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CCB arrests Skyline MD for swindling apartment buyers

2019-01-04T01:13:00.000-08:00

Avinash Prabhu The managing director of Skyline Construction and Housing Private Limited and Kalmane Koffees, was arrested by the Central Crime Branch (CCB), for swindling over 200 people to the tune of Rs 100 crore in sale of apartments. Avinash Prabhu was nabbed following a complaint filed by Christopher Regal, one of the victims, at the Hennur police station.

Considering the magnitude of the case, the city police commissioner T Suneel Kumar, handed over the investigation to the Central Crime Branch (CCB). Prabhu, along with his brother Dhiraj, floated many under-construction apartments, namely Skyline Aurora 100, Skyline Retreat 87, Skyline Ocatia, Skyline Villa Maria, Skyline Waterfront, Skyline Blueberry and Best House in Mangaluru. The accused had taken nearly 90% of the amount in advance, but, never handed over the apartments to the buyers.

The accused had taken money from potential apartment buyers, but, left the construction work midway, said a senior police officer. The amount received was then invested in 11 coffee outlets across the city. The accused made huge returns from their investment in the coffee outlets, and were leading a lavish life, said the police officer. The police also seized Prabhu's Range Rover and Audi. 15 bank accounts of Prabhu's in various banks were frozen henceforth. Preliminary investigation revealed that Prabhu has purchased five acres of land in Kengeri,three acres in Allalasandra, three acres in Hennur, seven acres of land in Kanakapura and 8.5 acres of land in Mangaluru. He also purchased property in and around the state, and also in Chennai, the officer said.

However, Prabhu's brother Dhiraj Prabhu, managed to escape soon after the arrest of his brother. Efforts are on to trace him.

Read more at: https://www.deccanherald.com/city/ccb-arrests-skyline-md-711296.html

Shriram Properties raises Rs 125 crore from LIC Housing's arm for Bengaluru Project

2018-11-09T00:36:00.000-08:00

Shriram Properties has raised Rs 125 crore from non-banking financial arm of LIC Housing Finance to develop a residential project in Bengaluru.

The funds will be used to construct Shriram Greenfield, a two-million sqft residential project being developed across two phases in Whitefield, Bengaluru.

The company has so far sold more than 75% of the inventory in the first and second phases. "The fund is being used to replace one of the existing investment with lower interest rate, said two people with direct knowledge of the transaction.

"The company recently gave exit to real estate private equity fund Motilal Oswal Real Estate from the above project, with a nearly two-fold return in less than four years," said one of the person quoted above.

Private equity major TPG Capital and Starwood Capital-backed real estate developer Shriram Properties has in the past given exits to funds such as Ask Group, Sun Apollo and ICICI Prudentials with higher returns.

"The builder is working on some more exits which is expected to be completed over the coming quarter. So far the firm has received private equity investments worth $600 million, including project and entity level investments," he added.

Some of the key investors in the company includes including TPG Capital, Starwood Capital, Walton Street Capital and Tata Capital that together hold around 60% equity in the company. These institutional investors had cumulatively invested total $270 million in the company between 2008 and 2014.

Shriram Properties is planning to raise about Rs 1,500 crore through its onitial public offering. The Bengaluru-based developer's maiden share sale is expected to be concluded by March of 2019.

Shriram Properties is focussed on mid-income and affordable housing and has total 61.64 million sqft of projects currently under construction and in pipeline across 38 projects.

Sobia Khan, Economic Times, Bengaluru.

For More Info Visit : https://content.magicbricks.com/property-news/bangalore-real-estate-news/shriram-properties-raises-rs-125-crore-from-lic-housings-arm-for-bengaluru-project/102704.html

Prices drop to 3% in big cities – Residential real estate sector

2018-01-11T02:30:00.000-08:00

The Indian residential market is showing a "price crack" for the first time in many years. In other words, prices have fallen in the second half of 2017 by a weighted average of 3 per cent across cities versus the year-ago period, property consultancy Knight Frank said in a new report.

Prices in Pune declined the maximum at 7.3 per cent, followed by Mumbai (5 per cent), Bangalore (5 per cent), Kolkata (5 per cent), Chennai (3 per cent), and NCR (2 per cent). Only markets that have ready to move inventory such as Hyderabad and Ahmedabad saw prices firming up 3 per cent and 2 per cent respectively. The prices of assets in most of the cities have dipped while consumer price inflation (CPI) has risen.

The softness in pricing reflects the stress in the residential real estate sector of the country. The lingering impact of demonetisation, the enforcement of the Real Estate (Regulation and Development) Act (RERA), and the trust deficit in developers has all derailed the market.

According to data from Knight Frank, housing launches in 2017 crashed 41 per cent to 1,03,570 units versus 2016. This is down 78 per cent from the peak of 4,80,000 units launched in 2010. Declines have been sharper in NCR at 56 per cent in 2017.

Housing units sold pan India in 2017 dropped 7 per cent to 2,28,072 units compared to 2016 and declined 38 per cent since the peak in 2011.

On the positive side, unsold inventory dropped 19 per cent to 5,28,494 housing units. Mudassir Zaidi, Executive Director - North at Knight Frank said that 60-65 per cent buyers used to be short-term ones - or speculators. They have vacated the market. This implies that the market is moving towards end users.

Zaidi, however, doesn't expect a V-shaped correction. The recovery in residential real estate will be slow. The report also added that the "the long awaited drop in prices is a healthy step toward market recovery as this along with other measures such as reduction in unit sizes across cities will boost home-buyer affordability".

