Buy Bangalore

Kiss the skies: future looks large, grand & green

2005-04-29T06:42:00.000-07:00

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

2005-04-29T06:15:00.000-07:00

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

2005-04-29T06:05:00.000-07:00

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

2005-03-29T04:43:00.000-08:00

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

2005-03-29T04:40:00.000-08:00

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

2005-02-15T04:04:00.000-08:00

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

2004-10-14T02:25:00.000-07:00

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.

Property Dealers Websites

2004-09-09T01:39:00.000-07:00

I have added few more urls to the one someone posted in this group - ( I have also added * against the ones I believe build/develop plots vs appartments )
http://www.royalreality.com *
http://www.rsdevelopers.com *
http://www.duoassociates.com
http://www.oceanusdwellings.com
http://www.kristalhousing.com
http://www.kristalapartments.com
http://www.sobhadevelopers.com
http://www.sterlingdevelopers.com
http://www.ggproperties.com
http://www.vaswanigroup.com
http://www.vakilhousing.com *
http://www.apnasapna.com *
http://www.rohanbuilders.com
http://www.hindujadevelopers.com
http://www.prestigeconstructions.com
http://www.purvankara.com *
http://www.rajahousing.com
http://www.brigadegroup.com
http://www.shirdisaidevelopers.com
http://www.ittinagroup.com
http://www.concordegroup.co.in
http://www.mldc.info
http://www.aisshwaryagroup.com
http://www.aishwaryashelters.com
http://www.total-environment.com
http://www.krahejasouth.com
http://www.tatahousing.com
http://www.propmart.com
http://www.akmeprojects.com
http://www.embassyindia.com/
http://www.hmconstructions.com/
http://www.nirmitee.com/
http://www.mantri.info/main.htm
http://www.ranka.com/ *
http://www.fernsbuilders.com/ *

BDA warns public to be wary of colourful ads

2004-09-09T01:15:00.000-07:00

BDA issues clarification about the formation of private layouts by land developers.

BANGALORE, DHNS:

With regard to some of the advertisements by land developers which have been appearing in the newspapers, about formation of private layouts and availability of sites for sale in such layouts, Bangalore Development Authority has issued a clarification for the public.

Under the KTCP Act 1961, BDA is the planning authority for the Bangalore metropolitan area. The jurisdiction of BDA includes entire hoblis of Kasaba, K R Pura, Varthur in Bangalore South taluk, entire Yelahanka, Hesaraghatta, Jigni, Sarjapura, Bidarahalli in Bangalore north taluk and major portions of Kengeri, Beguru, Uttarahalli in Bangalore South taluk and major portions of Yeshwantpur, Tavarekere, Dasanapura, Attibele, Anugondanahalli and Kasaba in Bangalore north taluk.

Formation of a layout or group housing projects in the above mentioned areas shall be undertaken only after obtaining sanction by BDA. The Gram Panchayats or the municipalities are not empowered to approve the layout plans and group housing projects in the above areas. Mere conversion order obtained from the revenue authorities is insufficient for formation of layouts.

A certificate issued by the BDA to the effect that “lands are not notified by BDA for any schemes” is not an approval order for formation of layouts. Sanction for approval of any layout/group housing scheme is accorded by BDA with a work order along with the seal and signatures of the officers of BDA on the plan, says an official pressnote from BDA.

BDA warns the public of purchasing such sites which attract the customers with colourful brochures and advertisements issued by the developers. Public is requested to ensure that the site/layout/housing plan is approved by the BDA before purchasing the same, says BDA. Sites purchased in authorised layouts will not only be deprive of basic civic amenities, but also development will not be permissible if the sites fall in the green belt area. (As per the RCDP of Bangalore except for hospital, school and places of worship as per the HC interim order in a PIL - W.P.31562/97.). Catchment areas of Arkavathy/Kumudavathy rivers are also declared ‘no development zone’, says the pressnote.

There are also possibilities of unauthorised sites formed on BDA-notified lands and BDA acquiring such lands where, as per its records, no layout plan has been approved. The BDA warns the public of purchasing sites in Sai Garden Layout, near Vidyaranyapura, advertised by R V Builders and Developers, as this is an unauthorised layout and that action is being initiated against the developers as per the law.

Similarly, areas of Bangalore Rural district and Malur Taluk of Kolar district, partly come under the jurisdiction of Bangalore Metropolitan Region Development Authority (BMRDA) and partly under BMICPA and those purchasing sites are requested to verify if the land is BMRDA/BMICPA approved.

