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Mar 14, 2019 01:10 PM

GST rates are applicable for the properties that do not have a completion certificate at the time of sale, be it under construction or ready to move-in properties. New GST rates will be applicable from April 1, 2019. According to the industry experts, increased demand in the housing sector will be seen post new GST implementation. As pointed out by our Finance Minister, Arun Jaitley, this will allow the homebuyers to buy properties at an affordable price including the middle class, neo-middle class and aspirational class. Let’s understand how GST rate cut will work, its impact on the real estate industry and the homebuyers. 1. The GST for under-construction flats, that do not fall under the affordable housing segment, has been reduced to 5% without ITC (Input Tax Credit) from 12% with ITC. The GST is reduced to 1% without ITC from 8% with ITC for affordable homes. 2. The cut down in the GST rate is applicable for under-construction properties and ready to move-in flats where the completion certificate is not issued at the time of buying. 3. Earlier there were no valuation limits on properties. Now, with GST rate cuts, it has been redefined with under-construction properties that are priced up to 45 lakhs, which will be considered as affordable housing project and will have 1% of GST without ITC. 4. Although the upper limit for affordable homes range is 45 lakhs for both metro and non-metro projects, the requirement of the carpet area differs. For metro projects, the carpet area is less than 60 sqm and non-metro projects carpet area is less than 90 sqm which falls under the range of 45 lakhs and will be eligible for the 1% GST rate. 5. As per the new definition of affordable housing, one can buy a 2 BHK house in a metro city of 60 sqm and 3 BHK house of 90 sqm in a non-metro city and pay only 1% GST. These changes in GST rates will help increase sales in homes that fall under the affordable housing category, thereby bringing down the number of unsold inventories. The approved reduction in the levy on homes under construction and raised threshold for affordable housing by the GST Council is certainly a massive relief for both the homebuyers and developers in India.

Work On Bengaluru Cantonment-Whitefield Line To Begin Immediately; 62000 Daily Commuters Breathe Easy

Mar 27, 2018 01:37 PM

The railways sanctioned INR 492.87-crore on Tuesday for adding two more tracks to the Bengaluru Cantonment-Whitefield railway line, a project that has been pending for more than 20 years now. The project was initially sanctioned in 1997-98 where the Bengaluru City (Krantivira Sangolli Rayanna)-Whitefield section was planned to be quadrupled. However, the project hit a dead end due to the high cost involved and scarcity of land between Bengaluru Cantonment and Bengaluru City stations. “Though the Ministry of Urban Development subsequently recommended the Transit-Oriented Development of Krishnarajapuram and Whitefield stations involving (an) extension of Bengaluru Metro, it had been decided to drop the quadrupling project considering its non-viability,” noted a Press Information Bureau statement. Finally, it has got a fresh lease of life, giving thousands of commuters, mostly IT professionals, who commute from the City to Whitefield, a reason to rejoice. The project is expected to be completed in two to three years. Commuters are looking forward to a more comfortable travelling experience once the two lines are added. The officials have modified the proposal by limiting this project to the Cantonment-Whitefield line. This is because the railways have land in this section. “One track will be built on either side of the existing two lines. The project will be taken up immediately and (is) planned to be completed within a period of two or three years. It will be a boon to the local public of Bengaluru, especially belonging to the IT hub of Whitefield area,” the Ministry said. Due to the massive traffic snarls on Whitefield Main Road and Old Madras Road because of metro work, commuters have been demanding more trains on the Baiyappanahalli-Whitefield line for years. It soon became evident that officials were helpless running additional trains during peak hours, as intercity trains also had to be accommodated. The route sees around 30 trains on an average every day. However, it is time to rejoice as more trains will be added soon. Over these last few months, the suburban rail project has also gained steam. It received its biggest boost in the Union Budget where a sum of INR 12,000-crore was announced. In order to increase carrying capacity, the railways are looking to fully automate signalling on this route within the month of July. This system will reduce the headway, which is the distance between two trains on a single track. It is expected to double the route capacity. Currently, a train gets the green signal only when the track is clear for the next 25 kilometres. The quadrupling will likely benefit 62,000 daily commuters. Work will begin immediately though finding land could be a problem.

Data Shows Increased Confidence In Home Buyers

Mar 16, 2018 05:06 PM

Indians are investing a lot in real estate. If we consider the years 2016-17, approximately 244,830 residential apartments were sold. The cumulative new launches during the same period across the top seven Indian cities were 233,387 units. These figures, presented by the international real estate consultancy firm JLL India, proves that more and more apartments are being sold in our country. During this period in consideration, except the second half of 2017, the number of units launched was outstripped by overall unit sales by five per cent. The second half of 2017 saw the launch of a number of new units. What we could derive from the data was that the sales velocity in the last eight quarters saw a stable upward trend. What uplifted the market was the “pent-up end-user demand,” as described by DNA India, which could have been the result of a certain observed stability in residential capital prices. The units launched in the second half of last year are witnessing good off take. Once the Jan-Mar 2018 results are out, we would see the difference in sales figures. Interestingly, the latter half of 2017 also saw many states implementing RERA. This could mean that the fresh supply of units was because of the lag effects of RERA. According to CEO and Country Head of JLL India, Ramesh Nair, the time is ripe for fence-sitters, investors and end-users to enter the residential market because prices have been stable for a certain period now. The continuous stability in capital values has been the result of demand and supply market dynamics periodically outstripping one another. Residential property buyers must now take advantage of the decade-low lending rates from banks. The rates were reduced significantly in 2015. Hence, home buyers can easily service their EMIs. As the RERA mechanism stabilized across the country, the number of launches went up. [table id=1 /] This also proves that there is increased confidence in the market, which is highly beneficial for the future potential demand. This is also a good indicator of the strengthening of compliance standards, governance and transparency by developers. This controlled real estate eco-system, brought about by RERA, has been beneficial for both buyers and developers.

Best Rolls to Munch in Whitefield!

Mar 14, 2018 06:17 PM

If you have tasted the classic Indian Kathi Roll once, the experience will be forever etched in your memory.  The craving for those juicy filling wrapped in parathas is too much to let go. As the saying goes - once a Kathi roll fan always a Kathi roll fan. Even though Kolkata comes to one’s mind first when thinking of Kathi rolls, Whitefield in Bengaluru also has some drooling roll joints to satisfy your craving for this classic wonder. If you are already a fan, you have surely seen them being made. You can stare at the rolls being made with greed as the hot treat is wrapped in paper and handed over to you. If you are looking for hot Kathi rolls in Whitefield, you may not see hundreds of counters offering the delicacy as you see in Kolkata. However, the ones that are there are worth every bit of your penny. In its original form, this street food is basically a skewered roast kebab that is wrapped in paratha bread. Over the years, the delicacy has evolved and is now available in many variants. Today, any wrap with a filling and enfolded in an Indian flatbread is considered Kathi roll. But this is not the authentic one. Even though the history of these rolls goes back to the year 1932, the word “Kathi” was used much later. Kathi Roll - Short History & Method of Preparing There are many versions as to how these rolls came into being. Some suggest that the British were too fastidious to touch the kebab and the paratha. Hence, they preferred to have the two rolled and wrapped in paper. Another version states that rolls were made to aid office-goers to grab a quick bite while they hurried towards their workplace. Whatever may be the real reason, it was the Nizam restaurant in Kolkata who is credited with this drool-worthy creation. While the Kathi roll enjoys widespread popularity in India as well as the US, Bengaluru especially has a liking for the Indian roll. It is evident by the number of food joints offering the item. Originally, the Kathi roll was prepared using iron skewers, especially to make the kebabs. Today, many use bamboo skewers as they are lightweight and available in large numbers. Modern restaurants also use grillers. The best part about this delicacy is that it’s very versatile and can be customised as per the tastes of a particular region. The paratha is dough kneaded into a rope and then coiled into a round patty. It is flattened using a rolling pin and partially in oil on a tawa (griddle). You can also crack an egg on the tawa and put the paratha on top. The kebabs are then tossed with chillies and onions and put in a line on the paratha. Some like to apply various sauces, a squeeze of lime or a dash of vinegar and chaat masala. The whole thing is then rolled up in a paper. The paper usually covers only half the roll. As this is a highly customisable dish, vegetarians put potato, paneer, mixed vegetables in place of the chicken or mutton kebabs. In Whitefield, you get to try all kinds of variants of the popular Indian roll. Here, we will be discussing the top food joints that offer this foodies’ delight. Khan Saheb Address: No. 3/3, 3/4, Whitefield Main Road, Next to Karthik Sweets, Opposite Axis Bank, Bengaluru, Karnataka – 560066 Timings: Monday – Sunday (12.30 pm to 10.30 pm) Contact: 8880121121, 9900941111, 7022293333 E-mail: orders@khansaheb.co One must try their Kathi/whole wheat rolls. They have quite an admirable platter. All the rolls are available in regular and double offerings. The non-vegetarian rolls include egg roll, Chicken Tikka Roll, Chicken Reshmi Tikka Roll, Chicken Shahi Tikka Roll, Chicken Kali Mirch Tikka Roll, Chicken Malai Tikka Roll, Chicken Malai Mushroom Roll, Chichen Bhuna Roll, Chicken Keema Roll, Chicken Seekh Roll, Butter Chicken Roll, Mutton Kebab Roll, Mutton Keema Roll, Mutton Seekh Roll, Tandoor Prawn Roll, Chicken Malai Kebab Roll and Khan Saheb Special Roll. Their vegetarian offering includes Aloo Tikka Roll, Grilled Babycorn Roll, Grilled Mushroom Roll, Paneer Tikka Roll, Paneer Kali Mirch Roll, Paneer Aloo Roll, Paneer Babycorn Roll, Paneer Mushroom Roll, Aloo Mushroom Roll, Aloo Babycorn Roll, Mushroom Babycorn Roll and Mixed Veg Tikka Roll. As is evident, your Indian roll hunger pangs will be satisfied here. Rolls Mania Address: 3rd Floor, Park Square Mall, ITPL Main Road, Whitefield, Bengaluru, Karnataka 560066 Timings: Monday – Sunday (11 am to 10 pm) Contact: 080957 50008 E-mail: N.A. Their menu itself is so attractive that you will feel like having all the items included in it. Rolls Mania has divided their rolls menu into Daily Bites, King-Size Bites, Fusion Bites, Regular Bites and Spicy Delight. There are accompaniments and add-ons too. You can choose from their Aloo Fry Roll, Aloo Chilly Roll, Mix Veg Roll, Egg Omelette Roll and Double Egg Omelette Roll items under their Daily Bites menu. Their King-Size Bites menu includes Paneer Cheese Masala Roll, Double Omelette Chicken Roll, Double Chicken Roll, Double Chicken Omelette Roll and Double Omelette Double Chicken Roll. You may have Veg Cheese Roll, Veg Paneer Roll, Aloo Cheese Roll, Cheesy Corn Roll, Paneer Mayonnaise Roll, Paneer Mughlai Roll, Chicken Mayonnaise Roll, Chicken Mughlai Roll or Chicken Cheese Roll listed under their Fusion Bites. The Regular Bites include Paneer Masala Roll, Mushroom Masala Roll, Paneer Hot Garlic Roll, Paneer Hariyali Roll, Cheese Masala Roll, Veg Kheema Roll, Chicken Kheema Roll, Chicken Hariyali Roll, Chicken Hot Garlic Roll and Chicken Fry Roll. Finally, their Spicy Delight list includes Paneer Chilly Roll, Chicken Chilly Roll, Mushroom Chilly Roll, Butter Pepper Chicken Roll, Cheese Chilly Manchurian Roll, Tangy Chicken Roll, Tangy Paneer Roll, Chicken Bhuna Roll, Butter Pepper Paneer Roll and Paneer Bhuna Roll. Rolls On Wheels Address: 54, Ground Floor, The Planet, Opposite Hindustan Unilever, ROW Whitefield - Food World Outlet, Whitefield Main Road, Bengaluru, Karnataka – 560066 Timings: Monday – Sunday (11 am to 10 pm) Contact: +91 80881 12222 E-mail: info@jaikaventures.com This Bengaluru-based brand is a recent innovative new venture. It has been designed to address the needs of modern India. The food chain is owned by Jaika Hospitality Ventures Pvt Ltd. Their rolls are a delicacy in Whitefield. Vegetarians may indulge in their Aloo Tikiya Roll, Cheese Roll, Mixed Veg Roll, Tawa Paneer Roll, Chilli Paneer Roll, Chilli Mushroom Roll and Spicy Baby Corn Roll. The non-vegetarian delights include Egg Roll, Chicken Tawa Fried Roll, Chicken Kaati Kebab, Chicken Tikka Roll, Chicken Manchurian Roll, Chicken Garlic Kebab, Chicken Hot N Sour Roll, Chicken Pepper Roll and Chicken Spicy Roll. Kapoor's Punjabi Rolls Address: Near Thubarahalli Bus Stop, Inside Gurukul Compound, Thubarahalli, Whitefield, Bengaluru, Karnataka - 560066 Timings: Monday – Sunday (10.30 am to 10.30 pm) Contact: N.A. E-mail: N.A. This is a purely vegetarian food joint. Their menu includes Aloo Matar Roll, Aloo Gobhi Matar Roll, Veg Keema Roll, Bhindi Masala Roll, Baigan Bharta Roll, Arvi Masala Roll, Kala Channa Roll, Mushroom Achari Roll and Paneer Achari Roll.

Ice Cream Parlours In Whitefield: Slurp Your Way To Heaven!

