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Old 21st September 2015, 18:46   #1726
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" In real distress, developers join forces to get projects off ground "

By Priyanka Ghosh | The Financial Express


With the distress in the real estate sector showing few signs of easing and more cash being burnt by the day, developers are teaming up to try and get projects off the ground. Some do not have the financial resources, others haven’t managed to get clearances while the third lot is not sure its brands are saleable any more. A Godrej Properties spokesperson confirmed the firm had been approached by builders in trouble. “We have been approached by developers who are not able to sell their units and are looking to develop property jointly,” he said. However, the number of projects Godrej would take on to construct and sell was not immediately clear.


https://in.finance.yahoo.com/news/re...222600933.html
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Old 23rd September 2015, 15:11   #1727
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BUYING PROPERTY IN BENGALURU What documents to check while buying a property in Bengaluru?

Before buying any property, it is essential to investigate all the documents provided by the present property owner and authenticate it with the agencies issuing the documents.

This article and related guide articles on property matters are also available in the Citizen Matters e-book ‘Buying, Investing and Renting Property in Bengaluru’, published by Oorvani Media Pvt. Ltd. Copying this in any form will attract litigation. The e-book is available here. While properties are an evergreen area of investment, there are people who seek to buy property for the sake of living too. Whichever the case is, it is only prudent to check and ensure that the property is completely legal, given the amount of Akrama Sakrama and GPA scams that have been reported in the city. Here is an attempt to answer various questions that a buyer might have in mind. 1. Which are the documents to check before a property transaction? There are two kinds of documents—primary and secondary documents of title. Primary documents of title are the most essential documents related to the property. They show the ownership history of the property being sold. Some of the secondary documents of title help to corroborate the information mentioned in the primary documents of title. The other secondary documents help the buyer to assess whether the building is compliant with the regulations of various agencies and if it has been built according to plan.

2. General list of documents for all properties ...

(continued in great detail)

Sriram Vittalamurthy Sriram Vittalamurthy is a Bangalore-based freelance journalist.

Read more at: http://bangalore.citizenmatters.in/a...tm_source=copy

--------------------------------------------------------------------------------------------------

" Act tough against violation of forest laws: HC to State"

Bengaluru, Sep 23, 2015, DHNS:

The High Court of Karnataka on Tuesday directed the State government to act tough against violations of the Forest Conservation Act and to clear any encroachment or unauthorised construction on the forest land.

A division bench comprising acting Chief Justice S K Mukherjee and Justice B V Nagarathna, taking a suo motu cognizance of reports published in Deccan Herald and another English daily about a wildlife warden building a resort inside protected forests of Bhadra in Chikkamagaluru district, issued these directions to the State. The bench passed an order to recover the forest land.

to know more,

http://www.deccanherald.com/content/...on-forest.html

----------------------------------------------------------------------------------------------------------------------------------------------------


" HDK accuses Deshpande of encroaching upon forest land "

Bengaluru, Sep 22, 2015, DHNS:


JD(S) leader H D Kumaraswamy on Monday said 177 acres of “forest land” in Jakkur Allalasandra in the Bengaluru North sub-division worth hundreds of crores was being encroached upon by persons who he suspected to be Major and Medium Industries Minister R V Desphande and prominent builders.

Addressing a press conference in Bengaluru, Kumaraswamy said 177 acre 48 gunta of land in Jakkur Allalasandra was “reserved forest” as per provisions of the Karnataka Forest Act, 1963.

He also accused prominent builders including Sobha, Mantri and Century developers of encroaching land.

Besides Deshpande, some of the others who have been served notices include Shobha Inner Technophone represented by Meera Raghavan, Jakkur Aerodrome, Karnataka State Judicial Employees’ House Building Co-operative Society, Shobha Inner City Technopolis, H R Suresh, Raj Gopal, S Veeranna, M N Mahadevaiah.

to know more,
http://www.deccanherald.com/content/...ng-forest.html

Last edited by vinay kamath : 23rd September 2015 at 15:18.
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Old 26th September 2015, 18:18   #1728
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" Forest dept building foolproof case on Jakkur encroachment "
Vijesh Kamath Bengaluru: Sep 26, 2015, DHNS:

A few high-profile claimants include prominent builders. There is a gazette notification dated September 17, 1940, which declares Jakkur-Allalasandra plantation as State Forest.

