High Court Quashes the Ban of Registration of Revenue Properties

♠ Posted by Unknown in Bangalore Real Estate News

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.   

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

♠ Posted by Unknown in Bangalore Real Estate News

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. 

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Lake Land Encroachment of Bangalore – The Final story

♠ Posted by Unknown in Lands in Karnataka,Possession of lands,tgs layouts reviews and complaints

The revenue department had already sent notices to the 11, 595 lake encroachers of Bengaluru urban and the rural districts. The deadline of submitting the grievances or objections before the revenue department takes any action is February 29th. The encroachers can submit their objections and causes in response to the notices and the sources said that the date for replying to the notices can be extended by few more days too. The Tashildars of the respective taluks are the heads of the committee so constituted for the purpose. The committee also would entertain any other information from the citizens regarding encroachment. The head committee handling the main issue is headed by the MLA of Ranebennur who is also the Legislative Assembly Committee Chairman proclaimed that the major encroachers are the prominent developers who encroached the tanks and lake beds of Bangalore and sales as plots in making layouts. Since the demand of residential land in Bangalore is high so these lands are easily getting sold.

His statement that lake beds were mostly occupied by the prominent developers was based on a survey conducted earlier by the Directorate of Settlement, Survey and Land Records in Karnataka. The 11 member head committee had earlier inspected several lakes in urban and rural Bengaluru and has already reconciled the documents from Lake Development Authority, BBMP and BDA with the physical possession of lands. The total encroachment amounts to 10, 472 acres of lake land in rural Bangalore and 6, 195 acres of lake land in urban Bengaluru. Out of all these the encroachment by the government parties amounts to 3, 287 acres while the encroachment by the private parties amount to 7, 185 acres. The committee had already issued notices for showing cause to the encroachers of the lake giving them a fair chance to submit their grievances and their version of the reason of encroachment. Subsequently the Committee headed by Mr. Koliwad will prepare a final report based on the inputs of the data being submitted by the encroachers. 

The responses of the encroachers will be duly scrutinized and examined by the committee which will be headed by the jurisdictional commissioners. The committee can also do spot inspections after the month of March if need be. Based on the Assistant Commissioner’s report on various sub-divisions the nodal legislative committee headed by Mr. Koliwad will be preparing a final encroachment report and submit it to the legislature along with the recommendations as well. 

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CHENNAI-BANGALORE EXPRESSWAY WORK BEGINS FOR THE 120 KM STRETCH.

♠ Posted by Unknown in Land Acquisition,Land in Bengaluru

The National Highways Authority of India has started acquiring land for the work of the 262 km Chennai-Bangalore stretch express way which would make the distance bring down the travel time to three hours. This will be an access controlled road with the vehicular movement allowed to speed at 120 km/hr. The Mumbai Pune express way allows vehicles to speed up to 80 kms/hr. This project will take five years to be completed. This project was proposed ten years ago and now the mode of the work of the project is in fast track.  The land acquisition in Karnataka started through the 76 km stretch of the road that goes through Karnataka. This project as reported by the NHAI authorities is a greenfield project which would reduce the distance and the commute time between the two major cities already connected by the two highways.

  

Gazette notification for the acquisition of 830 hectares or 2050 acres of land in the Bengaluru Rural and the Kolar districts of the state has already been issued. The land required will have to be acquired in 13 villages of the rural districts of Bangalore which are mostly close to Hoskote which is one of the most hot spots of real estate. In the Kolar district the land acquisition so needed will be 22 villages of the Malur taluk, 37 villages located at Bangerpet taluk and 2 villages of the Kolar taluk and Mulbagal taluk. 

Among the people loosing properties the most concerned are the ones who will lose properties in the 13 villages near Hoskote and they are the ones who feel most deprived. The people of the Kolar district are approaching the government authorities to know if they would get compensated properly. The residents of the Bangalore rural districts whose land will be acquired are demanding alternative land stretches in return instead of compensation. The land owners are trying to reach the NHAI officers and are trying to make the ordeal as favourable as possible. 

Bangalore has witnessed property appreciation and here the land rates in these regions are in the tune of Rs. 1 crore and naturally the owners do not want monetary compensation as the rates may hike further while the highway is being constructed. The total land required will be of the order of 2050 acres that need to be acquired in Karnataka alone. The so acquired from these thirteen villages will tantamount to over 371 acres only. The sources from the NHAI said that after the issue of the first notification of the total three notifications on the May 23rd many villagers and residents from the thirteen villages approached them and most of the land owners out of them wanted an alternative land. 

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Real Estate Regulatory Bill

♠ Posted by Unknown in Know your tax concession,Real Estate Regulatory Bill

Every one including the media reports opine the real estate sector to be more organized and structured. They all feel that the newly proposed Real Estate Regulation and Development Bill will do the job. According to media the real estate needs to be more transparent and more organized with the need of eradicating or lessening the degree of corruption now prevalent in the realty sector. There are of course reasons for such opinion. In places like Mumbai the realtors remark that they can sell the property and homes at half or one third of the price if there is lesser corruption involved in getting the clearances and approvals. There would be lesser delay as well in completing the projects if that was the case. Thus the media reports say that transparency would of course increase the buyers’ confidence and would help the sector in a big way. 