BDA has also warned developers against formation of unauthorised layouts and that it will attract a penalty under the KTCP Act 1961.

Aiming high on a strong foundation - Deccan Herald

2004-09-09T00:31:00.000-07:00

Aiming high on a strong foundation - Deccan Herald

Having completed over 80 projects, Puravankara Projects is now planning a housing-cum-commercial project on a 500 acre land on the outskirts of Bangalore, writes MAHESH KULKARNI.

Puravankara Projects Limited (PPL), one of the leading property developers in Bangalore, is now in top gear. The real estate developer with nearly three decades of construction expertise and a strong, credible track record, which recently announced its tie-up with Singapore-based Keppel Land for development of Bangalore’s biggest apartment condominium, has drawn up a very ambitious plan for the development of residential and commercial properties in the country.

The group, set up in 1975 by Mr Ravi Puravankara in Mumbai, is also making its first overseas foray by signing a MoU with the government of Sri Lanka. It is also actively considering an entry into the United Arab Emirates to tap the potential available there for the property development.

The Puravankara Projects Ltd has so far completed 80 projects spread over five million sq.ft. of built-up area. It is now all set to launch a couple of mega housing projects in the Silicon Valley of India. PPL is now working towards launching yet another mega housing-cum-commercial project in the northern part of Bangalore.

According to PPL’s Chairman Ravi Puravankara, it will be a biggest residential-cum-commercial project being developed in the city of Bangalore. The company has earmarked 500 acre site near Yelahanka for developing an integrated township at an approximate cost of Rs 2,500 crore.

“All our endeavours at Puravankara revolve around just one entity - our customers. It is their needs, ideas and demands that drive us,” says Mr Puravankara.

PPL, an ISO 9001 certified builder has extensive presence with offices in Mumbai, Bangalore, Chennai. It currently holds the highest DA2+ credit rating by Credit Rating Information Services of India Limited (CRISIL), indicating a credible track record of the property developer. The CRISIL DA2+ rating is based on the company’s track record in areas such as legal compliance, adherence to delivery schedule and product quality.

Puravankara always starts its new project only after obtaining necessary approvals and titles. It never initiates a project unless the legalities are met, nor pursue it further if the land or the location falls short on suitability norms.

“Our vision is to build a future wherein the Puravankara Group is a household name across the country and is known worldwide for development and marketing of a fine living environment with highest quality and unmatched value-for-money,” says Mr Puravankara.

JV with Singapore firm

Puravankara has recently entered into a collaborative agreement to form a joint venture with Keppel Land Limited, the property arm of the 54 per cent owned Singapore government-linked conglomerate, Keppel Corporation Limited to develop an integrated apartment complex worth over Rs 400 crore at J P Nagar 6th phase. The joint venture with Puravankara Projects Limited has been granted an in-principle approval by Foreign Investment Promotion Board (FIPB).

The proposed project will be a high rise condominium development comprising of more than 2,000 apartments with comprehensive recreational facilities, spread over 24 acres, located at JP Nagar.

As Mr Ravi Puravankara, says “Bangalore city which has for long hailed as the Silicon Valley of India possesses one of the fastest growing populations in the country, thereby bringing about a need for quality residential and township developments. With our tie-up with the Keppel Group we aspire to further reinstate our leadership position in the real estate space.”

The joint venture has also plans to explore other key Indian markets such as Mumbai, Delhi, Chennai, Kochi, Hyderabad and Kolkata for development opportunities. The first phase of the proposed project in Bangalore is expected to be launched in early 2006.

International quality

“Our endeavour, through such joint ventures is to bring in international quality of construction to the people in our country and provide them an international living experience”, he said.

Keppel Land Limited, the property arm of Keppel Corporation Limited, with core businesses in offshore and marine, infrastructure, and property, is one of the largest listed property companies by total assets on the Singapore Exchange Securities Trading Limited.

The company is an established developer of premier residential properties and investment-grade offices. It is geographically diversified in Asia including Singapore, China and Hong Kong, Thailand, Vietnam, India, Indonesia, Malaysia, Philippines, South Korea, Australia, and Myanmar. Kevin Wong, Managing Director, Keppel Land said, “Our first foray into India is timely and strategic with the country’s economy, now the fourth largest in the world, taking off, and with growing affluence amongst its huge population. We hope to leverage our association with the Puravankara Group to establish our presence as a premium regional property developer in India.”

