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Rents getting too high? Consider buying a home

2015-04-22T23:24:00.001-07:00

Akansha Narang and family pay Rs 30,000 for a rented accommodation in Kormangala. Her landlord has just agreed to extend the lease contract and increased the rent by Rs 3,500 per month owing to an increase in housing demand in the last few months.

While residential real estate across top cities registered some amount of inaction, lease market is said to have fared better. This means while prospective buyers were waiting and watching for say a Budget 2015 session to talk decisively about tax rebates, housing finance, etc., there were people altering choices for some time and upgrading their addresses.

Venkat Parthasarthy, a broker in Bengaluru says, “Across the city market, rental values have taken a leap in the range of 2-8 per cent. After the prolonged lull, prospective buyers are now contemplating on an actual purchase that would be way better for their pockets. EMIs could replace rents and at the end of it, you can boast an investment."

Consider the above table of the preferred localities for sale and rent in the city. PropIndex, a quarterly research initiative by Magicbricks suggests that the rental values have taken a leap to the tune of 1-8 per cent as seen in the figure. Capital values have on the other hand staggered with some areas such as HSR Layout and Marathahalli registering the highest percentage change. On the whole, the market looks discounted. This is the very reason why buying a home could be a wise decision. Let’s do some calculation here:

Sarjapura Road is a rapidly growing corridor in East Bengaluru. With schools, colleges, hospitals, job markets and hangout options around the corner, the stretch is becoming popular among the young buyers crowd. Would it make sense to buy a home here or live on rent?

As per our calculator, you should be buying to save money in the long run!

Kiran Ramalingam, a consultant in the city says, “Some buyers are of the opinion that living on rent might be a good choice over buying. However, in the long run, neither do the rents remain the same nor do the capital values. Overtime, it is but natural to look back and worry over lost time and prices which would seem affordable in a few years.”

Similarly, if you are planning on selling your property today, experts feel you may want to hold on to it for the next six to eight months, unless you have struck a good deal. The market is slowly picking up and before the prices escalate, buyers invest and sellers hold on!

Source: magicbricks

Pre-launch: Prestige North Point, Kammanahalli, Bangalore

2015-02-14T21:22:00.000-08:00

Prestige Group is pre-launching their new apartment project near Kammanahalli - Prestige North Point.

Sprawling over 1.44 acres of land, Prestige Northpoint is a well-planned project with international level facilities.

The ground and first floors are designed exclusively for retail units, while the remaining 23 floors consist of premium apartments that tower above the rest. The Club House, spread over two floors is equipped with amenities such as a gym, an indoor sports area and a swimming pool, while beautifully adorned water features and some signature landscape complete Prestige North Point.

Prestige Northpoint comprises of total 184 flats with 2B+G+19 floors and built up area of 3,14,
787 sq ft approximately. The project has 2, 2.5 and 3 BHK flats on offer ranging from 1252 -1971
sq ft.

The project is closely located to Hormavu, Hebbal and enjoys good connectivity to hospitals, schools, colleges, Manyata Tech Park.

Pre-launch: Puravankara City of Gold, Kanakapura rd, Bangalore

2015-02-01T21:01:00.000-08:00

Puravankara is offering yet another project on pre-launch - called City of Gold.

The new project has been planned near Kanakapura road and is spread over 75 acres of land.

Purva City Of Gold consists of apartments, row houses, villas, commercial buildings including shopping mall. The project offers well designed 2BHK, 3BHK,4BHK and will range from 1000 to 1200 sq ft for 2BHK, 1500 to 1800 square feet for 3BHK and row house’s range from 2000 sq ft.

Expected completion is around May 2018.

Pre-launch: Sobha Aspirational Homes near Whitefield, Banaglore

2015-01-02T04:15:00.000-08:00

Sobha is planning to launch 'Aspirational Homes' - a first of its kind project by the builder near Whitefield, Bangalore.

For inquiries, contact sales@themoneyestate.com or call us at + 91 886-722-4385

The project will be launched in early 2015 and is located in the midst of the four major roads in the city – the Outer Ring Road (ORR), Marathahalli road, Varthur road and Sarjapur road – aptly termed the 'Golden Quadrilateral'.

The project is expected to have a total land area of 81acres and will comprise of 1 and 2 BHK units ranging between 650 to 1,200 square feet, with over 6,000 units. The project will also contain abundant green spaces for sports and recreational facilities as also natural lighting and ventilation.

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Pre-launch: Esteem Altitude in Yeshwantpur, Bangalore

2014-12-01T21:23:00.000-08:00

Esteem Group is launching a new residential apartment project - Esteem Altitude.

The project located at Yeshwantpur is in pre-launch phase and has 2 & 3 BHK apartments.

For inquiries, contact sales@themoneyestate.com or call us at + 91 886-722-4385

Esteem Group is known for several residential as well as commercial projects such as the Esteem Mall in Bangalore.

5 km travel can save Rs 10 lakh on 2BHK units

2014-11-09T21:06:00.000-08:00

Are you interested in buying 2BHK units in North Bangalore? If so, then how about saving almost Rs 10 lakh on the property? Hormavu is a locality that offers you this luxury while other localities around it such as Banaswadi, HBR Layout and Thanisandra (within 8 km) provide property at a higher range. Let’s dig into the details.

What is available?

For inquiries, contact sales@themoneyestate.com or call us at + 91 886-722-4385

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Data with Magicbricks shows the area offers a 2BHK unit of 1050-1250 sq ft within Rs 30-40 lakh, while the same property type of a similar size is available for Rs 40-50 lakh in Bansawadi and HBR Layout, situated within 3 and 5 km distance, respectively.

Going towards Thanisandra, a 2BHK unit gets even more expensive. A similar property will cost Rs 40-50 lakh.

Why to invest in Hormavu?
Like Bansawadi, HBR Layout and Thanisandra, Hormavu also offers good connectivity and well–equipped social infrastructure. “It is well-connected to Central Bangalore, almost equally distant as Bansawadi, HBR Layout and Thanisandra. Through the Outer Ring Road (ORR) the locality enjoys accessibility to other parts of the city.

The area is also strategically located between Whitefield on one side and the Manyata Tech Park on the other, each at a distance of 9-10 km. Owing to its proximity to the IT hubs, the locality has a predominance of mid-level IT professionals,” says Nitin K Mehta, a local real estate consultant and an investor. The locality also offers good connectivity to the airport and the KR Puram Railway Station through the Hormavu Main Road and National Highway 4.

While talking about growth potential of the property prices, Mehta says, “The real estate market is slow across the country, so is the impact on Bangalore realty. Despite the current situation, properties in the locality have seen a consistent rise of 5-10 per cent in the last two years”.