For more info visit : http://www.businesstoday.in/sectors/infra/residential-real-estate-prices-property-drop-3-per-cent-realty/story/267752.html

KARNATAKA RERA RULES - NEED TO UNDERSTAND

2017-09-24T01:58:00.000-07:00

KARNATAKA RERA RULES (the “Rules”):

# POINT 1: Benefits to the Allottees

RERA Act defines allottees as people to whom units have been allotted by the Promoter.

RERA Rules added to this, associations which represent such allottees collectively. The option for the allottee to be represented by the association will definitely reduce the number of individual complaints and thereby facilitate speedy disposal of grievances.

# POINT 2: Project Details

RERA Act asks for certain information related to the Project.

In RERA Rules, there are additional documents asked for such as annual report, the number of parking slots, conversion order, change of land use order, joint development details, sanctioned plan, its specifications etc.; to ensure that the project complies with statutory norms.

# POINT 3: Requirements for Ongoing projects

RERA Act categorically states that registration is required for all ongoing projects where completion certificates are yet to be issued.

RERA Rules made the definition of ongoing projects broader by excluding projects like:

· Layouts where streets and civic amenities have been handed over to the local/planning authorities;

· Apartments where common area and facilities have been handed over to the Owner’s registered Association;

· Sixty percent of the apartment/villas/sites in the project is registered in the name of individual owners;

· Application for issue of Completion Certificate/Occupancy Certificate has been submitted to the concerned authority;

· For the extent to which partial occupancy certificate has already been issued.

# POINT 4: Prior consent to be taken from Allottees

RERA Act has specified that prior consent of a minimum two-third majority of allottees needs to be obtained before making any alteration in the project.

RERA Rules has brought in the below exemptions:

· If the proposed plan is disclosed to the allottee under the Agreement before registration;

· If it complies with the order issued by the competent authority.

These exemptions provide clarity and are required to reduce the piles of complaints to the authority.

# POINT 5: Separate Bank Account

RERA Act stipulates that the promoters shall deposit seventy percent of the amount received from the allottees in a separate bank account towards land and construction costs.

Under RERA Rules, the Karnataka Government has gone ahead to ensure that the money deposited by allottees are not misused, by stipulating that the promoter deposit 100 percent of the money received if the received amount is less than the estimated Project cost.

# POINT 6: Interest Rate

RERA Act has made the interest rate same and equal for the promoters and buyers.

Karnataka RERA Rules has also fixed the rate of interest payable by the promoter and the allottee to be the highest lending rate of State Bank of India plus additional two percent. Also, the timeline of sixty days is fixed for the refund from the due date.

# POINT 7: Built-up Area

RERA Act has directed that the Promoters show the actual carpet area for the unit being sold to the buyer.

RERA Rules clarifies that in case the agreement is already made between the promoter and the allottee wherein super built up area is shown, the promoter is still responsible for disclosing the carpet area, which shall not have any impact on the legal validity of the Agreement.

# POINT 8: Agreement for Sale

It has always been a common complaint of buyers that the Agreement for Sale is always one sided, favoring the Promoters and often the Promoters refuse to make any alterations which jeopardize the interests of a buyer.

Keeping the above in mind, RERA Act has put the responsibility on the State Government to frame the forms and the particulars of the Agreement for Sale, which shall be binding on the Promoters. The intent of bringing the Performa in place will restrict the arbitrary practices by any Promoter.

However, it looks like Karnataka has missed out on this crucial point; the notification of RERA Rules does not contain any such Performa of Agreement for Sale.

Once the Karnataka Government starts implementing the RERA Rules, the real estate market will soon become a safe place for investment for buyers as well as investors.

A Positive Sigh Towards Bangalore Real Estate

2017-02-16T12:32:00.002-08:00

Bengaluru maintained its positive mood through the post-demonetisation phase. Like any other cities the realty market took a step back in the last quarter of the year 2016. However, transactions are getting back to normalcy. One of the reputed developers even mentioned that sales transactions have already achieved 60 percent of the pre-November levels.

There has been a marginal growth in property prices (0.51%) in the month of November. A spike in buyer demand and residential supply was also noticed. The demand that has been recorded is a whopping 4 percent while the supply is 1.6 percent.

What has led to the demand? A number of reasons. Unlike the Delhi NCR market which depends heavily upon cash transactions, Bengaluru market has predominantly been transparent and cash transactions are comparatively lesser. Driven largely by the salaried class in the IT and ITeS sector, the market is more end-user/consumer centric, dealing primarily through banking channels. This could be on the leading reasons behind the upbeat mood of buyers.

Approximately, 70 percent demand is coming from new buyers living on rental accommodation. To encourage the demand, developers have started yielding 2-3 percent discount as well in the market. The move will clear the existing inventory and make space for new projects.

The growth in supply has been aided by government initiatives as well. Very recently, the Bangalore Development Authority has indicated that banning all commercial developments in the heart of the city and moving employment zones to the outskirts. This will cater to the burgeoning demand as city limits will expand and developers will have more land to build.

The Karnataka Industrial Areas Development Board has planned a number of sector-specific SEZs in the vicinity of the airport at Devanahalli. Surrounding localities of Devanahalli, Doddajala and Chikkajala have undergone a transformation from a rural landscape to an urban hotspot for their sheer proximity to the airport. Nagavara, Jalahalli and Abbigere have seen a spurt in residential property with a number of residents moving into their homes within self-contained townships.