Mar 09, 2018 02:33 PM

ICE CREAM. Need we say more? To many, these frozen delights are more sinful than the world’s best of foods. Mouth-watering, lip-smacking… we use all these in describing these delectable, magical creations! When you have the cravings, oh it’s bad! Here we have put up a list of the best ice cream parlours in Whitefield… to make you crave for them more. Evil intentions, right? Haha… read on! Polar Bear Ice Cream There are a number of Polar Bear Ice Cream shops in Whitefield including the popular ones in KIADB Export Promotion Industrial Area food court on ITPB Main Road, Cool Junction – Accenture in E.F.A Tech Park and Divyashree Techno Park, EPIP Zone. Go for their Scoops, Bar Sundaes, Kids’ Sundaes, Waffle Sundaes, Crepe Sundaes, Fundaes, Ice Cream Pizzas, Faloodas and Fruit Sundaes. Ever wondered what happiness tastes like? Be at Polar Bear. Cold Stone Creamery It’s located in the EPIP Zone, near the BMTC Bus Depot. Among their top favourites are the Apple Pie, Chocolate Devotion, Thick Shakes, Pomegranate Sorbet, Cheesecake Ice Cream and Banana Caramel. Their Signature Creations menu includes French Vanilla Ice Cream, Sweet Cream Ice Cream, Cheesecake Ice Cream, Strawberry Ice Cream, Mint Ice Cream, Coffee Ice Cream, Chocolate Ice Cream and Cake Batter Ice Cream. These super-quality premium ice creams will freshen you up any time of the day. Baskin Robbins Everyone knows Baskin Robbins. It is the largest ice cream chain in India and is perhaps the most loved ice cream brand. Once you are inside the world of Baskin Robbins, it is very difficult to control your “desserty” sins. In Whitefield, you can be a part of this world in Sterling Suites on the Whitefield Main Road, SJR iPark (opposite Satya Sai Baba Hospital), EPIP Phase 2 and in Prestige Shantiniketan Clubhouse, near ITPL. There is also one in Brookefields, near CMRIT. Choose among their Sundaes, Scoops, Thick Milkshakes, Ice Cream Cakes and Home Packs. Corner House Many call it Bengaluru’s old school ice cream parlour. Corner House has its own fan following. You can also find one on the ITPL Main Road in Pattandur Agrahara. If you are in love with Vanilla, you will love their Vanilla Combinations. The combinations are with coffee sauce, butterscotch sauce, mint sauce and strawberry sauce. Their fruit salads are also a craze, available with jelly and ice cream. You may also have their Cake Desserts, Sundaes, Fruit Sundaes, Signature Sundaes, Classic Thick Shakes, and Milk Shakes and choose from a wide range of flavours. Thanco's Natural Ice Cream When you have Thanco’s Natural, you will surely feel its freshness. Thanco has given special attention to the stores’ look and feel. It makes you have more! From their Sundaes to Stones, every lick feels special. You can try their Fruit Ice Creams, Dry Fruit Ice Creams, Chocolate Ice Creams and Sugar-Free Ice Creams. They have a large list of Sundaes and Stones. They have an outlet in near Adyar Ananda Bhavan, Hope Farm Circle. Gelato Italiano There are a few outlets in Whitefield, one in Phoenix Market City Mall, one in Inorbit Mall and another in Ascendas Park Square Mall. Their specialities include Swiss Chocolate, Limoncello Ice, New York Cheesecake, Choco Crunch, Madagascar Fine Chocolate, Yoghurt Wildberry and Royal Kulfi. Ibaco There’s one on the second floor of Phoenix Market City. You will fall in love with their Ice Cream Cakes and Brownies. Choose from their mouth-watering toppings, sauces and flavours. Do not forget to try their Signature Cones. If you want to be adventurous about your ice cream licking journey, Ibaco allows you to make your own ice cream bar. Their Bean Vanilla, Butterscotch, Mango & Lychee and Black Currant & Strawberry bars are also lip-smacking. Cream & Fudge The store is located on the second floor of Phoenix Market City. With raging reviews and an eye-catching menu, Cream & Fudge is quickly becoming a favourite among those living in Whitefield. It offers premium creamy and smooth ice creams. You may select your favourite flavours. The ice cream will be hand-folded on a frozen marble stone. You can top them up with fruits, nuts, fudges and candies. The store also has its own signature creations of Classique Creation, Royal Creation and Marble Creation. Milano Ice Cream This one’s actually in Indiranagar but worth a visit! It’s at the 2nd Cross, Shri Krishna Temple Road, 1st Stage. Their must-tries include Vanilla Gelato, Tiramisu, Apple Pie, Gelato Ice Cream, Ice Cream Sandwiches, Chocolate Sundae and Chocolate Truffle. Served with Italian love and crafted by hand, their Sweet Crepes can fill your appetite with the authentic sweet taste of French Crepes. You get a topping of a scoop of rich, creamy Gelato. Get the combo right with some Nutella sauce or honey or jam. You must also try their Luscious Sundaes, served with a free topping of velvety, whipped cream, and their 100 per cent fresh Italian Gelato ice creams. Stoner It’s known for their Stone Ice Creams! Their journey started in 2014 with the dream of opening a cosmopolitan café that will be a perfect setting for long, tireless conversations. They wanted to challenge the coffee cliché and they challenged well. One of them is located in Azeem’s Gold Building and the other on Whitefield Main Rd, Dodsworth Layout. You can’t miss their Stoner’s Specials. They have a whole range of Chocolate, Nuts, Fruits and Kids-based ice creams. Frankly, this list of ice cream parlours in Whitefield is never-ending and ever-expanding. Other must-try parlours include Mist n Creams, Ice Cream Works, Creamiester and Frozen Junction. If we have missed some of your favourites, do add them in the comments section below.

Why A Large Number Of HNIs & NRIs Are Investing In Bengaluru Real Estate?

Mar 05, 2018 02:50 PM

High Networth Individuals (HNIs) and Non-Resident Indians (NRIs) prefer to make real estate investments in India’s metropolitan cities. The metros are the preferred realty destinations for this category as the returns are high and there is advanced social and economic infrastructure that makes investments profitable. Moreover, searching for properties is easier in metros because of the presence of various property management services that take care of every aspect of home searching/buying on behalf of the person thousands of miles away from India. Interestingly, Bengaluru is a top choice for HNIs and NRIs. It is the most desirable city for them.   Out of the many reasons that have made Bengaluru the preferred choice for HNIs and NRIs, the growth of the IT sector is a significant one. The city is home to a large number of IT giants such as Oracle, Microsoft and Google. Due to their presence along with numerous others, Bengaluru has quickly become the land of opportunities. This has played a crucial role in boosting real estate growth in Bengaluru. If you compare other asset categories, the real estate sector in Bengaluru is the least volatile. Hence, it offers maximum confidence to big investors. Added to that, the cosmopolitan culture is a major draw.   Moreover, the real estate growth in Bengaluru has witnessed a steady appreciation in property prices. Due to the presence of low-interest rates, HNIs and NRIs can generate fund locally, made easy by the short to medium-term returns on investments. Both investors and end-users find Bengaluru rapid infrastructural development and hassle-free connectivity impressive. While affordable housing is set to gain widespread popularity across the nation, the luxury housing segment is still the most dynamic and vibrant segment in Bengaluru. These premium properties enjoy well-developed social infrastructure, proximity to IT hubs, top educational centres and world-class healthcare facilities.   The budget range depends a lot on the areas an HNI or NRI is selecting. Areas such as Whitefield, Sarjapur Road, Kanakpura Road, Kengeri and Nallurgalli are favoured most by first-time home buyers. Luxury properties in north Bengaluru are highly favoured by the NRIs and HNIs, though these areas are not located centrally. Again, the robust infrastructural developments, excellent connectivity and easy access to the international airport have proved to be the game-changers for Bengaluru. Malleswaram, Sadashivanagar, Shanthala Nagar, RMV Extension and Rajajinagar have a massive stock of luxury properties.   The real estate market in Bengaluru is seeing a tremendous rise in urban population because of the demand from the IT sector. Flats are the most supplied property type with 59 percent availability. Plots and independent houses are the other two areas where buyers are finding good options. Young IT professionals prefer apartments as the availability of land is a problem and rates are on the higher side. However, the premium section of home buyers, the NRIs and HNIs, often face a dilemma when choosing properties. Even if they have the knowledge of budget, they hardly have the knowledge about the supply in particular areas of the city.   NRI investments in real estate are primarily driven by long-term fundamentals, such as emotional connect, better returns and yield on investments, safeguarding retirement plans and depreciation in rupees’ value. The introduction of RERA has also been a major boost as NRI and HNI investors are investing in luxury apartments with renewed confidence. The transparency brought in by RERA and Bengaluru developers’ performance in delivering as promised have made property buying for HNIs and NRIs easier and hassle-free. Investment enquiries from this premium segment have started going up.

Why Home Buyers Are Going For Ready-To-Move-In Properties

Feb 28, 2018 12:35 PM

strong {padding-bottom: 3px;} Home buyers are increasingly looking to purchase ready-to-move-in or OC-ready properties rather than going for properties that are under construction. Today, properties are required on an immediate basis. Experts believe there are good reasons for this trend. Differences in cost The primary reason for the massive spurt in demand for ready-to-move-in properties is that developers are offering attractive prices, deals, freebies and discounts. The Indian real estate sector has gone through a frightfully downward phase in the last couple of years. This acted as a speed-breaker on new property launches, higher unsold inventories and price reductions. The market is improving but these dynamics are still at play. This is why home buyers are not ready to wait for properties to get completed. There are a number of options, and they are taking full advantage of the situation. Prices of properties will again increase. Hence, it is best to make use of this time when prices are low. Why pay double? When a home buyer invests in an under-construction property, he/she must bear the loan expenses as well as pay the rent of the current accommodation. Bank loans are a significant burden on one’s financial portfolio. Hence, people are ready to pay a little extra and let go off one recurring expense. Delivery woes Indian under-construction properties are infamous for delay in completion, missed timelines, and other such issues. As explained earlier, homebuyers have to pay double for accommodation – one for the UC property and the other for current living. Many a time it becomes impossible for homebuyers to bear this burden. If the UC property starts getting delayed, it could spell doom for the buyer. These problems can be bypassed easily by buying a ready-to-move-in property. Lure of future moneys Typically, a real estate investor looks at a property as an asset that could bring him money in future, if and only if he/she is not purchasing the property to stay. Many invest in properties in the hope of earning rental income and finally selling off the property at an opportune moment to cash in on capital appreciation. Purchasing a ready-to-move-in property helps the investor to start this process immediately. Fear of fraudulent developers This has been a big problem that has plagued Indian real estate for long. There have been many cases of fly-by-night operators promising the moon and then vanishing in thin air with the initial sum paid by home buyers. While RERA is here now to put an end to such dubious developers, it will take some time to fully come into effect. Moreover, buyers will find it tough to come out of this far of fraudulent developers. While RERA will ensure that only genuine developers remain in the market, for the time being, buyers still feel vulnerable. Hence, ready-to-move-in properties are in demand now. Basic amenities for living Living in cities has become frightfully expensive. Buying an apartment in a prime location is not every man’s cup of tea. Hence, buyers are exploring city peripheries. A number of cheap projects are coming up in the suburbs but these areas do not always have proper supporting infrastructure. Affordable under-construction projects have to wait a long time for deployment of basic social infrastructure such as water connections, electricity, roads etc. However, it is expected that ready-to-move-in projects already have the basic amenities in place and that developers have put up such a project only after considering the infrastructure in the locality. The GST impact OC-ready projects have become more economical for buyers after the implementation of GST. The tax burden has been reduced for buyers going for readymade properties. Now, the entire project cost, including land, is being taxed at 12 percent. This is enough for builders to claim their input credit.

Bengaluru Delicacies: You Can’t Say NO To These Dishes!

