REAL ESTATE TRANSACTIONS MAY BE BROUGHT UNDER GST!!


The Union Government is seriously considering to bring the real estate under the GST, but there appears that a lobby is working against the same. The prices of the properties may see an upward trend, but, hopefully, every transaction will be transparent.

RERA NOTIFICATION IN KARNATAKA AND THE IMPLEMENTATION OF GST AND ITS EFFECTS ON THE REALTY SECTOR IN KARNATAKA


The Government of Karnataka was deliberating and discussing the important issues and points of RERA, which had been notified by the Center and other states, but, will be notifying it soon without much MODIFICATION/CHANGE/ALTERATION. This notification has very significant effect on the REAL ESTATE market and will bring about transparency and stability in the business. The … Continue reading RERA NOTIFICATION IN KARNATAKA AND THE IMPLEMENTATION OF GST AND ITS EFFECTS ON THE REALTY SECTOR IN KARNATAKA

CHEATING, FRAUD AND FORGED OR MANIPULATED DOCUMENTS IN THE REAL ESTATE BUSINESS


The sudden increase and demand for the properties in and around Bangalore has given rise to many fraudsters.  The modus operandi is that they create or fabricate or forge or prepare fake documents of properties and approvals (forged and without authority) to sell it to the buyers. The buyers, are too eager to make quick … Continue reading CHEATING, FRAUD AND FORGED OR MANIPULATED DOCUMENTS IN THE REAL ESTATE BUSINESS

AGENTS/BROKERS/MARKETING TEAMS/REAL ESTATE AGENCIES – CHECK BEFORE AVAILING THEIR SERVICES


AGENTS/BROKERS ARE THE MAIN ARTERIES OF THE REAL ESTATE MARKET IN BANGALORE AND THE BUYERS OF PROPERTIES OR LESSEES/LESSORS OF PROPERTIES OR LAND LORDS GENERALLY NEVER CHECK THE BACKGROUND OF THESE PERSONS/GROUPS OR ORGANISATIONS AS SOME OF THEM HAVE CRIMINAL BACKGROUND, NEXUS WITH LANDMAFIA AND EVEN TERROR OUTFITS. MANY OF THESE AGENTS/BROKERS HAVE POSH OFFICES … Continue reading AGENTS/BROKERS/MARKETING TEAMS/REAL ESTATE AGENCIES – CHECK BEFORE AVAILING THEIR SERVICES

RENTAL INCOME ON PROPERTY INVESTMENT


THE RENTAL INCOME FROM THE INVESTMENT IN PROPERTIES (BUILDINGS-CONSTRUCTED) IN BANGALORE IS AS UNDER: RESIDENTIAL: 2% TO 6% ANNUAL RETURNS. COMMERCIAL:1% TO 10% ANNUAL RETURNS. INDUSTRIAL: 1% TO 4% ANNUAL RETURNS. THE RETURNS ARE ON AN FIVE YEAR AVERAGE, DOES NOT INCLUDE MUNICIPAL TAXES, EXPENSES TOWARDS REPAIRS AND MAINTENANCE, SERVICE TAX AND INCOME TAX. BUT, … Continue reading RENTAL INCOME ON PROPERTY INVESTMENT

REVISED GUIDANCE VALUE – SOON!


THE GOVERNMENT IS KEEN ON REVISING THE GUIDANCE VALUE OF THE PROPERTIES IN AND AROUND BANGALORE AND MIGHT BRING IT TO THE MARKET VALUE/PRICE SOON. THE BUYERS WHO HAVE ALREADY BOOKED THE APARTMENTS/VILLAS/SITES IN PRELAUNCH OFFERS AND THOSE WHO MIGHT BE REGISTERING IT BY THE END OF JULY,2013  WILL HAVE TO BEAR  ADDITIONAL BURDEN OF … Continue reading REVISED GUIDANCE VALUE – SOON!

Features, Benefits & Advantages of Real Estate Bill, 2013 – THE REAL ESTATE(REGULATION AND DEVELOPMENT) BILL, 2013


The Union Government has proposed to bring in a Real Estate Bill to Protect the Interest of the Consumers and Promote Fair Play in Real Estate Transactions and approved THE REAL ESTATE(REGULATION AND DEVELOPMENT) BILL, 2013 The Objectives of the Bill is to provide for a uniform regulatory environment, to protect consumer interests, help speedy … Continue reading Features, Benefits & Advantages of Real Estate Bill, 2013 – THE REAL ESTATE(REGULATION AND DEVELOPMENT) BILL, 2013

REAL ESTATE REGULATION – A REALITY


THE CABINET ON TUESDAY CLEARED THE MOST SOUGHT AFTER REAL ESTATE(REGULATION AND DEVELOPMENT) BILL 2013, SEEK TO SET UP THE REGULATOR IN EVERY STATE TO PROTECT THE INTERESTS OF THE BUYERS AND TO ENSURE FAIR PRACTICES IN THIS SECTOR.