The state government has contributed to the positive vibe of the city through efforts such as Akrama-Sakarama Scheme. The BBMP has come start the online application process from the second week of January where property owners can use the one-time regularisation of up to 50 percent setback and FSI violations in case of residential constructions.

Apart from the scheme, the BBMP is will take corrective action against 1.53 lakh unauthorized buildings/sites. The body will assess the extent of building bylaws and other types of violations in the city.

The city’s realty landscape seems healthy. The year 2017 could bring cheer to the developers and consumers.

Read More At :
http://content.magicbricks.com/property-news/bangalore-real-estate-news/bangalore-real-estate-market-seems-positive/90312.html

Why is excess investment in real estate not the best choice?

2016-07-03T19:12:00.001-07:00

Manisha Kumar is stuck with her investments. She is in her early 40s and works for a bank. The lure of getting loans easily and at good rates has led her to invest in not one or two, but three houses. She lives in a flat with her family, and has also invested in a smaller flat. A few years ago, she booked another flat in the outskirts of the city. It is the third flat that is causing her heartburn now, as it is lying vacant and earning no income. Should she sell it?

Kumar should know that too much of something can be bad in the long run. Property is not the best investment option, since it involves large amounts of money and comes with the risk of time and cost overruns. Paying too much EMI will also leave too little for building other assets that can diversify the portfolio. The only advantage Manisha has is her age. If she gives herself the next 10 years to rebuild her wealth, she will be able to recoup the cost of selling the third flat at a loss. She will be able to recoup the cost of selling the third flat at a loss. She will also be able to unlock the money that is sunk in the flat, and deploy it in financial assets like equity, which have the potential of appreciating over the long run. Freedom from EMIs will also enable her to start SIPs to augment her savings.

Liquidating an asset at a loss is a tough choice to make, especially when ideas about recovery are ever present. Kumar should only focus on the fact that the asset is not earning anything for her, and that it might prove to be difficult to sell in parts, if the need arises. In the interest of higher financial flexibility, access when needed, ability to take a loan against the asset during an emergency, and ease of transacting for a fair price, she should liquidate at a loss and channel her money into other assets. The presence of a black market, and the legal and tax issues involved, and the paperwork, make real estate a sub-optimal choice, especially for someone like Kumar, who already owns two properties.

The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.

REAL ESTATE MISCONCEPTIONS

2015-12-18T14:20:00.001-08:00

REAL ESTATE MISCONCEPTIONS:

1) LOOK FOR RIGHT TIME TO ENTER IN THE REAL ESTATE MARKET: This is one of the misconception emerging now a days for investing in real estate. There is no best time to invest into real estate market, waiting for the right time can result in losing out the best opportunity in market.

2) Investing in real estate market sometimes consider as a risky game.

3) BIG BUILDERS ALWAYS DELIVER THE BEST: There are so many numerous builders in market, who don’t have any big fame name in the market. But, yet though they always delivered the best.

4) DEVELOPERS DELAYED PROJECTS MASKS: One of the most complaints now a days are delayed projects by the builders. It’s not like that “A professional builder/developer will do everything to ensure timely completion of projects”.

5) I SHOULDN'T BORROW TO BUY A PROPERTY: Do not feel guilty or bad about borrowing. To reiterate, world’s greatest fortunes are built upon borrowed money. Don’t be conservative about taking a bank loan or from a friend.

2 BHK Ready to move flats for sale in Ananth Nagar, Electronic City

2013-12-20T03:16:00.001-08:00

Project :- Sai Sreenivasa Shine

Location :- Ananth Nagar, Electronic City

The project Sai Sreenivasa Shine offered by Sreenivasa Builders and Developers presents 2 BHK flats in an stupendous location in Ananth Nagar,Electronic City, Bangalore. It’s a better option to purchase an Eco- Friendly environmental apartment with 100% Vaastu.

Area: - 910 to 1080 sq ft
Type: - 2 BHK

Project Status: - Ready to Move

Flat Cost Starting From – 25.5 Lakhs Onwards (Negotiable)

*Amenities*	*Location advantage*
· Rain water harvesting · Stand by generator · Security room with intercom provision. · Gym · Multipurpose hall · Lift	· Hospital (Narayana Hrudayalaya) – 2.5 Km · Shopping Mall ( D- Mart) – 1.5 Km · Kids Play School - 200 m · Infosys (E. City) – 2.5 Km · HCL Software ( E. City) – 2 Km · BTL Institute of Technology – 2.5 Km · PES institute of technology – 4 Km · Bangalore-Hosur Highway – 1 Km

For more information call : 9035105444/8951372810

2 and 3 Bhk Apartments for Sale in Electronic City

2013-12-20T02:47:00.001-08:00

Pristine Sri Krishna is one of the finest project started by Pristine Builders in an elegant location in bangalore near to Electronic City with BMRDA Approval. Its a better option to purchase an Eco- Friendly environmental apartment with 100% Vaastu. This project is located in the heart of the city from where you can access major locations of Bangalore (IT Companies, Malls, Railway stations, Highways , Hospitals, Schools, Colleges, etc). This project is about to complete by the month of November,2014.

