AFFORDABLE HOUSING IN BANGALORE


THE AFFORDABLE HOUSING IS A BIG SUCCESS IN BANGALORE.

The Government is encouraging the Affordable Housing in the range of Rs.25 lakhs to Rs.35 Lakhs with 1% interest benefit and few developers have already sprung and are in the final leg of completing the project with RERA Approval, though, it might be slightly far off, but technically is the most apt projects for the buyers.

Those who are residing in the rented or leased houses or apartments paying the Rent in the range of Rs.10,000/- to Rs.20,000/- can and may opt for affordable housing projects at the price range within Rs.40 Lakhs and with interest subsidy and other host of benefits(if the builder provides) will be the best bet. The maintenance charges (monthly) will also be meager and financial commitment will be comparatively lesser.

But, check everything thoroughly before booking the apartment.

Avoid PRE LAUNCH Projects.

Prefer completed projects of well known and reputed builders, with immediate occupancy and clear titles.  Do not opt for properties with suits/litigations/cases, because they are offered at cheaper or at a reduced price.

Transact or deal with only RERA approved agents or agencies.

Buy RERA approved project properties.

Do not buy B katha properties, because, they are closer and nearer and cheaper.

Beware of touts and frauds.

Do not pay the advance or buy from the entities, which have criminal and financial suits or cases or litigation or connection with criminals, however big the builder might be.

Do not make abnormal or excessive financial commitments to buy the property, the financial commitment or EMI must not be more than 20% to 30% of your disposable income.

Do not borrow PERSONAL LOANS at exorbitant rates of interest to pay 20% or 25% initial deposit.

Do not invest with borrowed funds.  The net return including property value appreciation will not be more than 2% to 8%.  If you are lucky, you might in rarest of the rare cases, may get a good appreciation. But, such chances are very less.  If there is such an opportunity, NO BUILDER will ever sell the property, might be willing to retain to get the value appreciation.

Do not buy the property to avail income tax benefit alone.

It is said that there are over 1,00,000 apartments lying vacant or unsold-ready to move in-choose and bargain for the best price-do not compromise on the quality and legal titles.

TAKE CARE.

Government of Karnataka`s new proposal for economically weaker sections – affordable housing


The  Government of Karnataka is formulating a scheme and might implement the proposed affordable housing scheme for the economically weaker sections (EWS) and a notification in this regard is awaited.  Under the scheme, the builder will develop the project and provide 25 per cent houses to people in the EWS group at affordable rates.

This scheme is nothing new, as there is already a scheme under which the builder has been permitted to build and allocate a certain number of apartments for weaker sections of society at the time of approval from the BDA and BBMP, but, as usual, the greedy builders have violated it and sold it at higher prices to the buyers.  Of late, There are few such apartment complexes in Bangalore, deliberately violating for the profits.

PRE LAUNCH HOUSING (APARTMENT) PROJECTS


FULL PAGE NEWS PAPER PUBLICATIONS (ADVERTISEMENTS), INTERNET (ELECTRONIC MEDIA) AND OTHER MODES OF ADVERTISEMENTS ARE BEING RESORTED TO WOO AND COMPEL THE POTENTIAL APARTMENT BUYERS TO INVEST AND BUY HOMES AT LOW COST OR AT COST PRICE OR AT TEMPTING PRICES BY MARKETING AGENTS/EXECUTIVES IN BANGALORE.  PLEASE CONDUCT A DILIGENT CHECK AND SCRUTINY OF THE TITLES(DOCUMENTS) APPROVALS AND THE BACKGROUND OF THE SELLERS AND THE OWNERS BEFORE INVESTING.

SOME OF THE COMPELLING STATEMENTS OR ARGUMENTS IN SUPPORT OF THE SALES CLAIM ARE:

1). WE HAVE COMPLETED  xxxx MANY PROJECTS AND APARTMENTS.

2). BANKS HAVE APPROVED OUR PROJECTS.

3). WE HAVE SOLD  XXXX APARTMENTS OR XXXX MANY BUYERS HAVE BOOKED OR INVESTED IN OUR PROJECTS.

PLEASE OBTAIN ALL THE DETAILS WITH DOCUMENTARY EVIDENCE REGARDING THE COMPLETED PROJECTS.

DEMAND A LETTER FROM THE BANK THAT THE TITLES OF THE PROPOSED PROJECT OR PROPERTIES ARE CLEAR AND THE BANKS WILL TAKE THE RESPONSIBILITY OF NOT DEMANDING REFUND OF THE LOAN, IF THERE IS ANY SUITS OR LITIGATION.

PLEASE COLLECT THE COMPLETE NAMES AND FULL ADDRESSES OF ALL THOSE THOUSANDS OF APARTMENT BUYERS, WHO HAVE BOOKED THE PROPERTIES.

CHECK ALL THE RELEVANT DOCUMENTS AT THE CONCERNED THALUK OFFICE, DC OFFICE, BDA/BBMP OFFICE, INCOME TAX DEPARTMENT, BMTF AND SUB-REGISTRAR OFFICE AND PLACE A PUBLIC NOTIFICATION IN THE NEWSPAPERS INVITING CLAIMS OR OBJECTIONS FROM THE CLAIMANTS OR PUBLIC.

CHECK ALL THE PERMISSIONS, LICENSES, APPROVALS, NOCS AND CONSENTS AND THOROUGHLY READ ALL THE CONDITIONS ON WHICH SUCH PERMISSIONS ETC ARE ISSUED.

CHECK ALL THE ORIGINALS BEFORE ISSUING THE CHEQUE OR CASH.

ISSUE CHEQUE DIRECTLY IN THE NAME OF THE ORIGINAL OWNER AND NOT TO ANY MARKETING AGENCY OR OTHERS. OBTAIN OFFICIAL AND LEGITIMATE RECEIPT.

A SCAM IS BREWING!!!!!!!