Mega township

Puravankara is now busy in finalising its proposed mega township near Yelahanka. It will be the biggest ever township with all modern amenities at one place. The project, spread over 500 acres will predominantly comprising houses, both independent and apartments, villas, row houses, low-rise apartments, etc.
The township will be jointly developed by Puravankara Projects and Keppel Land of Singapore, for which a new joint venture company has been set up. The Singapore company through the JV is also introducing new trends in the construction industry apart from pooling in funds required for the development of the project.

“Our aim is not just building houses, but to build neighbourhoods, enivornment,” adds Mr Puravankara.

The township will have all the facilities, such as wide roads, shopping centres, health centre, school and entertainment-cum-leisure centres in one place. The work on the project will commence in the next six months. Good wide roads being constructed at the project will cut the distance to the city centre, adds Mr Puravankara. The project work for the Rs 400 crore residential complex at J P Nagar 6th phase will commence in the next six months. It will be a better product on a low cost on the outskirts of Bangalore.

Overseas foray

In an effort to tap the huge potential available for developing housing projects in Sri Lanka, the Puravankara group is also planning to build residential complexes in the island nation.

The company has already signed a memorandum of understanding with the government of Sri Lanka for setting up a joint venture company to implement its projects.

PPL aims to develop a residential-cum-commercial project spread over 4 lakh sq.ft. area in Sri Lanka. The land for the project will be provided by the Sri Lankan government. The detailed negotiations in this regard are in the final stages.

Mr Puravankara said the company has also been given an assurance for the allotment of land in UAE for developing a residential project.

The company, which is currently undertaking construction of several residential and commercial properties worth over Rs 1,000 crore in and around Bangalore, has also announced its foray into other south Indian cities like Kochi and Chennai. It has just closed the deal for development of a residential property facing the sea at Marine Drive in Kochi at a cost of Rs 100 crore.

The building will have a built up area of 3 lakh sq.ft. consisting of 14 floors. It will have 120 flats measuring over 2,000 sq.ft space each. The company will provide a gymnasium, terrace swimming pool, club house and space for indoor games, like snooker court, etc. The final clearances for the project are being obtained by the Kerala government, he said.

“We are expanding into these cities mainly because there is a lot of development happening. With the growth of IT industry, there is lot of demand for residential properties,” Mr Puravankara said.

Puravankara group is also in the process of developing a residential property in Chennai. The project will be developed on Arcot Road, Chennai. The company has already signed agreement for the land acquisition and waiting for other clearances, Mr Puravankara said. It has also signed a deal for developing an office complex for a MNC software company in Bangalore.

Precautions needed before purchasing a site - Deccan Herald

2004-09-08T23:28:00.000-07:00

Precautions needed before purchasing a site - Deccan Herald

Precautions needed before purchasing a site

BY S SELVAKUMAR

Though apartment culture has captured Bangalore, the original Bangalorean still prefers an independent house. The old Bangalore was known for its bungalows, with vast open spaces, lawns and gardens. In present days, as the cost of land has sky rocketed, one can hardly afford to own a bungalow. Instead independent houses on smaller plots are preferred on the outskirts of the city.

Purchase of site is the beginning of construction of a house. Sites in the shape of perfect square, rectangle is suitable for good construction. Sites should be nearer to infrastructure and civic amenities like, school, hospitals, bus stops, recreation centres, milk booths etc.

Sites are of different types based on its formation, origin. Broadly, there are BDA sites, BMP sites, Housing Co-operative Society Sites, City Municipal Council sites, private layout sites, Converted sites and Gramathana sites, revenue sites, which are available. This article refers to purchase of sites, but not allotment of sites from BDA.

BDA Sites

These are sites, which are in the layouts formed by Bangalore Development Authority or erstwhile city improvement Trust Board. The sites are allotted to eligible applicants. Legally, these sites are best, provided all documents are correctly scrutinised.

It is the development authorities, which pass the title of the site to the allottees. These development authorities follow prescribed legal procedure to acquire the lands from public, and form layouts, with all infrastructures like power, water, and roads.

Hardly there is any need to trace the title of property before acquisition. Documents that are required to be examined are allotment letter, possession certificate, payment receipts, absolute sale deed, Khatha Certificate, tax paid receipts and Encumbrance certificates.