Project :- Pristine Sri Krishna

Location :- Hebbagudi ,Opp. Biocon, Electronic City

Area: - 960 to 1375 sq ft

Type: - 2 BHK and 3 BHK

Project Status: - Under Construction

Project Completion Date - Nov.. 2014

*Amenities*	*Location advantage*
· Rain water harvesting · Stand by generator · Security room with intercom provision. · Gym · Toddlers pool · Meeting hall · Children’s play area · Lift	· Hospital (Narayana Hrudayalaya) – 2.5 Km · Shopping Mall ( D- Mart) – 1.5 Km · Kids Play School - 200 m · Infosys (E. City) – 2.5 Km · HCL Software ( E. City) – 2 Km · BTL Institute of Technology – 2.5 Km · PES institute of technology – 4 Km · Bangalore-Hosur Highway – 1 Km

For more information contact : 9035105444/8951372810

IT sector drives commercial space demand in Bangalore

2013-10-09T04:08:00.000-07:00

Bangalore office market is expected to absorb around 8 million sq ft by end-2013 followed by revival in demand from IT/ITeS sector.

"Bangalore saw 118 per cent Upsurge in absorption in Q2 2013 over Q1 2013. However there is a drop of 28 per cent as compared to Q2 of 2012. Majority of the demand came from IT/ITes segment. Consolidation of office spaces by most large sized companies will continue to be the norm," says Samantak Das, chief economist and director - research Knight Frank. Whitefield, Sarjapur Road ORR, Marathalli ORR remains the favourite destination for corporate to rent office spaces.

Figures provided by property consultants-Knight Frank-shows that Bangalore commercial space absorption was recorded 105 million sft till date as compared to other top Indian cities followed by growth in leasing from IT/ITes firm. Additionally NCR and Mumbai recorded 115 million sft and 99 million sft till date.

The city also saw vacancy level drop to 13 per cent in the second of 2013. "Absorption levels have been trending down since 2011, however limited supply has kept vacancy levels in check. Additional 7.5 mn.sq.ft is expected to enter market in 2014," says Das. Commercial space vacancy level across cities like Mumbai, NCR, Bangalore and Pune is expected to drop to 17 per cent by the end of 2017 as compared to 20 per cent 490.3 million sft in 2013.

In contrast, Bangalore's residential market has seen absorption levels increasing in recent years unlike other frontline cities like Mumbai and NCR. Property absorption level has increase 22 per cent in the first half of 2013 mainly driven by homes in the mid income group.

According to the report around 28,000 units were launched during H1 2013,w with 53 per cent of the units launched were priced under Rs 50 lakh. Around 22,000 units were absorbed during H1 2013, a jump of 22 per cent over same period last year. Average price appreciation of 8-13 per cent was recorded in Q2 2013 over the prices in Q2 2012.

"We expect to double our sale in coming months. Southern market is resilient as compared to other geographies like in Mumbai and NCR,as property cost is still affordable here. We have also not seen substantial increase in prices in South," says Jackbastian Nazareth group CEO Puravankara Projects. The company plans to launch approximately 10.87 million square feet this fiscal across South.

Agreeing with the same MaheshPrabhu, director -- finance, Century Real Estate says that project that are competitively priced are selling faster. "Sub Rs 50 lakh product in good location is selling faster . We are seeing stable sale and has priced high end properties at Rs 6500-7500 per sft with an idea is to liquidate it faster in the market," he says.

For more information visit : http://economictimes.indiatimes.com/markets/real-estate/realty-trends/it-sector-drives-commercial-space-demand-in-bangalore/articleshow/23724685.cms

Nitesh Estates Launches Nitesh British Columbia Project Off Kanakpura Road

2013-08-30T11:33:00.001-07:00

Nitesh Estates has launched ‘Nitesh British Columbia’, a premium high rise condominium project off Kanakpura Road in South Bangalore.

Launching the project, Ashwini Kumar, Executive Director and Chief Operating Officer, Nitesh Estates Ltd, said, the project is aimed at first-time home buyers.

Spread over 4.70 acres, Nitesh British Columbia, will have 388 apartments ranging from 1,000 square feet to 1,600 square feet. There are 2- bedroom and 3- bedroom configurations on offer. The apartments are priced Rs 37 lakh onwards.

For More Information : http://www.thehindubusinessline.com/industry-and-economy/real-estate/nitesh-estates-launches-premium-high-rise-project-in-bangalore/article5074930.ece

Puravankara set to launch Rs 350 crore property in Bangalore

2013-08-22T09:28:00.000-07:00

Realty major Puravankara Projects is set to launch Rs 350 crore property 'Purva Skydale' near Sarjapur main road, a renowned place in the hub for Bangalore's IT industry.

Purva Skydale is spread across 4.26 acres, and entails 314 'Maravilloso' homes, Puravankara said in a statement.
2 BHK apartments are sized between 1341 to 1371 sqft and 3 BHK between 1700 to 1929 sqft. The property is priced between Rs 4491 to 4995 per square foot, it added.

City-based Puravankara, a BSE listed company has significant presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore and overseas in the United Arab Emirates, Kingdom of Saudi Arabia and Sri Lanka.
The company has successfully completed 41 residential and two commercial projects encompassing 16.52 million sq ft.

Currently, it said, it has 28.04 million sq ft of projects under development with an additional 81.57 million sq ft in projected development over the next 7-10 years.

For more information:
http://articles.economictimes.indiatimes.com/2013-08-20/news/41429298_1_puravankara-sq-ft-3-bhk

BBMP inaugurated the facility of property tax payment at banks

2013-08-20T10:15:00.000-07:00

Tired of standing in serpentine queues at BBMP offices and Bangalore One centres to pay property tax? Now you can pay at computerized kiosks in several banks.

BBMP on Monday inaugurated the first such facility at the IDBI Bank branch on Mission Road. Similar ones will be replicated in various nationalized and private banks.

