5 Points to Keep in the Mind if buying home after May 1

upcoming projects in bangalore

Ever since the homebuyers and investors have heard about launch of new Real Estate Regulation & Development Act 2016, they have been waiting for it eagerly. After all the law is expected to put a check on the fraudulent activities of the builders, who have been cheating innocent property buyers for years. Some homebuyers have even postponed their decision to invest in real estate market and waiting for the implementation of the law.

Though the law will leave no scope for wrongdoings, it needs contribution of homebuyers as well. If you are looking forward to investing in Real estate projects In Bangalore after May 1, here are some of the points you need to keep in the mind to fulfill your part of the deal.

Timely payment: No doubt the builder is liable to keep you updated with the construction progress, give possession on promised time and provide all the details about the project, you also need to help them by making payments on right time. Further, you should also pay your share of registration charges, municipal taxes and other charges.

Penalty: If you fail to make the payments as per the agreement, you will be liable to pay interest on late payment. The interest rate on delayed payment will be the prime lending rate of State Bank of India plus two percent additional charge.

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Timely possession: top builders In Bangalore give possession immediately after obtaining the occupancy letter. As a responsible homebuyer, you should take possession of the apartment within two months after an occupancy certificate has been issued. If you don’t abide by the rules, it will be considered dishonoring the sale agreement.

Conveyance deed: Getting registration of conveyance deed of the apartment is not the sole responsibility of the builder. As per the laws, homebuyers should also participate in the process actively.

Cooperative society: If you think that your responsibility gets over after taking possession of your apartment, you are wrong. As an active allottee of land, apartment or building, you should form a community, cooperative society or an association. If you cannot manage to create group, make sure you are an active participant.

Real estate bills and laws will undoubtedly make Indian real estate market more transparent and reliable, but this is possible only with equal contribution from all the parties including builders, agents and buyers. real estate Property In bangalore is expected to grow rapidly. So keep these points in the mind and invest in a home there after May 1.

Now you can buy a house in Hyderabad by spending just Rs.20 lakhs

As unbelievable as it may seem, it is likelihood to get homes within Rs 20 lakh in Hyderabad.

 

If you are also planning to own a residential real estate in Hyderabad within a small budget, the below stated localities are for you. Areas such as Hafeezpet and Gachibowli in Hyderabad offer maximum apartments within a budget of Rs 20 lakh.

 

Exactly what can you buy?

Within Rs 20 lakh, Hafeezpet offers apartments and builder floors in various sizes. Hafeezpet is an extremely good residential location with close proximity to educational institutions, shopping malls, hospitals, bus stations and metro train station. It is next to the Mumbai Expressway and less than 10 km from Hitec City and Gachibowli.

 

Location profiling

Affordable homes, durable social infrastructure, proximity to IT hubs and fast connectivity, together, attract property buyers. Hafeezpet is one such area which is actually a mix of all the mentioned advantages. The area offers 2BHK builder floors and apartments within Rs 20 lakh. IT hubs of Hitec City, Kondapur and Gachibowli, all are located in a 6 to 14 km radius. IT professionals employed in Hitec City and Gachibowli prefer staying in Hafeezpet as they want to be near their offices and at the same time save on expenses. Hafeezpet has strong social and emotional infrastructure that further has the exact daily needs and requirements of the residents. Facilities such as schools, hospitals, banking institutions, restaurants, petrol pumps and everyday grocery stores, each one is within the area. Both these areas are potentially good option in real estate in hyderabad.

 

Gachibowli is yet another area in Hyderabad offering builders floors and apartments within Rs 20 lakh. A homeowner of the area said that Gachibowli is the most effective growing IT hub in Hyderabad. It is very near to markets, banks, ATMs and colleges.