Feb 26, 2018 01:51 PM

If you see yourself settling in Bengaluru in near future, food is going to be a major focus area. This could be due to a variety of reasons. You may be a foodie, you could have an explorer’s tongue, or you may simply want to keep kitchen time within a certain limit. If you are working, it will be hard to control your culinary desires because of the sheer number of restaurants offering “yumsome” delicacies in the city. Bengaluru is a weird mix of old and new. The food culture here is growing every day. Moreover, if you are in Bengaluru, you must try its delicacies. This highly cosmopolitan city has a huge respect for its traditional cuisine too. Bengaluru was a sleepy old town that has transformed into a bustling metropolitan. This sudden transformation has allowed the food scene to develop. There are plenty of options, regardless of whether you are here as a tourist or as a settler. You get most of the city’s delicacies in Whitefield. This micro-market was a peaceful agricultural suburb until the IT boom in the early 2000s. Today, massive real estate projects adorn its skylines. Whitefield is a major employment hub. Thousands look to call it their home. Demand for properties is very high. It has some of the best schools, hotels, shopping malls, and of course restaurants. Whitefield never disappoints when it comes to mouth-watering treats. Here we are going to cover some of the delicacies that are must-haves in Bengaluru. You will find most of them all in Whitefield too. Vegetarian or non-vegetarian, we Indians love our food. Food needs to be delicious to really make a lasting impact on our taste buds. We are fussy about our food choices. To us, food is more relatable emotionally regardless of whether our stomachs are empty or not. Hence, without further ado, let us drool over a few Bengaluru authentic dishes and few that have become favourites in recent times. They are too good to let go! Masala Dosas Bengaluru has a variety of masala dosas, top favourites being Benne Masala Dosa and Set Dosa. The former is a thick rice pancake prepared with butter, and the latter contains three medium-sized dosas. Traditionally, masala dosas are rice pancakes smeared with red chilli chutney and stuffed with potato curry. It is the household food of southern India. In Bengaluru, people make it a point to visit its iconic breakfast spot CTR for its signature benne dosas. It is not the Tamil-style thin dosas but typically Kannadiga. CTR serves the dosas only with chutneys and not with sambhar. Whitefield has its fair share of masala dosa joints, some of the notable ones being InnerChef, M Cafe in Bengaluru Marriott Hotel in Whitefield, Mavalli Tiffin Room (popularly known as MTR), By The Way, Adyar Ananda Bhavan (A2B), Udupi Grand, and many more. Having a masala dosa in Whitefield is not tough at all. In fact, you will find it hard to set your mind on one. Bisi Bele Bath It literally translates to hot lentil rice and is a rice-bashed dish originating in the state of Karnataka. The traditional preparation is pretty elaborate. You need a lot of vegetables, toor dal, and spicy masala to get the dish going. The dish gets its taste from the cocktail of spices, which involves tamarind pulp, curry leaves, asafoetida, and nutmeg. The authentic ones are prepared using up to 30 ingredients. Bisi Bele Bath is commonly served in the Udupi restaurants that are widely popular in Bengaluru. The dish is served hot with potato chips, papad, salad, boondi, or chatni. The Mavalli Tiffin Room (MTR) in Whitefield serves good Bisi Bele Bath. Rava Idli Idli is a popular breakfast food prepared using savoury rice cake. A batter is created using fermented rice lentils and rice. Then it is steamed. Rava Idli is a variation of the popular Idli and is made with semolina. You will taste great Rava Dosas in the Udupi restaurants scattered all around Bengaluru. Apart from Mavalli Tiffin Room (MTR), Kamat Yatrinivas, Mr Idli, and New Udupi Delicacy also serve the dish in Whitefield. Khara Bhath This is yet another insanely popular breakfast item of Karnataka. The dish is prepared with Semolina/Sooji/Upma Rava cooked in lots of ghee and oil and with vegetables and spices. It is also known as Chow Chow Bath in Bengaluru. Brahmin’s Coffee Bar is the most-favoured destination for Khara Bhath along with the Udupi restaurants. Filter Coffee You can call it the Bangalore Coffee. You can enjoy them everywhere in the city. But the most popular names serving the steaming kaapi are Brahmin’s Coffee Bar in Basavanagudi, Airlines Hotel in Lavelle Road, Indian Coffee House in Church Street, MTR – Mavalli Tiffin Room, Maiyas in Jayanagar, Kalmane Koffees and Hatti Kaapi in Koramangala, Janatha Hotel, Hallimane, Raghavendra Stores and Central Tiffin Room in Malleshwaram, and Vidhyarthi Bhavan in Basavanagudi. Khova Naan When in Bengaluru, you must try the Khova Naan. This is a specialty of Bengaluru bakeries. The naan is prepared with plums, cashew, sugar, and coconut. The mixture is roasted and fried, and then stuffed in the naan made of maida. Al – Bilal Bakery and Albert Bakery are hotspots for this item. Samosa India without samosa is unthinkable. Bengaluru has a very strong samosa-eating culture. You will be surprised by the variety of samosas available here. You get onion samosas, keema samosas, aloo samosas and what not! It is a staple of school and college students. In Whitefield, you can try various samosas in Inorbit Mall, Samosa Party, Kapoor’s Cafe, Whitefield Social, Samosa Kachori and Jilebi Shop, Om Sai Samosa Corner, Kesar, Refresh, Gowri Gajanand Sweet, The Square Table Restaurant, The Whitefield Diner Restaurant, 153 Biere Street, and Windmills Craftworks. Semiya Payasam The Semiya Payasam is a kheer made of vermicelli. A lot of milk and sugar is used to prepare this recipe. You will find this sweet dish in almost every traditional household of Bengaluru. You can also try it in Whitefield in the Mavalli Tiffin Room, Southern Spice, and also in Tiffin Room – Holiday Inn & Suites. Point of Interest: You should also try Semiyan, which is very much like steamed idli and made from rice flour. It is best had with Pathar Gosht or Paya. More on the two later. Rice Kheer Rice kheer or Akki payasa, also known as Pal Payasa, is prepared with rice, whole milk and a touch of saffron. There are various ways to make this sweet dish and people use other ingredients too. You can have Rice Kheer in Whitefield in The Square Table, Ji Hazoor, Kapoor’s Cafe, Marigold Fine Dine Restaurant, and in M Cafe - Bengaluru Marriott Hotel Whitefield. Rice Kheer is known by different names in different parts of India. Mysore Pak Even though this sweet is not Bengaluru’s claim to fame, and originally originated in Mysore, Bengaluru is a hot hub for the sweet. The sweet has a golden hue and essentially consists of three ingredients – sugar, chickpea flour, and ghee. The sweet gets its name from “paka” - the local word for sugar syrup. Pulla Reddy Sweets and A2B - Adyar Ananda Bhavan offer Mysore Pak in Whitefield. But the legendary sweet shops that sell the best Mysore Pak in Bengaluru are Anand Sweets, Gundappa Sweets, Sri Venkateswara Sweetmeat Stall, Kanti Sweets, and Sri Krishna Sweets. Parathas Parathas are a hot favourite in the whole of India. Bengaluru too offers some delicious parathas, especially the coin paratha. The Permit Room and the Empire Hotel are hot favourites when it comes to coin parathas with a twist. Coin parathas are basically layered parathas made using egg, maida (Indian wheat flour), and cooking oil. Have these parathas with Ghee Roast Chicken. You may not find the name “Coin Paratha” on restaurant menus in Whitefield. Do ask the restaurant before taking your seat. Anda-Kheema Roti If you want to have wheat roti prepared with beaten egg and stuffed with spicy minced meat, you should head straight to Frazer Town. Whitefield may not be the right place to taste the authentic Anda-Kheema Roti. However, you will also find a number of stalls in City Market and Shivajinagar offering Anda-Kheema Roti. Pathar Ka Gosht This is an authentic Hyderabadi cuisine that has become a top favourite among Bengaluru foodies. A big stone slab is placed on top of the coal fire and shredded mutton is fried on the slab. It is a very time-taking process and fire needs to burn from evening till night. The slab of stone takes more than two hours to heat up. Ji Hazoor in Whitefield is pretty popular for this Hyderabadi delicacy. But Bengaluru has a number of options. Sharief Bhai and Empire Restaurant in Koramangala, 612 East in Indiranagar, Chichaba's Taj in Frazer Town, Bademiyan Kebabs in Orion Mall, Citrus - The Leela Palace in Old Airport Road, and Kava - Fairfield by Marriott in Rajajinagar all serve this dish. Paya This is yet another time-taking dish where lamb legs are roasted and cooked in a lot of spices. The dish takes more than four hours to prepare. It is best had with Semiyan. You can have Mutton Paya and Paya Shorba in Ji Hazoor and Terracotta - Vivanta By Taj in Whitefield. Koramangala has a lot of options. Some of them are Punjab Grill, Sharief Bhai, Sulemani Chichas, Paradise, and Anjappar. Barbeque City in KR Puram, Karama Restaurant in Frazer Town, Ranganna Military Hotel in Jayanagar, Kritunga Restaurant in Electronic City, Cubbon Pavilion - ITC Gardenia, Chinnaswamy Naidu Biriyani, Mughal Treat and Rashtrakutas in HSR, Tandoori Taal in Indiranagar, and Hotel Little Imperial in Kalyan Nagar are your other options. Point of Interest: Also try Bengaluru’s Kadi Gosht – pierced chicken breast pasted with masala and deep-fried. Bangalore Dum Biriyani Yet another insanely popular dish in India, if not the most popular, Biriani is a world-favourite. The Bangalore Biryani is prepared using Basmati rice and succulent, tender goat meat or chicken, steamed in spices. Unlike Kolkata Biryani, there is no potato. You will find a number of restaurants offering Biryani in Whitefield. Some of the mentionable names are Biryani Zone, Ammi’s Biryani, Green Hyderabadi Biryani House, Pot Biryani ITPL, Kolkata Biryani Whitefield, Biryani Kitchen, Chinnaswamy Naidu Biryani, Mani’s Dum Biryani etc. Teetar This is a big hit among the city’s foodies. If you are a non-vegetarian, you should try Teetar in Bengaluru. Bird meat (partridge) is marinated in curd and ginger-garlic paste. It is then fried in refined oil. There are a few food joints on the Bengaluru-Mysore road that draws huge crowds for Teetar. Whitefield may not be the ideal place to hunt for Teetar Fry. Try Sharief Bhai in Koramangala, the Imperial Restaurant and Chichaba’s Taj in Frazer Town, and the Hotel Palace in HSR. According to an October 2017 article by NDTV Food, Apple Pie at The Only Place, Andouille Sausage and Soft Eggs on Sourdough Toast at Toast & Tonic, Beer and Nachos at Windmills Craftswork, Char Siu Bao at the Fatty Bao, Pasta at Toscano, Seafood at Karavalli, and local meals at Vidhyarthi Bhavan are also must-try dishes of Bengaluru. These are modern dishes that have become very popular in recent times. Hundreds of restaurants are opening every day in Bengaluru. It is next to impossible to really keep a track of all the mouth-watering treats they are preparing in their kitchens, unless and until you start exploring. Must-Reads: How’s Arabian Food In Whitefield? Let’s Find Out... Nothing Like A Hot Cuppa! Whitefield’s Top Cafes That Are Must-Visits Whitefield Restaurants Every Food Lover Must Visit

Affordable Housing & Ready-To-Move-In Properties Could Be The Showstoppers Of 2018

Feb 12, 2018 11:19 AM

In terms of real estate, Bengaluru has mostly remained a buyer-driven market. The city has adapted itself to the changing market dynamics. Developers in Bengaluru have gone ahead with or restricted new launches. They have been very realistic about the absorption potential of the market. Now that the Budget 2018 is out, the city’s developers will primarily focus on clearing up existing stock rather than adding new ones. Homebuyers who are looking for ready-to-move-in property below the INR 80 lac mark will be spoilt for choice. This is true for all metros of India. The market is still favouring buyers, as developers are in a hurry to sell-off existing stock. Homebuyers can avail great discounts, more amenities, and reasonable prices for properties. In such a market, going for ready-to-move-in properties makes sense. There is no execution delay, buyers can relocate immediately and save on additional rent, attractive pricing (as already stated), and finally, what you see is what you get. There are no major heartbreaks. You explore, find the one suiting your needs, and you book. Years 2016 and 2017 have seen major disruptive structural changes in the form of demonetisation, RERA, and GST. As the New Year has started off on the right note, and all experts are of the opinion that the market is headed towards the right direction, ready-to-move-in properties are the flavour of the season. There is increased transparency and developers have embraced RERA. However, many believe that had this year’s budget favoured the middle-class more, the sector would have picked up like never before. Well, opinions do vary. The major takeaway here is that this is the right time to invest in property. You will get more for less. Currently, the urbanisation rate is more than 30 percent, and is poised to touch 40 percent by 2030. This rate is proof enough that the real estate market in India is set for a major takeoff. The Union Budget 2018 has been more of a balanced one. But it is hard to say that it has been a boon for the real estate sector. There will be minimal direct impact on the industry. Knight Frank India’s Chairman and Managing Director, Shishir Baijal, said that the sector is bereft of any meaningful interventions that could have been achieved through the budget. Due to a lack of changes in direct measures and Income Tax slabs that could have influenced the sector, the demand-supply dynamic has remained more or less unchanged. However, experts are expecting some strengthening in the affordable housing category. This segment looks like a good bet now after the Union Budget 2018. More focus on smart city projects will further boost real estate activities. A dedicated Affordable Housing Fund (AHF) has been setup in National Housing Bank. This will provide further impetus to the development of affordable housing. In fact, this fund will also major real estate companies to delve into the affordable housing segment, as they will consider this a viable business opportunity. In fact, there may also be an improvement in secondary market transactions. Due to demonetisation, there was absence of liquidity and the market was in a lot of turmoil. In major cities, the circle rates had gone past market rates. This resulted in a gap between the two rates. But the budget has been a relief as it has allowed up to a five percent gap between the two.

Affordable Housing Segment To Give Major Boost To Real Estate Sector In 2018

Feb 07, 2018 11:41 AM

Bengaluru has been an important hub for the real estate sector in India. With an ever-increasing number of people choosing to make this city their home, the demand for affordable housing is only getting better and better. Recently, experts have revealed that this segment will continue to drive the real estate sector in 2018. Several institutional funds and developers are eyeing this segment in the hope of better returns. Not only the end-user demand but also the various government incentives are making sure that more and more affordable projects are taken up by developers. The scope of business categories will be expanded by established developers. Already certain premium developers in Bengaluru as well as in India have expanded their offerings to small and efficient boutique homes for the middle-income people. This trend is expected to continue. Real estate business will soon become a standard process as the property development environment becomes more conducive to growth brought about by GST and RERA implementation. With RERA bringing more transparency in the sector, homebuyers are again looking at real estate in a more positive light. Timely delivery of projects and the promise of legal protection of investments have instilled fresh confidence in buyers. Speaking of India, the top eight cities launched 74,000 new residential units, a decline of 35 percent. Only the affordable housing segment saw a rise in 2017. This segment saw a year-on-year growth of six percent. “2017 was a precursor to the much-needed stability of the residential market as seen in the nature of launches, which was led by affordable housing. The sector is likely to continue realigning itself to end users' demands well into 2018,” MD of India Cushman & Wakefield, Anshul Jain, told The Economic Times. Realty sales in 2018 will receive the much-needed boost from affordable housing because of Pradhan Mantri Awas Yojana (PMAY) and low interest rates. Even though GST and RERA made developers grapple over their business, the government made its stand very clear on affordable housing. The cash flow rate of affordable projects is much higher than traditional real estate. This is because units are generally sold out way before they are constructed. “This translates into better risk adjusted returns for investors. It is possible to realise over 20% internal rate of returns (IRR) consistently across market cycles,” said Brick Eagle CEO, Rajesh Krishnan. The Housing For All 2022 program is expected to create more than two million jobs yearly, construct 60 million new houses, and boost the economy by more than US$1.3 trillion.

Top Players Raise Critical Questions Regarding Real Estate Post RERA Implementation

Jan 31, 2018 03:37 PM

It’s been a real rough patch for the real estate sector. It has gone through some of the toughest times brought about by the November 2016 demonetisation, and implementation of Real Estate Regulatory Authority (RERA) and Goods and Services Tax (GST). Now developers and other players in the sector are making their demands known to the Centre. Now that the big players in Bengaluru have complied with the regulatory changes, they want something in return. They are hoping that the Centre will oblige them in this year’s budget by meeting their long-standing demands. The players want industry status for the real estate sector. The purpose is to raise funds at lower rates. A number of experts believe that the current laws and levies as applied to the real estate sector must be changed, as they push up costs and often lead to double taxation. The holding cost of properties is a major problem. It’s going up significantly as developers are having difficulty offloading their stock. Cost of capital is pushing up prices. Hence, developers are demanding innovative solutions and self-enforcing guidelines. Bengaluru’s known developers have happily complied with RERA regulations. They have in fact gone a step beyond, have signed affidavits. Now, they want their demands to be met, as RERA will hold them responsible for any diversions from promised plans. While all eyes are on this year’s budget, some are of the opinion that the time has come to look at budget as the holy day when all policy decisions are made public. They believe there is little need to wait for such a day. This will help speed things up. The real estate sector is now coming together and asking the government for better conditions. Architect Naresh V Narasimhan has even suggested that developers may give the ground floor of their projects to civic agencies provided it is returned to them once all regulations have been complied with. Some developers have also raised the issue of stamp duty, stating that technology and digitisation of processes have made stamp duty redundant. Everything can be carried out online, which is a much more secure process. Developers now want more support for the real estate sector. Recently, several leaders from the real estate sector raised these points at the panel discussion of International Real Estate Federation FIABCI-India chapter. What are your views on the same? Do share them below in out comments section.

How’s Arabian Food In Whitefield? Let’s Find Out...