Apart from these, in case of earlier allotments lease-cum-sale deeds need to be verified. The development authorities, previously were handing over the sites to allottees on lease cum sale basis, for a period of ten years, wherein allottees were not permitted to sell the sites during the lease period and has to construct a house within and period of three years. In such cases, allottees do not get absolute title over the property and their rights are only that of lessee.

The development authorities reserve powers to cancel the allotment and resume the sites if the allottee fails to comply with the terms of lease. In such cases purchase of such vacant sites is not recommended even though the stipulated lease period has expired, as the allottee is bound to construct the house within the stipulated period. In simple terms such vacant sites are not for sale, unless the development authorities waive the conditions.

However from 23.10.2000 BDA has removed the system of lease-cum-sale agreement and is executing absolute sale to the allottee. In case if one is purchasing a BDA site from a person other than original allottee, the sale agreement, sale deeds, revenue records tax receipts in the name of the subsequent purchasers, have to be examined.There are many fake BDA documents in circulation. It is necessary to check the genuiness of documents and nature of site with the development authorities, before purchasing the same.

BMP Sites

These are sites, which are available in Bangalore Mahanagara Palike Jurisdiction. They are private properties, inherited, partitioned acquired by individuals. Vacant sites are very few in this category and comparatively costly. Title of property is required to be traced to the origin, with successive deeds of transfer, wills, partition deeds, family trees, encumbrance certificates, and revenue records such as Khatha endorsement, Khatha Certificate, Khatha extract, tax paid receipts.
Though many advocates restrict the tracing of the title to 13 years, it is advisable to verify the records for at least 43 years. Apart from the records mentioned above, records of city survey office have to be verified. Definitely a complicated process as many records are very old not decipherable, and non-availability of old documents.

Housing Co-operative Society Sites

These sites may be placed at par with BDA sites. Government or development agencies acquire land and allot to housing co-operative societies these societies form layouts, which are allotted to its members. Only sites formed by any approved societies have to be purchased. Byelaws, registration details of the society have to be studied. Societies allot sites only to its members and put various restrictions on sale of sites. Layouts formed by Co-operative Societies require approval from concerned authorities. Check all these details and whether the seller is a member of the society.

If there is any restriction on sale during certain period, insist on no-objection certificate from the society. In most of the cases, the purchaser may have to become member of the society. Verify the allotment letter, absolute sale deed, Khata, Tax paid receipts and encumbrance certificates. If the society has acquired land directly, call for conversion certificate, and verify. The title of the seller from whom the society acquired the lands.

City Municipal Council Sites

There are 7 City Municipal Councils and one Town Municipal Council surrounding the Bangalore city. The sites in the limits of these authorities are mostly owned by private individuals, some of the sites are acquired by Government. Infrastructure is very poor. The process of tracing the title is very complicated. But some extra precautions need to be taken. Verify whether the betterment charges have been paid, if not purchaser may have to pay it in the future.

Many lands in the area of these local bodies are agricultural lands and conversion to non-agricultural purpose must have to be done. Presently City Municipal Councils have stopped collecting betterment charges and issuing Khatas. If the owner doesn't have a Khata, he cannot construct the house with the plan approved from CMC.

Site in private layouts

These are layout formed by private parties, other than statutory development authorities. Many reputed land developers have formed layouts around the city. Verify all the documents as required in case of private property for a period of 43 years. Apart, from the above check whether the land is converted for residential purpose, and the layouts are approved by BDA or BMRDA. Verify the records with respective offices. Many numbers of private layouts with D.C. conversion and panchayat approval are available. Purchase of these type of sites involves little risk.

Gramathana Sites

These are residential sites, which were originally available in village panchayat areas. They can be distinguished from Kaneshumari number, assigned to them. The agricultural lands have survey numbers.

The sites of this nature are very few. Government has put restrictions on issue of license for construction by village panchayats beyond their approved Gramathana area, original Gramathana sites can be identified by examining old village survey maps available in survey department.

Examine all the records as is done in case of private property. In addition verify the village records and form No. 9 and 10.

Form No. 9 denotes Gramathana site and form No. 10 denotes the building, which confirm that the particular property is original Gramathana site or not. But many village panchayats issue from No. 9 & 10, though they are not Gramathana sites. Many such sites fall in green belt area, where construction of residential buildings is restricted. Extra caution is necessary while buying Gramathana Sites.