The area offers comparatively affordable property because it is yet to be fully occupied by residents and is still in the process of developing as a residential location. It also has huge land parcels to offer. “The property market here is majorly driven by small developers. Some renowned developers have also acquired land parcels in the area however the announcements are yet to be made,” says Manoj Sharma, director, Property Matrimony, a city based realty firm.

Connectivity, infrastructure and proximity to workplace, Hormavu offers all. With still more scope for real estate developments, it is evident that the locality gives an edge for investments in the city.

Source: Magicbricks.com Bureau

Where to look for rented property in Bangalore

2014-11-07T21:13:00.000-08:00

Looking for an apartment to rent in Bangalore? Try HSR Layout, Koramangala and Indiranagar. According to Magicbricks data, these localities offer maximum options for renting and are the most preferred. Here is a quick look at what these localities offer.

HSR Layout
The residential property mix available here includes multi-storey apartments, residential houses and builder floor apartments.

The area has many colleges and educational institutions, thus, is a preferred choice for rental accommodation. “Students mostly look for 1 or 2BHK units to rent as these are easy to maintain and are affordable. From medical facilities to grocery shopping to banking facilities everything is available here,” says Ravi S, Vandana Group, a local real estate consultant in the city.

The area is also suitable for IT professionals as it is close to the IT Hubs – Electronic City (7 km), Marathahalli (8 km), Wipro Corporate Office Sarjapur (6 km) and Koramangala (6 km).

HSR Layout continues to maintain its status at the top of the list of preferred localities for rent, as per PropIndex (Jul-Sep 2014), a City-wise India Apartment Index report by Magicbricks.

Koramangala
Kormangala is an upper mid-class locality with those aspiring to live in premium localities but unable to buy one, are driving the rental market here. As per Magicbricks data, there are over 320 units available on rent in this locality.

You can find 1BHK units in sizes of 500-800 sq ft within the rental range of Rs 15,000- 20,000 per month, 2 BHK units of 1200-1500 sq ft at rental values of Rs 25,000-40,000 per month. A 3BHK unit of size 1600-2100 sq ft and above is available within a monthly rent of Rs 30,000-70,000.

The areas proximity to IT hubs and connectivity push up the rental market here. The locality has many software companies and is thus a popular residential destination for IT and corporate professionals. The preference for houses at rent in Koramangala is also fuelled by the presence of the Namma Metro Station at Jayanagar, about 6 km away.

As per PropIndex, the area is the second most preferred locality in the city for rental accommodation.

Indiranagar

The locality is a complete residential layout with peaceful and serene environment. It is an old locality with a premium tag. There area has over 160 properties available for lease.

Indira Nagar mainly offers 2 and 3BHK units, which are available within sizes of 1200-2000 sq ft. While a 2BHK is available for Rs 22,000-28,000 per month, you can find 3BHK units for Rs 30,000-60,000 per month.

Though few in number, options of 1BHK (500-800 sq ft) and 4BHK (2800-4000 sq ft) units are also available. You can avail a 1BHK on rent at a monthly cost of Rs 15,000-18,000 and a 4BHK unit within Rs 60,000 to Rs 1 lakh and above. “The area enjoys proximity to MG Road, Brigade Road and Koramangala and has an unparalleled inspirational value attached,” says Ameen of Proud Assets & Co.

“It is close to a few IT Hubs such as EGL, Bagmane Tech Park, Vrindavan Tech Park, EMC2 and Embassy Tech Park. The demand from professionals working here drives the rental market of the area,” adds Ameen.

With a number of lifestyle outlets and the Metro passing through Indiranagar, commuters are able to reach MG Road or Brigade Road within 10 minutes. It is this strategic location that continues to keep Indiranagar attractive for those looking for an apartment on rent.

CMH Road, which houses big shopping malls, lifestyle showrooms, supermarkets, ATMs and popular restaurants services the residents of Indiranagar.

As per PropIndex Report, it is placed at the third position in the list of the most preferred localities for renting purpose.

Source: Magicbricks.com Bureau

Investment tips to save tax for first time home buyers

2014-11-01T21:29:00.000-07:00

Property buying is a crucial decision, especially for those investing for the first time. On one hand, it is an emotional decision as it involves the life savings and on the other hand, one has to be cautious and aware of the tax implications that come along with it. However, most of us are ignorant and don’t know how to save taxes while making a property transaction.

Vaibhav Sankla, director, H&R Block India Private Limited, advises our readers on ‘how to save taxes through property investments.

Sankla says that when you take a home loan on a ‘self-occupied’ property, you are liable to claim tax rebate on the interest of up to Rs 2 lakh, under the head ‘Income from House Property’.
However, in case you own more than one property, income (equivalent to the rent that a similar property would fetch) will have to be offered to tax. One needs to pay wealth tax at the rate of 1 per cent on the second or more property investments.

Experts advise you to rent out your house because a locked house still attracts tax, which is calculated the expected market rent.
If the apartment is sold within three years you will incur a Short-Term Capital Gain (STCG), which is subject to Income Tax based on your applicable slab rate. STCG is applicable when a property is held for less than three years before it is sold off. On the other hand, one can claim Long-Term Capital Gains or LTCG when you hold the property for more than three years before it is sold off.

For your investment inquiries, contact sales@themoneyestate.com or call us at + 91 886-722-4385

What is done in the case of booking a property in an under construction project?

Income Tax laws allow you to claim the total interest paid during the pre-delivery period as a deduction in five equal instalments starting from the financial year in which the construction was completed or you acquired your apartment (generally this denotes the date of possession). But as mentioned, the claim as a deduction per year is up to Rs 2 lakh.

In both the cases, it is essential that you get the delivery of the apartment or the construction is completed within three years. This is from the end of the financial year in which the loan was taken otherwise the deduction allowed will be limited to Rs 30,000 as against the Rs 2 lakh.

In case if the property is purchased jointly — with your wife/spouse. In this case, each of you is entitled to a deduction of Rs 2 lakh, as explained above. How to calculate it? Sankla says, “From the annual rent, deduct the amount of property taxes paid in respect of the house to arrive at net annual rental income. An amount equivalent to 30 per cent of the net annual rental income can also be deducted towards repairs and maintenance of the property.”

“This 30 per cent deduction is adhoc and irrespective of the actual amount you incurred for repairs and maintenance. In case you have taken any loan for the purchase/repair of the property, then the interest from the same is available for deduction. The balance amount (annual rental minus the property tax minus 30 per cent deduction for repairs and maintenance and minus the interest on loan) is the taxable income from the property. It would be taxed in yours and your wife’s returns, based on the percentage of ownership,” he adds.