The newly proposed Real Estate Regulatory Bill would usher in the much needed transparency in the sector opines the realtors and the top officials of the renowned real estate companies. They remark that real estate has to be treated at par with the companies of the other industries too. The real estate firms and companies also should receive the structural institutional finance that the other industry companies get. This will help the industry with more liquidity and increase the cash flow. The realtors feel that if the new bill or the new Real estate regulatory bill makes that happen the realtors would certainly support it. Talking about their point of objection the realtors opined that the penalty provisions of the bill mostly accuses the developers and the promoters leaving the other stake holders. They further state that if the bill proposes in a way that it blames all the stake holders in an equitable manner they won’t have any objections. But looking at the problematic areas and the bottlenecks of the realty sector, if the proposed bill attempts to remove them then there is no reason why they won’t support it.
TGS Layouts sales sizable residential plots in different sites of Bangalore at a very affordable price and with all amenities that required for day to day living. These land are approved by the concerned authorities and can be bought for investment as well as residential purpose. 

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Invest in land and property right now

♠ Posted by Unknown in land developers,property sellers

The market condition of the real estate of India may seem sluggish but the experts insist that this is the right time to invest in the Indian realty markets. The international real estate scene is also volatile. Indian markets show a scenario which has a positive outlook with many schemes and propositions in the next decade in the domain of real estate. According to the real estate cycle also the realtors insist that this is perhaps the time to invest as the peak time for the prices in the realty market will probably come in the mid-twenties. This will make the buyer reap good capital profits and also encash the recurring benefit of renting the land or the property. The experts insist that if the land or the property is located at a good and lucrative place and the due diligence is done, this is probably the best time to buy plots in Bangalore.

Why is this the best time to invest?

The reason the realtors insist on that this is the best time to invest is that the mid-twenties is the estimated time for the prices to go at its peak. This gives the owner to earn from the property as well. Apart from that the realtors today are worried on the unsold inventory that is surmounting and this is increasing their pressure of debts. This also is slowing down the cash flow of the business and eroding the profitability too. To overcome this bottleneck the property sellers and developers are offering good and attractive discounts with the home loan offers and facilities given by the RBI it makes lot of sense to buy now. In short the trend watchers remark whether it is land or a property the Indian market conditions suggest that it is a buyer’s market. 

Opportunity for rental income

As said earlier that the market conditions of the Indian real estate is such that the prices have not reached the peak and it is in the second phase of the real estate cycle the property purchased now can generate lot of rental income. The capital value of the property increases in the meantime or in the worst case scenario the prices may remain constant. But contrarily it is observed that the demand of the rental market is steadily on the rise. 

Realty Assets offer much more stability

The share market offers return on investment but is highly volatile with the market conditions changing several times a day. Unlike the equity markets the real estate is quite steady. Even if the prices fall the time is longer through which it falls. This ensures a nominal loss if at all. This kind of security is not there in the share markets which can literally wipe off one’s life time’s saving in a single day and can even lead to insolvency.

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IN JUST A YEAR HEBBAL LAND VALUE INCREASES BY MORE THAN 20 %.

♠ Posted by Unknown in Cheap Sites in Devanahalli,Plots at affordable price in Bangalore,Plots in Bangalore

If you cross Hebbal and go through the NH7 you will witness acres of land being farmed or not farmed but it will seem like farmlands. No wonder one may feel that when Bangalore is prospering at such a meteoric rate why such farmlands are kept empty and barren when no agricultural outputs are reaped from the land. The truth is that these land stretches are the gold mines of the city being kept by the owners only to reap the escalating benefits of returns which is being happening at a never before pace. In a year’s time the value of these land stretches have increased more than 20 percent. In a second sale a property or a land stretch near Jola Hobli near to NH 7 witnessed a price rise of 200 percent in the second sale within 11 months. Such is the rate of price increment of land in the area opines the department of land registration. Last year, opines official sources a land was transacted  at about Rs. 1500 per sq. ft. while on the second sale the same land went up to Rs. 4200 per sq. ft. There were events like these and the department officials took note of these events but did not ballpark these events for the revision of the values of the land especially in determining the guidance value of the land in the area. But even then the land department officials remark that stray incidents like these must have been instrumental in escalating the value of the land in the area.

The department of land registration notes that Hebbal being one of the prime entry points of the city of Bengaluru the converted land stretches in these areas adjacent to Hebbal touched a whooping Rs. 10.6 to Rs. 11 crores per acre during the end of the last calendar year. Bhoopasandra and Nagashettyhalli registered an increment of prices in the range of Rs. 6 crore to Rs. 7 crores per acre. Kacharakanahalli Ring Road falls under the bracket of Rs. 10 crore per acre. Places on the rise in the land prices include areas like Hennur, Vishwanatha, Nagenahalli, Nagawara Ring Road, Guddadahalli, Yelahanka and Devanahalli. In these areas the IT belt also falls as the areas and places like Kundalahalli and Doddanekundi which has registered a mark of Rs. 9.5 crore per acre. The department officials note that all these areas have noted an increment of 20 percent rise in the land prices in the last calendar year.

The officials of the department of land registration took note of the transactions and their values in these areas in arriving at the percentage increase.  Just about eleven months ago the farmlands along Hebbal and the Outer Ring Road (ORR) under the ambit of Shivajinagar district registrar’s office (in the vicinity of ORR and the National Highway) were priced in the range of Rs. 8 to 10 crores per acre of land according to the sub-registrar’s records.  The highest benchmark reached in the sub-registrar’s office was Rs. 12 crore per acre of land in these areas. The department has revised the guidance value in accordance with the market values and the transaction values prevailing in the market. The department officials remarked that they have tracked the transaction values and in comparison with the prices at the land department, they have arrived at the average values of the land.

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