 

Spending budget and location are two important factors that are always considered before making an investment in a residential property. Gachibowli is one such established area in Hyderabad offering homes within Rs 20 lakh and at the same time guaranteeing good connectivity with the nearby areas and office buildings. The area houses some of the top companies such as Infosys, TCS Synergy Park, and others. Given the comprehensive presence of computer organizations and MNC’s in the vicinity, the real estate of the area has experienced an improvement. Professionals prefer both renting and buying in the area as within a small budget they can find decent accommodation. The social infrastructure of the area is robust as it houses schools, private hospitals, bus stops and renowned educational institutions such IIT Hyderabad, Indian school of Business, etc.

 

A humble budget of Rs 20 lakh can fetch you a good luxury home in hyderabad. In case you are aware of your exact needs then Gachibowli and Hafeezpet are the areas that you can invest.

 

Post By Shrikant Sain

Civic body to keep ground floored apartments in Bangalore check arrangement infringement

The BBMP announced on March 18th that it would amend building bylaws to permit the civic body to own the ground floor during the construction of the floor plus-four (or more) floor building in its name till the owner fulfills all building norms.

 

The proposal is part of its 2017-18 budgets offered on March 18. In the event, if you are constructing a ground-floor-plus-four floor building or above, the ground floor shall be registered to BBMP at a payment of Rs 100. The move is aimed at minimizing building bylaw violations.

 

Since per the proposal, the ground floor will be released to the owner if she/he adheres to building norms, along with the occupancy certificate. If the property owner has broken the building plan, the ground floor ownership will remain with the BBMP.

 

According to a senior official in the BBMP’s town planning wing said during 2016, there were many building collapses including a major one in Bellandur.  All the building best practice rules violations were rampant. To arrest such illegitimate it is important to ensure that such a certificate is obtained only after the building is built as every the plan.

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The BBMP in its budget plans for town planning also declared that land acquisition for various government projects in future will be done as per the new Copy of Development Rights (TDR) norms.

 

As per a prominent builder in the city almost all regular projects will be under the Real Estate Regulatory Authority (RERA). Any infringement will be regarded from the RERA perspective. So what was the reason behind bringing this new legal guideline? While the BBMP budget moots taking ownership of the ground floor throughout the construction of a ground-plusfour (or more) floor building to ensure compliance with the home plan, industry is not too thrilled.

 

A similar guideline has been in practice in Andhra Pradesh and it was drafted during the real estate growth period. The Telengana government removed this condition as well as the infrastructure payment for additional higher FSI in order to have a healthy supply. The BBMP proposal will lower the supply and hence prices should go up. The buyers of Luxury apartments in Bangalore are affected. A building’s life span is between 70 years and 100 years. If there is any building plan infringement, action can be taken anytime by the government by over regulating and making some monetary provisions with which one controls and improves the ultimate price of the product.

 

Almost all recurring projects will be under the Real Estate Regulatory Authority (RERA). Any infringement will be looked at from the RERA point of view. Why bring the brand new legislation when RERA is merely a month away from being implemented? In the event the government believes someone is doing illegitimate development, it requires a mechanism to determine and penalize them rather than first allowing them and saying you cannot sell it. People who adhere to the law will undergo more. Only time is going to decide if it will be favorable decision for the Real estate in Bangalore or not?

 

Post By Shrikant Sain

Ajay Sain

Differences Between Property in Ahmedabad and in Tier 1 Cities

The city of Ahmedabad may not rank alongside Mumbai in stature, but the price of property in Ahmedabad is not too dissimilar to the price of property in the largest cities in India. Currently, Ahmedabad carries the tag of a metropolitan Indian city, this means that Ahmedabad is financially more important than cities such as Jaipur, Bhopal, Surat, Jodhpur etc. all of which are classified as tier 1 cities.

 

Difference Between Ahmedabad and Tier 1 Cities

Just as in Mumbai, in Ahmedabad there are a large number of properties that are priced over one crore. Many New projects in Ahmedabad are even priced much higher than one crore. However, the neighbouring city of Surat does not have as many properties that are priced over one crore as does Ahmedabad. Other cities that are ranked as tier 1 cities such as Bhopal also have far fewer properties that are valued at one crore. Hence while Ahmedabad may not be the most important metropolitan city, it is head and shoulders above tier 1 cities.