Good news for the buyers is the provision that if they buy property in the name of a female member, then they can enjoy several more tax benefits. Not only do they get concession in stamp duty that is paid at the time of registration of the property, but also enjoy several other tax exemptions.

Source: Magicbricks.com Bureau

New Launch: Nitesh Virgin Island on Old Madras Road, Bangalore

2014-10-16T22:23:00.000-07:00

Nitesh Estate is developing premium condominiums - Nitesh Virgin Island - located on the Old Madras Road in East Bangalore.

Nitesh Virgin Island is spread across 8.15 acres of land and will offer 723 apartments across 11 blocks in 1, 2, 2.5 and 3 BHK configurations.

Amenities:

Swimming Pool
Fitness Centre with Yoga & Aerobics
Banquet hall/Party hall/Badminton court
Toilets
Pantry
Coffee shop
Crèche
Library
Squash Court
Billiards room/Table-tennis court
Mini-market
Steam, Sauna and Jacuzzi
Tennis Court
Children’s play area
Jogging track
Amphitheatre
Basketball court
Cricket pitch

For pre-launch offers, contact sales@themoneyestate.com or call us at + 91 886-722-4385

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Pre-launch: Prestige Gulmohar

2014-09-08T22:32:00.000-07:00

Prestige Group is launching another residential property at Horamavu in North Bangalore.
The project will be developed on 3.5 acres of land and house 400 apartments.

Horamavu is good location to invest as it is closer to KR Puram, Old Madras Road and Mahadevapura which are large employment/commercial hubs. Embassy Manyata Business Park, RMZ Infinity and other office centers are in the vicinity of Prestige Gulmohar.

Why TheMoneyEstate.com for all your property needs?

Advantages for you:

Dedicated team for thorough research and analysis regarding the project
Hassle-free paper work
Group discounts
Value added services like property management, loan approval, property insurance
Pre and post sales services
Tracking the project progress and price if applicable
Site visit assistance and identifying the best unit availability
You can keep track of the project progress from your home through our research services

For pre-launch offers, contact sales@themoneyestate.com or call us at + 91 886-722-4385

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Top 5 Expensive Locations to Invest Property in Bangalore

2014-09-02T05:38:00.001-07:00

From past many months, the residential property prices of Bangalore are hitting up to the roof as compared to other metropolitan cities where the metropolitan city, Bangalore is overhauling as a real estate and IT Hub of Asia.

Due to the improvement of Information Technology enabled services, Business Process Outsourcing and infrastructural development imminent in Bangalore, the current year is expected to incident an enormous boost in home buying and property investment. This circumstance has created a high flying demand on Residential and commercial segment. Due to the rising demand there has been an empowering approach towards the small as well as big ones to increase a number of attractive and luxurious projects all over Bangalore where the Bangalore city has many locations which are accountable to be the most expensive real estate sectors.

The following are the top expensive locations to invest in property.

Indiranagar:

In Bangalore, Indira Nagar is considered to be the hottest location and its identified as the unrivaled eatery in the southern region. It has a wide-spread of restaurants, hotels, educational institutions, bards and many metro transit systems. The fast food chain also exposes the assorted mix of populace of Bangalore. The locality is primarily preferred for its well connectivity to the first phase of the metro which is at a walkable distance way. The locality covers areas like Thippasandra, GM Palya, Jeevanbheema Nagar, Old Madras road, Ulsoor, old airport road, Kormangala and Dommlur.

The area has amenities like BWSSB and BESCOM; it also outlines the National Highway (NH-4) moreover, Indira Nagar has an array of educational institutions like National Public School, Silicon City Public School, Cauvery Public School and many more, Hospitals like Lohitha Hospital, Ossicare GG Hospital, ECI Hospital, Manipal Hospital and many other well known hospitals. According to the scenario, the highest area price ranges 35,092 per sq.ft, the average area ranges near to 18,322 per sq ft where as the lowest area price ranges 1,552 per sq.ft.

Hebbal:

Hebbal in Northern zone is emerging as primary realty endpoints in Bangalore city. The locality is well known as a residential investment destination for its exceptional connectivity and physical infrastructure. Many of the IT hubs and Tech parks are well connected to this vicinity. Additionally, location has numerous market places and commercial as well as business places within its neighborhood. Mainly, the Manyatha Tech Park and Embassy Kirloskar Park have indeed altered the picture of Hebbal as seeming by the general crowd in this locale. Major developers target this area due to the attention of people. The property appreciation has reached 94%.

The better connectivity is accessible to this locality through roadways, railways and airways. The water and electricity supply facilities are taken care by BWSSB and BESCOM. The Hebbal Lake has a flyover uniting over the ORR, Bellary Road and national Highway NH-7. All conveniences such as reputed schools like Vidhya Niketan School and Siddhi High School, Hospitals like Columbia Asia Hospital and Baptist Hospital, Shopping Malls, Banks, ATM’s gives people a feel good factor. The trends in property prices in this location is around Rs 6272 per sq.ft for highly prices area, the average price is around 6043 per sq.ft and the lowest property price trend nearly 5814 per sq.ft.

Marathalli:

The area that continues to be the top property investment area – Marathalli spots in the East region of Bangalore. It is one of the IT Hubs in Bangalore. The locality is turning out into a preferred destination for people working in Multinational Companies at Marathalli, Whitefield, Sarjapur, Bellandur, Electronic city and Hal Airport, as many of the families are attracted towards this area. Marathalli has best sort of physical infrastructure and state of the art architecture. Residing in localities like Marathalli reduces the travelling time to major IT Hubs (work places to many professionals). The increasing demand of this locality is due to immediacy to areas like Whitefield, Sarjapur and HSR Layout.

The location has key IT strength and this is responsible for high flying prices. The locality has many amenities within a walkable distance, water and electricity is facilitated by BWSSB and BESCOM. Self contained township Marathalli with commercial and Residential development touched the National Highway (NH-4) and ORR. Furthermore, it witnesses all brand showrooms, Multiplex, Brand Factory, Super markets, best educational institutions like Trinity English High school, HAL Gnanajyoti School, Ravindra Bharati School and Kids Global School, Hospitals like VIMS Hospital, Jeevika Hospital, Deepa Nursing Home, Vasan Eye care and Yashomathi Hospital. The highest property price of this area is noted around Rs 6570 per sq.ft. The average price is around Rs 5035 per sq.ft and the lowest around 3500 per sq.ft.