The Forest department is building a strong case to prove its claim that 177 acres 28 guntas land in Jakkur-Allalasandra in Bengaluru north sub-division is indeed “reserved forest” and had been encroached upon.

In an internal document, the Forest department has traced the history of the land parcel, cited various rules and Supreme Court orders to prove its point. The 177 acre 28 guntas, estimated to be valued at Rs 14,000 crore at the prevailing market rates, has some high-profile claimants including Industries Minister R V Deshpande and prominent builders like Mantri and Sobha.

to read more,
http://www.deccanherald.com/content/...roof-case.html
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Last edited by vinay kamath : 26th September 2015 at 18:20.
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Old 3rd October 2015, 18:33   #1729
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Hi folks,
Looking to purchase a 3BHK or 3+ BHK in range of 2000 sq ft somewhere on Sarjapur road. Looking it to be midway for my son travelling to his school (DPS, or Greenwood on some other in that area) and me, travelling to RMZ Eco World.
Quick search on commonfloor give me 766 projects on Sarjapur road. Does anyone have any recommendations?
- Have seen boards of a project called Krishna villa. any feedback?
- Any feedback on Rainbow drive?

Open to all other projects. Feel free to fire away suggestions and if you are looking to resale your own, PM me
Appreciate any suggestions I get.
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Old 3rd October 2015, 18:47   #1730
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Quote:
Originally Posted by kmadhok View Post
Hi folks,
Looking to purchase a 3BHK or 3+ BHK in range of 2000 sq ft somewhere on Sarjapur road. Looking it to be midway for my son travelling to his school (DPS, or Greenwood on some other in that area) and me, travelling to RMZ Eco World.
Quick search on commonfloor give me 766 projects on Sarjapur road. Does anyone have any recommendations?
- Have seen boards of a project called Krishna villa. any feedback?
- Any feedback on Rainbow drive?

Open to all other projects. Feel free to fire away suggestions and if you are looking to resale your own, PM me
Appreciate any suggestions I get.
I have booked one in that area which seems ideal for your requirements. Have sent you a PM with the details. I assume you are ok with apartment and not specifically looking for a villa.

Last edited by Rajeevraj : 3rd October 2015 at 19:03.
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Old 4th October 2015, 11:19   #1731
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Quote:
Originally Posted by kmadhok View Post
Hi folks,

Open to all other projects. Feel free to fire away suggestions and if you are looking to resale your own, PM me
Appreciate any suggestions I get.
I have no specific property suggestions but there are ton of already completed or about to be completed projects in that area. If you are serious buyer and can arrange money in quick time, right now you are the king.

As for location, I would advise that you stay away from any properties inside haralur road. That road is very narrow for the amount of apartments being built there and there are frequent jams in that area. You have only one way to get in and get out and that is a huge bottleneck nowadays. There are roads to HSR layout through vibgyor but they are narrow and bad roads.

The same applies for hosa road/amrita college road/jail road. Big bottleneck getting in and out. The distance from sarjapur road may seem less (1-2 kms) but you will stuck in traffic mess for 30 minutes easily some days.

Try to see if you can find something between iblur junction and wipro on the main road or a bit inside main road.

Greenwood/DPS should be ok as far as the kid school is concerned. Buses come to that area around 7:15 in the morning and drop off kids around 3:30. My kid goes to greenwood.

I live in that area between iblur junction and total mall and all my observations are based on personal experiences.

Hope this helps.

Last edited by etrast75 : 4th October 2015 at 11:20. Reason: fixed typos
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Old 5th October 2015, 05:40   #1732
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Hi Bhpians,

I am looking for a property in Pondicherry ( Puducherry).
My requirement is for a house or apartment in a clean area of the town.

I am open to buying the house or to go for a long term lease.