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Will Tier 1 Always Remain So?

China has 200 cities the size of London and within twenty years India will supplant China and become the most populous country on Earth. Tier 1 cities need not always remain less important than metropolitan cities. Already smaller cities are breaking out; builders in Ahmedabad have a presence in smaller cities and hence bring their big city expertise to cities that could be on the verge of breaking out.

 

Metropolitan Cities Vs Tier 1 Cities

One of the biggest differentiators between Metropolitan and Tier 1 cities is the amount of money in the city or the cities GDP. The GDP of a Tier 1 city is usually 50 percent that of the smallest Metropolitan city. However, over the past few years, the GDP of tier 1 cities has been rising and the day may not be far when metro cities such as Pune or Ahmedabad are supplanted by newcomers.

 

The household wealth in cities such as Surat and Jaipur has been rising over the past few years. This means that average households have more disposable income in these cities and that they may spend this disposable income on property. The top builders in Ahmedabad have already ventured outward to cities such as Surat, the day may not be far when builders in Surat venture forth from Surat to other cities to build.

Post By Shrikant sain

Karnataka bill grants house ownership rights to agricultural laborers in suburb

In the attempt to shore up its popularity in advance of the assembly polls, the Siddaramaiah Government on March 24 introduced its purpose to granting ownership of houses to agricultural labourers staying in unrecorded houses on authorities and personal land. This has been a major reason for concern for Real estate in Bangalore.

 

With this, an agricultural labourer will no longer be just the owner of the residence he has been residing in however will also get to own the land around it. The flow will gain around lakh people (a majority of them from backward castes) who’ve been staying in habitations that don’t come underneath the purview of the revenue branch. Those unrecorded suburbs include Lambani  Thanda, Gollarahatti, Vaddarahatti, Kurubarahatti, Nayakarahatti, Majare grama, Haadi, Doddi, Camp, Palya and colony.

 

The government tabled the Karnataka land reforms (amendment) Bil, 2016 to this impact within the assembly on March 24; the legislation changed into handed with none opposition. This would be major step in regards to the development of real estate projects in bangalore.

 

Chief Minister Siddaramaiah said that this is a progressive selection after the well-known ‘land to the tiller’ legislation changed into passed 4 a long time in the past. Population of these hamlets will henceforth grow to be the proprietors of the houses they live in. These are human beings who’ve been oppressed for years, and these days they stand liberated.  As per an official statement, there are about 750-1,000 hamlets across the state.

 

Bringing those suburbs into the revenues branch’s fold will no longer most effective assist those marginalized communities set up their identity and assert their rights, however, will also be a political recreation-changer for the Siddaramaiah Government within the run-as much as the 2018 assembly polls. It really does not matter what is the motive behind it but surely there will many Luxury apartments in Bangalore and outskirts.

 

Congressman and Mayakonda MLA K Shivamurthy, who were pushing for the law, announced that by using making the occupants the owners, the government has given recognition to the humans staying in hamlets. Till now, that they had no longer been documented. However, now they will take delivery of title deeds. The next step is to transform those hamlets into sales villages. Through becoming proprietors of the houses and land, they will be eligible for financial institution loans and might access exclusive government schemes as properly.

Post By Shrikant Sain

The Advantages of Living in Green Property in Ahmedabad

Green property in Ahmedabad is superior to most traditionally built homes since a green home is more affordable to live in than a traditional house and is also better for the environment because such a house is sustainable. Sustainability is crucial in the current age of rapidly depleting natural resources and green homes place a lesser strain upon the environment.

 

Advantages of Green Homes

A green building with numerous green homes puts less stress on the environment as it uses resources more efficiently and produces minimal wastage of resources as well. Such green homes address urban problems, one such problem being the suffering of residents in a large city due to the expulsion of waste into the environment. Green homes expel fewer effluents into the environment and use resources more efficiently than do traditional buildings.