Revenue Sites

These are the sites formed in agricultural land. The very word revenue sites is a misnomer. The revenue land cannot be used for any purpose other than agriculture. Unless it is converted for non-agricultural residential purpose it remains as agricultural land. Formation of layouts is not permitted on agricultural land. Further layouts needs approval from BDA or BMRDA. Any one who purchases revenue site is purchasing a agricultural land. Selling and purchasing of agricultural land has strict restrictions. Only agriculturists with some income limit are permitted to purchase agricultural land.

Any purchaser in contravention of this stipulation is null and void and the purchaser will not get any title and may have to loose the money. Most of the Revenue sites fall under Green Belt Area.

As per zonal regulation green belt area is meant only for agricultural purpose. The Revenue records such has Pahani and Mutations of these lands remain in the name of the original owner even after it is purchased by others.
Do not purchase a site in layouts formed in agricultural lands, and which are not approved by the concerned authority.

Utmost care and precaution is required in purchasing sites and guidance of experienced advocate is necessary.

The author is an advocate who is a specialist in property Laws.
E-mail: editor@realestatereporter.

BMP to acquire defence land

2004-06-24T04:45:00.000-07:00

BANGALORE, DHNS:
The BMP is planning to acquire Defence and Railway land required to provide better civic amenities in various part of the City, Mayor P R Ramesh said on Monday.

Speaking to reporters after inspecting civic amenities in Bharathinagar and Ulsoor, he said if necessary, the BMP would hold discussions with State and Central governments to acquire the land. A detailed survey is underway to identify such lands for acquisition, he added.

He said the BMP has decided to allow corporate firms to invest in the overall development of some selected main roads. He also directed the officials to chalk out a plan for renovation of Ulsoor market as it has become dilapidated.

CBI probe sought into de-notification of land

2004-06-24T04:35:00.000-07:00

The Hindu,Bangalore, K.N. Chakrapani, General Secretary of the Janata Dal (Secular), has sought an inquiry by the Central Bureau of Investigation (CBI) into the de-notification of 4,500 acres of land acquired by the State Government for forming residential layouts around Bangalore over the past four-and-a-half years.

He told presspersons here on Saturday that de-notification of precious land, which had been going on for over four years, had resulted in vested interests amassing over Rs. 1,000 crore. The de-notification of land was in progress despite the model code of conduct coming into force, and the officials concerned were issuing pre-dated orders.

The other general secretaries of the party, Y.S.V. Datta, T. Prabhakar and M.V. Sriganesh, were also present. The Janata Dal(S) has brought out a booklet on the "land scam", and the party is planning to circulate copies of it to the voters in the city.

Mr. Chakrapani, who released several documents related to the de-notification of land, said the matter pertaining to the process was under the charge of a few officials in the Urban Development Department and the Bangalore Development Authority (BDA). "For every acre of land de-notified, not less than Rs. 20 lakh had been collected as a fee, and the amount varied based on the location of the land in question," he said.

He said that it would have been good had the lands been returned to their original owners. The de-notified lands were "given to the land mafia, real estate developers, and apartment builders who obviously made a kill."

"The modus operandi was that the land mafia and the developers would first identify the notified lands and strike a deal with the original land owners who would be paid a small advance. Thereafter, using their clout in the Government and the BDA, the lands would be de-notified for the benefit of forming private residential layouts or for construction of apartments. The de-notification of large tracts of land has obviously resulted in the mushrooming of apartments, resorts, and private residential layouts around Bangalore."

He said the de-notification of land commenced as early as February 2001 when the Srigandhadakaval Layout near Yeshwantapur notified by the J.H. Patel Government was de-notified.

The 468 acres of land was returned to the "original owners". The authorities did not spell out any reason for winding up the proposal to form the layout although steps had been taken to form it by the previous Government.

Thereafter at Anjanapura Township in Bangalore south, while the authorities had proposed to acquire 634 acres as per the preliminary notification, only 459 acres was acquired as per the final notification issued on August 28, 2000 resulting in 176 acres being de-notified.

Thereafter, the de-notification of land further accelerated. On May 7, 2001, the authorities de-notified 748 acres at Hosur Road-Sarjapur Road (HSR) Layout. "The entire scheme pertaining to further extension of the layout was dropped benefiting the land mafia at the expense of the common man who otherwise would have had the benefit of having a house site from the BDA".