Whitefield:

Whitefield area has been an eye-catching suburb for property investors. The locality is majorly known as an IT Hub and it has some terrific infrastructure tech parks, MNC companies, Malls, Restaurants and many. With its close propinquity and enhanced connectivity with flyovers and ORR, Whitefield continues to be on top position in the list of most expensive localities for property investment in Bangalore. As the predictable infrastructure and demand it became a permanent address for living arts. It has good connectivity to major neighborhood places through metro and buses. Whitefield happens to be the pertinent locality due to its connectivity, infrastructure development, proximity to work places, establishment of hospitals like Satya Sai General Hospital, Vydehi Hospital, Mayo Heart Hospital, Shankar Eye hospital, educational institutions like St. Thomas school, Ryan international school, Whitefield Global School and Deans Academy School.

The realty boom in this area is majorly due to the existence of Outer Ring Road and peripheral road, it offers amenities like Bangalore water supply, Sewerage Boards where as the BESCOM supplies electricity with Bangalore Electricity Supply Company. The highest and the average property pricing trend in this area is around 5318 per sq.ft and 5021 per sq.ft and the lowest price trend is somewhere around 4724 per sq.ft.

Brookefield:

Locality that situated in the eastern region of Bangalore city and it is one of the iconic phases in Bangalore. This vicinity became as an expensive locality for property investment with a much of commercial and residential development. Brooke field became as a favorable area with the establishments of wide layouts, parks, malls and educational institutions like Ryan International School and Kids Zee, Hospitals like Yashomathi Hospital. Each month the locality has a new amenity added to its facilities. The commencement of residential projects by reputed builders and also the splendid status make this location one of the prime localities for property investment in Bangalore.

This locality is strategically situated next to the IT parks such as Kalyani Tech Park, International schools, hyper city, many IT organizations and Big Bazaar. This area is noted as one of the peaceful localities in Bangalore. The physical infrastructure of Brook field connects National Highway 4 (NH-4). The Water supply and Electricity supply comes through BWSSB and BESCOM. The highest property price, average as well as lowest property price trends in this locality are 5483 per sq.ft, 5251 per sq.ft and 5019 per sq.ft respectively.

Source: Siliconindia.com

Pre Launch: Brigade Northridge near Jakkur, Bangalore

2014-09-01T05:24:00.000-07:00

Brigade Group is set to launch it’s new project called Northridge located at Kogilu Cross, Jakkur, Bangalore North.

Spread over 7.5 acres of land, the project will offer 550 residential apartments in 2 and 3 BHK configurations across.

Project is well connected to the major parts of the city like Kempegowda International Airport, Hebbal, Yelahanka, Jakkur and many more.

Amenities

Children's Play area
Gymnasium
Swimming pool
Jogging Track
Badminton Court

For more details and pre-launch offers, contact sales@themoneyestate.com or call us at + 91 886-722-4385

Ready to move or under construction home - Which is better for you?

2014-08-29T22:49:00.000-07:00

Undeniably, everyone desires to buy a dream home, which they can call their own but everybody isn't that blessed. In reality, home buyers are always looking for the good deal however, the big confusion among buyers is whether to buy ready to move or under construction property. Each of these preferences has its pros and cons. It is extremely imperative to be aware about the advantages and disadvantages of ready to move and under construction properties. Let’s take a look at them.

Ready to move in property

A new trend has been catching up from last couple of months where a number of home buyers are slowly heading towards ready to move homes over under construction homes as going for the latter requires waiting for a couple of years to get possession. Since 2008 recession, many home buyers complained about high wait times before possession of houses, because builders delaying the projects.

Pros:

Immediate accessibility: Home buyers do not have to linger around to move into their dream house. All buyers have to do is to make full payment, sign on required documents and get their belongings transported to the new place.

You get what you see: In a ready to move home, buyers pays for what they see. As there are people living in the society, the buyers get a fair idea about the area, nearby shopping centers, neighbourhood and utility, maintenance etc.

Savings on rent: Savings on rental income starts immediately. This is a big inducement for home buyers to buy a ready to move homes.

Cons:

Relatively Expensive: For ready to move homes, buyers have to pay higher amount usually 25 percent to 50 percent more than under construction homes.

Is the property is a well constructed one? The biggest negative that comes with a ready to move home is that you have no idea about the quality of raw materials used for the construction, strength of foundation and so on. Given a shabby maintenance, the house starts looking old within a few years.

Points to keep in mind:

While it is true that ready to move in homes are more expensive, home buyers should do a thorough research by speaking with a few people in the locality to confirm that the price being paid is not exorbitantly high.
If you are the second owner, understand why the earlier owner is selling the property. The seller may give you any reason, but it is your duty to find out the real reason. After all, you are paying a premium to buy a ready to move in home.

Under construction home:

Today, under construction home is the most ideal option for buying a property. A builder announces a new housing project through advertisements in Televisions, news papers and other media. Agents start going around the market, malls, companies and homes to spread a word about the property. The builder motto is to sell as many houses as possible before the construction starts. It is known for a fact that more than 75 percent of the homes built by the reputed builders are booked even before a single brick is laid. Under construction home provides a surfeit of choices for home buyers.

Pros:

Economical: Under construction homes are relatively cheaper as compare to ready to move homes. There is a significant cost difference of 20 to 40 percent between them.

Plenty of choices: Plenty of under construction homes are available as compare to ready to move homes. There is a plenty of possibilities to choose under construction homes such as locations, prices, amenities provided and so on. Many more housing projects are coming up.

Low EMI’s: EMI’s are paid as the work progresses. Therefore, initial EMI’s are less compared to under construction homes.

Win-win situation for both buyers and builders: Buying an under construction home is win-win situation for both sellers and builders as the seller gets customers even before laying the brick while the buyers saves money.

Better returns: Since the price paid is less, People get higher returns investing on under construction home but that also comes with the risk factor. For example, Noida people who invested in homes got better returns while people invested near Samshabad, Hyderabad is still waiting for better returns. This kind of advantage is not possible on ready to move home investment.

Cons:

High Risk Factor: All is not so well in under construction homes. There have been cases where the builder does not finish the project in a stipulated time because of cash crunch, increase in the cost of raw materials and interest rates.

With time the market outlook may change: The market outlook may change with time, like what happened in case of Samshabad area. The area was supposed to host many engineering colleges, hospitals, largest Infosys campus and so on, but due to financial crisis of 2008 nothing came up.

In some cases, buyers won’t get everything what they have been promised:This is one of the common compliant made by home buyers. They usually do not get what is promised to them in the documents related to the property. In such cases, Home buyers feel distressed.

Points to keep in mind:

Before booking an under construction home, buyers should check the reputation of the builder. This is the important step that buyers should follow. If the builder has a bad track record, the same history will repeat itself.
Home buyers should check with the banks how the loan amounts will be released.
Before signing on the builder’s agreement, pay more attention to penalty clauses.