 

Since resources are used more efficiently in green buildings its leads to more efficient utilisation of resources and also towards less waste. Projects in Ahmedabad that are built to house green homes will be far better for the environment than traditional projects have been in the past.

 

Tangible Benefits of Green Homes

Currently, the most precious resources are those that power our bikes, cars, buses, and which provide us with electricity. Such resources have been dubbed as fossil fuels and though they are powering much of the machinery that we use in our day to day lives, such fuels are also being rapidly depleted. Green residential projects in Ahmedabad will consume fewer resources and slow the rapid depletion of fossil fuels. Many, regardless of whether they live in middle income or luxury flats in Ahmedabad can be part of a green development. Green projects also recycle waste leading to fewer new resources being used to create new products

 

Selling Green Homes

Most traditional projects are less expensive to build than are green projects. However, the cost savings accrued from the operation of green projects make such projects worthwhile and they recover any extra cost that may have been incurred in the construction of green projects in Ahmedabad. One of the primary bills that is lower in green projects is the energy bill. Builders in Ahmedabad who build green developments may defend the higher cost to buyers by emphasising that the lower energy bills they incur in the future will recoup the extra amount they pay to live in a green residential property in Ahmedabad.

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An update on Real estate in Bangalore

Bangalore has been the fastest-growing city in India since the past few years. The major development driver which is in charge of intense real estate development in the city is a technological surge. Being the IT hub of India, Bangalore has a multi-cultural population with good sociable infrastructure, excellent educational facilities and constantly upgrading physical infrastructure. Currently, the most promising residential micro-markets are Outer Ring Road (ORR), Sarjapur Road, Whitefield and North Bangalore. The majority of Luxury apartments in Bangalore are coming up in and around these areas.

 

Major Housing Segment in Bangalore

Luxury Home:

Bangalore is the third-largest hub for High Net worth People (HNIs). It is believed to be home to 10, 000 individuals who are millionaires. Bangalore has a huge base of expatriates who live and work in the city. The residents are well travelled, classy and have a sophisticated lifestyle.

 

There is increased demand for high-end residential apartments in the city, particularly in the Central Business District (CBD), Secondary Business District (SBD), Whitefield, Real estate in Bangalore and Outer Ring sub-markets. It is expected that consumer demand for high-end home projects in these sub-markets to be steady over the short-run.

 

Mid-Income Housing:

This section is principally driven by individuals employed in the IT and ITES industry. The main driving factors for this segment are social facilities, proximity to workplaces, good physical infrastructure and gain access to medical and educational facilities.

 

Due to these reasons, micro-markets such as Whitefield, the ORR corridor, Electronic City and few areas in North Bangalore have witnessed a reliable demand from the mid-income segment.

 

Affordable Housing:

The need from this segment comes from extremely price hypersensitive buyers – therefore, affordable projects are developed in the suburbs as they areas offer large land packages at lower acquisition costs. Areas such as Mysore road, Hosur road, Kanakapura road etc. have observed high demand for this segment.

 

The affordable real estate concept has gained surface in Bangalore City, mainly due to a few graded developers like Purvankara, Brigade Group, Shriram Real estate, Golden Gate Properties, Ozone Group and Nitesh properties that are focusing their projects on customer of this section.

In most cases, the housing units are made affordable by reduced apartment sizes, compromising on few amenities and other USPs which were typically provided as differentiators to the competing projects in the micro-market/city.

 

Affordable housing has seen frequent demand on the outskirts of Bangalore, in all directions. Supply of large land packages at low cost points has encouraged these developments. Likewise, the planned Metro Track and Peripheral Ring Highway have increased the demand on the outskirts of Bangalore.

Hope, our readers will get an update on the current condition of Upcoming projects in bangalore.

 

Post By : Shrikant Sain

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