Can my friends suggest, recommend or refer any ?
U may pm me too.

regards
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Old 9th October 2015, 08:54   #1733
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Some more bad News

Why India's home prices will crash?
https://www.linkedin.com/pulse/why-i...romSplash=true
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Old 9th October 2015, 09:14   #1734
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Why is this bad news? Aren't the current prices over inflated?
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Old 9th October 2015, 09:46   #1735
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There are a couple of things we need to understand. Most important is: Are we looking at property as investors or as consumers? If we intend to stay in the flat/house/land we are looking to purchase, then we are consumers, else we are investors/speculators etc.
There is a need to analyze the property market differently as an investor compared to a consumer. As a consumer home buyer we need to understand what kind of property do we really need versus what is that we desire/want and balance out between them based on our current earnings, future earnings and expected duration of stay etc.
As a speculator we need to see what is that we are willing to pay versus what we expect in future returns/rental income etc. In the case of investors current property market is super costly, over-saturated and may not provide the desired returns. Ideally if the property being purchased doesn't cover the cost of funds plus inflation, then there is a loss projected. In case of buying a property as a consumer, emotions come into play and one can't really put a cost/price against a desire to live in a particular house.

Second factor is that the property bubble is over inflated and can burst anytime. The very fact of the suicide of a prominent builder (owner of Cosmos group) in Mumbai reflects the harsh reality of builders pushed to the brink. Sooner than later there will be more such suicides, defaults and bankruptcy. In a scenario such as this, investors need to stay away and only genuine buyers should go ahead and buy.
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Old 9th October 2015, 11:51   #1736
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Quote:
Originally Posted by Jaguar View Post
Why is this bad news? Aren't the current prices over inflated?

I meant bad news for the Real Estate market in general. Its great news for people waiting for a debacle And yes I agree the prices are copiously inflated, check my earlier posts
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Old 9th October 2015, 14:58   #1737
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So in Mumbai particularly, I find it extremely difficult to see how developer's can reduce prices. Land costs are exhorbitant! Funding for purchase of land even more so. Approvals take nearly 2 years and in some cases even more (at 18-20% interest rates, just do the math).
On top of this, the Govt. wants to tax unsold property based on the rental yield it can generate, as well as is proposing to increase stamp duty, and also levy a cess on TDR (transfer of development rights).
To make matters worse there is no clarity on the new DCR, which is further slowing down the approval process.

Yes - there was a time that real estate was a dirty game, but with newer players entering - things are changing and the scrupulous developers have to change if they want to remain in business.
There was a time when developers could boast of huge profits owing to low land costs, but times are changing - land costs have shot up significantly, funding is increasingly difficult and expensive to source, and with these new rules coming out - it is only becoming harder.

Lastly - given the financial crunch in this sector, I don't think most developers are holding on to their vacant flats in hopes of maintaining the market price - but rather just want to cover their liabilities below which they cannot sell.

Instead, the government should reduce interest rates, taxes, and duties on properties admeasuring a certain size; while putting processes in place to ensure that approvals are sped up. This would boost the sales of properties, and help liquidate the market and thus help them fill up their coffers quicker than by increasing taxes and duties (which will be passed on to the consumer) in hopes of generating revenue for the state.

I don't deny that the market needs strict regulation, and more pro-consumer policies - but they need to formulate a method that takes into consideration all the stake holders.
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Old 9th October 2015, 15:50   #1738
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Originally Posted by lamborghini View Post
I don't deny that the market needs strict regulation, and more pro-consumer policies - but they need to formulate a method that takes into consideration all the stake holders.
Mumbai is a developed market and what you have said about Mumbai is mostly true, but Mumbai is an exception as far as India is concerned. What sets Mumbai (the city, not the suburbs) apart is that land is extremely restricted (due to it being an island, sort of) and hence there is a floor on how low you can go in terms of price. This is unlike most other Indian cities where there is urban sprawl and the city just keeps expanding in all directions.

We desperately need a real estate watchdog on the lines of SEBI. This should be coupled with computerized, GIS-mapped land records, all a far cry from where we are now. There is no regulation today and developers can get away by developing property without legal approval and let residents hold the bag similar to what happened at Campa Cola.

Now leaving Mumbai aside, a lot of small time developers are fueled by black money. They can hold on to their property for a few years in a bad market even if it cramps their life style. Most developers build on the outskirts of cities so they can maximize their profit margin as land is relatively cheap. These guys can hold on even more, but they will only marginally reduce their price at best because it will affect the others who have already invested.

