RERA impact: Bangalore real estate to remain subdued in 2017
July 21, 2017
A report by JP Morgan states that the implementation of the Real Estate (Regulation and Development) Act (RERA) in Karnataka will have a deflationary impact on Bangalore’s real estate market. The city’s realty landscape will remain subdued in 2017 and any recovery is unlikely before 2018. New launches are expected to witness a downward pressure this year as developers will focus on completing ongoing projects to escape the penalties under RERA. Any new projects in… Read More
Namma Metro Phase II receives funding worth Rs 3,650 crore
July 19, 2017
Bangalore Metro Phase II has been granted a loan of about Rs 3,650 crore by the European Investment Bank (EIB) with a repayment period of 20 years. Officials share that this fund will be used by Bangalore Metro Rail Corporation Ltd (BMRCL) to construct the 23 km long Gottigere-Nagawara stretch with six elevated and 12 underground stations. EIB is the chief financier for Phase II of the 72 km metro project and the second international lender associated… Read More
Alarm bell for Karnataka real estate agents! Register under RERA in 3 months!
July 18, 2017
Apart from ongoing real estate projects in Karnataka, all brokers and agents would come under the ambit of the Karnataka Real Estate (Regulation and Development) Act, 2016 (RERA). As per Karnataka RERA rules, all realty brokers are mandated to get registered with the regulatory authority in three months beginning from July 10, 2017. Registration and rejection process would be remain same for property brokers. They are now be liable for penalties and punishments if they… Read More
Realty brokers raise concerns over registration cost under Karnataka RERA
July 13, 2017
Just a couple of days post the notification of the Real Estate (Regulation and Development) Act 2016 (RERA) rules in Karnataka, property brokers of the state have started complaining about certain clauses in the notified guidelines. As per the state RERA rules, registration fee would be levied for both agencies and individual brokers. Earlier, no registration fee was charged. As per RERA notification in the state, all developers, brokers and agents are mandated to register… Read More
Buyers pleased as Karnataka RERA covers most ongoing projects
July 12, 2017
The recently notified rules for Karnataka under the Real Estate (Regulation and Development) Act (RERA) have brought several ongoing projects in its ambit. This announcement has relieved homebuyers who were worried that the state rules might favour developers. The draft rules for Karnataka RERA had earlier stated that ongoing projects, where 60 percent development has been completed or where sale/lease deeds for 60 percent of the units have been executed, would not be covered under… Read More
Karnataka government notifies RERA rules
July 11, 2017
Karnataka Cabinet has finally notified the state's Real Estate (Regulation and Development) Rules (RERA) with minor deviations from the Centre’s notification. With the rules in place, all developers in the state will have to register with the regulator. According to the Karnataka RERA rules, developers must announce the size of an apartment on the basis of carpet area instead of the earlier used built up or super built up area. The promoter will have to… Read More
Karnataka govt approves RERA rules with exemptions
July 6, 2017
Finally, the Karnataka government has green-signaled the long pending Real Estate (Regulation and Development) Act, 2016 (RERA) rules in the state with certain exemptions. The State government has provided exemptions in two cases under the state RERA rules - 1) if the sale deed has already been executed 2) if 60 percent of the project has been completed. With these exemptions given, Karnataka RERA rules would not benefit buyers who have already invested in the… Read More
Karnataka CM defers RERA meet with home buyers
June 28, 2017
The Real Estate Regulation Act (RERA) in Karnataka has hit another roadblock. A meeting scheduled between RERA officials and homebuyers for June 28 has been deferred to June 30 as the state Chief Minister, Siddaramaiah, is planned to visit the national capital of India to sign as one of the proposers for the United Progressive Alliance's Presidential nominee, Meira Kumar. For a long time, the state government has been deferring the implementation of RERA rules,… Read More
Bangalore civic body asks citizens to give up land for parking lots
June 22, 2017
In order to tackle the growing issue of shortage of parking lots in the city, Bruhat Bengaluru Mahanagara Palike (BBMP) has asked citizens and firms to voluntarily give up their land located in the vicinity of bus stands, railway and metro stations. The civic body plans to use such land for constructing more parking areas in Bangalore. The plans involve integrating technology-based facilities in the parking spaces. Furthermore, BBMP also intends to develop a new… Read More
