The end of May witnessed tax payers in big queues and in front of the BBMP portal paying property taxes as BBMP announced the last date for the payment of property taxes in full for the whole year with rebate as 30th May, 2015. In fact the Bruhat Bengaluru Mahanagar Palike (BBMP) gave an extension of tax payment dates from April 30th to May 30th for the tax payers to avail the rebates. The rebate of course was for the tax payers who would pay the property tax in full for the whole of the assessment year 2015-16.
The BBMP also announced that the property owners who would pay taxes in instalments can pay the first instalment by 30th May 2015 and tax payers paying taxes after this date would be penalized by an extra interest on the whole of the tax amount by 2 percent each month. The second instalment could be paid within November 29th, 2015. There was also an option of paying the taxes through online portal of BBMP. There, one can pay the taxes through a debit or a Master card issued by any of the banks.
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It was noted that the early birds paid the taxes to avail the discount and BBMP sources say that 8 lakhs among the 16.3 lakh property owners of the city paid taxes within May 30th and availed the discount. The total amount earned by the BBMP was Rs. 1.085 crore during the month of April and May, 2015. This was said to be Rs. 250 crore more than the last year’s collection.
Deputy Commissioner (Revenue) of the BBMP said the target of revenue that was set was Rs. 1200 crores for the months of April and May 2015 and the yearly target were Rs. 2900 crores. He opined that the collection signaled a good start and they hope to recover the remaining of the tax amount in the ensuing months. The deputy commissioner said that those who did not pay the taxes within the due date will have to pay the taxes with a 2 percent penalty charge as the interest on the whole year’s taxes each month.
Tax Payers Vexed due to online snags
Even after the expiry of the deadline of the payment of taxes with rebate on May 30th many tax payers still tried to pay taxes on Sunday, May 31st through the online portal of the BBMP (bbmp.gov.in) which was down for most of the time of the day.
The tax payers were vexed not because they couldn’t avail the rebate but due to the difficulty faced as the BBMP portal did not function properly. They were looking for an easy way of paying taxes. The IT wing officials of BBMP said that on May 30th the portal worked fine in spite of the heavy load as many tax payers were paying their taxes. They assured that the portal will be up and ready to use on Monday.
House or one’s own home is the dream of many of us which is aimed to have a better future and an improved lifestyle. With the given paucity of time it is hard for the individuals or the service holders to find time examining and evaluating the houses for sale for the safety and security of their family members.
A reliable real estate broker is a better option that one may choose to hire. The brokers and agents can help home buyers to assess the property and the house. From the aesthetics, the features of the interiors and the house conditions the brokers can assess and help prospective buyers and guide them with the information whether they will get what they are looking for. Additionally if one wants a better option, the brokers and agents can arrange it for you too.
Once the house is chosen the buyer should hire property lawyers. The lawyers would help to ensure a better purchase and verify the land deeds, title of the land and other documents too. There are other advantages of hiring a lawyer too which we relate below.
Legal Consultation: For the first time house buyers it is imperative that they learn the rules and procedures of purchasing houses. Thus by hiring a lawyer the buyer can learn and understand the rules, local laws and the bylaws that encompass a property.
Reviewing the sales contract: Lawyers can help buyers of home review the sales contract which the buyers need to sign and can ensure that the agreement is proper and there are no hidden conditions in the agreement that may affect the purchase.
Learn the local laws: Few local areas have laws with regards to building houses in select areas. The house buyers can learn about the essential laws in the area which can also help in determining about additional constructions and improvement of properties they purchased.
The house buyers can ensure a perfect purchase and can prevent future litigations and make their lifestyles better. They can also find the ideal home for them which will ensure a better future free of litigations.
The title of the property or the house: The title of the house or home to be bought is one of the most essential elements and must be made sure that the house has a clear legal title and the selling rights giving the buyer the assurance that no problems relating to property will occur in the future.