PRE LAUNCH OFFERS OF APARTMENTS AND SITES BY UNKNOWN-STRANGE- COMPANIES


PONZI SCHEMES!!!! BEWARE!!!!!!! DUE TO SUDDEN PRICE INCREASE IN THE PROPERTY VALUES, NEW AND UNKNOWN ENTITIES HAVE SPRUNG UP OVERNIGHT, WITH PRE LAUNCH OFFERS OF APARTMENTS, VILLAS AND SITES IN AND AROUND BANGALORE AT ATTRACTIVE AND TEMPTING RATES, FOR SOME OF WHICH, FEW FINANCIAL INSTITUTIONS HAVE OFFERED HOME LOANS.    

WHY SCRUTINY AND EXAMINATION OF PROPERTY DOCUMENTS AND VERIFICATION OF THE TITLES REQURIED?


It is advised to conduct a thorough scrutiny/examination of the property documents, licenses, approvals, katha and related clearances from an expert advocate, before entering into an agreement of sale. The Sale Agreement and The Sale Deed are very important documents, which must be drafted with utmost care and all relevant details regarding the acquisition of … Continue reading WHY SCRUTINY AND EXAMINATION OF PROPERTY DOCUMENTS AND VERIFICATION OF THE TITLES REQURIED?

TECH PARK NEAR HEBBAL


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 … Continue reading TECH PARK NEAR HEBBAL

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 … Continue reading PRE LAUNCH HOUSING (APARTMENT) PROJECTS

CAUTION – APARTMENT BUYERS – PRE LAUNCH OFFERS FROM LITTLE KNOWN OR UNKNOWN GROUPS


PLEASE BE CAREFUL AND CONDUCT DUE DILIGENT EXAMINATION AND THE SCRUTINY OF THE DOCUMENTS, APPROVALS AND COMPLIANCE OF THE PRE LAUNCH OFFERS FROM UNKNOWN, LITTLE KNOWN, DISREPUTE OR STRANGE GROUPS. DO NOT MAKE ANY PAYMENT OR NOR GIVE ANY MONEY, UNDER ANY CIRCUMSTANCE WITHOUT PROPER AND DILIGENT TITLE CLEARANCE AND APPROVALS FROM THE APPROPRIATE DEPARTMENTS … Continue reading CAUTION – APARTMENT BUYERS – PRE LAUNCH OFFERS FROM LITTLE KNOWN OR UNKNOWN GROUPS

URBAN PROPERTY OWNERSHIP RECORD – PROPERTY ID IN BANGALORE


THE NOVEL SCHEME INITIATED BY THE REVENUE DEPARTMENT TO PROVIDE IDENTIFICATION RECORDS HAS SOME NOVEL PROCEDURES. 1). THE DEPARTMENT WILL ISSUE NOTICE TO THE PROPERTY OWNER TO PRODUCE ALL THE RELEVANT DOCUMENTS TO THE PROPERTY. (50% does not have proper records and 75% of the buildings have abnormal violaion or deviation or not constructed as … Continue reading URBAN PROPERTY OWNERSHIP RECORD – PROPERTY ID IN BANGALORE

URBAN OWNERSHIP PROPERTY RECORDS- A NOVEL SCHEME BY REVENUE DEPARTMENT


THE GOVERNMENT OF KARNATAKA WILL BE SOON LAUNCHING A SCHEME THROUGH A  SINGLE WINDOW FORMAT AND UPGRADE THE PROPERTY RECORDS IN URBAN AREAS, WHICH WILL FACILITIATE  THE BUYERS, BANKERS AND OTHERS TO VERIFY AND TO KNOW ALL THE DETAILS ABOUT THE PROPERTY OWNERSHIP, SIZE, TAXES, ARREARS LITIGATION AND OTHER RELATED DETAILS ABOUT THE URBAN PROPERTIES. IT IS CALLED THE … Continue reading URBAN OWNERSHIP PROPERTY RECORDS- A NOVEL SCHEME BY REVENUE DEPARTMENT

UNTOLD HORRORS OF XXX & XXXXXXXX (XXXXXX CONSTRUCTIONS) -THE BOMBER COMMAND !!!