Finally which one is better?

The final choice will depend upon various rationales for instance; the buyer’s financial conditions or choice of location where if the buyers have enough funds or ready to wait as well as can take risks and do not care about the location then, under construction home from a reputed builder would be a more logical option.

If the buyer have funds but not sure about future cash flow, short move in time, low risk and a developed locality, then ready to move home would be wise.

Highest demand for 2 BHK Flats in Bangalore

2014-08-28T20:36:00.000-07:00

The Bangalore real estate market continued to remain steady growth in the month of Mar-July 2014. The mid level segment which shaped the majority of sales continued to register and a solid harmony between demand and sales.

In Bangalore, 2 BHK flat is on high demand and encountered an unparalleled growth due to the increase of prices and fall in affordability. The 2 BHK and 3 BHK flat embrace 90 percent of the market and notably the 2 BHK flat registered a demand of 54 percent, which is approximately equal to the supply in the real estate market. Many top most builders in Bangalore city are looking at building such units. This could predominantly benefit for youngsters, senior citizens and newly married couples.

Not only the high flying costs, there is another reason for demand of 2 BHK flats in Bangalore is more often relocation between cities. For instance, as professionals are being recruited by software companies in Bangalore, the new settlers are gradually looking to buy 2 BHK flats mainly due to small family size and also because of fact that they might relocate again in the future.

For 2 BHK flats, there was a perfect demand and supply in the budget array of Rs 40-65 Lakh about 28 percent in Bangalore. In the same way, upper mid segment comprising of the Rs 65-100 Lakhs, the supply just about matched the demand, which stood at 23 percent of the realty market while the supply stood at 20 percent.

There was a direct contrast to the demand and supply in the budget segments. The budget category of Rs 20-40 Lakh, the demand comprises 28 percent where the supply stood at 19 percent. Electronic city, Whitefield, JP Nagar, Marathalli, HSR Layout, Bannerghatta Road, Mahadevapura, Hebbal and RT Nagar are the current hot spots for 2 BHK flats. These places recorded a nominal 2 percent raise in property value and these are all middle class to upper middle class areas. Several projects are under process by well knowndevelopers in Bangalore.

Closeness to work place, connectivity due to flyovers, broader roads, National High ways and ORRs have ensured Marathalli, Electronic city, Bannerghatta Road and Sarjapur continue to top the list of favored zone.

Source: silicionindia

Pre-launch: Purva 270 Degree in Bangalore

2014-08-12T03:04:00.002-07:00

Puravankara Projects has announced the pre-launch of their new residential apartment complex called Purva 270º "Life Uncluttered" near C V Raman Nagar, Bangalore.

The project is part of the phase 2 development of Purva Seasons. The project will be spread over 10 acres of land and has on offer 660 apartments in 2 and 3 BHK configurations.

Every apartment at Purva 270 offers well ventilated corner apartments with 3 sides open and a spectacular 270 degree view.

The complex has good connectivity to major roads like Old Madras road, Outer Ring Road, K R Puram station and Byappanahalli metro station. It also has easy connectivity to business hubs such as Bagmane, ITPL and other Tech Parks.

Nearby shopping and leisure destinations include Gopalan Mall, Big Bazaar, Phoenix Market City, Indiranagar, Koramangla and MG Road.

With good connectivity and close-by shopping destinations, Purva 270 is an excellent choice for investment.

For more details and pre-launch offers, contact sales@themoneyestate.com or call us at + 91 886-722-4385

Pre-launch: Prestige Temple Bells in South Bangalore

2014-07-25T08:31:00.000-07:00

Prestige Builders is set to launch another high rise residential complex at Rajarajeshwari Nagar, Mysore Road.

Prestige Temple Bells is spread on over 14 acres of land and will be an ideal investment.

For more details and pre-launch offers, contact sales@themoneyestate.com or call us at + 91 886-722-4385

5 upcoming luxurious residential projects in East Bangalore

2014-07-16T09:34:00.000-07:00

Who does not want to own their dwelling home in the great garden city?! The Bangalore city has seen exceptional growth in past few decades. Many Bangalore developers are offering luxurious Apartments with world class amenities and luxury features. There is a high demand of affordable housing in Bangalore the main reason is most prominent developers are jumping on to the Premium Apartments, Flats with a new launch of luxurious projects.

In this Bangalore real estate market, finding a dream home is bit complicated. How does a home owner can find a project that meets his needs from all angles? But don’t worry below is a list of projects on east Bangalore. The eastern end of Bangalore city has a sprawling eucalyptus and coconut tree which looks amazing during monsoon season. This is well renowned business houses & industries and well linked via Roads and Railways. Equipped with all the educational institutions, Hospitals, Market areas, Theatres, Malls etc…

(1) Assetz Property's 27 Park Avenue Apartment Project:

27 Park Avenue is located at a tranquil locality sector 1 of HSR Layout by Assetz Home. This is located in the heart of the HSR Layout. The site itself open on 3 sides and a large 5 acre park on the fourth side. The vision to create a house that contrives together an accomplishment of light, park, sky and green spaces began to take perfect shape. To make as an ideal site of an exclusive, private and Luxury, the Apartment project ensure easy access to the major outer ring road, Commercial Hubs of Electronic City and IT corridor of Sarjapur - Marathalli to the East. 27 Park Avenue Apartment Projects ensures elevated luxury living that you deserve and you live a life seamlessly integrated with nature. The park in your backyard, a tree court, green space in every Apartment will make it seem like that you are living inside it. This is well equipped with all the facilities in few kms distance.

For pre-launch offers, contact sales@themoneyestate.com or call us at + 91 886-722-4385

Status: Up coming

Unit type: 4 BHK

Amenities: Basket Ball court, Club house with swimming pool, play ground, 2 hrs clock security, Roof top swimming pool, Private elevator, Double height entrance lob and Electronic security services.

(2) Hebron Enclave – Villa project

UN ranks Australia as the top country in the world. Hebron – a multinational developer brings high quality Independent Luxury and super Luxury Villas of Australian lifestyle to you in Bangalore city. This Enclave is snuggled in the vicinity of the KR Puram Lake, off old madras road. This villa project offers a dwelling possibility beyond functional Luxury. They were looking for echo space, timelessness, space, freedom and possibility with spoon full of Luxury, Security and quality of life unparalleled. This project is surrounded with Garden City College, Koshys super specialty Hospital, Evoma International Hotel Cambridge institute of technology and many more…

Area Range: 5100 sq ft to 7000 sq ft

Possession: 2014

Unit type: 3 BHK

Amenities: Golf Area, Convenience store, Jogging Track, Amphitheatre, Club house with Multi Gym, Play area, Swimming pool, Children’s park, Kiddy pool, Indoor badminton and Half basket ball court.