Hosur Road is one of the main roads which is known for its connectivity, proximity to IT hubs and industrial areas and its brilliant infrastructure. Electronic City one of the largest IT parks of India is situated on Hosur Road with Narayana Health City being another attraction and employment generating institution and as it’s a hospital it attracts health tourists from all over the world. This necessitates the construction of hotels, lodges and many other commercial activities have sprung up due to this. Apart from the commercial and IT developments in the area the reason why people choose Hosur Road is because of its emergence of a place of residence. There is always a tendency of people to live shop and work within the precincts of the neighborhood. The presence of retail spaces like super markets, malls and big retail stores has been constantly an attraction of the residents to flock in the area. Outer Ring Road (ORR) is well connected to Hosur Road and the area is in the heart of IT activities. The employees of the IT and ITeS and the MNCs have faster career growths with increase in the salary packages who have been noticed to prefer 2 and 3 BHK apartments. The realtors remark that buyers look for a place with all amenities under one roof including the luxury amenities, sports facilities, water, electricity and facilities for cultural activities too. Hosur Road has on offer housing options in gated communities which are there in different varieties which encourage the community living. Proximity to Electronic City and Narayana Hrudayalaya has certainly pushed the demand for housing and rentals in Hosur Road. The real estate market watchers feel that apart from the good lifestyle that is available here with the improved infrastructure the buyers invest here because of the scope of appreciation in the area compared to other areas in the vicinity. The airport is also quickly accessible through the National Highway 7 and the areas like Koramangala and presence of reputed educational institutions has made this place a prime choice of residents. With the current trend the demand for housing is on the rise in and around Hosur Road with buyers getting healthy returns. The realtors suggest that this may be a good time to invest in properties at Hosur Road to earn good investment returns and enjoy a lavish lifestyle.
Real estate markets are separate for rental properties, apartments, villas and plots. Of late it has been noticed that Indiranagar, Koramangala and HSR Layout are the most sought after places for rental accommodation. The demand for rent in these areas is high. Let’s find out what these areas have to offer.
The various data gathered from various sources indicate that there are more than 500 units available for rent in HSR Layout. These units are either 1, 2 or 3 BHK apartments available in sizes of 500 to 2000 sq. ft. while a 1 BHK unit is about 500 to 1000 sq. ft. A 1 BHK apartment is available for rent at a rate of Rs. 12, 000 to Rs. 18, 000 per month. A 2 BHK apartment with a square area of 1000 sq. ft. to 1350 sq. ft. is about Rs. 18, 000 to Rs. 28, 000 per month. A 3 BHK apartment with a carpet area of 1500 to 2000 sq. ft. can be rented at a monthly rent of Rs. 25, 000 to Rs. 35, 000.
The local real estate agents say that the area is quite serene with all facilities at arms-length with schools, colleges and educational institutions around. The students are in plenty who goes for 1 or 2 BHK apartments because of lesser hassles and affordability. Apart from students, this area is well liked by the IT professionals as there are quite a large number of IT companies in the Outer Ring Road belt with Electronic city and Marathahalli being 7 and 8 km away respectively from HSR layout. Apart from that it is just six kilometers away from Koramangala and Wipro Corporate office in Sarjapur. With all this and the web data suggestions, the PropIndex (July – September 2014) also suggests that HSR layout remains at the top of the preferred list of localities for availing rent.
Koramangala is inhabited by the upper middle class with people aspiring to live in premium localities without the affordability of buying one. As per the data collected from different websites there are about 500 units available for rent in this area. One can find 1 BHK units in the sizes of 500 to 800 sq. ft. and above with the rent ranging from Rs. 15, 000 to Rs. 20, 000 per month. A 3 BHK apartment of size 1600 to 2100 sq. ft. can range up to Rs. 30, 000 to Rs. 70, 000. The area has already established itself and earned a name as a hub of commercial activity and a posh locality with many IT and software companies having their offices. The Metro station in Jayanagar which is about 6 km away has further fuelled the demand for rent in Koramangala. With all these amenities and the present situation, Koramangala stands at the second most preferred area for rental accommodation.
This area according to the data has about 200 properties available for rent. This area is serene, clean and considered as a premium locality. Indiranagar has 2 and 3 BHK apartments available for rent in the sizes of 1200 to 2000 sq. ft. In Indiranagar a 2 BHK apartment can be availed at Rs. 22, 000 to Rs. 28, 000 and a 3 BHK can be availed at Rs, 30, 000 to Rs. 60, 000. 1 BHK units are available with 4 BHK as well although they are few in number. 1 BHK units here ranges from 500 to 800 sq. ft. to 4 BHK ranging from 2500 to 4000 sq. ft. The prices of 1 BHK apartment ranges from Rs. 15, 000 to Rs. 18, 000 and that of 4 BHK apartment ranges from Rs. 60, 000 to Rs. 1 crore. The locations that locals opine areas is near to M. G. Road and has a special inspirational value with lot of famous people residing in Koramangala.
State proclaims that the assembly board should scrutinize the apparent BMIC scam which worth a multi Crore
The Bangalore State Government recently made a proclamation that the parliament committee will investigate a suspected property scam of a multi Crore pertaining to a land allocation to the Nandi Infrastructure Corridor Enterprises (NICE) for the execution of the Bangalore Mysore Infrastructure Corridor (BMIC) project.
The Public Works Department minister Mr. HC Mahadevappa in a very sensitive way addressed the parliament going into the nostalgia of the debate in the parliament over the same issue and marked that the administration is not meant for sale. The BMIC project has been and still remains under a lot of suspicion. The panel of the jury will be liable to investigate the misdeeds of the land allocation to the NICE Company.
