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Showing posts with label Bangalore Real Estate News. Show all posts
Showing posts with label Bangalore Real Estate News. Show all posts

High Court Quashes the Ban of Registration of Revenue Properties

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High-Court-Ban-on-selling-Unapproved-Layouts-in-Bangalore
Ban on registration of unapproved layouts in Bangalore
The state government earlier put a ban on the registration of the unapproved layouts and the land stretches on the outskirts of Bangalore and on the green belt. The High Court quashed the government orders of 2009 which barred the registration of such properties. However for the B-Khata and e-Khata properties the registration Partial approval of Property on regularization till December 2013. But now with the order of the HC which quashed the government ban on such prohibition of registration by the owners of the properties, they heaved a sigh of relief after the High Court quashed the orders of 2009 last week.  
The High Court quashed the 2009 orders stating that the office of the Sub-registrars do not have any power to seek any of the documents which are not stipulated under the Stamps and Registration Act. But speaking in favour of the state government sources from the revenue department said that this ruling was in vogue to prevent the unauthorized increment of the revenue land stretches in the state. This is especially true in the green belt areas of the state and such pockets adjoining urban areas and cities.
This ruling of the High Court has been a great panacea to the real estate developers also looking for land and its due conversion. The trend watchers opine that there are many private layouts that have come up in the green zones and belts under the jurisdiction of BDA areas outside the BBMP jurisdiction. These layouts haven’t got the converted status of Khata and neither are the layouts being approved said the sources from the revenue department. The trend watchers say that this problem is more severe in the areas that are newly added which are the 110 villages and other outskirts of the city.

The revenue officials opined that after this order of the High Court, it would be difficult to control the spree of the mushrooming of the unauthorized stretches of revenue land. The revenue officials further commented that although the prohibition of registration is being lifted but this is not a guarantee of the title of the property. This implies that the buyers and the prospective customers will be more vulnerable for being cheated by the unscrupulous builders and developers with illegal buildings and encroached lands in Bangalore. The probability of violation of the bylaws while constructing buildings will surely increase feels many of the revenue department which may affect the buyers at a later stage.   

9 salient points of real estate regulatory bill passed by rajya sabha

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Notice board of real estate regulatory bill
9 Rock solid points on real estate regulatory bill passed by rajya sabha today 
Yesterday after so long a pause and waiting the Real Estate Regulatory bill was finally passed by the upper house of the parliament, the Rajya Sabha. The bill is expected to bring about a radical change in the functioning of the real estate sector of the country bring in transparency, fast delivery and overall benevolence to the customers. The reformative measures that the bill proposes to bring have been enumerated by the experts and we try to list the key reforms introduced in the sector.
  1. The Bill proposed to bring in a state Real Estate Regulatory Authority (RERA) for any particular state or union territory. This will be the primary government body to be approached for any grievances of the public or the customers or consumers against any of the builders. This has to happen once each state government approves and applies this Act of Parliament and they go ahead on establishing state machinery as proposed in the ACT. 
  2. This law will be equally applicable to govern as the real estate regulator for both, commercial and the residential sector and transactions pertaining to both. 
  3. The bill makes it obligatory for all the developers and builders to post all the information regarding the plans of the projects, layout plans, status of land title, sub-contractors of the project and their details, schedule of completion as per the RERA. These information will be in effect be passed to the customers by RERA. 
  4. This law makes it mandatory for the builders to sell on the carpet area basis instead of super built up area basis.
  5. As per the real estate bill laws and norms the developer is not liable for any damages if there is delay in completion of the projects. This Bill ensures that the developer is liable to pay damages and same rate of interest to the buyer if there is any delay at the rate the customer has to pay to the bank for EMIs. 
  6. There are penalty for the developer for fine and imprisonment up to three years in case of violation of the order of the appellate tribunal of the RERA. The imprisonment can go up to a term of three years with or without the levying of fine. 
  7. If the buyer notices any defect in the construction or any services not done according to the agreement then the buyer can contact the builder within a year of taking possession of the property. 
  8. The developer is restricted to do any changes in the plan that has been proposed to the buyer during selling. 
  9. All the projects measuring more than 500 metres in square area or having more than eight flats or apartments has to be registered with the concerned RERA of the region. 

Land appreciation makes Bangalore rank 2

One of the world’s biggest growing Global Consultancy firm known as the Knight Frank’s Prime Asia Development Land Index is liable to track the performance of various residential as well as commercial land values all across the top major cities. The analysis done shows that the land for residential development in Mumbai has seen a growing increase of nearly 35.2 percentage this has been an increasing figure over the last two years. Thus, marking the fact that the nation’s economy has seen a change in the financial capital in terms of developments and other norms interlinked with the increase in the prime residential values.


The similar index analysis for NCR and Bangalore shows a growing increase of 26.1 percentage and 24.9 percentage each. Still there has been a decline recorded with Mumbai’s index of development has marked a decline of 13.1 percentage due to the weak economic scenario. This weak situation has certainly impacted the office space preoccupation interlinked with a huge fund and supply of official space in the current period.

In the same situation the index for NCR and Bangalore enlightened a very mature and healthy growth of nearly 16.3 percentage and 12.9 percentage respectively for both these geographical locations.

The report also inked that the office space as well as the residential spaces for Bangalore were mere images of a growing and an increased prime property values. The very potential leasing market as well a steady growth in the employment sector has rendered to the majorly growing office needs mainly of the It and the ITES also including the Non- IT/Non- ITES segments as well.

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