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.
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.
Posted in News
Tagged Bangalore, building high-end housing, Delhi NCR, developers are back building high-end housing, high-end projects, Jones Lang LaSalle Meghraj, Knight Frank, Mumbai, real estate, Real estate in India, real estate news, super luxury apartments
Most IT hubs like Hyderabad, Chennai, Gurgaon, Bangalore and Mumbai are witnessing higher demand for office space from IT companies.The revival of growth in the information technology (IT) industry is rubbing off on the real estate sector, too.For Santosh Kumar, CEO (operations) at leading property consultant Jones Lang LeSalle Meghraj, it is the revival of the US economy that has encouraged IT companies to start looking at India again for expansion.
Real estate players also report an increase in demand from the IT sector.Increase in the number of enquiries from the IT sector this quarter (ending March) is primarily due to the expansion in terms of hiring more manpower.Network Appliance Incorporated recently acquired a piece of land in Bangalore to expand India operations. Noida-based QA InfoTech is planning to move to a campus that will be almost double the 50,000 sq ft it currently occupies in three separate facilities.
With all large infotech companies back in hiring mode, there has been a spurt of activity in the commercial real estate segment.A demand for office space in the range of 25,000-30,000 sq ft from the IT sector is seen and this is definitely going to increase in the next couple of months.
Lucknow Municipal Corporation (LMC) has decided to attach the properties of erring house owners and forfeit them to recover the tax. The Corporation have been sending reminders to defaulting property owners for the past many years.LMC would soon begin the exercise of attaching the properties, and forfeiting them to recover the pending dues. The LMC would also seize the bank accounts of the defaulting property owners, in an exercise which is set to begin within a period of a week.
There are over a dozen government buildings, residential and commercial property owners who owe massive dues towards the municipal body. The combined dues of all government buildings in the state capital are estimated to be around Rs 20 crore. Urban development sources said that a recent survey has found that Lucknow has some 6 lakh odd houses, even though only some 4 lakh houses are covered. Comprehensively, the dues of Rs 30 crore could be significant given the fact that the total house tax earning of LMC happens to be in the range of around Rs 80 crore.
A senior official in the department said that the tax is either under-assessed or is not assessed at all. The municipal body has now started issuing revised tax to the house owners.In fact, the municipal corporation has drawn a list of some 150 such owners — both residential and commercial — whose outstanding house tax dues have sky-rocketed to a whopping Rs 10 crore.
Times of India
Mumbai: According to a study by PricewaterhouseCoopers (PwC) and Urban Land Institute, a global non-profit education and research institute,India leads the pack of top real estate investment markets in Asia for 2010.The study is based on the opinions of over 270 international real estate professionals, including investors, developers, property company representatives, lenders, brokers and consultants.
Residential properties are viewed as more promising than other sectors and Mumbai, Delhi and Bangalore top the pack in the hotel ‘buy’ prospects as well.The report,points out that India, particularly Mumbai and Delhi, are good destinations.The relatively stronger fundamentals and the lack of dependence on foreign demand are seen as key advantages as India has managed to mitigate the severe recession that has hit most other Asian countries.
Delhi: Delhi Government has finalized the draft of a new legislation on property aimed for checking fraudulent property transaction and will be introduced soon in Delhi Assembly. Delhi Chief Secretary Rakesh Mehta said the draft of the Delhi Urban Property Registration and Titling Act 2009 is ready and will be introduced in Delhi Assembly soon.The new legislation will provide a legal framework for granting property titles to all owners.
Mumbai: Revenue department has approved a proposal to levy a flat one per cent charge on property registrations with immediate effect.The decision on the one per cent property registration fee was taken by then Revenue Minister Patangrao Kadam early this year but was stayed ahead of elections. The stay was lifted by Revenue Minister Narayan Rane.
Bangalore: BBMP has sent nearly 2 lakh notices over the past 10 days. May 30, 2009, was the last date to pay the second half installment without penalty for 2008-09. Technically, the BBMP has powers to issue notices from September. However, the process was delayed till the compilation was complete.
Chennai: Associations with not-so-tech-savvy members are taking help to design the online platform. Bangalore-based start-up www.CommonFloor.com claims to have its presence in 22 cities. In Chennai, the company has designed the online apartment management tool for around 1,500 communities, where services like maintenance fee tracker, issue tracker, SMS reminders for active residents and owners’ association members come installed. Online communities help address issues effectively, particularly when members have no time to attend association meetings.
Useful Links to visit
Useful Articles for Apartment owners and residents
Tips for green Living and support green living