The minister also declared that the state government reassures the private reserves in infrastructure and the industrial projects and also the current conclusions like the amendments made in tabling Karnataka Land reforms act in the assembly and also the Karnataka Industrial Areas development Board (KIADB), this is actually liable to simplify the land allocation process and is also like a proof of the same. Those members who are cutting across the party-liner are demanding the House panel over all such accusations that around lacks of Acres of expensive land belonging to the government in the location across Bangalore has been sold off to NICE, on the same hand the NICE has in turn sold the same entity to Big ticket Real estate companies and that for a huge and a hefty amount.
As the new government is now function along with the new budget there is an expectation of investments in various old and new businesses that creates jobs and result in huge and a passive improvement of consumption across India. The sentiments have already seen positivity as the companies plan to expand their business ventures and are looking for office space to be leased and also the blooming stock market is doing the needful in gaining back the positive trust.
Acclaiming to the anterior Prime Minister HD Deve Gowda the minister held a statement that the CM in the early 1995 approved the BMIC Project with a calm and a fair purpose to mend and improvise the infrastructure. But as days passed a lot of grievances, litigation and criticism piled up. All such led to a lot of distrust and hence there was a setback involving a hundreds of Crore of rupees. Hence the minister concluded that the government is not for sale in any circumstances.
Bangalore has become one of the most popular real estate markets as many new units have been launched in the real estate segment. Not like the other national market the prices in Bangalore have remained stable for a longer duration. This news indeed is good for the developers, buyers as well the purchasers can freely browse a number of affordable options. While choosing to buy a home one must keep a track of a lot of requirements. The most important of all is the location of the home and also the time invested in travelling to and fro from the chosen location to the other places of daily commute. The second most important constraint is the budget which is a clear understanding on how much to spend over the residential property.
The Entire Silicon Valley of India is divided into four major locations in the four different locations of East, West, North and South.
The major markets in the residential segment in Northern banaglore are Hebbal, Hennur, Thanisandra Road, Jakkur, Sahkar Nagar, Kalyan Nagar, Sanjay Nagar, Yelahanka and also Devannahalli. The Near about prices in this area approximately Rs. 4300 per sq. ft. but as per the areas of Hebbal and Thanisandra are concerned the prices are around Rs. 7,400 per sq. ft. Manyata Tech Park and the Kirloskar Tech Park make this area one of the most prominents in the northern region. On the Thanisandra Road the Bhartiya City is located which is also one of the most prominent infrastructures and drivers responsible for the growth of northern Bangalore.
The eastern belt of Bangalore comprises of KR Puram, Marathahalli, Whitefield, Outer Ring Road and also the stretch from Sarjapur Main Road. The prices in this area vary from Rs. 3,840 to Rs, 4,200 per sq. ft. Many of the new real estate land owners and developers have planted their projects in this area. On the other hand the residential property rates in areas of Whitefield and Maratahalli are around Rs. 5,131 to Rs 5,200 per sq. ft. The area Whitefield is one of the major markets as it has the Maximum of the IT strength along with the ITPL the area receives major enquiries in terms of residential spaces and every one looks in for the closest option to stay from office.
The southern part of Bangalore consists of areas like Electronic City, Bannerghatta, Hosur Road, Kanakpura, JP Nagar and also BTM Layout. The Southern part of Bangalore is undoubtedly thickly populated as many of the major companies like Oracle, TCS, Wipro and Infosys are present here. As soon as the Bangalore metro comes into force the connectivity between the northern and the southern region of Bangalore will see a change in a better way.
Areas accounting of the western stretch of Bangalore are Rajaji Nagar, Yeshwanthpur, Peenya, Malleshwaram and many small micro markets. This area is still developing and hence there are very less new units introduced here But the area has the highest property prices which is somewhere around Rs. 10,300 per sq. ft. Whereas Yashwanthpur has the price range of Rs. 7,080 per sq. ft. The area has a huge scope of development in the time to come.
The Government in Karnataka is is said to bring about the needed change and transformation in the concerns related to property revenues this was done mainly to check deceitful land deals, illegal formation of layouts and there were corruptions in the sub registrar offices.
It was also told that the government will mount new rules and regulations to curb registration of revenue sites, it also promised to check the bourgeoning of illegal layouts and sleaze in sub- registrar offices within the city of Bangalore.
The government will make computerized online registration of properties by accelerating the ongoing process of assimilating Kaveri (Land Registration) and Bhoomi (Land Records) the two e-governance pattern of the state government.