Mayor D Venkatesh Murthy said the service will be thrown open to the public in phases, with the first covering 50 branches (IDBI Bank and Corporation Bank). In the second phase, 150 more bank branches will be covered by the second week of September. The third and the final phase will be in place by October under which 350 bank branches will facilitate the payment of property tax, he added.

BBMP officials said the idea is to facilitate smooth transaction of property tax payments and minimize rush. The service has been introduced keeping in mind that not everybody can make payments via net banking. Bank branches are an easy alternative for those who don't prefer online transactions, said a senior BBMP official.

Palike officials said taxpayers will be given computerized receipts at banks.

Banks BBMP has tied up with :-

IDBI, Corporation Bank, Canara Bank, Indian Overseas Bank, ICICI Bank, HDFC, YES Bank, Axis Bank, Kotak Mahindra, Indian Bank, SBI, Maharashtra Bank, Indusind Bank.

For More Information Visit :
http://timesofindia.indiatimes.com/city/bangalore/Now-pay-property-tax-at-banks/articleshow/21928774.cms

‘Blank space’ way of defrauding the govt

2013-08-16T13:45:00.000-07:00

Agreements for sale registered in Anekal have blank spaces where the transaction value should be mentioned. A piffling Rs 200 has been paid as stamp duty.

In a new species of land scam, in which sub-registrars and real estate middlemen are the key players, instance of registered agreements for sale without any mention of the land value have come to light.

Documents accessed by Bangalore Mirror show that a sub-registrar has registered sale agreements which have blank spaces where the value of the transaction should be mentioned. In other words, it is like a blank cheque that the people involved in the racket can fill up later, to their advantage and to the detriment of the public exchequer.

Apart from the loss to the government, what is significant is that in virtually every such case the land will end up with a house building co-operative society (HBCS), a majority of which face allegations of having cheated their investors.

In one instance, an agreement to sell by Ramanjaneya in favour of CR Manohar was registered on June 3, 2006 by the sub-registrar of Anekal. The land (survey No. 190/2) measures 31 guntas and is situated at Doddathimmasandra village, Sarjapura hobli, Anekal. The space for land value is blank.

In another agreement between C Rajkumar and CR Manohar, 20 guntas (survey No. 220) and 12 guntas (survey No. 185) in the same village were sold on August 17, 2006. Here too, the space for the transaction value is blank.

Yet another agreement to sell is between Rukkamma and four others in favour of CR Manohar, five different patches of land on survey Nos. 190/1, 190/3,191/1,191/2 and 191/3, measuring a total of four acres, seven guntas. In this transaction, the value of all five pieces of land is mentioned as Rs 44,27,500, leaving the spaces for the value of each property blank. The agreement states that Rs 40 lakh has already been paid.

A retired revenue official who checked the documents said, “It is the duty of the sub-registrar to verify the encumbrance certificates before registration of the absolute sale deeds. The deeds are to be registered only for the agreement value (which in the mentioned cases have been left blank). This is a clear irregularity in the registration process and has caused a huge revenue loss to the government.”

Each of these transactions was registered with a stamp duty of Rs 200 (the agreements say the possession of land is not transferred, and in such cases stamp duty is only Rs 200). Otherwise, the actual revenue accruing to the government would have been nine per cent (eight per cent stamp duty and one per cent registration charge) of the value of the transaction. In effect, in all three instances, the government coffers have been enriched by a total of just Rs 600.

ANOTHER FRAUD
The sub-registrar concerned has not only ignored the blank spaces in these agreements but also the overwriting in other agreements.

In one case, lands at survey No. 129, measuring one acre and ten guntas, are registered through an agreement of sale by Ramanjinaiah and others in favour of CR Manohar. The value mentioned is Rs 40,00,000 and the document states that Rs 39,99,000 has been paid and only Rs 1,000 is pending. The typed statement that possession has been handed over has been overwritten by hand to say that the land will be transferred at the time of execution of the sale deed.

Again, only Rs 200 has been paid as stamp duty. Besides, the hand-made correction does not have the counter-signature of the authorities.

The revenue official said, “There appears to be a clear and deliberate collusion between officials and middlemen in the evasion of stamp duty and registration fees, resulting in a heavy loss to the government .”

When BM contacted Shankar Lingaiah, the district registrar of Anekal, about these transactions where the space for mentioning the value is left blank, he said, “The sub-registrar concerned will have to answer for these. I am very busy and will not be able to check it immediately.”

For More Information Visit :
http://www.bangaloremirror.com/article/10/2013081720130817012128356eca6bb9b/-'Blank-space'-way-of-defrauding-the-govt-.html

Shriram Properties to bid for Britannia's factory land in Chennai

2013-08-14T13:55:00.000-07:00

Britannia Industries, well known India’s largest publicly held food company, has at last finally decided to sell its factory as well as the land spread over 16 acres in Chennai’s industrial hub- Padi. According to information revealed, the company may look to sell this asset in two parts of close to 9 acres first and then the rest later.

Vinita Bali, MD, Britannia Industries said that they are in the process of selling the Chennai factory as it was not efficient. She however, did not comment on the kind of amount the company was looking to mop up by selling this asset.

According to information available, Bangalore-based firm Shriram Properties is understood to be considering bidding for this property. Industry analysts indicated that since this property is in the industrial hub, it will grab much more value if it will be converted and made ready for a residential or a commercial development. “If converted, an acre cost up between Rs 10-12 crores per acre,” an industry expert indicated and Britannia may be getting close to around Rs 100 crore by exiting the first parcel of close to 9 acres.