THE GREATEST DEVELOPERS AND BUILDERS WILL NOT PROVIDE THE DOCUMENTS FOR BUYERS AS THEY CONTAIN ATOM BOMBS !!!!!!!!!!!!!! YES. IT IS TRUE. THEY HAVE BOMBED THE HOPES OF MANY DECENT AND HONEST BUYERS!!!!!!!!! THEY HIDE, CONCEAL AND IN A BID TO DECEIVE, DOCUMENTS ARE NOT SUBMITTED FOR LEGAL EXAMINATION AND VERIFICATION AND THE BUYERS MUST … Continue reading UNTOLD HORRORS OF XXX & XXXXXXXX (XXXXXX CONSTRUCTIONS) -THE BOMBER COMMAND !!!

IRREGULARITIES, VIOLATIONS, MISREPRESENTATON OF FACTS & CONCEALMENT OF FACTS BY TOP BUILDERS AT BANGALORE


IT IS NOTICED THAT IRREGULARITIES, VIOLATIONS, DEVIATIONS, MISREPRESENTATION OF FACTS, CONCEALMENT OF MATERIAL FACTS AND IRRELEVANT DOCUMENTS ARE SUBMITTED TO THE GOVERNMENT AUTHORITIES AND ALL THE BOARDS ETC TO OBTAIN THE LICENSES, APPROVALS, NOC AND CLEARANCES HAVE BECOME A PART AND PARCEL OF THE REAL ESTATE AND CONSTRUCTION BUSINESS.  OF LATE, EVEN, THE SO CALLED, … Continue reading IRREGULARITIES, VIOLATIONS, MISREPRESENTATON OF FACTS & CONCEALMENT OF FACTS BY TOP BUILDERS AT BANGALORE

WATCH OUT- BEFORE PAYING THE ADVANCE TOWARDS THE PURCHASE OF PROPERTIES


WATCH OUT!!! BUYING A PROPERTY? THE PROPERTY HAS BEEN SELECTED/CHOSEN!!!! NOW THE NEGOTIATION REGARDING THE PRICE BEGINS!!!!!!! BOTH BUYER AND SELLER MUTUALLY AGREE FOR THE SALE PRICE & DURATION TO COMPLETE THE SALE TRANSACTION !!!!!!!!!!!!!!!!!!!!!! THE NEXT STAGE IS SET!!!!!!!!!!!!!! THE SELLERS NORMALLY DEMANDS EARNEST MONEY DEPOSIT/ADVANCE/SECURITY DEPOSIT, TO HAND OVER THE COPIES OF THE … Continue reading WATCH OUT- BEFORE PAYING THE ADVANCE TOWARDS THE PURCHASE OF PROPERTIES

BMRDA/BIAPPA/APA/HPA/NPA- APPROVALS DOES NOT MEAN THAT TITLES ARE CLEAR


BMRDA/BDA AND DC CONVERSION ORDERS OR LAYOUT APPROVALS DOES NOT CONFER ANY RIGHT, TITLE AND INTEREST AND EVEN THAT KATHAS ISSUED BY THE BBMP. BMRDA/BDA/BBMP/DC APPROVALS ARE CRYSTAL CLEAR IN THEIR ORDERS THAT THE AUTHORITIES ARE NOT LIABLE NOR RESPONSIBLE FOR ANY KIND OF LITIGATION.  THE APPROVALS ARE GIVEN ON TECHNICAL BASIS ONLY.  ALL APPROVALS … Continue reading BMRDA/BIAPPA/APA/HPA/NPA- APPROVALS DOES NOT MEAN THAT TITLES ARE CLEAR

STAMP DUTY AND REGISTRATION FEE FOR PROPERTIES IN BBMP LIMITS


STAMP DUTY: 6.72% OF THE GUIDANCE VALUE OR THE CONSIDERATION AMOUNT SHOWN IN THE SALE DEED,WHICHEVER IS HIGHER. REGISTRATION FEE: 1% OF THE GUIDANCE VALUE OR THE CONSIDERATION AMOUNT SHOWN IN THE SALE DEED,WHICHEVER IS HIGHER. TOTAL: 7.72%. IT IS APPLICABLE FOR SITES, HOUSES, APARTMENTS AND ALL TYPES OF PROPERTIES.