(3) Brigade Exotica – Apartment Project

Brigade Group is one of the south India’s leading properties. The Brigade Exotica Apartment project is one of the tallest residential towers an architectural marvel which is located on Old Madras Road in Bangalore. The breath taking views here will bring notation of world living infrastructure. This Brigade Exotica is designed to cater world citizen, global Indian, lush green land spaces, manicured lawns & gardens and mini forest with ample trees. Here peoples from different cultures and geographies can coexist in absolute Harmony. It comprises of 454 Apartments spread across 2 towers and unites in to patio ensuring that each Apartment has a unique view and even one does not face any other Apartment. This project is located in between CBD and Bangalore International Airport.

Unit type: 3 and 4 Bedroom premium Apartments and 5 BHK Penthouse

Area Range: 2640 sq ft to 3800 sq ft

Amenities: Jogging track, Club house with sporting facilities, Gymnasium, Kids play area, Swimming pool, Sports facility, 80% open space and spacious landscaped patios.

(4) Sterling Villa Grande Villa project

Sterling Villa Grande is a Joint venture project of sterling Developers and HDFC property funds. This is a Luxury contemporary Lakeside Villa project located in Whitefield near sai Baba Ashram. This project spread over 40,000 sq ft with 39 acres of luscious green and 3 acre lake with only 250 Luxury Villas. Villa Grande is an essence of space, comfort and luxury state of the art house. Those are rare villa projects in Bangalore city with the combination of lavish residences with an eco-lake, Spa and dining restaurants. Sterling Villa Grande strives to provide world class amenities and luxury living place with the combination of all natural elements. These experiences as a paradise itself.

Unit Type: 3 BHK and 4 BHK

Possession: 2015

Area range: 2610 to 4035 sq ft

Amenities: Fully fledged Gymnasium, School bus drop off zone, Spa, Automation Ready, Billiards and snooker Table Tennis, Squash court, Children’s play area, Badminton court (Indoor), Toddlers play facility, Cards Room, Senior citizen Zone, Yoga Deck, Timber Bridge, Reading Room, Barbeque, Bar, Amphitheatre seating Pavilions, Cafeteria, Cigar Lounge Guest Rooms, Basket Ball court, Full sized swimming pool, Jogging track Tennis court, Pool Deck Activity Pool, Eco Lake, Kids pool with jets and Palm Bosque with Lawn.

(5) Pashmina Waterfront Apartments Projects:

Pashmina Waterfront Apartment is one of the trendy residential development projects in Old Madras Road. It is one of the ongoing projects in Bangalore and picturesquely located beside 12 acre Bhattarahalli Lake overflowing with water. It covers about 16 acres of land with 8 towers, 26 floors and 10% is allotted for building construction and rest of the space is left for aesthetic landscaping. All Apartments follow the vastu rules and each Apartment is designed to ensure maximum sunlight and ventilation. Each Apartment in the project is open on one side and three sides ensures a 270 degree view and no common wall is provided for Apartments for peace and tranquility. Project Waterfront is located about 5 kms from KR Puram cable Bridge.

Unit Type: 3 BHK and 3 BHK + Servant Apartments

Area Range: 1636 sq ft to 2082 sq ft

Amenities: Water front amenities like Large Swimming pool, Toddlers pool, Fitness centre, Water treatment plant, Sewage water treatment, Badminton court, squash court, badminton court, Tennis court, Basket ball court, Volley Ball, Convention hall, party Hall, Skating Arena, Super market, Jogging Track, Amphi-theatre, Yoga room, Steam etc…

Source: Silicon India

Buying under construction project? Watch out!

2014-07-08T09:26:00.000-07:00

Pre-launch and under construction prices of apartments are no doubt extremely attractive. In Bangalore, at an average, the pre-launch prices are around 25 to 30 per cent lower than that of a finished apartment. This is the main reason why consumers are open to booking apartments in projects at the earliest. In their enthusiasm to get the best price, consumers are often ready to go in for a buy even before ‘all’ the clearances are in place.

Although one understands the keenness to get the apartment at the price during this stage; there are several aspects that one needs to be aware of when going in for such a buy in Bangalore.

One of the risks at the top of the list is considerable delay due to various reasons.

For pre-launch offers, contact sales@themoneyestate.com or call us at + 91 886-722-4385

Given the inordinate delay in getting clearances, approvals and the various infrastructure requirements combined with different stakeholders involved in construction delay in construction is a definite possibility. What is worse is cancellation of certain floors due to clearances not coming through.

Pre-launch booking is also a way for builders to raise cheaper funds, especially by relatively smaller builders.

Listed below are some of the factors the consumer must look out for:

1- Ask for the IoD (Intimation of Disapproval) and CC (Commencement Certificate) as proof that builder has got all the clearances. As per law a developer is not allowed to take any money from prospective home buyers before getting all the clearances for a project.

2- Ensure the sale agreement or deed includes the clause that the developer will deliver the OC (Occupation Certificate) and A-Khata on completion of construction

3- Ensure you agree to make the payments based on the actual stages of completion

4- Sometimes, the builder might have clearance up to the plinth level or up to say, eight floors, but offers flats at a higher floor, in anticipation that clearance for higher floors will come. However, there is no such guarantee. So, while booking your flat, it is advisable to book only up to the level for which the project has received the IOD and CC.

5- Have a tie up with the bank, so that they release the amount after you check the construction-stage and give them a green signal to go ahead with the payment.

6- Follow the association that has been formed and be active in it to ensure the different stages of construction are delivered as per schedule.

7- Consult a property lawyer for due-diligence of the project. In case the developer makes some changes to the original plan, go though the changes in details specially with regards to how it will affect your and the general look of the apartment. Following, this you may need to re-negotiate the deal altogether or just get a run through by your lawyer ones more.

Source: Magicbricks.com Bureau

Connectivity, commercial development pushing Bangalore’s property market

2014-06-30T23:23:00.004-07:00

Several factors have collectively led to the growth and expansion of Bangalore, as it is today. From a nascent market mainly with individual plotted developments, it has grown into a mature market offering a variety of homes for every budget.

Some of the key factors that have brought the different regions into focus are the relocation of the airport and the subsequent completion of the expressway over Bellary Road in the north; the IT hub at Whitefield, connectivity through the Outer Ring Road (ORR) and widening of the Old Madras Road in the east; the Electronics City IT hub with seamless connectivity through the Hosur Road elevated highway as well as the ORR and NICE Road; and the development of industrial hubs and the upgraded Tumkur Road highway in the west.