Property records in Bangalore to be linked to Aadhaar from July
June 21, 2017
In order to curb benami properties and unauthorised property transactions in Bangalore, the government has announced that every citizen of the city will now need to link their Aadhaar card details with their land records and property documents. The move will be implemented from July onwards. With this announcement, the ambit of Aadhaar has been expanded from bank accounts, income tax records, and provident funds. The project will be handled by the department of survey… Read More
Bangalore Metro’s green line opened to the public
June 20, 2017
Bangalore Metro’s green line, stretching from Sampige Road to Yelachenahalli, was recently inaugurated by President Pranab Mukherjee. With this, the 42 km long first phase of the project has been completed. Mukherjee commended the Bangalore Metro authorities for completing the metro network in under ten years, considering that the project was fraught with construction challenges. He expressed hope that this will ensure that the 72 km long second phase of Namma Metro will be completed… Read More
Bangalore proposes a pod taxi network
June 17, 2017
The Bruhat Bengaluru Mahanagara Palike (BBMP) is planning to develop a Personal Rapid Transit (PRT) system in Bangalore. The futuristic project will establish a network of pod-like vehicles carrying passengers on elevated tracks and is aimed at overcoming last-mile connectivity issues in the city. Several international players, including two from the United States of America (USA) and one from Singapore, have expressed interest in building the ambitious pod taxi system in the city. USA-based skyTran… Read More
Bangalore civic body under CAG scanner
June 17, 2017
Bruhat Bengaluru Mahanagara Palike (BBMP) has once again failed in meeting its property tax collection target. As per the Comptroller and Auditor General of India (CAG), the civic body was unable to achieved its property tax revenue target between 2011-12 and 2015-16. Over the years, the collection by BBMP ranged from 53 to 76 percent. During the aforementioned period, the cash-strapped body had fixed a target of Rs 11,900 crore, but managed to collect only… Read More
BDA plans new schemes to boost housing sales
June 15, 2017
The Bangalore Development Authority (BDA) has decided to modify their sales procedures, prompted by the poor response for their housing units. New schemes like ‘across the table’ sales and bulk allotment schemes while re-notifying their flats are all set to be initiated to attract prospective homebuyers in the city It should be noted that in December 2016, BDA had invited applications for the sale of 3,500 flats, but received just 839 applications. Even after extending… Read More
Mana Projects bags award for Mana Tropicale
June 8, 2017
Mana Projects bags award for Mana Tropicale8th June 2017 Bangalore-based real estate firm Mana projects recently bagged Asia Pacific Property Award for Residential Development India for its project ‘Mana Tropicale’ at The International Property Awards held at The Marriott Marquis Queen’s Park, Bangkok. The winners were announced by a committee comprising over 70 experts including three members from the UK’s House of Lords. The project holds distinction of being one of the few Indian projects… Read More
Karnataka government proposes mandatory use of energy efficient pump sets
June 2, 2017
The power department of Karnataka government has proposed making energy efficient pump sets mandatory across the state. Only pump sets with energy efficiency certification will be allowed in Karnataka whether they are to be used in borewells or for providing water to construction sites. This move will, thus, impact commercial, residential, industrial, as well as agricultural sectors. The government will recognise only those units as energy efficient which have got four or five stars in… Read More
‘Peninsula Heights’ get good response from buyers
May 30, 2017
‘Peninsula Heights’ get good response from buyers30th May 2017 Despite reforms such as demonetisation, RERA and GST, Mumbai-based developer Peninsula Land Limited has successfully maintained its sales momentum primarily due to its two luxury projects in Mumbai - Salsette27 at Byculla and Celestia Spaces in Sewri. The company is also focusing on its other premium project, ’Peninsula Heights’ in Southern Bangalore where, the developer is offering a different payment plan on select 3BHK apartments. Read More
Promise of modern amenities attracts homebuyers to BDA flats
May 24, 2017
About 1,500 flats by the Bangalore Development Authority (BDA) which were struggling to find buyers are witnessing a sudden rise in interest. The Authority has recently received more than 1,000 applications in a week for the projects and another 1,000 applications are expected in the next few days. The five housing projects by BDA offering 1-3BHK apartments had been open for booking since 2014 but had failed to elicit a positive response from buyers in the… Read More