality cell.
Many more flats are planned in the south city complex - so for the next few years we can be assured of good upkeep of the place by L&T to ensure good sales!!
Second:
I bought apartment at L&T and I had very bad experience with L&T Marketing person with whom we deal. They are not at all bothered about customer and their behavior is too rude. I saw other colleagues also complaining about different marketing guys over there and it looks like so many people have tough time dealings with them.
There is one, Geetha who looks to be more responsive and I will suggest new buyers to avoid Durand/Satish and approach Geetha.
Third:

If you leave aside access road (which is not a major issue), L&T is No. 1


Oceanus:
I had booked a flat with Oceanus I’ll be getting possession in June end or July, my exp. With them so far has been very pleasant. I do not see any quality related problems in their work so far. Their specs and facilities provided are superior to most other builders.

I personally did not like Shoba much as they do not leave sufficient area on their properties for landscaping, children’s play area etc. Also they don’t make a separate club house usually, just convert a ground floor flat in their buildings to a clubhouse. Prestige was definitely good, but most of their properties were too far for my comfort. Adarsh similarly have to be somewhere at the top.
Mantri is not worth its price. That’s the impression I have picked up from people who R staying in mantri places.


Akme Harmony:

AKME is a new company, But the builders are B.L.Kashyap Group, who have done lot of apartments in Blr. There project completion timeline is good, trying to compete with the “so called” upper crust construction companies in blr - i.e Sobha and Mantri - priced only slightly lesser than Mantri and Sobha because of new entry. First project coming up in Sarjapur road. This will definitely be of very high quality especially since this will be project showcasing!! Also there is evidence of quality construction.

RISK: - New company,…

Strengths - Their tie up with B.L Kashyap - known for timeliness and quality. Also need to have very high quality and customer friendliness because this industry is by word of mouth..

Weakness - Probably cost needs to be more competitive to make people prefer their project instead of SOBHA’s and MANTRI’s,

P.S - I have booked an apartment after research on cost. Plus - very good attitude of marketing personnel, good follow up and customer friendly, (probably because they NEED people to accept and advertise). Mantri and Sobha treat customers like dirt because of the volume of business even without advertising.


Ittina:
Seems to be a low end builder with the apartments they’ve constructed on Sarjapur Road(Soupernika). Design/architect and construction quality is pathetic.

Housing loans: Bankers in catch-22 situation - Deccan Herald

Housing loans: Bankers in catch-22 situation

Banks have been experiencing some problems while offering loans to sites falling within the CMC and TMC areas around Bangalore. K SUKUMARAN traces the origin of the problem.


The first signs of tackling the housing problems in Bangalore can be traced back to the 1950s. The housing colony in Jayanagar, which was perhaps the first of a series of housing layouts, came up with the vision of those who headed the then City Improvement Trust Board (CITB), Bangalore. Many may not believe that the sites of 40 feet x 60 feet dimension was allotted for Rs 400 in the Jayanagar first block during the year 1956-57.

When the CITB was later converted as the Bangalore Development Authority (BDA), the formation of layouts got a further phillip. The BDA was very active in the 1960s and 1970s, but for some reason or the other, the initiative for developing housing lay outs was later left to housing societies of members belonging to public/ employees of institutions.

Private developers from Mumbai snatched the initiative in the eighties. The rest of the story of modern developers who have, of course, changed the skyline of Bangalore, is now known to everyone. Well, whatever has lead to the massive development to meet the growing needs of this ever growing city, due to many reasons, the development also shifted from within the city limits to village panchayats and city municipalities.

Housing in CMCs

It is seen that village panchayats around Bangalore were converted into NACs in 1993. The NACs were converted into CMCs in the year 1996. The title to the converted lands in village panchayats as layouts were created through holder khathas by way of Government Circular issued on November 19, 1996.

It is subsequently found that these holder khatas were misused by owners and some developers, leading to unoraganised growth in the now existing seven CMCs and Kengeri TMC. These authorities, in fact, has no planning powers, which rests with the BDA/BMRDA. They have also no machinery to control unscientific growth. However, they feel the pressure for providing civic amenities.

Present Scenario

The holder khatha system has been withdrawn by the State Government by an order dated May 29, 2003, apparently to regulate growth and development. However, sale transaction of sites developed by private developers are still taking place. Registration of such transactions continue to be done in the sub-registrar’s office. After the introduction of Self Assessment System, property taxes are paid by the purchasers / transferees. Consequently, Form 111 are made available, though it does not give any ownership title.

Bankers' Dilemma

Purchasers/Transferees continue to approach bankers for housing loans. Bankers feel that there can be fake licences purported to have been issued by the ULBs (Urban Local Bodies) in circulation. It is likely that banks have been sanctioning housing loans on the basis of such licences. Bankers are vary at this development as they fear ‘a la stamp paper’ scam hiding in these licence problem. This surmise may have substance, as the Reserve Bank has very recently cautioned the Banks against possible frauds in the area of housing finance, and advised them to take steps to avoid such possibilities.

Suggestions

Bankers have suggested that a mechanism to verify the issue and genuineness of building licences is required to be put in place. Either the building licences produced for obtaining loans be referred to the ULBs for verification or the ULBs may send list of licences issued, to the banks. Another safety measure can be to post the building licences issued by the ULBs be notified in website.

Whatever be the action suggested, there is a need for proper system to control the growth in housing systematically and ensure that there is no lacuna in the title documents given to the financing banks, to avoid frauds and litigations in the future. The issues involved need to be addressed urgently before any large scale scam takes place.