Jan 29, 2018 05:49 PM

There was a time, not long before, when Whitefield was primarily an agricultural land. During the late 1880s, the area was mostly inhabited by Eurasians and Anglo-Indians. Today, this micro-market is the go-to destination for travellers and settlers alike, who visit Bengaluru. The transformation has been stunning. While on one side, tall skyscrapers adorn the skyline of Whitefield, on the other, it has also established itself as a self-sustaining cultural hub. And similar to almost all Indian cities, food is a big part of Whitefield’s culture. People, from all parts of the country and abroad, visit Whitefield. Naturally, the food scene is pretty lively. In our previous posts, we have covered top cafes, fun activities, and popular restaurants in Whitefield. Here, we are going to extend the culinary trip a bit, and explore the restaurants offering some delicious Arab dishes. It is in our mind to provide you with a complete Whitefield food guide, where we will talk about the various cuisines available in this locality. Arab food is slowly becoming popular in Bengaluru, and Whitefield has its options. Until recently, only Arab students and Indians living in the Middle-East would be the primary customers. However, we Indians have curious taste buds, and we love to try anything new! The diversity in cuisine in the city is reflective of the economic and social diversity of Bengaluru. Speaking of Arabian cuisine, Shawarma and Falafel are gathering popularity. The former is a Levantine meat preparation. Turkey, chicken, lamb, mutton, or mixed meats are placed on a spit and grilled for as long as a day. It can be served as a sandwich, wrap, or on the plate. Popular toppings include pickled turnips, amba, hummus, and tahini. Falafel, on the other hand, has its origins in Egypt, and is a traditional Middle-Eastern food. Falafel is a deep-fried patty, doughnut or ball, made from fava beans, ground chickpeas, or both. Falafel is commonly served with pita or wrapped in a taboon. The balls are drizzled with tahini-based sauces, hot sauce, pickled vegetables, and salads. Shawarma and Falafel are the most-popular Arab recipes in India. In fact, they are loved the world over. But these are not the end of Arab cuisine. Other insanely popular dishes include Kefta, Khubz, Labneh, Tahini, Tagine, Mansaf, Kunafeh, and Halva. Thus, without much ado, let us find out the restaurants in Whitefield that are serving Arab delicacies. You must already be hungry! Alert: The Arab food scene is still developing here. Hence, expectations should be kept in check!   Orbis Restaurant Address: 147/1, Varthur Kodi, Opposite Columbia Asia Hospital, Ozean Road, Whitefield Main Road Strictly using Halal-cut meat, Orbis promises an exclusive dining experience with mouth-watering dishes and sound customer service. Here you will have your options, from Arabian Wrap meals, Bahraini & Emarath sandwiches to mouth-watering Arabian rolls. You get Arabian veg starters, non-veg starters, soups, Arabian sizzlers, and different types of Arabian rice.   Marhaba Address: FC-17, Food Court, Second floor, Phoenix Marketcity, Krishnarajapura, Bengaluru, Karnataka 560048 Slightly overpriced and probably going a bit slow on customer service, Marhaba, located in the food court of Phoenix Marketcity, has an impressive menu. Choose from their Arabian specials, rolls, sizzlers, kebab & grill platters, Arabian platters, and Marhaba combos. Their Sides & Dips include Hummus, Pita Bread, French Fries, and Garlic Dip. You may also give their Shawai Chicken Biriyani a shot.   Orbis Market Kitchen Address: 62, Ground Floor, Forum Neighbourhood Mall, Whitefield Main Road This food joint is situated inside the Loyal World Market. The average cost for two people is approximately INR 600. Aside from serving Arabian delights, Orbis has also kept Oriental and Indian dishes in their menu. The prices are pretty reasonable, though the Arabian dishes are limited. Apart from the general Shawarma Roll, Shawarma Plates and Kubbus, you may also try their Al Faham, BBQ Chicken, Pepper BBQ, or Grilled Chicken.   InnerChef Address: First Floor, Building 836, Rajpalya, Mahadevpura, Near Bharat Petrol Pump, Maruthi Nagar, Basavanna Nagar, Krishnarajapura, Whitefield This is a strictly home delivery only food joint. No seating is available. While the restaurant mainly has North Indian, South Indian, Italian, Continental, Mediterranean, and Lebanese dishes, you must try their Athena Platter that consists of Tabbouleh, 2 half Pita pockets with falafel & paneer, hummus, pickled veggies, and four mini Pita breads. You can also try their Albi: Falafel Wrap, Tinos, Habibi Chicken Wrap, Paros, and Tabbouleh salad.   Imperia Restaurant Address: Near Andhrabank, Nallurhalli Circle, Whitefield, Bengaluru, Karnataka 560066 Imperia dishes out Chinese, North Indian, and Arabian delicacies. Here, the Grilled Chicken and Shawarma Rolls are your best bet.   Urban Grills Restaurant Address: Near MVJ Collage, Chansandra Main Road, Whitefield Apart from their Shawarma Rolls and Special Shawarma, you may also try their Alfaham Chicken, Barbeque Chicken, and Grilled Chicken. The restaurant also offers various Keftas, not all of them Arabian though.   The Yellow Stop Address: Gamma Building Cafeteria, Sigma Softech Park, Whitefield It’s a small store offering Arabian, Chinese, and North Indian delights. Again, their BBQ Chicken and Shawarmas are the most-ordered.   Arabian Fame Grills Address: Food Court 2, Concourse Tech Park Mall, ITPL, Whitefield This one’s also a food court counter, serving Barbeque, Shawarma & Biriyanis. The average cost for two persons is INR 600 approximately.

Living In Whitefield For Art Lovers: The Art Scene Here, Galleries, Exhibitions & More

Jan 29, 2018 11:23 AM

If you romance bold brush strokes and clay figurines, if you fantasies the abstract or lust for lifelike murals, Whitefield will surely satiate your love of art. Whitefield art events and galleries are collaborative, and bring together artists of all manners, from all spheres of life. In there, you will meet sculptors, painters, photographers, cartoonists, designers, animators, and even filmmakers! Collaboration is the key to promote and nurture the art scene in India. This is exactly what Whitefield does. The third edition of Whitefield Art Collaborative kicked off recently at VR Bengaluru on Whitefield Main Road. It is on until Feb. 15. Whitefield Art Scene Similar events in Whitefield are regularly hosted to celebrate the spirit of innovation and creativity. The events feature scintillating performances, mixed media installations, motorised exhibits, paintings, and upcycled art. Art lovers spend considerable time in these events and galleries, both during daytime as well as night, to view the installations from different angles so as to unveil new contrasts and perspectives. Whitefield’s art scene has also inspired other professionals to unveil similar events, galleries and spaces across the country! Many more galleries, community events, and museums are coming up in Whitefield. Audience Appreciating Public Art The art scene here is changing rapidly with the emergence of artificial intelligence and digital art. According to the President of Kochi Biennale, digital art is no more a mere trend but a transformation in art. Similarly, public art forums play an instrumental role in art discovery. As one of the most buzzing areas in Bengaluru, Whitefield always has an audience who appreciates art, as they are anyway there. Art galleries and events here are now changing their strategies to win over audience and also inspire future artists. Whitefield art galleries are a mix of contemporary, traditional, fusion or blended art. Social Message Through Art Thus, if art is your hobby, Whitefield will give you ample opportunities to become a torchbearer for spreading the art scene in the city. If you simply appreciate art, Whitefield will welcome you with open arms. “THE WORLD IS BURNING,” as environmentalists, philosophers, and social workers love to put it. It has thus become a trend for artists to add a social message through their works of art. As a contemporary artist from Kashmir says – “Art is more than materials – it is about character.” Corporate support for public art is gaining momentum in Whitefield. Experts are also connecting design and art for creating more effective public art projects. Reflect, De-Stress & Get Enlightened Kinetic art installations and eco-friendly works are in abundance in Whitefield. Don’t miss the travelling art shows here. Whitefield may be known for its traffic snarls, global conglomerates and IT hubs, but art exhibitions and galleries are also very much a part of this real estate paradise. In Whitefield, art is everywhere, in everything. While its art galleries play an important role in society, public art in metro stations, parks and malls take creativity to a broader audience. Public art helps you reflect, de-stress and get enlightened, even when you are in the midst of insanity. Art Galleries In Whitefield If art defines your life, Whitefield is your place to settle down, if you are looking to live in Bengaluru. The city has a plethora of art galleries, antique shops and auctions. In Whitefield, you should visit the Life On Wall art gallery located on the lower ground floor, next to Reliance Digital, Inorbit Mall, Whitefield. You may find installations catering to different audiences, ranging from abstract, still life, portraits, landscapes etc. The gallery offers ideas for homes and offices. They also offer custom-made paintings. Next stop could be the Dukan Fine Art & Antiques on 11 Whitefield Main Road. Their collection includes Porcelain & Ceramics, Art & Sculptures, Antique Oil Lamps, Antiquarian Books, Maps & Prints, and Furniture. The gallery also offers gifting options such as Limited Edition Folios and Giclee Reprints. Other galleries that you may visit are Asian Arts Emporium on Whitefield Main Road, ANKA Graphics in Anka Arcade, beside ITPL, and Dharani Arts & Handicrafts Emporium on Varthur Road. If these are not enough to keep you busy, start exploring! The city is huge and so is Whitefield.

Nothing Like A Hot Cuppa! Whitefield’s Top Cafes That Are Must-Visits

Jan 05, 2018 12:45 PM

A hot cuppa is total bliss for many. While it is not always possible to enjoy one at home, and you may grow bored of the coffee at your workplace, coffee lovers grow their own taste for a particular bean. Those who are settled in Whitefield, Bengaluru, or have their workplace there, will know that the area has its fair share of cafes. Here we are going to list down some of the popular cafes in Whitefield that everybody loves visiting, be it for a casual date, a quick client meet, a “me-only” breakfast, or simply enjoying a hot cuppa with your family and friends. Since the early 2000s, Whitefield has transformed from an agrarian settlement to a buzzing residential area. Whitefield is also home to IT Parks and other commercial workspaces. Hence, the demand for cafes is always high in this part of Bengaluru. Thus, if you have just settled here, and are on the lookout for good cafes, we will help you out! Cafe of Joy Address: No. 8, Varthur Main Road, Siddhapura, Whitefield, Bengaluru, Karnataka 560066 You will love their breads, cappuccino and cheesecake. Must-try items include Lamb Cutlets and Chicken Meatloaf with Bavarian Potato Salad for non-vegetarians, and Potato and Cheese Galettes with toast, sour cream, salad, and roasted veggies for vegetarians. During summers, their creamy cup of Cold Cappucino is just too good to resist. Cafe of Joy surely wins brownie points for their short treats! Cafe Noir Address: 36, Upper Ground Floor, Food Court, Phoenix Marketcity Mall, Mahadevpura, Bengaluru It has a vibe that French cafes give. If you want to unwind, order their Cafe Cappuccino or Cafe au Lait. During summers, their Special Cafe Frappe Froz is your best bet. Craving for desserts too? Try their Creme Brûlée, Pain Au Chocolate or Lemon Muffins. From pizzas to sandwiches to short snacks, Cafe Noir never disappoints..   Cuppa Address: Ground Floor, Sigma Tech Park, Near Varthur Lake, Varthur Main Road, Whitefield, Bengaluru If you are feeling too lazy to do anything on that weekend evening, head to Cuppa to recharge. You will be spoilt for choice. Quick bites, sandwiches, cakes, and hot/cold drinks, you have them all! It is a perfect place to catch up with your friends. You must also try their unconventional drinks such as Brazil Mogiana Coffee and Lychee Coloda.   Cafe Buzzinga Address: 1, Bright Farm, Thubarahalli, Varthur Road, Whitefield, Bengaluru This pet-friendly cafe has enough zing to keep you sipping all day. You must try their flavoured single or double espresso shots of their Caramel Cappucino. Their Cafe Au Lait is also worth a try. The cafe also serves flavoured teas. Their smoothies come in very pretty mason jars. The short-eats are too good to let go. Try their Fried Cajun Shrimp, hash browns and fries.   The Ant's Cafe Address: 5, 1st Main Road, Opp. HDFC Bank, Hope Farm Signal, Whitefield, Bengaluru Bengaluru weather is a thing to enjoy, and The Ant’s Cafe is the cafe you should visit to enjoy a good day. The outdoor seating is a perfect setting to enjoy some good food too! Try their pastas, omelettes, salads, waffles, brownies and pancakes. Top your meal up with either a hot cup of tea or coffee or a mug of hot chocolate..   TherPup, A Dog Cafe Address: 13, White Rose Layout, Abhayadhama Road, Mahadevpura, Whitefield, Bengaluru It’s insanely popular because it is the first dog cafe in Bengaluru. You can take your pooch along, if you have one. It’s a cafe to fun and frolic. The cafe also has its own dogs for you to play with. Dig into their sandwiches, pizzas and coffees. Their Healthy Doggie Platters are a hit!   Bloomsbury Boutique Cafe & Artisan Bakery Address: 7, Road 2, KIADB Export Promotion Industrial Area, Vijayanagar, Whitefield, Bengaluru Those who crave for an English breakfast must visit this cafe, as it provides some excellent Brit vibes or old England vibes, whatever you may call it. The London skyline on exposed brick walls, the London Eye, the Gherkin, and the Tower Bridge, you can find it all here. Its menu is full of Brit favourites, such as Leek & Mushroom soup, Fish n Chips, and some mouth-watering desserts. *Source: LBB

