Karnataka RERA issues notices to 130 unregistered properties
August 21, 2017

The Karnataka real estate regulator formed under the Real Estate (Regulation and Development) Act (RERA) has issued notices to developers of 130 properties in the state. These properties are yet to register with the Karnataka RERA, stated chairman Kapil Mohan. Almost 100 of these properties are located in Bangalore.   R Vinothpriya, Secretary, Karnataka RERA, added that the errant developers will have three days to adhere to the registration guidelines. Non-compliance will evoke penalty of 10 percent of the project cost or imprisonment of three years for the developer. Commenting on the problems cited by developers, Karnataka RERA officials clarify…

Hiranandani’s Lake Verandahs bags best residential project award
August 16, 2017

Hiranandani’s Lake Verandahs bags best residential project award16th  Aug 2017 Real estate developer, House of Hiranandani received the Best Residential Project prize for the Bangalore-based Lake Verandahs at Asia Real Estate Excellence Awards 2017, held in Singapore. The project is situated off Bannerghatta road and offers intricately designed, lake-facing 3BHK apartments. The project boasts of having several restaurants, educational institutions and international retail stores in proximity.                                    

Karnataka RERA: Applications of 990 projects and 354 brokers received
August 1, 2017

Till the last day of registration of ongoing projects under the Real Estate (Regulation and Development) Act 2016 (RERA), Karnataka has received applications for  registration of 990 projects and 354 real estate brokers. Last week, the Karnataka government had launched RERA website for online registration. Officials have requested the state government to extend the deadline for registration. According to a property consultancy firm, Redwoods, there are over 86,000 ongoing projects that were launched before 2015 and have not offered possession yet in Bangalore. The city has over 10,000 real estate brokers, too. Many developers have failed to register their projects…

Karnataka RERA: Industry requests 90 days’ window for compliance
July 28, 2017

With the implementation of the Real Estate (Regulation and Development) Act (RERA) in Karnataka and the launch of the portal, registration of developers and brokers have picked up pace. Housing Minister M Krishnappa shared that the principal secretary has been appointed as the head of the regulator until a chairman is appointed. While developers have welcomed the new Act, they have expressed the need for a longer deadline for registration considering that the system has been put in place quite late. JC Sharma, President, Confederation of Real Estate Developers Association of India (CREDAI), Bangalore, has requested the state regulator to allow…

Karnataka government launches RERA website
July 25, 2017

The Karnataka government has finally launched the website for registration of projects under Real Estate (Regulation and Development) Act, 2016 (RERA). Developers have been facing problems for the past couple of weeks as there was no portal to register their realty projects with the state regulator. The Karnataka government has notified its set of rules under RERA early this month and is rushing to complete adherence with the Centre’s deadline of July 31st for registration of developers, brokers, and projects. Kapil Mohan, Chairman, Karnataka Appellate Tribunal, stated that the Karnataka RERA portal is fully functional. Two registrations have already been…

Hyderabad and Bangalore remain top office markets: JLL
July 22, 2017

According to a report by JLL India, Bangalore and Hyderabad topped the total office space leased across India's top cities in the second quarter (Q2) of 2017. Both state capitals accounted for 47 percent of the total leasing volume during the period. The report also stated that Hyderabad has witnessed a 98 percent hike in net absorption of office space, reaching 1.9 million sq ft during April-June 2017. However, in Bangalore, a marginal growth of at 0.4 percent was recorded in absorption levels. The overall growth in office space absorption has dipped due to lower supply hitting the market, explained…

Bangalore citizens upset over draft zoning rules
July 21, 2017

The recently published draft zoning rules for Bangalore has evoked the ire of citizens and activists. The citizens argue that the draft regulations prepared by the urban development department are in violation of court orders and will deteriorate Bangalore’s landscape. Their arguments state that the draft zoning rules allow mixed development zones, which is not only an unsustainable development model but also against court orders. Mixed zones will have commercial structures in residential areas. Meanwhile, the urban development department cites its aim of improving ease of doing business in the city as the reason behind the new rules. The draft…

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 the pipeline will get pushed till 2018, added the report. Suresh Hari, Secretary, Confederation of Real Estate Developers’ Associations of India (CREDAI), Karnataka, concurred that…

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 with the project besides Agence Française De Dévelopment (AFD). BMRCL is also discussing financial support for the project with the Asian Infrastructure Investment Bank (AIIB). AFD has extended…

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 do not comply with the regulator's ruling. Kapil Mohan, Chairman, Karnataka Appellate Tribunal, has expressed that inclusion of real estate brokers and agents under RERA…

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 under the RERA norms by July 31. For agencies, registration fee under Karnataka RERA has been reduced to Rs 2 lakh against Rs 5 lakh…

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 RERA. However, after the notification, the government has clarified that projects completed as per the Act will be exempted from RERA along with ongoing projects…

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 deposit 70 percent of the amount received for a particular project in a separate account. This is applicable on all ongoing projects which have not…

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 ongoing real estate projects. Mostly, builders execute the sale deed much before completion of the project. TB Jayachandra, Karnataka Law and Parliamentary Affairs Minister, informed…

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, reportedly under pressure from developers and some ministers. RERA was enacted to protect consumers' interests by curbing illegal practices and enhance transparency in the real…

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 road network to connect areas of the city that suffer from poor accessibility. BBMP is hoping for the state government's new Transfer of Development Rights…

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 settlement and land records (SSLR) and will initially be applicable on a selected ward of the Bruhat Bengaluru Mahanagara Palike (BBMP). This announcement is a…

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 on time. The Namma Metro Phase I project involved a cost of Rs 13,854 crore, which funded by the state and central governments, Agence française…