This move by Britannia to sell the land at Chennai comes parallel to a move which the company is contemplating to develop a 6-acre plot in Bangalore on which its headquarters is located. The land, if unlocked can fetch around Rs 450 crore.

For More Information Visit : http://www.business-standard.com/article/companies/shriram-properties-to-bid-for-britannia-s-factory-land-in-chennai-113081201033_1.html

Bangalore Real Estate Awards 2013

2013-08-10T17:11:00.000-07:00

Bangalore Real Estate Awards 2013 are conducted by Silicon India in association with Axis Bank & Quadra Software Solutions basically to identify and recognize the real estate professionals.

These awards are instituted under 12 categories that are intended to boost infrastructure development, foreign investments in the local bodies and real estate growth and development and companies especially in terms of innovation, quality, time, reliability, technology and continuous improvement phase by phase.

The jury members are comprised of Siva Kyasa, Regional Director, RE/MAX, Bangalore; Christo Jacob, Managing Editor, SiliconIndia; Dr B. C. Udayashankar, Head of Civil Engineering, R.V.College of Engineering and Harsha Babu KV, the Principal Architect, M/S Harsha Design Associates.

The award ceremony started with the Young Achievers Award under which the affable, dynamic, enthusiastic and upcoming young talented stars were felicitated.

The award under this category was won by Ashish Puravankara, Director, Puravankara Projects.

The second ‘Young Achiever Award’ was won by Priyanka Mantri, Director, Mantri Developers.

The award for the ‘Female Real Estate Professional’ of the year was won by Syed Zarina Begum- director of Aban developers.

The other award categories this year were divided by zones, i.e, Bangalore: North, East, West and South.

The winners and their categories are as follows-

The Ultra Luxury project of the year was won by Sobha Developers for the project Sobha Lifestyle(North Bangalore), Hebron Properties Pvt. Ltd. for the project Hebron Enclave (East Bangalore), Mantri Developers for the project Mantri DSK Pinnacle (South Bangalore).

The Luxury Project of the year was won by Godrej Properties for the project Godrej Platinum (North Bangalore), Habitat Ventures for the project Habitat Crest (East Bangalore), Golden Gate properties for the project Golden Grand (West Bangalore), SNN Builders for the project SNN Raj Lakeview (South Bangalore).

The Affordable Housing Project of the year award went to Provident Housing for the project Provident Welworth city (North Bangalore). Sovereign Developers won the award for the project Sovereign Unnathi (East Bangalore) and Aswani Properties for the project Aswani Sitara (South Bangalore).

From East Bangalore, Mantri Developers won the Best Smart Home Project of the year for their project Mantri Espana.

From West, Brigade Group won the Commercial property of the year for the project Brigade Rubix.

The Emerging developer of the year was won by DS-MAX properties Pvt. Ltd. (West Bangalore), Mana Projects Pvt. Ltd. (East Bangalore), Bhartiya City Developers Pvt. Ltd. (North Bangalore), Commune Properties India Pvt. Ltd. (South Bangalore).

The Residential Plot development for the year was won by Century Real Estate Holdings Pvt. Ltd. for the project Century Eden (North Bangalore), BlueJay for the project Sunshine Hills (West Bangalore), NBR Developers for the project NBR Meadows (South Bangalore).

The Mid-range Housing project of the year was won by Puravankara Projects Ltd. for the project Purva Venezia (North Bangalore), Salarpuria Sattva for the project Greenage (South Bangalore).

The Environment friendly project of the year was won by Biodiversity Conservation India Pvt. Ltd. for the project Zed Earth (North Bangalore), NVT Quality Life Style Projects Pvt. Ltd. for the project NVT Orchid Garden (East Bangalore).

The Integrated Township of the year was won by Fire Luxur Developers Pvt. Ltd. for the project The Empyrean (East Bangalore).

The award ceremony in all was a huge success.

For further Information about Bangalore Real Estate Awards 2013 visit : http://www.siliconindia.com/realestate/news/Bangalore-Real-Estate-Award-2013-Winners-Announced-nid-151991.html

Real Estate Bangalore

2013-08-01T13:24:00.000-07:00

Bangalore is one of the most sought out cosmopolitan and hottest city around India . Fondly named for the Silicon Valley, Bangalore is well known as the Hub of India's Information Technology Sector. & best spot for real estate indulgers. Considering the rise in settlements within the city, both residential & commercial real estate market arena are prospering perfectly. Flats, Apartments,Villas Bungalows, Penthouses are preferred in immense quantities like a good and valuable investment choice.

There is always a major reason why real estate property in Bangalore will be proving to become a huge success. Modern infrastructure, all facilities in close contact near to proximities, projects in best and valuable locations has mostly added to the worth of properties in Bangalore. Among other things in the demanding locations in Bangalore: Whitefield, HSR Layout ,Koramangala, BTM Layout , Malleshwaram, M.G Road, Indira Nagar , Ulsoor and so on are a few of the best wanted localities simply by Investors & Builders.Because of prospective buyer great interest in these areas.

Bangalore Real Estate

Plenty of new projects in demandable areas like Whitefield, Malleshwaram, Koramangala, J.P Nagr, Marathahalli and so on, and also constructions with beautiful architectural designs have proved useful in Bangalore. Real estate success of the city symbolizes the investor fulfillment. Builders have supplied the projects bearing in mind the desires, requirements & demands of the prospective buyers. Today, having a property in Bangalore will certainly yield good earnings for the future. Considerable truth is that however, an outskirt in the city is growing real estate development in a rapid rate, creating the projects value for money w.r.p to market conditions over the city. Bangalore is always a first choice for prospective house buyers, investors as well as for developers also.