Fun Unlimited: Surprise Yourself With These Incredible Activities In Whitefield

Dec 13, 2017 10:25 AM

Location: Whitefield, Bengaluru Coordinates: 12.9698° N, 77.7499° E Objective: Having Fun Ideal Time: When the heart says Target Group: Settlers, Residents, Tourists, First-timers, Leisure-seekers & Fun-lovers Disclaimer: This post is not only about pub or mall-hopping in Whitefield. If you love Whitefield, Whitefield will love you back. The locality has rapidly become THE destination for those looking to settle in Bengaluru. Whitefield is like the naughty child everyone loves. So, coming straight to the point without further delay, let us try and know all the fun activities one can accomplish when in Whitefield. You can travel alone, with your family, or with your kids. Lovers will be equally delighted discovering the place. Ask any Bengaluru resident. S/HE will have a smile because the locality has shown promise, and delivered on every promise with flying colours. Let’s begin on a sweet note to mark this auspicious article. Mubeena Shariff's Chocolaterie is on the Hagadur Main Road, and it’s perfect to start the day. Specially handcrafted, these exotically-prepared chocolates will surely make you drool. Ms. Shariff uses her French Culinary Institute techniques to lure all chocolate lovers. Passion fruit flavours, fennel, lavender, lemon & basil with white chocolate, you can have it all! The sinfulness does not stop there. You will be delighted by the creative flavours from India. Kerala Fish Curry Chocolate, anyone? You may get it here. There is a popular belief that Britain’s former Prime Minister Sir Winston Churchill once stayed at the Waverly Inn. If you want to retrace his footsteps and live the story again, you can head towards Outer Circle, Dodsworth Layout, to enjoy the some original, centuries-old British-era architecture. Waverly Inn is one of the oldest houses in Whitefield, and it’s worth a visit. Once done, switch your mind to all those pet videos you watch on Facebook. Yes, we are now headed towards the city’s first dog cafe - TherPup - A Dog Cafe. The cafe is located inside an elegant house with a big lawn.   Simply sit back with a cuppa, and munch on those quick bites, say French Fries, Sandwiches, Cookies and those Sweet Potato dishes. Yum! Love the pooches, cuddle them as much as you can. To be doing so, you need to be at 13, White Rose Layout, Abhayadhama Road, Mahadevpura. With your furry wants satisfied, you can shop in a farm. Whaaat!? Yup, you read it right – “shop in a farm.” Excited? Let’s take you to Palm Meadows, Siddapura. Here you will find the Lake View Farm. Ah greenery! There’s lots of that. Then there’s lots of fruit trees, flowering plants, and some 18 stores.   Breathe in the fresh morning air as you gently stroll the walkways. You will love their organic vegetables. But you must go through their incredible handicrafts and home decor collections. Dance and music classes are a regular here. Massages, pedicures and manicures are also available if you want to get the best out of nature. Now that your lungs have soaked in an incredibly high amount of oxygen, we can head towards H&M. This top Swedish retail outlet chose Whitefield, and people are happy. Located in VR Bengaluru, Level 1, Whitefield Main Road, Mahadevapura, H&M is considered a must-visit by all shoppers.   While watching a movie may not seem interesting at this point, VR Bengaluru hosts the largest PVR screen. It is a 1500-seater, nine screen complex, having state-of-the-art technology, an IMAX screen, and Gold Class tickets. If you are worried about the price of the tickets, chill. On weekdays, you can buy tickets for INR 150. Once the show breaks, you will feel the hunger pangs. Now, this is where things get tricky and confusing. At this moment, it is advisable to quickly check out our post on Whitefield Restaurants Every Food Lover Must Visit. If you are out on the weekend, you must try WBG - Whitefield Bar And Grill for those black burgers. Situated in the Bengaluru Marriott Hotel, this poolside bar and grill is now talk of the town. Their Barbeque Pulled Pork Sliders are basically soft, black buns filled with a flavourful homemade BBQ sauce and pulled pork. Now that you are full and a bit sluggish, utilise this time by rejuvenating your mind and body at the Ayurvedagram Heritage Wellness Centre. This health and wellness resort uses age-old Ayurvedic formulas to treat a variety of problems. Packages are available, which includes various healing programs, beauty treatments and Yoga. Head and face massages, herbal steam baths, you have it all here.   The soothing and serene environment, coupled with a refreshing massage, will take you to a world of peace and harmony. The wellness resort is located in Hemandanahalli, Samethanahalli Post. Once your mind is again active and your body healed, it’s time to shake a leg or two at the Opus Out Of The Box in Doddanekkundi Industrial Area, Mahadevpura. Here, the legendary Kroak Nights are fun. You may even win free shots at the bar. There’s yet another activity you must do. It’s dining in the dark! Dialogue In The Dark, located in 62, 2nd Floor, Phoenix Market City, provides a unique experience. Even though the cuisine is mostly Indian, the concept is very international. This awareness-raising concept is basically a part of a global campaign and brand. There is complete darkness. And the guides are blind. However, you will be surprised with their professionalism. You may not see anything initially, but the blind guides will help you out. Let your senses take over while you soak your taste buds in an experiential meal. *Source: https://lbb.in/bangalore/10-things-to-do-in-whitefield/

Looking For A School In Whitefield? These Are Worth Considering

Dec 12, 2017 10:19 AM

If you are settling in one of the most family-friendly cities in India, Bengaluru, or Bangalore, as some may still like to call it, one of the primary responsibilities as a parent is to choose a school from a plethora of educational institutions. Being a highly cosmopolitan city that has retained its congenial atmosphere towards kids and families, Bengaluru is home to some of the best schools in the country. However, this article is not about the top schools in Bengaluru. Instead, we are going to zoom in on some the leading schools in one of the most-loved areas of Bengaluru – Whitefield. This means, you have already settled or about to do so in Whitefield. If finding the top schools in Whitefield is your top priority now, you have come to the right place. With so many boards to choose from, it is alright to get confused. But hey, you have already mastered the art of parenting! Finding a school for your child won’t be that difficult. In fact, this post will make your job easy. Guaranteed! It will help you narrow down your search to a great extent. The list below does not follow any ranking. The Foundation School This co-ed institute offers day classes to all the students. It is known for a truly global learning environment. The school believes, providing such an environment will turn the students into independent thinkers and decision-makers. Extracurricular activities include sports, theatre, painting, music and dance, arts and crafts, and much more. Address: 489/14, Borewell Road, 3rd Cross, Whitefield, Bangalore – 560066 Phone: +91 – 69999113, +91 – 9740199907 Email: whitefield@foundationschoolindia.com Website: www.foundationschoolindia.com/index.html Samskrithi Academy This co-ed institution also offers day classes for its students from pre-primary to higher levels. There is a host of extracurricular activities too apart from academics. Address: No.360/361, Outer Circle, Whitefield, Dodsworth Layout, Bengaluru, Karnataka - 560066 Phone: +91 9663260022, +91 – 9663250022 Email: admissions@samskrithiacademy.com Website: www.samskrithiacademy.com/index.php/index The Bangalore School The school offers co-ed facilities and also provides day classes to its students. It is a stepping stone for many students, as the pre-school prepares students for admission to other schools under ICSE, CBSE, and other boards. Students here enjoy numerous facilities, such as brain gym activities, art studio, work studio, kitchen science, theatre, ball pool stations, sand play, water play, and storytelling using puppets. Address: #307, Inner Circle, Whitefield, Bangalore – 560066 Phone: 08028456043, 7411320007, +91 – 8197699569, +91 – 80 – 28450003 Email: admissions@theBangaloreSchool.in Website: www.thebangaloreschool.in The Vydehi School Of Excellence  The school is a co-ed institution and offers day classes to all its students. Teachers follow the CBSE style of education from pre-kindergarten to class IX. Some of the extra-curricular activities include storytelling, chess, field trips, pottery classes, clay modelling, dance and music, and arts and crafts. Address: 82 EPIP Area, Vydehi Campus, Whitefield, Bengaluru-560066, Karnataka Phone: +91 – 80 – 46636000, +91 – 80 – 46636000, 9538111188, and 9886257035 Website: www.vydehischool.com/ Chrysalis Kids This co-ed institution provides day classes to its students. It is basically Chrysalis High’s kindergarten wing. Classes continue from play school up to the senior kindergarten level. A lot of attention is paid in developing kids’ personalities via activities such as storytelling, texture exploration, hand printing etc. Address: #3 & 4, Giddens Layout, Behind Food World, Whitefield, Bangalore – 560066 Phone: +91 7022376607, +91 7022376608 Email: support.whitefield@chrysaliskids.com Website: www.chrysaliskids.com/index.html Whitefield Global School The day school offers co-ed teaching and follows the CBSE style of teaching from pre-primary to high school level. Students enjoy a host of extra-curricular activities, such as personality development, story writing, essay writing, elocutions, debates, painting, sculpture, music, puppet-making, dancing, art & craft, pottery, mask-making, clay art etc. Address: KRS Garden, Channasandra Main Road, Near Hope farm Circle, Whitefield, Bangalore 560066 Phone: 91-80-28453443/ 28450000 / +919741777129 Email: office@wgs-cet.in, enquiry@wgs-cet.in Website: www.wgs-cet.in/index.html Maple Bear Canadian School If your child is between eight months and eight years, this school is a great option. The teachers divide students according to age to place them under various teaching patterns and programs. Instead of focusing on any particular board, the school improves the overall personality of the students and also their academic levels. Address: No. 14, IAS House, Subbarao Compound, Whitefield Main Road (Opposite Ganesha Temple), Whitefield, Bangalore – 560066 Phone: 09902338532, 09945085866, 09900116452, 08095112266 Email: centrecoordinator.whitefield@maplebear.in, admin.whitefield@maplebear.in Website: www.maplebear.in/whitefield/ Glentree Academy This co-ed school offers boarding facilities to its students. The CBSE pattern is followed from nursery to senior. Apart from academic activities, there are also a number of extracurricular activities such as martial arts, western dance, Indian classical dance, gardening, painting, theatre, instrumental music, yoga and more. Address: Palm Meadows, Nallurhalli, Whitefield, Bengaluru, Karnataka 560066 Phone: 18002005444, (toll free), +91 – 080 – 22741190, +91 – 080 – 65350066 Email: Admissions@glentreeacademy.com Website: www.glentreeacademy.com/index.php Vibgyor High School This co-ed school has classes from one up to senior secondary school. Boarding facilities are available. The school follows the IGCSE and ICSE patterns. There are a plethora of extracurricular activities to choose from. Address: 58/1, Thubarahalli, Whitefield Road (Marathahalli), Behind Sriram Samriddhi Apartment, Bengaluru-560066 Phone: 1-800-3000-1600, +91 – 080 – 42777000, + 91 – 080 – 33725600. Email: helpdesk.vh15102@vibgyorhigh.com Website: www.vibgyorhigh.com Deens Academy Deens hold classes from lower KG to senior secondary. The CBSE syllabus is followed. The school offers a number of language options, such as Sanskrit, German, Kannada and Hindi. Day classes are offered here, and this is a co-ed school. Deens Academy is known for its unique ways of teaching students. Address: No. 64/1 & 65/2, ECC Road, Whitefield, Prithvi Layout, Whitefield, Bengaluru Karnataka – 560066. Phone: +91-080-28457764, + 91 – 080-28457765, +91 – 080-28457693 Email: admissions@deensacademy.com, ao@deensacademy.com, Website: www.deensacademy.com *Source: Mom Junction

Whitefield Restaurants Every Food Lover Must Visit

Dec 06, 2017 05:53 PM

Even a couple of decades back, anyone would have described Whitefield as a place outside the Bengaluru main city. Today, it is one of the primary settling places for people. It is one of the foremost residential and commercial hubs that have a mix of premium as well as affordable housing options. Real estate builders and developer are having a tough time in meeting the demand for housing in the locality. Naturally, Whitefield has its share of restaurants, eateries and cafes. It has a lively food culture. There are delicacies that should not be missed. Why Whitefield? When it comes to food, Whitefield has its significance in history tied to the British era. Hence, it has retained some its connection to food with the bygone era. Today, with the ever-expanding city limits, Whitefield is an integral part of it. The many IT Parks have attracted people from all over the country. Hence, the restaurants have adapted to the modern taste buds of the people living here. There is also a section that has grown tired of the mainstream restaurants in Bengaluru. Yummy Sicilian Delicacies... Anyone? Hence, they too are on the lookout for new restaurants with different recipe tastes. Whitefield offers exciting options, and people throng to this place for a great culinary delight. One such great option is Toscano. The restaurant has in fact become synonymous with Italian food in Bengaluru. If you ever visit here, you will never be disappointed. For a true Sicilian dining experience, Toscano is where you should be. Savour their Tiramisu, melon Prosciutto, and their Parma Ham. Beer, Sushi and European Delights A fairly recent addition to Whitefield’s nightlife is the Biergarten. It is a happening location where people enjoy freshly brewed beer with incredible European cuisine. There is a huge and ethereal outdoor seating area. Major sports events are always screened live at Biergarten, making it one of the most happening eateries in Whitefield, Bengaluru. Next up is The Fat Chef, a cult favourite in Whitefield. Head to this restaurant if you find it difficult to choose between sushi and steak. The restaurant has stood the test of time over these years. Live Music Adds To The Fun Many visit The Fat Chef to enjoy the Old Bangalore feeling. The ambiance is most-relaxing. Another positive about the place is you can bring pets. It is an animal-friendly restaurant. Yet another microbrewery in the heart of Whitefield is the Windmills Craftworks. You will also find a Jazz Theatre here. The food here is simply delectable. The presence of live music makes the food even more enjoyable. Those who are not aware, Windmills Craftworks is known for its unique way of taking orders. Everything happens through a tablet. This is one place you should never give a miss. The Perfect Kerala Experience In Whitefield The Salt Mango Tree is known for the signature dishes Cheerayilkonju, Chemeen Kakkan, and Thalassery Biriyani. This restaurant promises a thorough Kerala experience, and delivers just that! You don’t have to go through a long and confusing menu. It’s short and sweet, and worth every bite. Every dish is prepared with great care, and is focused and compact. Moreover, Salt Mango Tree is located away from the hustle and bustle of Whitefield. This makes this place even more enjoyable. For Those Laidback Moments Another restaurant that aims to showcase the bygone era of Anglo-Indian culture against a colonial setup is The Whitefield Arms. It is an excellent place for family get-togethers or for a drink. It is part of the Waverly Hotel/VR Mall. The USP of this place is the outdoor seating area, though it also has a petite indoor seating. The ambience is very laidback and enjoyable. The seating is also comfortable. In order to truly soak in the mood, one should always sit outside. With the lights on in the evening, the outdoor looks beautiful. Delicacies, Grills & Thalis Some of its loved dishes are Mulligatawny Soup, Haymarket Stacked Salad, Mushroom Poppers, Chicken Pantra, Devil Chicken Fry, TWA Chips (Cheese and Gravy), Beef Tenderloin Burger, Vilayathi Veg with Saffron Rice, Railway Mutton Curry, Classic Carrot Cake, Chocolate Sin, and Saffron Poached Pear Crumble Sundae. If buffets are your thing, you can always have a quick one in Barbeque Nation. They offer over 50 dishes with unlimited grills, starters, main course and desserts, writes NDTV Food. The restaurant knows how to delight its customers every time they visit. If you want to satisfy your pure vegetarian instincts, head to the Rajdhani Thali Restaurant. You will love their Marwadi Kadhi, Daal Baati Churma, Jalebi with Rabdi. The joint serves both Rajasthani as well as Gujarati foods, made of pure ghee. The buffet will consist of 2-3 farsans, 8-10 main course items and three desserts. Thus, whether it is a family get-together, a team lunch, a blind date or a family dinner, Whitefield will surprise you with its eateries and restaurants The restaurants listed above provide a hassle-free and memorable food munching experience. Make sure you try out every single of them. Happy munching!

