FRAUD DEVELOPER – FAKE DOCUMENTS – SALE OF SITES IN ILLEGAL LAYOUT – GOVERNMENT RECOVERS LAND – KOMMAGATTA – BANGALORE NORTH – BANGALORE SOUTH – OVER 77 ACRES RECOVERED AND APPROXIMATELY 1000 SITES – ILLEGAL – GONE AND GONE FOREVER –
FEW DEVELOPERS WHO ARE ABSCONDING AND FEW OTHERS WHO ARE CAUGHT MIGHT APPROACH THE COURT TO SATISFY THE SITE OWNERS THAT THE SUBJECT IS IN THE COURT, ULTIMATELY, THESE SITE (ILLEGAL) OWNERS WILL GET `NOTHING`, ADDITIONAL EXPENDITURE TOWARDS LEGAL EXPENSES.
THE BEST PART OF THIS DEAL IS SOME OF THE PROPERTIES HAVE THE NOTORIOUS `A`KATHA, OBTAINED BY MISREPRESENTATION OF FACTS.
A KATHA OBTAINED BY MISREPRESENTATION OF FACTS WILL AUTOMATICALLY GETS CANCELLED, IF IT IS FOUND. CHECK BEFORE THE PURCHASE.
A SMALL TIME SILK CLOTH MERCHANT ON CHOWDESHWARI TEMPLE STREET, NEAR AVENUE ROAD, FROM AN UNKNOWN DESTINATION IN RAJASTHAN, CAME WITH 0000000000,CLAIMS TO BE AN EXPORTER, BUILT A REAL ESTATE EMPIRE WITHOUT ANY EDUCATIONAL NOR TECHNICAL BACKGROUND, WORTH OVER RS1000 CRORES IN A VERY SHORT SPAN WITH THE HELP OF POLITICIAN AND BUREAUCRATS, ALLEGED TO HAVE LARGE SCALE IRREGULARITIES IN LAND ACQUISITION.
A LARGE CHUNK OF RACHENAHALLY VILLAGE, WHICH WAS ACQUIRED FOR THE RESIDENTIAL DEVELOPMENT BY THE BDA WAS TRANSFERRED FOR INDUSTRIAL DEVELOPMENT AND THE DEVELOPER. THE PRICES OF RESIDENTIAL SITES IN THAT AREA IS SOLD BETWEEN RS5,000/- TO RS7,000 A SQUARE FEET. THE ORIGINAL OWNERS OF THE LAND HAVE BEEN PAID A PITTANCE OF RS 20,00,000/- AN ACRES, WHILE THE REAL ESTATE COMPANY MADE BILLIONS.
PROPERTY PRICES IN BANGALORE FROM 1-1-2012 TO 31-10-2012
According to a study conducted by a private group on the prices of Residential properties in Bangalore, there is a stimulated rise of around 5% percent to 15% on an average in the prices in for the period between December 2011 and October, 2012. Sarjapur road, (ring road to wipro office), Hosur Road(up to bommasandra), ITPL Road, Maruthally Road, ORR between KR Puram and Hebbal, Hebbal to Jala on Airport road has witnessed sharp rise in the prices. Analysts are of the opinion, with the return of new government in U.S.A, that the price rise may not be stable and may stand still for some time. It is said that the demand for B katha properties have skyrocketed in the core areas. Land mafia is busy with disposing of B katha properties.