Regulatory Bill must include all the stakeholders

2013-07-18T05:12:00.001-07:00

Terming real estate (regulatory Bill as a populist measure, realtors’ body CREDAI), said that the proposed law should govern all stakeholders of the industry and not only the developers.

The Real Estate (Regulation and Development) Bill, to be introduced in the next session of Parliament, will further increase the cost of development and delay in projects, the association said.

“We want regulator. But like regulators in other field like telecom and insurance, it should govern all the stakeholders,” Lalit Kumar Jain, Chairman, Confederation of Real Estate Developers Association of India (CREDAI) said at an Assocham conference.

The other planning authorities, banks and other government authorities do not come under this legislation, he added.

“It (the Regulatory Bill) is a populist measure that will gratify the consumers. Bring regulator with proper design, understanding and implementation of business,” Jain said.

He noted that developers already have to take a number of approvals from various government authorities that take anywhere between 6-18 months and now they would have to register their concern projects with regulators.

Jain also feared that “now those developers who are not politically aligned before, they will have to politically align from now onwards”.

Assocham released a report ‘Regulatory Issues and Clearance for Real Estate Sector’ jointly with global property consultant Cushman & Wakefield.

“Besides safeguarding the buyers’ interest and bringing credibility to the developer community, the Real Estate Regulatory Bill is also likely to fascinate investments from domestic and international funds that have harboured scepticism towards investing in Indian real estate largely on account of lack of regulation,” Assocham-C&W report said.

However, it said the need for single-window clearances in the shortest possible time has become pressing.

The Bill especially provides for implementing up a regulator for the real estate market and has provisions like a jail term of up to three years for real estate developers who commit offences like putting up any misleading or luring advertisements about projects repeatedly one after another.

It also intends to make it necessary for the developers to initiate or launch the projects only after acquiring all statutory clearances from concern authorities for that particular place or area.

The Bill makes it mandatory for builders to well clarify the carpet area of the flat.

Real estate bill to revamp the real estate sector

2013-07-15T00:53:00.003-07:00

The Union Cabinet has approved the bill to set up a regulator for the real estate sector with provisions for jail term for the developer for putting out any misleading/beguiling information or advertisement about projects.

The Real Estate (Regulation and Development) Bill, approved by the cabinet, seeks to provide a uniform regulatory environment to the real estate sector.

It also intends to make it necessary for developers to launch projects only after acquiring all necessary statutory clearances or approvals for all projects from relevant local authorities for that particular area.

Promoters will have to disclose details about the project (name, type, plans, partnership companies, names of persons involved with that particular construction and so on). Will have to specify what kind of area is for sale (based on standardized markers).

Builders will not be able to sell or advertise a project till it receives the requisite approvals from concern authorities. These range from land titles and amenities, to provisions for water, electricity and sanitation. This means pre-launch sales are out or not possible. Brokers will be restricted from trying to sell a particular unregistered project or land, or one that has not received the necessary approvals or clearance from germane authorities.

The Bill has provisions under which all germane clearances for real estate projects would have to be submitted to the regulator and also displayed on a website before starting the construction, sources said.

The regulatory authority will get around two weeks after receiving an application for registration from a promoter to either clear it, or reject it. Reasons for rejection will have to be put down in writing. If the regulator fails to do so either of these, it means the project will be considered as registered.

The proposed legislation has tough provisions to deter or to halt builders from putting out any misleading advertisements or information related to the projects carrying photographs of the actual site.

Builders have to open a separate bank account for every project and set aside 70 % (or less, as designated by the local authority for that particular area) of buyers’ money, to be channeled only into the construction of that property.

Failure to do so for the first time would lead to a penalty which may be up to around 10 per cent of the project cost and a repeat offence could strike the developer in jail.

Emerging Areas in Bangalore for your Dream Home

2013-07-07T22:25:00.002-07:00

In the last couple of years, the real estate era has tremendously changed remarkably in both metropolitan cities and small town’s areas in India.

However, in 2012, the companies confronted with economic uncertainty, low demand, fund crunch and high inflation. "High inflation and interest rates dealt a double blow to developers by increasing input and debt costs, Sales fell as buyers became circumspect of rising interest rates” says Shweta Jain(Executive Director) , residential services, Cushman & Wakefield (C&W) India, a property consultancy firm.

Still, the mid-end residential division continued to keep on generate buyer interest. This, and may led to increase in prices of raw materials used in construction and also led to pushed up prices in almost all major cities.

Realtors will confront with a lot of inventory and debt in 2013, say experts. "In 2013, developers will price projects more judiciously and offer a lot more pre-launch benefits. Those with large projects and inventory will be under more pressure to give more discounts," says Anuj Puri, chairman and country head, Jones Lang LaSalle India, a property consultancy.

The Union Budget can also be a breakthrough as the sector looks forward to big policy decisions and reforms, including the grant of industry status and trend in real estate era.

As a growing metropolitan city in a developing country, The information technology (IT) hub sector well known Bangalore saw steady sales in 2012, prompting developers to launch new projects closer to proximity in different areas of Bangalore. Prices in under-construction projects in growing submarkets have seen risen in between 10-30 % in the last one year.

As said by Wahal "The demand for houses may be expected to remain stabile or grow moderately in 2013,”. Bangalore is expected to offer an annual return of 15 per cent over the next five years.