Central Government Employees Welcome HBA Changes

Nov 10, 2017 01:10 PM

In order to provide a significant boost to the housing sector, the government on Thursday made some incredible changes that have come as a surprise to all central government employees. It has more than tripled the amount such employees can borrow from the government. Yes, it is now INR 25 lacs, compared to a previous INR 7.50 lacs. The government also revised the Housing Building Advance (HBA) rules top keep in line with the recommendations of the 7th Pay Commission.   Now, central government employees can borrow a maximum of INR 10 lacs, as against earlier INR 1.80 lacs, for expansion of houses to 34 months of basic pay. Even the cost ceiling limit of a central government employee’s house that he wants to purchase or construct has been increased to INR 1 crore. For deserving cases, there is also a provision for upward revision of 25 percent. Earlier, this amount was only INR 30 lacs. The government mentioned in a press release that this will provide a significant boost to the housing infrastructure sector.   “People can now migrate from home loans taken from financial institutions and banks to HBA, if they so desire. This attractive package is expected to incentivize the government employee to buy house/ flat by taking the revised HBA along with other bank loans, if required,” the government mentioned.   With this new package, both spouses can now apply for HBA jointly or separately. Earlier, only one spouse was eligible. Any house purchased or constructed using HBA will be automatically eligible for insurance with private insurance companies. These companies must be approved by the Insurance Regulatory Development Authority (IRDA). According to ET Realty, employees have to “pay the principal first in the first 15 years, in 180 monthly instalments, and interest thereafter in next five years in 60 monthly instalments.”   The rate of interest on HBA will be reviewed every three years. This rate has been fixed to 8.5 percent as against an earlier four-slab structure, where the rate varied between 6-9.5 percent for loans ranging from INR 50,000-INR 750,000. The proposal to add 2.5 percent above the prescribed rate while sanctioning HBA has been withdrawn.

SBI, India’s Largest Bank, Reduces MCLR

Nov 01, 2017 02:27 PM

In its earlier fourth bi-month monetary policy review, the Reserve Bank of India (RBI) asked banks for better transmission of earlier rate cuts made by the Central Bank. It did not change its key interest rate of six percent. Now, the State Bank of India (SBI), India’s largest bank, has slashed its key lending rate by five basis points. It is the first time the bank has done this in 10 months. The cut is of 0.05 percent across maturities. The rate cut is now active. SBI announced this on its official website. SBI last made a reduction in the marginal cost of funds based lending rate (MCLR) on Jan. 01. Now, the MCLR is down to 7.95 percent from an earlier eight percent. The rate for 3-year tenures has been lowered to 8.10 percent from 8.15 percent. MCLR on overnight borrowings has also been slashed from 7.75 percent to 7.70 percent. Another public sector lender, the Kolkata-based Allahabad Bank, slashed its MCLR rate by 0.15 percent across all maturities on Tuesday. Thus, the one year MCLR rate has come down to 8.30 percent from 8.45 percent, effective Nov. 01.

RERA & GST Driving Indian Real Estate Investments

Nov 01, 2017 10:53 AM

India’s real estate sector has witnessed a number of developments in a short span of time. The country is on a growth spree. Rapid urbanisation is the buzzword. Housing for All is the ultimate dream. Even though demonetisation did have a slumping effect on the economy, it bounced back once Real Estate (Regulation and Development) Act, 2016 (RERA) and Goods and Services Tax (GST) kicked in. These two incredible initiatives have injected the required strength for the economy to turnaround. Of course, there still is a little bit of uncertainty prevailing in the market. It is only a matter of time that homebuyers, developers, and every other real estate player are on the same page. It is widely believed by many that RERA and GST will go a long way in ensuring efficiency and transparency in the economy. They are also expected to instil buyer confidence, and also boost investments in the real estate industry. In short, this is an evolving phase for the economy. Hopefully, things will change for the better in coming months and years. While GST has freed investors and buyers from the clutches of numerous state taxes at various levels, RERA has proved instrumental in fuelling the growth of the real estate sector in general. GST has removed the double taxation impact, while RERA has provided homebuyers and developers a level-playing field, ensuring time delivery of projects, fair practices and clarity. Homebuyers’ interests are now protected. Errant developers will be penalised. Due to RERA, developers and buyers will have the same type of information regarding projects. Buyers now have more housing finance options due to more requirements for homes and advent of affordable housing. Realty will soon pick up more pace. In order to reduce the overall cost of a home, the high cost of construction and land must come down. RERA will likely align the sector and make this possible. A reduction in transfer of development rights (TDR) and ready reckoner rates will solve the problem to a great extent. Developers have responded well to RERA and GST. They won’t likely pass any extra burden to the end consumer. GST is expected to make the construction sector flourish. The current rate for under-construction development assets is 12 percent on the property value. This includes land. Developers are now liable to input credit for paying excise on steel, fittings, cement etc. These costs were included in the cost of property. GST will benefit the NRI community greatly, boosting foreign investment. NRIs will now have a flawless, all-inclusive channel.

Whitefield in Bengaluru: A Top Real Estate Investment Destination for Great Returns

Oct 23, 2017 12:07 PM

Whitefield in Bengaluru is not only one of India’s top tech hub but also Asia’s. There has been accelerated growth in this locality. Not many areas in India have witnessed such stupendous growth. Homebuyers’ interest in this suburb continues unabated, as prices of properties steadily rise. In the period July-September 2017, the average price value of upper range properties in Whitefield is INR 6,678 per square feet, lower range properties is INR 3,493 per square feet and average properties is INR 5,310 per square feet. Bengaluru is one of India’s fastest growing metros. This growth has been the result of IT and ITeS services industry. Whitefield has changed radically as a result of the growth of this industry. The earlier small cantonment town has suddenly become the real investment destination for both homebuyers and developer alike. The history of Whitefield goes back to the late 1800s. It was primarily a Eurasian and Anglo-Indian community. During the late 1990s, the IT sector boom transformed this locality into one of the most sought after suburbs of Bengaluru. Due to Whitefield’s proximity to major IT hubs, investing in properties here is always a good decision. One can easily rent out one’s property due to strong demand for such properties. Appreciation values are also increasing. Due to Whitefield being a brimming real estate hub, one can enjoy a number of options for eating out, shopping and nightlife. There are a number of large format retail outlets. All top national and international brands are present here. Buying an apartment in Whitefield is easy because of the plethora of options. One can find all types of apartments in Whitefield. The demand for middle-income properties is on a high. One can choose from gated communities, villas and premium apartments. The residential apartments enjoy top priority from IT sector employees. However, Whitefield has its share of problems, which are mostly by-products of the rapid growth the area has been witnessing. Traffic congestion and pollution are the top problems here. The air quality here is one of the worst in the city. On a positive note, civic authorities are undertaking massive cleanup activities to take Whitefield to international standards. While Whitefield is also known for terrible traffic snarls, the Namma Metro is expected to be a big breather for the locals here. The festive season is on, and this is the perfect time to invest in a property in Whitefield.

Real estate developers showing interest in affordable housing units; A 27% jump witnessed in new units launched

Oct 11, 2017 01:46 PM

The Government’s decision to incentivise affordable housing through industry status has resulted in the sector recording a surge of 27 percent in new units launched year-on-year. This is across top eight cities in the country. Numerous developers are coming forward to develop affordable housing projects. In 2017, more than 26,000 units have been launched up to now. Out of the total affordable units newly launched, 40 percent were in Mumbai, followed by Kolkata and Pune. About 10,500 units have been launched in Mumbai. According to a Cushman & Wakefield report, there has been a significant drop in new launches of luxury and high-end units. The former has seen an 84 percent drop and the latter, a 66 percent drop. As the demand for affordable housing units is massive and mostly unmet, more and more developers and consumers are taking interest in these houses. Developers now have more funding options, “such as ECB, FDI and debt financing from national financial institutions at highly competitive rates,” thanks to the Central Government. However, Anshul Jain, Managing Director of India Cushman & Wakefield, believes that affordable housing projects in Tier-1 cities area challenge because of land cost and availability of such land in established locations. The strong trend that affordable housing is showing is here to stay though. This is more so because of Indian government’s focus on “Housing for All.” To keep the momentum going, a number of added incentives on land acquisition costs are needed. The largest component of project cost is the land cost. Despite a 27 percent surge in new launches of affordable units, the overall residential launches have recorded a 33 percent decline. From January-September 2017, this figure stood at approximately 60,000 units. There could be continued scepticism from developers with respect to new launches. Even end-user sentiments will remain cautious. This will lead to developers focusing greatly on their unsold inventory. They will come up with attractive offers, gifts, freebies, payment options and discounts, and make full use of the festive season. According to ET Realty, Mumbai has witnessed the highest number of launches until September, more than 19,400 new residential units. Of these, about 10,000 have been affordable housing units. This is a 300 percent rise over same time in 2016. Mumbai is followed by Pune at 8,400 units and Bengaluru at 8,200 units. This is a year-on-year decline of 41 and 48 percent, in terms of total number of residential units launched.

High Hopes For Yelachenahalli-Anjanapura Metro Stretch

Sep 26, 2017 12:36 PM

According to Bengaluru Development Minister K J George, civil works on the Yelachenahalli extension will be over by March. This means that the metro will start plying to Anjanapura Township from December 2018. Most of the onsite work on Kanakapura road is now complete. Mr. George recently briefed reporters after studying the 6.6km stretch, and as per him the work on roads where the traffic condition is worst has been completed. The stretch reportedly has five stations. The Bangalore Metro Rail Corporation Ltd (BMRCL) is also considering possible future needs and keeping provision for extending the elevated stretch to Kanakapura in future. Moreover, work on the Byappanahalli-Whitefield corridor in going at full swing after BMRCL settled certain land acquisition issues. BMRCL managing director Pradeep Singh Kharola said that the Yelachenahalli-Anjanapura elevated stretch forms 60kms of the 72kms in Phase 2. It can be built faster than the underground section.

BBMP Using Cost-Effective Micro-Milling Tech To Repair Potholes From Root

Sep 26, 2017 12:18 PM

Bruhat Bengaluru Mahanagara Palike (BBMP) is reportedly using highly sophisticated machinery to repair potholes on Bellary Road as a part of the first phase of the repair drive. The new technology is known as micro-milling. It is one of the most proven technologies to treat potholes and the technology is highly cost-effective. When BBMP was filling up potholes with patchwork, the work was not appreciable because of overlaying. Moreover, the cost was significantly higher, almost INR 300 per square metre. The micro-milling technology has brought down the cost to INR 45 per square metre. The method requires workers to dig a one square metre space from the pothole till its base. The space is then filled with hot mix. Asphalt and cement are also used to seal the holes. This way, the workers are able to fix the potholes from its base. Another method is to mill a one-foot portion from the footpath. This allows the water to taper off, not causing any water-logging or depression. “This step is very essential to for micro-surfacing of road which will entail providing a 6mm layer of work called Road doctor, which will prevent potholes for another three years. There are only 12 such milling machines in the country. The machine we are using has been brought from Pune. As part of the first phase of repair work, Bellary road will be taken up,” a top BBMP official told BangaloreMirror.

13 Metro Stations To De congest Byappanahalli to Whitefield Roads

Sep 25, 2017 11:49 AM

The Namma Metro Purple Line extension from Byapanahalli to Whitefield is happening, and Bangalore Metro Rail Corporation (BMRC) has already released the final alignment. There will be 13 metro stations in the 15.5km stretch. This extension will be a dream-come-true for many as it is expected to decongest Whitefield and Mahadevapura roads. The work has already begun and construction will include widening of roads. There is a 27-month deadline for the contractors to complete the line. The agency has already taken permission of the forest department as the station at Kadugodi requires some land from the forest area. The Whitefield’s Metro alignment map at first omitted the Whitefield station that led to confusion. However, Pradeep Singh Kharola, MD, BMRC, in a statement to TOI clarified that none of the stations have been dropped from the alignment and that there was a printing error. The corporation corrected the mistake without delay and uploaded a new map.

Home Buyers Must Make Use Of The RERA Website Before Fixing On Properties

Sep 21, 2017 12:05 PM

Before RERA, taking real estate investment decisions were difficult due to an information asymmetry. Post July 31, this has changed. RERA has been hailed as a major step forward. Under the act, all ongoing or new projects that exceed 500 square metres or have more than eight apartments must get registered with the real estate regulator, in case the developers want to advertise and sell the units. The developers have to upload all details about their projects on the RERA website. Localised search made possible by RERA website As is evident, homebuyers looking to buy property should visit the RERA website before taking any property decisions. If you want to buy a property in Whitefield, Bengaluru, all you have to do is visit the official website and click on “Registered Projects” under the “Registration” tab. You will find the “Advanced Search” tab, where you need to enter additional details about the developer you want to go for, the locality and the area. The list of registered project in the locality you are searching will be displayed. RERA-registered developers will be automatically trusted One you have selected the project you are interested in, the website will provide all relevant information about the developer and its projects. Even the track record of the developer will be available. This is a big difference as a developer’s quality of construction and timely delivery are two very important factors in home buying. You will be able to know whether a particular developer has a good standing in a particular area. The financial details of the developer may also be checked. Complete details of projects It is very important for a homebuyer to have a complete understanding exact project layout, approved plans, clear title, carpet area etc. All of these details were extremely difficult to find earlier and many a times mislead the buyer. When booing an apartment in an under-construction project, you will also be able to know how many units have already been booked. This will indicate the demand for the project. Is the construction as per schedule? All details are provided on the RERA website. Real estate agents must register under RERA too Earlier, these agents were never held accountable and were not even required to get registered. Their services were even not a part of the formal process. This has changed as the website now has information on real estate agents who are authorised to deal in particular projects. The agents include brokers, property dealers and other third parties. They must have their registration numbers to participate in any home selling process. IN case of false claims and statements, the agent will be held liable and penalties will be levied.

LIC Housing Finance Has Big Plans for FY 2017-18

Sep 20, 2017 10:18 AM

Recent reports have revealed that LIC Housing Finance Ltd. could be disbursing over INR 50,000 crores during the current financial year. Mr. Vinay Shah, Managing Director and CEO, LIC Housing Finance Ltd., stated that his company has recorded a total disbursement of INR 41,541 crores in the last financial year with a growth of 15 percent. This year, the company is aiming at crossing the INR 50,000 crores mark. The income increased by 16 percent with Profit after Tax at INR 1,931 crores. The company also witnessed a growth rate of 17 percent in the retail segment and disbursement until August was about INR 15,000 crores. Mr. Shah also stated that the company is planning to raise INR 55,000 crores in NCDs in the current financial year. The money will reportedly be raised as per the need. During the company’s Annual General Meeting in August, the board had approved the proposal to raise up to INR 57,000 crores. Mr. Shah believes that there has been a bit of a slowdown in demand with respect to real estate. The implementation of the Goods & Service Tax, demonetisation and RERA, all happened in a span of six months, forcing people to adopt a wait and watch approach. They were not ready to go for property buying during the phase. According to ET Realty, LIC Housing Finance Ltd. had secured an order book size of INR 147,051 crores during the last financial year.