North - With the focus of the city pointing to the north, the commercial property market is taking off in this belt. With large tracts of land available here and proximity to the airport, several corporates are looking at expansions and consolidation in this region.

According to Vestian Global Workplace Services, a workplace solutions firm, the total office space stock on Bellary Road, from Hebbal to the airport, is close to 0.40 million sqft. Under-construction space likely to be completed by the year-end is around 2.04 million sqft and space planned is around 23.03 million sqft. With companies initiating development of their campuses here, this micro-market is anticipated to gain more momentum by 2015.

The prominent residential localities here are Banaswadi, HRBR Layout, Hennur Road, Thanisandra Main Road, Bellary Road, Yelahanka, Kogilu, Chokkanahalli, Bagalur Road, Doddaballapur Road, Yelahanka New Township and Jakkur.

According to Vestian Global’s research, while luxury housing options are coming up around Hebbal, along Bellary Road and in surrounding localities, Hennur Main Road, Thanisandra Main Road, Yelahanka and Bagalur Road are witnessing the rise of mid-segment options in the range of Rs 40-70 lakhs. The average unit size here ranges from 1,250-2,500 sqft for apartments and 2,500-4,500 sqft for villas.

The capital values for Grade A apartments and villas ranges from Rs 3,800-11,500 per sqft. The average annual price appreciation is this region is around 11-18 percent. The average annual rental yield is around 4-7 percent.

South - One of the first centres of commercial growth, the south has developed into a mature market, with extensive IT development. There is around 10.41 million sqft of non-captive operational office space, with IT/ITeS, electronics and manufacturing firms, in the Hosur Road and Electronics City belt alone. While under-construction office space is around 1.70 million sqft, planned captive as well as non-captive space comes to around 8.51 million sqft.

While the older neighbourhoods of Jayanagar and Basavanagudi continue to command a premium, Koramangala and Bannerghatta Road in the Secondary Business District (SBD) and the suburbs of Sarjapur Road, Haralur Road, and Hosa Road are witnessing the rise of luxury housing options. According to Cushman & Wakefield, a real estate services firm, mid-range options are coming up around Hosur Road, Electronics City, Bannerghatta Road, JP Nagar and Kanakapura Road, with capital values ranging between Rs 4,500-6,000 per sqft. Locations beyond the NICE corridor, the peripheries of Kanakapura Road, Bannerghatta Road, Attibele and the Chandapura-Anekal belt are witnessing the rise of budget housing options, priced up to Rs 30 lakhs.

East - The upgradation of the Old Madras Road is steering development towards the Hoskote belt. Whitefield continues to attract interest and witness activity in the commercial and residential segments.

Statistics with Vestian Global indicate that the total operational non-captive office space stock in Whitefield alone is a little over 29 million sqft. While 1.67 million sqft is under construction, approximately 20.63 million sqft is on the cards. Whitefield has also witnessed the highest mall space activity in the past few years. The micro-market accounts for 33 percent of the total operational mall space in the city.

Analysis by LJ Hooker India, a real estate solutions organisation, suggests that while Indiranagar and Old Airport Road are already home to high-end projects, Whitefield, Gunjur, Varthur Road, Marathahalli and Old Madras Road towards Hoskote are witnessing the rise of premium homes. Mid-segment homes are coming up around Bellandur, CV Raman Nagar, Old Airport Road, Krishnarajapuram, Whitefield, ITPL, Brookefields, Varthur Road, Marathahalli and Hennur Road. The price of such homes falls in the range of Rs 3,000-5,500 per sqft.

Budigere Road, Chan nasandra Road, Gunjur, Hoskote, Old Madras Road, and Horamavu are witnessing the emergence of budget homes, up to Rs 50 lakhs.

West - Primarily an industrial region, demand for property is slowly picking up in the west.

Statistics with Vestian Global show that Mysore Road has 3.28 million sqft of operational office space with 3.50 million sqft planned. Of late, Tumkur Road has emerged as a promising hub for commercial, residential, retail as well as the hospitality segments due to its proximity to the airport.

While high-end options priced above Rs 1 crore are coming up around Rajajinagar, Malleswaram, Yeshwant pur, and West of Chord Road, villas in the price range of Rs 1-3 crores are coming up on Mysore Road and Tumkur Road.

According to statistics with Cushman & Wakefield, Yeshwanthpur, Tumkur Road, Jalahalli Cross, and Mysore Road are witnessing the emergence of mid-range options, around Rs 4,000-6,500 per sqft.

Affordable homes at under Rs 25 lakhs are coming up around peripheral locations towards Mysore Road. Homes in the price bracket of Rs 2550 lakhs are coming up in Kengeri, Rajarajeshwari Nagar, Mysore Road, Nagarabhavi, Uttarahalli, peripheral locations after NICE Road junction on Mysore Road and near Nelamangala junction on Tumkur Road.

Source: Times Property, The Times of India, Bangalore

Pre-launch: Century Sports Village @ Devanahalli, Bangalore

2014-06-17T00:04:00.004-07:00

Century builder is pre-launching its first of a kind sports centric plotted development project in Bangalore at Devanahalli.

The project to be called Century Sports Village and is spread across 66 acres offering 600 villa plots in various dimensions.

Century Sports Village proposed sport facilities include:

Cricket nets
Basketball Courts
Badminton Courts
Football field
Archery
Beach volleyball court
Swimming Pool with pool bar
Wall climbing structure
Skating rink
Dirt cycling track
Endurance arena

Century Sports village enjoys good connectivity to the new Bangalore International Airport expressway. Due to proximity to the international airport this location holds great potential for price appreciation.

For pre-launch offers, contact sales@themoneyestate.com or call us at + 91 886-722-4385

Pre-launch: Assetz Marq in Whitefield, Bangalore

2014-06-09T03:14:00.000-07:00

Assetz Homes is s launching a 28-acre mixed development project in Whitefield - Assetz Marq.

The new project is coming close to Saibaba Ashram road and will comprise of residential and commercial property.

The project comprises of 2100 units in 4 phases and has 2, 3 and 4BHK in the range of 1150 to 1700 sq ft.

Equipped with all outdoor and indoor amenities the project will have separate club houses for all 4 phases.

Located at on Whitefield -Kadugodi – Hoskote Road this is an excellent for opportunity for investement. Currently, bookings are are open for Phase 1 with 450 units on sale.