"The city is the lowest in terms of capital values compared to other metropolitan cities and has seen a moderate price appreciation," says Jain of C&W.

The international airport and other infrastructure projects have shifted deviation towards the northern and eastern regions in Bangalore. Major areas in Bangalore like Kanakpura, Sarjapur Road, Bannerghatta Road, Mahadevapura, CV Raman Nagar, , JP Nagar, Jaya Nagar, Whitefield, Varthur ,Uttarahalli, Vidyaranapura KR Puram and Electronic City have emerged and played a major role in the city's main residential markets in Bangalore.

Why Apartments in Bangalore are in most demands?

2013-07-04T06:59:00.001-07:00

Real estate investment found in high end and peripheral locations, proximity provide enormous opportunity regarding value, craze caused by existing competitors, desirable price ranges as well as the developing require home models, by industry experts. Having improved upon connection to the necessity intended for buildings near to major IT companies will probably get higher such as the range pertaining to home degeneration. Consequently, traders will be using provincial together with peripheral areas for the best choices in order to get optimum production.

The market place associated near to apartments around Bangalore will be jumping back again having a surge inside the degree of queries for all those types of models. Not like many other concerns which range from spending budget living spaces in order to high-end houses are usually plan the end result house builders will be recovering self-confidence towards release fresh ventures. Bangalore’s residential property market place is furthermore opting for place and even plans unique choices exactly where designers can promote their whole ventures.

Bangalore becoming a metropolitan city along with an IT Hub witness to a special regarding high quality houses. Bangalore real estate property continues to be going through a well-balanced require high class apartments within the previous couple of years almost all of the prospects in the town need to spend simply found in top quality portion. More recently folks searching for equipped and also semi-furnished apartments, super-luxury villas with all luxurious amenities and then condo properties in and around the city or maybe near to borders exactly where they could obtain each types of facility , conveniences and luxuriate in the high-class life style.

Currently everyone is not only looking out for a house or apartment as a possible accommodation or we can say it may be for investment decision also.

Growing with regard to real estate during the bustling city of Bangalore provides contributed to regarding pioneer housing Centre throughout major regions. Just like Electronic City, situated close to the peripheral ring road is probably be the emerging areas of south Bangalore distanced around 40-50kms coming from Central Business District (CBD) locations. Electronic City could be hub for the major IT branded companies. Rise in require housing has got required designers in order to release residential ventures inside the local community for the better benefit of the customers.
Residential Property is really a probably harmless expenditure method in this case provided typically the mechanics regarding human population and even demand from customers in urban areas. Often the fast urbanization surrounding the country and even major require areas are usually having the house price tags with an uptrend.

Resident builders and developers like Dreamz Infra India Pvt. Ltd., they are providing flats 40% less than market price by taking into all the above needs of customers into consideration and for the unrealistic market price that are charged by others builders in Bangalore. Dreamz Infra has started a revolution for the sake of customers. Their motto is “Every Indian should have his own Dream House”.

Residential property investment in bangalore

2013-06-30T03:15:00.000-07:00

The best performing areas in 2012 were Hebbal, Heenur, Jalahalli, Hebbal and RT Nagar in North Bangalore. These locations saw the highest demand and appreciation during the year 2012 just because of connecting proximity in North Bangalore. The improved and growing infrastructure in this region, its proximity to BIAL and overall enhanced connectivity helped North Side Bangalore to crystallize into a much sought-after residential destination.

Because of the infrastructure initiatives by different builders in various stages of construction and planning there, including the proposed high-speed rail link, the Hebbal–Yelahanka expressway, the elevated expressway to BIAL and the advent of the Monorail, North Bangalore was one of the safest and most exquisite residential property investment bets of 2012.

The top emerging destinations in 2012 were Tumkur Road, Vijayanagar, Kengeri and Magadi Road in West Bangalore, with capital value appreciation to the tune of approx. 12-15%. West Bangalore This region saw stable demand because of the developing Metro line, which will provide enhanced connectivity to different locality in this region.

Yet another area to start edging its way into the eminence was Kanakapura Road starting from Banshankari, which has begun seeing the benefits of Metro connectivity, the establishment of the NICE Road (the Bangalore–Mysore Infrastructure corridor), the availability of Cauvery water and its affordable price points will definitely hit public attention. Now almost half of year 2013 passed if you are looking out of property then you can invest in these above hitting areas of Bangalore. These area are still in limelight because of their surroundings and near by proximity and for exquisite location also. The real estate prices are about to hike in future in Bangalore as said by experts.

Innovation on a strong foundation

2013-01-28T16:00:00.000-08:00

Bangalore is a fast growing city in India. The Bangalore city is very spacious and clean, which gives a higher standard of living for its citizens. The city of Bangalore has obtained a unique status in the country today because of its rapid development in IT Sector and other areas. Bangalore, the silicon valley of India has become a profitable and attractive destination for buying property for the buyers. Investing money to buy Property in Bangalore is one of the profitable decisions as the value of property in Bangalore will go higher in the future, says experts.

Dreamz Infra builders design and develop stylish Flats in Bangalore for sale keeping every need and comfort in mind for all those who want to buy a property (especially flats) in Bangalore. Dreamz Infra Builders in Bangalore also help you in arranging bank loans from different reputed banks to buy these lavish Flats in Bangalore. Dreamz Infra Real Estate Property builders also construct apartments in Bangalore, which is identical with quality and style. Dreamz Infra is coming up with number of projects in Bangalore according to need and requirement of customers. Dreamz Infra believe in maintaining a high quality of property related projects in Bangalore.