Brace For Change: Bengaluru Real Estate Market To See Housing Demand Revival

Sep 18, 2017 02:16 PM

The common belief among real estate developers and experts is that the market is reviving and that housing demand is going to shoot up again in Bengaluru. Major IT companies are coming back with new hiring plans and pay scales are going up too. Due to RERA, GST, the Union Budget and demonetisation, homebuyers and developers went into an observing mode. Sales dipped and so did construction of new projects. Now that the worst is over, there is a chance that the huge supply-demand gap will shrink. Positive Signs Everywhere The government is trying its level best to rope in big developers to invest in MIG category houses, as it is this category that will witness an upsurge of demand. Moreover, renowned developers are also being asked to wholeheartedly participate in the Housing For All 2022 project. All these are positive signs and soon Bengaluru will see real estate activities happening full throttle. The suburbs will likely be the next big real estate destination with the peripheral areas already becoming real estate hotspots. Suburban & Peripheral Areas A Hit The new Floor Area Ratio (FAR) has led to a drop in the average built-up area being offered by promoters. Land prices are comparatively lower than in the main city. Hence, both developers and homebuyers are getting drawn towards the suburban areas where plenty of budget-friendly properties with sophisticated infrastructure are coming up. Post RERA implementation, the industry forecast is very much in favour of Bengaluru real estate. It is only a matter of time that the residential market will see a revival in both the budget and luxury brackets. INR 40-50 Lac Houses In Top Demand The middle-income apartments are a craze now and they have a typical set of buyers, mostly IT professionals. These professionals require properties that are in close proximity to their workplaces. They also demand decent infrastructure, easy access to academic and healthcare facilities and hassle-free commute, all at competitive prices. Recent studies on Bengaluru property market have revealed that properties in the range of INR 40-50 lacs are in maximum demand. Limited Resources But Increasing Homebuyer Demands Most property buyers in Bengaluru are in the lookout for affordable units providing multiple facilities. As a result, the luxury housing segment has taken a hit somewhat, although Bengaluru is the only Indian city that has seen a 45 percent spike in demand for luxury homes. However, luxury homes in peripherals have seen a drop in demand. Resources are limited but people are demanding more. In forthcoming quarters, the Bengaluru residential market will see a fresh supply of new homes. When Capital Values Dipped Most luxury projects are in the pipeline or in the pre-launch stage. There will be a reduction in capital values by 2-5 percent though. The primary reason for the dip in capital values, especially in the secondary market, is demonetisation. It impacted housing demand so much that “the entire volume of ongoing transactions came to an unexpected halt,” revealed Mahesh Somani, Chairman, National RERA Committee, NAR India. Moreover, rampant downsizing in the IT sector also added to the pain. Market Revival Is A Sure Thing! All these are changing. A change in real estate practices and economic policies have ushered in a lot of positivity in the Bengaluru real estate market. The primary market seems to be pretty stable now. Market revival is likely to get concretised once there is complete implementation of RERA throughout the country. The demand graph has already started showing signs of moving up in the ready-to-move properties having Occupancy Certificate. More and more developers are adjusting their business approach in these new times of transparency. Developers Getting Ready For The Festive Season Onslaught Housing demand is expected to rise manifold during the festive season because of the structural reforms that have upped buyer sentiments. Developers are also gearing up to cater to the pent-up demand. Last year, homebuyers chose to stay away from the market, primarily because of insanely high property prices, uncertain economic scenario and also execution delays. The festive season is considered auspicious for property purchase. Hence, developers are looking to increase their sales this year. “Most aspiring home buyers deferred their purchase decisions, preferring to wait until RERA kicked in fully. Though most developers offered compelling discounts and schemes, buyers stuck to their cautious approach during the last festive season,” Chairman of Anarock Property Consultants, Mr. Anuj Puri, told ET Realty. Bengaluru Real Estate A Safe Bet During the first half of 2017, the realty sector attracted institutional investments worth $1990 million due to progressive policies and a stable economy. The residential sector attracted 54 percent of the investment, which comes to around $1075 million. It is evident that the Bengaluru real estate remains a safe bet for the investment perspective. Areas such as Whitefield, city centre CBD, Mysore Road, Thanisandra-Hennur road and Kanakapura Road are the promising ones. The Namma Metro & Increase In Property Values Four renowned property developers in Bengaluru (Sobha, Prestige, Brigade and Purvankara) reported a marked increase in operational revenue in Jan-March 2017, over Jap-March 2016. The launching of new metro routes by Namma Metro is also leading to an increase in property values of surrounding areas. As the city is known for its massive traffic snarls, homebuyers are looking to purchase properties near the metro stations in order to make commuting easier. The state government is planning to raise guidance value of properties along metro lines this November.   Transparency & Trust Helping A Lot It is common belief that the professionalism Bengaluru developers show is far greater than any other city in India. This is yet another factor why more and more homebuyers are looking to invest in property here. This is also true for commercial property seekers. There is a basic level of trust that is never compromised in this city. The growth in economy is also bringing in a balance between office space absorption in the city and homes supplied. The property range offered here is also worth a praise. One can find all kinds of properties here and at varied price offerings. There are ultra-luxurious homes for NRIs and HNIs and there are also affordable houses offering better amenities and greater connectivity options. Up to now, it has been a tremendously eventful year for the Bengaluru real estate sector. More is coming! Don’t Forget To Read: Namma Metro To Make Bengaluru’s Whitefield Area A Real Estate Goldmine Simplifying PMAY & Government Efforts To Speed Up Implementation

RERA & India’s Home Loan Market

Sep 18, 2017 02:03 PM

The Real Estate (Regulation and Development) Act, 2016 brought with it a lot of anxiety and uncertainty among both home buyers and developers while it was getting implemented. Buyers were highly skeptical about where to put their hard-earned moneys in. Developers too were not signing any agreement with buyers before registering their projects under RERA as the act prohibits per-launch sales. The first quarter of the current financial year saw a marked decrease in home loan sales due to RERA implementation. Sudin Choksey, managing director of Gruh Finance Ltd., recently told Bloomberg that his company did not experience any slowdown as far as internal growth was concerned. The company experienced 23 percent growth in the first quarter and this growth, he believes, will continue for two more months of the second quarter. However, he did say that the higher end of the market could slow down as the rate of product launches has come down significantly. Previously, a number of developers used to do pre-launches. This can’t happen anymore. There is also movement of loans among lenders. A number of reports suggest that the growth in the first quarter was mainly driven by a transfer of home loans from public sector banks to private sector non-banking financial companies (NBFCs). However, Mr. Choksey believes the reverse is true, and that there will be more movement to public sector banks from housing finance companies. The value of transactions has also come down a bit though volume numbers have definitely improved. There has been an increasing number of loan applications compared to value growth. In general, value reportedly shows five to seven percent growth. Growth may have slowed down this year because of the focus brought in by government policies, but housing will grow in all probability. The growth will be felt next year onwards. The economy needs to be kick-started and pushed to a higher and better level. Mr. Choksey predicts a 20-25 percent loan growth for the financial year 2017-18. Meanwhile, MG Vaijinath, chief general manager, real estate & housing business of State Bank of India, believes that the process of home loan disbursals will settle down in the coming months as RERA has already been implemented in 25+ states. He is optimistic that growth will pick up during the festive season. Mr. Vaijinath predicts that the home loan market will grow 16-18 percent in coming years.

Namma Metro To Make Bengaluru’s Whitefield Area A Real Estate Goldmine

Sep 07, 2017 11:27 AM

When Bengaluru Development Minister K.J. George was recently asked, what his thoughts are on the Namma Metro, he was quick to respond saying that it is a dream come true for thousands of Bengalureans. Needless to say, every bit of it is true. The gleaming Namma Metro has become the new definition marker for this rapidly-progressing IT city. From North to South and East to West, the Purple and Green lines are a welcome sight for innumerable commuters who have had their patience tested, time and again, till they saw red. The North-South Metro corridor that runs from Nagasandra in the north to Puttenahalli in the South is a 24.20 km long stretch. The East-West corridor is an auspicious 18.10 km stretch, starting from Baiyappanahalli in the East and Mysore Road terminal in the West. The Namma Metro is the first project in India that was commissioned with 750V DC Third Rail on Standard Gauge. Mr. George believes that by the year 2025, the city’s Metro will be carrying at least two million passengers, as Bengaluru’s population will cross the 12 million mark. The air-conditioned coaches that appear every five minutes have made commuting enjoyable. Those living at the very edge of the city can now cover a distance of 30 km in less than 40 minutes. During peak hours, commuting this distance on road takes at least two hours. These silent trains have added to the beauty of the city, and just like world-class cities, Bengaluru now has a world-class metro. The city has set the standards high with the injection of metro connectivity, and soon these stations will become cultural centres, like the MG Road station. The Trending Real Estate Market Of Bengaluru The 42 km metro corridor is expected to boost Bengaluru’s real estate market like never before. According to The Economic Times, capital prices have already increased approximately by 150 percent in the last five years in areas that are close to metro stations. In the next quarter, the prices are expected to go up further by 10-20 percent. The current goldmines of Bengaluru real estate are Whitefield in the East, New Airport stretch in the North and Koramangala to Electronic City in the South. Localities with the highest yields (average of four percent) are AECS Layout (4.4%), Hoodi, Banaswadi, Bellandur, BTM Layout, Horamavu, Hosa Road, Marathahalli, Panathur, Sarjapur Road, Varthur, and Basavesh. On the other hand, the localities that have the lowest yields (average of two percent) are Kanakapura Road, Malleshwaram, Rajajinagar, Sanjaynagar and Basaveshwaranagar (1.3 percent). During the period July 2016 to June 2017, there has been a 33 percent rise in the number of Bengalureans looking to buy property. There has been a five percent increase in capital prices overall compared to 2016. There has also been a one percent rise in property prices, less than one percent drop in ready-to-move properties, a three percent rise in prices of under-construction properties this quarter and 40 percent rise in demand for low-budget properties that are below INR 80 lacs and in the INR 6,000/square feet category. However, two-thirds of property demand is for the affordable housing segment, and time taken to finalise a property deal is now seven months, compared to four months in 2016. Hello Whitefield! The luxury living segment has been more or less stagnant in the rest of India. However, Bengaluru has seen a 45 percent rise in demand. The city is going the apartment way and villas are a niche now. Whitefield will benefit greatly from the Namma Metro as it is a major IT hub. Property prices in this area will witness a significant increase in near future. Currently, average price values (April-June 2017) are in the range of INR 3,866 per square feet to INR 6,637 per square feet. With improved connectivity, residential and commercial values are set to go up further. Population density will also increase in Whitefield, as it is within the metro route. Areas that are close to metro corridors have an edge of other areas, both in respect of travel time and cost advantages. The demand for 2 and 3 BHK units have already gone up in Whitefield in the mid to high-end housing projects. In 2015, a residential property that had a sale value of INR 6,900 per square feet was priced at INR 7,500 per square feet in 2016. It is an appreciation of about nine percent. Apart from improved metro connectivity, Whitefield has seen numerous projects getting launched, as it is a major employment hub. The metro route will allow people to explore new areas to buy property in Whitefield. According to independent property consultancy Knight Frank, Bengaluru’s east and south contributed about 69 percent (16,754 units) out of 24,281 new launches in 2016. Top IT companies like IBM, Oracle, Wipro etc are in Whitefield. With influx of more working people in Bengaluru, demand for property is going to break the roof. Other Factors Contributing To Increased Property Demand In Whitefield Whitefield, which was a small village until the 1990s, has become a major job giver in recent times. The Export Promotion Industrial Park (EPIP) is one of India’s first IT parks. The area is also surrounded by prominent areas such as KR Puram, Bellandur, Marathahalli and Mahadevapura, all residential and commercial property pullers. The railway station is about three kilometres away. The Kempegowda International Airport is about an hour via NH44 or SH104. The Electronic City is just 40 minutes away. Speaking of social infrastructure, Whitefield has a plethora of top educational institutes, multi-specialty hospitals, shopping centres and star-rated hotels. Investing in property in Whitefield means, people will be able to traverse the city’s retail and business centre points in minutes because of the Namma Metro. They do not have to battle it out on the congested streets. The metro will not only remove traffic bottlenecks but in turn make Whitefield a more alluring business destination. Share your thoughts below on metro’s impact on Whitefield property prices.