This was followed by the Government de-notifying 540 acres at Banashankari 6th Stage Layout as per its order issued on August 23, 2001. He said the Government had since de-notified 340 acres for further extension of Anjanapura Layout (order dated March 4, 2002), 359 acres at Visvesvaraya Layout (October 31, 2002), 263 acres for further extension of Visvesvaraya Layout (September 10, 2003), 782 acres for further extension of Banashankari 6th Stage Layout (November 21, 2002), and 589 acres for Arkavathi Layout (February 23, 2004).

Besides, the Government had also de-notified 199 acres in various pockets of Bangalore, including at Thippasandra, Bhoopasandra, Kothanur, Kadugondanahalli, Nagavara, Nagarabhavi, Koramangala, and other places, he added.

BDA delivers rude shock to Golden Retreat residents

2004-06-24T04:32:00.000-07:00

BANGALORE, DHNS:
The residents allege selective de-notification and suspect bribery and nepotism.
BDA delivers rude shock to Golden Retreat residents

Postmen who are serving in the northern outskirts of Bangalore after the Ring road, beyond Hebbal and Nagawara have been delivering over a hundred oblong envelopes every day for the past ten days to the residents of these areas.

These envelopes contain notices from the Bangalore Development Authority, served on thousands of law-abiding citizens residing in these well-developed layouts.

The notices asks them to show cause as to why their property should not be acquired by the Bangalore Development Authority for the formation of Arkavathy Layout comprising 20,000 residential sites in an area of 3,500 acre land.

For instance, residents of Golden Retreat which comes around the proposed Arkavathy Layout are peeved by the fact that their layout, which is well-developed has been notified by the Bangalore Development Authorityfor acquisition, while an under-developed neighbouring layout has been denotified.

Golden Retreat, which is near Nagawara, comes under Thannisandra Grama Panchayat under the revenue jurisdiction of K R Puram Sub-Registry. Land conversion has been duly made for this layout, which has 32 plots and 26 owners. Sixteen houses have come up with bank loans and 13 families are already living there.

The Bangalore Development Authoritynotices received by them for the second time recently came as a rude shock.

A retired defence officer from this layout points out that there is discrimination in de-notifying layout. Telecom layout, a fully developed layout next to Golden Retreat, has been de-notified after the residents received the preliminary notification to which they filed their objections. However, in the case of Golden retreat, which is equally developed, the residents have received final notices, despite filing objections to the preliminary notices and appearing before a public hearing where they were given assurances.

The residents point out that large vacant lands adjacent to the Ring Road have been fenced overnight and have been de-notified leading to suspicion that the land sharks are involved in grabbing the land.

The suspicion is strengthened by the fact that the fencing walls came up after the issue of the preliminary notification by the BDA in February 2003.

Owners protest against BDA acquiring land

2004-06-24T04:29:00.000-07:00

BANGALORE, JUNE 13. The residents of Thanisandra, Vidyasagara, Dasarahalli, and 13 other villages on Sunday lodged their protest against the acquisition of their properties for the proposed Arkavati Layout by the Bangalore Development Authority (BDA).

Hundreds of protestors, under the auspices of Nagarika Hitarakshana Samiti, gathered at Kempanna Complex on Thanisandra Main Road. The villagers expressed their anguish over the manner in which the notices of acquisition had been issued by the BDA. They alleged that the BDA had gone for acquisition of the properties in the developed villages such as Thanisandra and Vidyasagara. It was not looking at the plain lands of Bellahalli and Kolilu, they said. The protesters said the BDA had gone back on the promise to allot sites to all house owners affected by acquisition. The BDA, they alleged, had now said that sites would be allotted only to those owners who possessed sale deed and not to those who held the General Power of Attorney (GPA).

They wanted the Government to regularise the houses constructed in the area coming under the proposed layout. Farmers need to be given market rate for their land, the protesters said. The samiti passed a resolution containing all the grievances and took signatures of 3,000 participants. The copies of the resolution will be presented to the Chief Minister, N. Dharam Singh and the Deputy Chief Minister, Siddaramaiah, on Monday. "We are not against the proposed layout. But we want the Government and the BDA to have a look at our problems," Shivakumar, a member of the Samiti, said.

Tax on property deals should be on market value recommends ICAI

2004-06-24T04:23:00.000-07:00

Jun 17,NEW DELHI: In what could increase revenues for the government, the Institute of Chartered Accountants of India on Thursday said capital gains on property deals should be on the basis of market value rather than the present stipulation of stamp duties, which are often under-valued.