This newly designed system will not only abridge the registration process but this will also stop the evil practices of fake registration and other corrupt activities. Such activities are much prevalent in Bangalore’s rural areas.
It is also expected that the government will soon bring in changes to the existing act to render effect to the right to center’s fair reimbursement and limpidity in land attainment, reestablishment and the resettlement act as of 2013. This will undoubtedly provide a just and fair recompense to those poor land owners who lose source of revenue due to property acquisition.
The department will soon be ready with an accurate and physical time bound plan of action. This will target for the repossession over 4.5 Lakhs acres of government property infringed by the state-run governing body.
The Deputy Commissioners have been appointed to formulate a plan of action relating to their respective districts on the directions from the high court in answer to a PIL filed by the Samaj Parivartan Samudava.
There are hopes associated that once the plan falls in its place they will probably move ahead with the operations to retrieve the invaded property.
He makes his home where the living is best.
Bangaloreans are trapped in a strange situation, which is letting them suffer many sleepless nights. The crawling construction progress of their dream house is the root cause of their unhappiness. This problem is worth a concern as they hardly see any progress in the construction of their dream house. These parties in a tough situation are making worried calls to the developers to know current status update on their house and the expected time for the things to come in shape. Even after making the payment at one shot the construction isn’t happening as per schedule and getting delayed for some or the other reason. The bankers who are financing certain housing projects demands for the complete payment in checks and as committed by the bank the EMI also starts getting deducted instantly, irrespective of the fact that the construction is happening at a very ground level.
This delay in acquiring the possession can be due to the various reasons of some pending municipal approvals and some other disputes. The rising property price can also be one of the reasons for the delayed construction. The developer might not give the possession in the hope of making the buyers pay even more than the amount at which the agreement was signed earlier.
Delays in giving the possession to the customers can also happen in case of conflicts between the bank and the developer as the bank may refuse to finance the developer’s project. Scarcity of funds may also result into delays. Any legal action against the developer also may result into one of the factors for a slow construction and a delayed possession. Experts recommend that one should keep of the track of the construction site by at least visiting it once in a month. The social and political unrest, some natural calamity or any unforeseen event may account for one of the reasons beyond control for the delay in the construction and possession of your dream house.
The developers are also at loss as they fail to serve the customers timely as per their commitments. They are indeed loosing valuable customers who can add Credibility and Good will to their housing projects. They are losing on valuable investors who can make better Real Estate investments for their future projects. There are a few developers who prioritize money over reputation. Due to the direct and indirect losses accounting to the loss of money lost during the delayed possession of the house to the consumers, the real estate industry is being tarnished; this it is majorly affecting the buyers at a larger scale.
A piece of advice which could save the consumers of falling a prey of such delays is that they should add an indemnity clause in the construction agreement. The core aspect of this clause is that there will not be any deviations in the sanctioned plan which is in black white from the developers irrespective of the reason.
Though, the country’s financial hitches in the last few quarters obstructed the prospective growth of other sectors including the industry and services, the real estate sector remained untouched with the economic drawbacks. The real estate sector witnesses development and expansion in the construction and infrastructure segment, which saw a robust demands and investments. Remarkably, the real estate sector has been immensely profited from the growing curiosity of foreign investors and also due to the infrastructure sector that saw funds on the public-private partnership pattern that prevailed and aided in earlier.
The latest report of The Economic Times stated that for the expansion and further development of the realty sector vast investments in this sector in the coming year is needed. The report also stated that the residential segment alone in the real estate sector would need an investment of around $ 42 billion and affirming $29 billion in the next 12 years.
The real estate sector of the country has witnessed a significant growth in the last decade and presently the sector comprises of about 63 per cent in the country’s GDP. In the growth of the real estate sector, the residential segment has led the development of other segments in the reality sector like the retail, commercial, and hospitality segment. Hence, the investment requirement is more in the residential segment as the demand for the affordable houses is rising across the Tier-I and Tier II cities of the country.
In the recent past, the real estate sector in India has planned to extend its boundaries in order to meet the demand, develop the investment networks and to aid the growth path. Therefore, the real estate investments trusts (REITs), ease in FDI policies and improved regulatory policies are anticipated to aid in the growth of the sector. Over the last few quarters, the amplified financing possibilities and contribution of different investment assets like the pension, FII funds, and venture have been supportive for this sector.
In regards with the country’s economy, the real estate sector is considered to be favorable in the development of other industries of the economy. One such industry is the manufacturing, which has seen development due to the assets around the metro regions and tier-two cities in housing needs. Whereas, the growth in the economic activities of various other sectors is sustained by commercial, retail and hospitality segments.
Interestingly, the progress in the real estate sector of the country is subject to the matter of attention in the Indian economy and at present the predictions for growth and the forecasts in investment is improving.