For pre-launch offers, contact sales@themoneyestate.com or call us at + 91 886-722-4385

Look before you buy a used home

2014-06-01T03:15:00.000-07:00

You can get second-hand homes for a bargain now, but here are the checks you must run before buying one

Dull sentiment in the property market has thrown up bargain deals in older homes and apartments in many localities. You must, however, ascertain why the rates are so enticing. Is the building falling apart? Is the seller in financial trouble? Here are a few checks you can do before buying a used home.

Building quality

The normal life of a home is 25-35 years, depending on how well it is maintained by the owners, says Pradeep Misra, Chairman & Director – REPL, a real estate consultancy firm.

While homes older than 20 years may be suspect, age is only one of the factors that determine quality. Many relatively new apartments may suffer from a leaky roof or shaky walls if the plastering was not done properly. Do a thorough check of the structure to ascertain there are no hidden issues.

Remember that flaws may be easily covered up by a good paint job. For instance, cracks and mould can be brushed away effortlessly. Check if the wall is hollow by hitting it and ensuring that the sound resonates, advises Sam Chopra, the Chairman of RE/MAX India, a Delhi-based property brokerage service.

In addition, check for plumbing and electrical problems, as these issues could turn your investment into a money pit.

The pipes and fittings should not have any cracks and the water pressure must be good. Also, test water quality and ensure it is colourless and odourless.

Inspect the electrical wires for proper insulation and wire quality and also make sure you obtain the latest receipts for property tax, water tax and electricity.

If you are satisfied that the property is in good shape, safeguard yourself against any legal trouble as well. Buying a used home requires more legal due diligence than buying from a builder directly.

The general thumb rule when you buy a used home is to initially pay a token booking advance of ₹10,000-50,000 before you can ascertain the legal title clearance, says Chennai-based advocate Shyam Sunder.

If the seller had mortgaged the property for an existing bank loan, check if EMIs were paid regularly and the loan amount availed by the seller was standard before entering into a formal sale agreement.

One red flag is when the seller demands over 50 per cent of the property value at the time of signing the agreement itself.

If you are taking a bank loan as well, the outstanding amount on the seller’s loan will be paid directly to the seller’s bank. The advance amount should be calculated taking this into account.

Another warning sign that Shyam Sunder points out is sellers insisting on closing the bank loan on their own, while demanding payment in their own name. Buyers are advised to pay the amount directly into the loan account of the seller.

Turn to online resources to help you detect troubles with titles or encumbrances. For example, in many states. you can apply online for a Non-Encumbrance Certificate for the last 30 years. Land revenue records are also available online in many states.

Layout approval, building permits and other such local government documents may also be checked online.

Cash deals

In many cases, a cash component of the sale price may be demanded because the market price of the home is much higher than the circle rates at which registration can happen.

Shyam Sunder advises that when paying cash, you should ensure that immediately after handing over the cash portion, the seller is accompanied to the sub-registrar’s office to register the sale deed.

Finding deals

As it is hard to stick to a standard price for used homes, the bargains you get could vary. For instance, if the property has been in the market for a long time and the seller has financial need, you may be able to negotiate easily. The deals you can get may also vary with the locality. For example, projects launched 3-5 years ago in the National Capital Region are yet to be handed over. Once these are completed, buyers may be able to find good deals when investors exit their investments, says Om Chaudhry, Founder and CEO, FIRE Capital, a real estate private equity fund.

Also, serious buyers tend to get discounts easily, says Chopra. As deals primarily go through brokers, find a reputed broker who is aware of market trends and prices. Don’t forget to check the prices of new homes as well. Under-construction and new properties are available in markets such as Chennai and suburban Mumbai at a 15-30 per cent discount to the secondary market, says Om Ahuja, CEO – Residential Services, JLL India, a residential consultancy.

Source: Magicbricks.com

Checklist for buying your dream home

2014-05-26T07:22:00.003-07:00

For the first-time buyers, real estate investment is a daunting task. We at themoneyestate.com have listed few pointers to consider before you invest in a house.

Project location
Your budget
Make a “wish list”, things you want in your home
Connectivity to your office and kids school
Connectivity to hospitals, schools, market and public transport
Loan approval support from the builder
Re-sale potential
Rental potential
Quality of construction
Reputation of the builder

For expert guidance contact us at sales@themoneyestate.com

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Pre-launch: NCC Urban Green Province

2014-05-21T10:00:00.000-07:00

NCC Urban is launching a new villa project on Sarjapur Main Road, around 2.5 kms from Dommasandra junction.

The project is spread over 22 acres and will have around 178 villas.

Strategically located close to major IT hubs – Marathalli ORR, Whitefield (EPIP Zone & ITPL), Electronic City, the project is ideal for investment.

NCC Urban's another residential project Ivory Heights is coming up on KR Puram -Marathahalli ORR.

For pre-launch offers, contact sales@themoneyestate.com or call us at + 91 886-722-4385

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Buying a high-rise in Bangalore? This is what you should know

2014-05-20T04:08:00.000-07:00

In case you are looking for to get a treetop view of the garden city, be aware. High-rise towers around airports and some defense installations require special clearance.

Not many people know this, but Bangalore has four airports, viz., the Kempegowda International Airport (KIA) located at Devenahalli, the one that we all use; the old Airport (near HAL); the Yelahanka Defense Aerodrome and the Government Flying and Training School at Jakkur.

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All these airports have aviation restrictions pertaining to the location and the height of the buildings nearby. These are based on the distance from the runway.

Broadly, height restrictions vary depending on the radius, viz., for 5 km, 20 km and the largest at 56 km from the concerned airport.

Although demolitions in case of violations are rare, the buyer needs to be concerned as there is no guarantee of security here going forward.

So when buying a property near any of these airports look for certain documents:

A height certificate certified from an agency or a civil engineer from the relevant department.
An authentication on the certificate by the local authority, like from the BDA or BBMP, by a designated Town Planning Engineer.
It is only post this that a No-Objection Certificate is issued to the developer.
Broadly, a development project around a 20 km radius from an airport needs to get an NOC from the local airport authority.
Projects beyond 20 km upto around 56 km from the aerodrome also need an NOC, if they are above 150m.
Buyers need to understand as Bangalore is a plateau, higher the ground level, shorter the permitted height of the project.
A plan sanction cannot be obtained without the NOC from the airports authority.
NOCs have time limits and buyers need to check the date in the certificate.
The point prospective that the buyer needs to keep in mind is that some builders tend to mis-state the location, so as to get a lower elevation (as per contours), enabling more floors. It would be best to check this with the land department.
Restricted or high-security buildings too have certain building restrictions. Approvals in terms of height and proximity to the building are two aspects that buyers need to checkout.

Magicbricks.com Bureau