Seeking repeal of Section 50C of Income Tax Act used for computation of capital gains for property transfer, ICAI said since fixation of stamp duties is a state subject, there was a tendency to fix the duty rates at higher level, ignoring the market rate of the transferred property.

Section 50C provides for adopting value of stamp duty as fixed by the state governments for the computation of capital gains for income assessees.

Observing that guideline value of stamp duties was not fixed in a scientific manner by state government authorities, ICAI, in its pre-Budget memorandum, said IT assessees in Delhi and Kerala did not face much difficulty as these states have standard guidelines for stamp duty computation.

However, in states like Maharashtra, Andhra Pradesh and Tamil Nadu, the stamp duty norms for evaluating property value exceeded by 50 to 100 per cent over the actual sale value, it noted. "Confusion arises when the state authorities fix higher stamp duty rates in an attempt to generate more revenues for the exchequer, ignoring the market value of a land or building," an ICAI official said.

He cautioned that Central legislation relying on state guidelines, which are not uniform, affects harmonious implementation and leads to discrimination.

Future of Housing Sector,Boom or Doom?

2004-06-17T04:50:00.000-07:00

Future of Housing Sector,Boom or Doom?
- Questions real estate consultant siva.
Influx of people and money at the same time might help the city to grow. Study of the spending pattern of the people will also signify the growth area. Demand for a product/service arises from the purchasing power as well as the surplus income/disposable income. The housing sector is one such area where a sudden boom carried the green city bangalore to unprecedented levels. As always the trough follows the crest, many feel its time for the doom.
The major offerings from developers range from Sites to Apartments to Town houses to pent houses to Independent houses to Multi level houses to villas to resort houses to farm houses in various size, shape, color and more importantly price. Bangalore has witnessed a spurge in apartment culture and more recently, thanks to BDA affliction, Lots and lots of independent house project are booming up. This can be witnessed from the sudden up rise of independent house offerings from leading developers. Starting from Purva's Parkridge, SP Samruddi (of SP Spruthi fame), Kristal, Chaitanya, Ittina, Adarsh, all developers are offering independent villas to the growing market of bangalore. But is the boom time over?
What worries our stereo-typical middle class salaried investors and the effervescent ubiquitous real estate developers are the implementation of Kelkar committee by the new government. Even though housing market was little influenced by tax rebates, the absence of it might affect our stereo-typical society which benefits to a great extent by the income tax rebate. For example, a 15 Lakh loan for a house/apartment will qualify for a full rebate of 1.5 Lakh on interest and Rs.20,000 on principal. With an EMI of Rs.12,000 and savings on house rent of about Rs.5,000 and tax rebate of Rs.5,000, a mere Rs.2000 from one's hand will fetch a house. If Kelkar committee report is implemented, then it would be on a step-by-step reduction of the tax benefits and not a complete wipe off of the rebate from the radar. The committee advices to reduce this tax sop by Rs.50,000 every year, with a clean wipe on the third year.
The rational behind such an advice arises from the comparison of the developed nations. Unfortunately, No comparison can be made with the developed Nations of the West, USA, ASEAN or even China. India has the lowest per capita income. It’s sizeable population is below the poverty line and cannot have two square meals. It has 4% of the World’s resources and 16% of the World’s population and an adult franchise viable democracy. The other developed Countries are having very small population and much larger resources in comparison to their population.
Certainly our stereotypic society will experience greater pain. The interest limit was raised from Rs. 30,000 to Rs. 1.5 Lakhs in last 3 years after lot of consideration and to provide shelter to all. Whether housing problem already over? It reminds me of “Roti, Kapara or Makan”, which is still relevant for us, Indians. After levy of tax on perks, employees can’t really afford to go for a flat, without Govt. support.
This policy helps and is helping lot of families to cherish their dreams of a house whichever way it is. One can go through the pages of history that the value of land never depreciates unless a major disaster happens. Now, it’s certain that the days of doom are near. Not for the housing sector, but for our Stereotypic society!!!

Buy Bangalore

2004-06-16T06:15:00.000-07:00

On this blog, i intend to write "How to buy bangalore?" In true sense for people
who want to buy property in bangalore, either for settling down or to take advantage
of the rising property prices and turn it into a viable investment option.
Go Buy Bangalore!