Tag Archives: Bangalore

Akrama-Sakrama has no answer to this big question

According to BBMP’s own rough estimates, only two lakh to three lakh properties out of the total 17 lakh properties will come under the current Akrama-Sakrama when implemented. This is just about 17-18% of the overall target of regularization. The new amendment bill passed in the assembly last week concentrates only on the penalty for smaller violations (that’s presently fixed at 25% for commercial buildings and 50% for residential).

According to BBMP officials in the revenue department, what’s presently ‘inferred’ from the enactment is that the violators must bring down their violation to the prescribed limit. But there is no answer to what happens if they don’t conform to it.

Even Bangalore minister R Ashoka admits that there are no immediate proper answers to the gross violations yet. “These violations are more in number. 100% regularization is not possible at one go. But we will have to make a start. Our immediate focus is to regularize the smaller violations,’’ said minister Ashoka.

What is the penalty for properties that have exceeded the set violation limits prescribed under the law? Akrama-Sakrama has no answer to this big question. Even the punishment for those who don’t pay penalty for violations within the set limit is also not clear as the corresponding rules to the enactment are yet to be framed.

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Real estate developers are back building high-end housing

On the back of a revival in demand, real estate developers are again building super luxury apartments, say experts. About 7,000 such apartments to be delivered within a year in Mumbai alone by consultancy firms Jones Lang Lasalle Meghraj (JLLM) and Knight Frank India.The cost is not below Rs 4.7 crore for a single unit. Anand Narayanan, Knight Frank India’s national director (residential agency) said in the central business district of Bangalore,400 high-end luxury apartments are going to hit the market in the current year itself.

LLM country head and chairman Anuj Puri said “After the recession got over, real estate developers are back building high-end super luxury projects because there is good demand for such projects.” Similar high-end projects are coming up in the National Capital Region as well, but demand for such projects depend on many things, including the location of the property and its novelty.The higher cost of such products is justified because not a single one has a common design and lay-outs are also never identical, the consultants said.

Stating that there is ‘enough demand’ for such projects, both consultancy firms said that consumers are treating such projects as a consumer product for which they are ready to pay a premium.

BBMP resumed its anti-encroachment drive after the Diwali holidays on Monday

Three properties that were encroaching upon a storm water drain have been demolished since last week.Half a kilometre of the drain was encroached by nearly 70 shops. Settled for years, they clogged the drain space, causing floods during the monsoon.

The BBMP on Monday resumed its anti-encroachment drive at Sultanpet after the Diwali holidays. These encroachments are along the stretch from Balepet circle to City Market.  Three properties have been demolished since last week. Another eight are expected to be demolished by this weekend. However, BBMP had halted the operation for the weekend, based on local MLA Gundu Rao’s suggestion to give the people time to vacate.The BBMP on Monday resumed its anti-encroachment drive  after the Diwali holidays.

Reference

The Times of India: Demolitions continue in Sultanpet

Apartments in Bangalore

Things an Apartment Owners Association Members should Know http://www.commonfloor.com/articles/

An Interest Rate War In The Home Loan Segment

An Interest Rate War Is Brewing In The Home Loan Segment This Festive Season

Chennai: Development Credit Bank (DCB) and GIC Housing are offering home loans below the psychological 8% level. Bank have waived off processing fees and documentation charges on certain loans. According to observers, borrowers prefer low interest bearing home loan accounts of nationalized banks over private banks. DCB, which recently entered the segment, is charging 7.95% for loans up to Rs 5 crore at fixed interest rate for the first year and floating rates from second year onwards. HDFC is offering a floating rate of 8.75% for loans up to Rs 15 lakh, 9% (Rs 15-50 lakh) and 9.5% for loans above Rs 50 lakh up to 20 years.

Interest on home loan dips further

BDA Acquired Property Worth Rs 45 Crore

Bangalore: In an unprecedented drive, BDA acquired property worth Rs 45 crore at Sarakki Agrahara Village in JP Nagar 2nd Phase. Some people had constructed structures on three acres of land that was notified by BDA in 1970, for the formation of JP Nagar 2nd Phase and were fighting court cases against the BDA. The court gave its verdict in favour of the BDA.The demolition was carried out by the BDA Task Force under the guidance of the Superintendent of Police, BDA and Executive Engineer, along with the active co-operation of the local police.

BDA recovers property

Housing Demand Expected To Rise By 30 Per Cent

New Delhi: Affordable housing seems to be flavour of the day. a majority of the industry experts expect the residential segment to recover by the end of 2009 with a 25-30 per cent renewal in demand.The survey found out that 34 per cent of the demand in the residential segment was in the price range of Rs 5-15 lakh and 26 per cent was in the bracket of Rs 15-25 lakh. As much as 22 per cent demand is in the range of Rs 25-40 lakh, 12 per cent in the range of Rs 35-50 lakh and a mere six per cent for properties priced above Rs 50 lakh, the study revealed. According to the survey, industry experts believe that demand in retail segment would rise by 10-12 per cent during the next three months and will recover only by the last quarter of 2010. The commercial segment is expected to pick up after the third quarter of 2010.

Housing demand to rise by up to 30% in next three months

Hike In Taxes On Nariman Point Building

Mumbai: Nariman Point, India’s premier commercial district, is in a state of turmoil. The BMC’s assessment and collection department recently hiked the rateable value in buildings where offices have been given out on leave and license. The rateable value is fixed on the basis of the rent a particular office space is expected to fetch the owner. The Brihanmumbai Municipal Corporation (BMC) has increased the taxes(rateable value) by as much as five to 10 times.

BMC hikes taxes on Nariman Point bldgs 5-10 times

Property transaction in post office

From next month, property buyers can pay their registration fee and stamp duty in near by post office. Karnataka Stamps and Registration Department is considering to launch the facility in post office and public sector banks across the state for property registrations. On a pilot basis, the department is planning to launch the facility in 75 post offices in Bangalore by next month.

A public sector undertaking, Stock Holding Corporation of India Limited (SHCIL) would be in charge of keeping a centralized record of all e-stamping documents. The department in association with SHCIL, is implementing e-stamping to put an end to illegal benami registrations and for plugging revenue leaks.

The postal department wants to charge Rs 10 as fee from for e-stamping denominations up to Rs 100, and Rs 15 for e-stamping denominations above Rs 100. The post offices have expressed interest and are waiting for a final approval.

Reference:

Banks refuse to process loan applications without Khata

Banks and financial institutes refuse to process home loan for borrowers without Khata certificate. The government has stopped issuing new khatas. Even changing the khata from seller to buyer is not being done, citing administrative issues.

After a long impasse over registration of properties, which has now been solved, the vexed khata issue is hindering the home loan process and has left property buyers in the lurch. To facilitate sale of properties in former urban local bodies around the city, the government on August 14 suggested alternative documents for registration — copies of khata and assessment extracts issued by CMCs, TMC or village panchayats under whose jurisdiction the buildings/land belonged.

According to the inspector general of registration and commissioner of stamps, K R Niranjan, the government communication has been sent to all sub-registrars but not the banks.

Reference:

Buyers in new areas not getting home loans

Final Notification of 198 wards issued by BBMP-Bangalore

Final notification on BBMP wards issued

The number of wards in the final notification remains the same as in the draft, and the number of wards whose names have changed are over 45. The number of wards in which the areas have either been included or excluded are over 30. The draft notification, issued by the Urban Development Department on June 17, was subject to suggestions and recommendations before June 30. After looking into over 1,500 suggestions, the Urban Development Department finalised the delimitation.