Construction is mostly a cottage industry and so long as the land is purchased using cash (white+black) as is the case allover India, I doubt that new developers would be scrupulous.
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Old 9th October 2015, 15:53   #1739
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Quote:
Originally Posted by lamborghini View Post
So in Mumbai particularly, I find it extremely difficult to see how developer's can reduce prices. Land costs are exhorbitant! Funding for purchase of land even more so. Approvals take nearly 2 years and in some cases even more (at 18-20% interest rates, just do the math).
On top of this, the Govt. wants to tax unsold property based on the rental yield it can generate, as well as is proposing to increase stamp duty, and also levy a cess on TDR (transfer of development rights).
To make matters worse there is no clarity on the new DCR, which is further slowing down the approval process.

Yes - there was a time that real estate was a dirty game, but with newer players entering - things are changing and the scrupulous developers have to change if they want to remain in business.
There was a time when developers could boast of huge profits owing to low land costs, but times are changing - land costs have shot up significantly, funding is increasingly difficult and expensive to source, and with these new rules coming out - it is only becoming harder.

Lastly - given the financial crunch in this sector, I don't think most developers are holding on to their vacant flats in hopes of maintaining the market price - but rather just want to cover their liabilities below which they cannot sell.

Instead, the government should reduce interest rates, taxes, and duties on properties admeasuring a certain size; while putting processes in place to ensure that approvals are sped up. This would boost the sales of properties, and help liquidate the market and thus help them fill up their coffers quicker than by increasing taxes and duties (which will be passed on to the consumer) in hopes of generating revenue for the state.

I don't deny that the market needs strict regulation, and more pro-consumer policies - but they need to formulate a method that takes into consideration all the stake holders.

No offence, but from the tone of your post, i can make out that you are either employed in Real estate industry/run a real estate firm or have huge RE investments.
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Old 9th October 2015, 16:08   #1740
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Quote:
Originally Posted by nowwhat? View Post
Mumbai is a developed market and what you have said about Mumbai is mostly true, but Mumbai is an exception as far as India is concerned. What sets Mumbai (the city, not the suburbs) apart is that land is extremely restricted (due to it being an island, sort of) and hence there is a floor on how low you can go in terms of price. This is unlike most other Indian cities where there is urban sprawl and the city just keeps expanding in all directions.

We desperately need a real estate watchdog on the lines of SEBI. This should be coupled with computerized, GIS-mapped land records, all a far cry from where we are now. There is no regulation today and developers can get away by developing property without legal approval and let residents hold the bag similar to what happened at Campa Cola.

Now leaving Mumbai aside, a lot of small time developers are fueled by black money. They can hold on to their property for a few years in a bad market even if it cramps their life style. Most developers build on the outskirts of cities so they can maximize their profit margin as land is relatively cheap. These guys can hold on even more, but they will only marginally reduce their price at best because it will affect the others who have already invested.

Construction is mostly a cottage industry and so long as the land is purchased using cash (white+black) as is the case allover India, I doubt that new developers would be scrupulous.
Commented on Mumbai as it is supposed to be one of the worst affected markets in India. Even in Mumbai suburbs (distant suburbs if I might add), where land isn't an issue - poor infrastructure is making it very difficult for people to commute to and fro their offices. It helps that I am better versed with Mumbai developments than other cities/towns.

I completely agree with you about having a watchdog in place to protect customers, especially in other cities.
In Mumbai, at least today, it is very difficult to construct without any approvals - however it is not the case in other parts of the country. That is where the Govt. needs to get involved to specify safety standards and reduce the decision making power from the bureaucrats - which is what is slowly happening in Mumbai. However, when doing so - they need to have one policy that is applicable throughout as well as simplify the approval process for it to be a true success. Get this - a Mumbai CRZ property may still use the old & relatively ambiguous DCR instead of the updated and more specific DCR that is currently used for the rest of the city.

Lastly - just wanted to highlight in my original post that the real estate industry isn't as hunky dory as it has been perceived, and over time - these changes will trickle down into the smaller towns and other cities.

Quote:
Originally Posted by DCEite View Post
No offence, but from the tone of your post, i can make out that you are either employed in Real estate industry/run a real estate firm or have huge RE investments.
Haha!
My first, and current job are both in real estate - working with pro-customer companies that want to make a positive change in the industry.

Last edited by lamborghini : 9th October 2015 at 16:12.
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