Simplifying PMAY & Government Efforts To Speed Up Implementation

Sep 06, 2017 12:09 PM

The Indian Government has set a very ambitious target under Pradhan Mantri Awas Yojana (PMAY) Urban to build 12 lac houses in the period 2017-18. Only 1.49 lac houses were built until 2016. The Centre has set a tall target of constructing 26 lac houses in 2018-19, 26 lac houses in 2019-20, 30 lac houses in 2020-21 and 29.80 lac houses in the period 2021-22. In order to meet such targets, the government must adopt an exceptionally sustainable and highly innovative urbanisation model that will become a model for the world. Innovation & Sustainability The Key To PMAY’s Success There are two major challenges that must be met. One, compress speed of construction and two, how to use technology. Other challenges such as scarcity of land, water and gas are also there. Niti Aayog CEO Amitabh Kant recently said that for the next four to five decades, India will witness greater urbanisation than she has witnessed in the past 5,000 years. Only innovative and sustainable urbanisation can help India achieve this dream. Experts have suggested the use of global technologies for affordable housing so as to reduce duration of construction. Global Experts To Showcase Incredible Construction Technologies Affordable housing is not possible if houses are built in three years. The massive rate of interest won’t make it feasible. Instead, Kant says that the affordable house must be constructed in three to four months and that is possible only with the use of global technology. A top government official has revealed that the Centre will soon be inviting global companies to showcase their construction techniques and technologies. Then it will select the ones most suitable to construct affordable houses for the Indian poor. Global Experts To Compete In A Challenge To Speed Up PMAY This move is very much in line with Government’s PMAY Urban initiative, which aims to provide “pucca” houses to every poor family by the year 2022. D S Mishra, who is the Housing and Urban Affairs Secretary, mentioned that there is a dearth of 1.2 crore houses in urban areas at present. Mr. Mishra even hinted at a possible “affordable housing construction technology challenge” that will complete housing projects in 90 days, instead of the current two to three years. Global construction technologies can make this possible.   Foreign Technology, Indian Material The challenge will involve global firms using their technology and local material Indian material to build houses at minimum duration and minimum cost, at the same time, adhering to building norms present in India. A report on ET Realty states that the provider of technology will have to partner with private or public local firm. They will also be provided land at six or eight places where they have to demonstrate the superiority of their technologies. If implemented, this move would also inspire private builders to join the affordable housing initiative. India To Have Advanced Construction Technology In 18 Months? The Ministry is reportedly preparing the framework for challenge and has also organised a round-table meeting on the India Housing Construction Technology Challenge (IHCTC). Various stakeholders participated in the meeting. If everything goes according to plan, India will have global construction technologies within 18 months or so and that would be capable of building houses within a much shorter time. Moreover, global capital flow into Indian real estate is also set to increase. How The Common Man Benefits From PMAY? The PMAY is a nation-wide scheme that assures people that they can purchase affordable houses within their financial capabilities. Under this scheme, the economically weaker section (EWS) with annual income of below INR 3 lacs, and lower income group (LIG) with annual income of INR 3-6 lacs are eligible. However, they should not own any pucca house under their name or in the name of their family members anywhere across the country. These two sections of the society will benefit immensely from the PMAY scheme. The scheme comes with the promise of greatly decreased rate of interest. Anyone from EWS or LIG availing a loan amount of up to INR 600,000 will have a 6.5 percent rate of interest to pay as against the current market rate of 10.5 percent. This drastically reduces the amount to be paid as EMI. The interest subsidy will be there for 15 years from the date the loan is dispersed. A subsidy will also be granted by the Central Government that will range between INR 100,000 to INR 230,000. This subsidy must be used only for purchasing a house under PMAY. Aged and disabled homebuyers will get preference for the ground floor houses. Women will also be preferred during house allotment. As per the directives issued by the government, all houses constructed under the PMAY scheme must use eco-friendly construction technologies. Moreover, those from the EWS and LIG can also avail a loan if they already possess a house but needs renovation or extension. The loan can e availed if a person from these mentioned sections wants to build his own house and not one being constructed by the government. For renovation and extension, the carpet area must be up to 30 square metres for EWS and up to 60 square metres for LIG. The loan would not be granted if this condition is not fulfilled. Broadly speaking, the PMAY scheme will contribute greatly to the development of slum areas. Private participation will help a lot in making things happen. When compared to previous housing schemes, PMAY has a subsidy of 6.5 percent compared to one percent in other schemes. Women are at a 100 percent advantage, whereas with other schemes, the benefit was only up to 30 percent. In terms of grant to the beneficiary, PMAY’s figure is INR 1-2.3 lacs, compared to up to INR 75,000 for other schemes. For SC/ST, PMAY offers 100 percent advantage compared to up to 50 percent for other housing schemes.

Bengaluru Rejoices Introduction Of Baiyappanahalli-Whitefield DEMU Train

Aug 22, 2017 12:07 PM

The Baiyappanahalli-Whitefield traffic is perhaps world famous. It is not uncommon to see social media users commenting, sharing and liking memes and jokes on the traffic that haunts people commuting on this stretch. The stretch has become a social media joke and Bengaluru people are not happy about it. However, at the same time, the morning rush hour traffic takes toll on peoples’ jobs, peace of mind and also health. In fact, there have been instances where people had to change jobs to stop commuting on the Baiyappanahalli-Whitefield stretch. Finally, there seems to be some respite. Authorities have finally risen from slack and introduced a Diesel Electric Multiple Unit (DEMU) train on Friday that will operate only on this traumatic stretch. Thousands of office-goers will benefit from this train as the stretch is undoubtedly one of the busiest areas in Bengaluru that sees a titanic influx of vehicles. The train will cover the 15km stretch in less than 30 minutes. This means, people who get stuck at places like K.R. Puram and Outer Ring Road for hours, will finally be able to smile and get to work. The authorities have thankfully kept the fare low so that everyone benefits. The ticket for the Baiyappanahalli-Whitefield route is INR 10 but with the option for quarterly passes, the fare may even go down to INR 6 per day. The DEMU train has a total of eight coaches and can accommodate up to 2,412 passengers. The train will start at 8:25 hours, halt at K. R. Puram and Hoodi, and reach Whitefield at 8:50 hours. The return journey from Whitefield will start at 18:15 hours. This new train takes up the total count of short-distance trains catering to the IT Hub to 15. There are five trains to Whitefield operating between 7:00 – 10:00 hours and six operating between 16:00 – 19:00 hours for return journey. The new service was launched through a video link by Railway Minister Suresh Prabhu. “This is an old demand of those in Bengaluru. Chief Minister Siddaramaiah has been meeting with us on the joint ventures for a number of projects and we are working on it,” he told The Hindu.

Common Mistakes First Time Homebuyers Must Avoid

Aug 21, 2017 04:39 PM

If you have taken the decision to have a house of your own, congratulations! It is this idea inside your brain that is your first step towards realising your dream. It’s no easy step and takes a lot of courage and determination. Now that you have the idea in your mind, what should be your next steps? Time is of essence here, as it is time or the lack of it that can play spoilsport in the realisation of your dream. When you are going to invest in a property, the primary thing to keep in mind is not to hurry. Never take hasty decisions. If something goes wrong, it will be a costly mistake. Be prepared, more so if you are a first time homebuyer. It does not take much time to book a property if you have the money. It is also not time-taking to get approved for a home loan. All these are necessary steps and can be taken any time. What is important is to make you prepared. Do your homework. It will go a long way in making your home-buying process easier. Take some time out to educate yourself on down payments, various types of home loans, analysing your purchasing potential and all the features you want inside your house. Here we have listed down some of the common mistakes that homebuyers often commit and regret. Not getting a pre-approval Getting yourself pre-approved before you start looking for a house is a prerequisite. Go to a reputable mortgage lender and have a fully underwritten pre-approval. This will let you exactly know about your buying power, down payment required, various loan types and remove the stress if you are denied after selecting your dream property. Unrealistic expectations Once you are aware of your buying power, you are sure about the type of properties you can go for. Based on your purchasing power, you can expand your search to newer areas. Not consulting a professional buyers’ agent Every prospective homebuyer must consult family and friends for advice but not forget consulting professional buyers’ agents. Interview at least a few of them and select the one you are most comfortable with. He/she will represent you and do the necessary work for you. Not inspecting the home properly Seasoned property investors know the areas they must look into. On the surface, everything may look great, spic and span. But look at the right areas, and you may come across problems. Protect yourself from large, pocket-burning repairs, even when you are going for a totally new property. Not being in touch with the lender A pro is always in touch with each and every person he/she comes across during the home buying process. As the bank manager to prepare a complete cost analysis for you with home owners’ insurance, mortgage insurance and taxes. Share a copy of the utility bills. Be absolutely sure about the costs and expenses involved before jumping into the process. The cost og home ownership can go up manifold if you are not mindful. Not knowing the appreciation value Even though most properties appreciate over time, as an informed buyer, you must be aware of the appreciation value of your property. There are certain properties that may not generate appreciation as expected even when the housing market is on a high. Not getting to know the neighbourhood Simply buying a house and decorating it as per your preferences is not enough. After all, you are going to live there. Hence, it is your prerogative to know your neighbours and the area you will be spending a major portion of your life in. Speak to the people to know about the problems they face. Is there a water shortage problem? Is load shedding an everyday affair? Is water-logging a major issue?

Interiors - Space and Sensibility

Aug 21, 2017 12:27 PM

Have you ever wondered how do you personalize your space to make it feel your own? Do you prefer funky or have an elite taste of choice and preferences? Here, you will find what you need to evaluate and consider when it comes to personalizing your space! We take you through tips and tricks to mend your pending interior decors.. Here it first from our experts – * By introducing a little chirpiness in the ambience. Chirpiness has little to do with the number of objects you buy and distribute around the house and has more to do with the reflection of your attitude. When you choose to color the interior walls of the cupboard or choose a texture to go with the ceiling, you invite and reflect a sense of variety in you. *Next time think twice before throwing out those post cards and souvenirs. Look up the internet and let your imagination take wings. You don’t have to collect money to buy those little things anymore; you can create you very own real art by being your own artist! * Choose ‘yellow lights’ instead of ‘white lights’ next time you decide to replace the bulbs. The yellow light will help you create a sense and feeling of warmth and likeness. * Add a little signature to your space! Create your own style with a design of your own on the walls. Define your own personality by may be adding bold colors on the wall. Try a little mix and match of things to know the best combination that looks best in your space. * Customize a corner of your living area or set aside a space exclusively to relax while you read a book. Look for a rocking chair that will help you embark on a good story-telling experience. * Next time try something cooler with the furniture around you. Instead of the same old boring sofa set, choose a nice bean bag to crash-in or may be order that recliner you have always wanted. * Forget geometry and try some algebra! Yes, you heard that right. Instead of following all the rules of arrangements, venture on breaking some and find interesting combinations that will remain dear to you for a long time. * Optimize what you have; think of ways where you can utilize what you have for more than one purpose. This will help you cut costs and will give you a little budget flexible.  

Tips for Investing in Real Estate in Bangalore

Aug 17, 2017 04:21 PM

Before you invest in real estate there are lot of things that you need to learn. Investment in real estate anywhere is much more complicated than investing in share markets. Over the years real estate in Bangalore has seen a rise in investors and has become a much popular sector of investment amongst many people. However, it's important to have a legal as well as financial knowledge about the real estate before investing. Following are few tips that will help you to understand the basic concept of Real Estate. 1. Location: Location plays very important role when it comes to real estate investment. The very first thing that an investor should make sure while investing in a real estate sector in Bangalore or before proceeding further with the investment decision, is whether the property in Bangalore is located at a good place or not. If the property is at a good location and incase if the apartment is in the worst condition, it still makes it a wise choice of investment. This is because a buyer can fix the issues with the apartment or resell it to the person who wants a good location at a higher price. This is known as the Fixing and Flipping formulae by the professional investors of Real Estate. 2. Discounted properties: There are many wise decision that should be taken while making a real estate investment. As per the Warren Buffet saying for the stock market investment is that you need to be greedy when everyone else is feeling fearful. So investors should look out for the properties that are available in wholesale and that are being offered at great discounts, thus avoid paying full prices. Using this method, investors can buy the property at low price and increase the selling price of the same property and sell it at twice the buying price which will maximize the profit of the investor. 3. Connection with local investors: Networking with the local investors and learning about the local Real Estate market from them, will help the investors in understanding the properties in Bangalore in a better way. Investors should ask them to show the properties in Bangalore and note every single bit of information that they share. 4. Read: There is a tremendous amount of information available on internet these days. Before investing, it's better to gain additional information about the properties in Bangalore. Also, an investor can buy and read some books that gives knowledge about buying, flipping, renting and selling the properties in Bangalore. 5. Find a good Real Estate Agent: Real Estate Agent makes things lot easier for an investor. Once an investor decides on buying a property and is all set to go ahead with it, a real estate agent is the one who helps to fix the deal. And a good real estate agent is the understands the concept of getting good investing returns and has sold a lot of properties in Bangalore. Investing in Real Estate in Bangalore can offer fabulous returns, but an investor should do a thorough research on the properties in Bangalore to make a fruitful investment.

Chief Minister Siddaramaiah Positive About Namma Metro Phase III; 3 MEMU Trains on Baiyappanahalli & Whitefield to Ease Traffic Woes

Aug 17, 2017 12:53 PM

There is good news for Bengaluru as Chief Minister Siddaramaiah has stated that the Phase III preparations for the Metro project are going on at a brisk pace. The government aims at providing 250 kms of Metro lines in the coming five years. The Phase III of the project is said to be of 92 kms. Work on Phase II will likely be completed within 2020. The first part of Phase II that runs from Silk Board junction to KR Puram has reached the tendering stage. The second part from Nagawara to Kempegowda International Airport has already received in-principle clearance. The 42 kms Phase I was recently inaugurated. “The city needs world class infrastructure to match its status as a knowledge and an innovation hub. In the last four years, we have made consistent efforts to build infrastructure of the city and I am glad to say that the results are showing (sic),” Siddaramaiah recently told Deccan Herald. Meanwhile, the Railways is working hard to get in place suburban service on the route between Baiyappanahalli and Whitefield from Aug. 18. Reach 1 of the Phase 2 Namma Metro project witnesses heavy traffic. While road widening work is in full force, it has affected traffic in several stretches that has resulted in multiple bottlenecks. The suburban rail service has been proposed by both the Whitefield Area Commerce and Industries Association (WACIA) and Member of Parliament P C Mohan. As a result of the Metro construction work, traffic on Hope Farm, Hoodi Junction and KR Puram has increased manifold. Commuting has become a major challenge over the next few weeks. On train, commuting between Baiyappanahalli and Whitefield is just a 15 minute affair. However, it takes at least an hour on road. Hoodi and KR Puram are the two main stations on this stretch. It has been decided that from Aug. 18 three MEMU trains will be running on this route. The timetable will be published soon. This will allow thousands of commuters to reach their workplaces on time.

Top 5 Banks In Whitefield Providing Amazing Home Loan Options

Aug 14, 2017 04:39 PM

There are a lot of factors to consider once you start planning to buy a property in Whitefield. One such crucial factor is home loan. Getting a home loan to finance your property is vital. Here we have compiled a list of top five banks in Whitefield where you can get financed. The interest rates, eligibility and other factors differ from bank to bank. So go ahead and select one that suits your requirement the best.   HDFC Bank It is one of the most popular banks in India. Those looking to go for a home loan from HDFC Bank in Whitefield, they should go to this following address - 183, Sri Sai Towers, Main Rd, Whitefield, Bangalore – 560066. It is just opposite Forum Value Mall. Its IFSC code is HDFC0004182. HDFC Bank home loans come with immense benefits. One can get approved even before he/she has selected the property. The support staff is always on their feet and helps you out until you fix on a property. Their home loans start at 8.35 percent.   The main benefits of HDFC Bank home loans are quick processing, free & safe document storage and special lower interest for women. If a woman is taking an HDFC Bank home loan of up to INR 30 lacs, and she is salaried/SEP, the interest rate will be 8.35 percent. For self-employed women, the rate is 8.50 percent. For others, it is 8.40 percent (salaried/SEP) and 8.55 percent (self-employed). For home loans from INR 30.01-75 lacs, the rate is 8.50 percent for salaried/SEP and 8.55-8.75 percent for self-employed.   For home loans above INR 75 lacs, the rate is 8.55 percent for salaried/SEP and 8.60-8.80 percent for self-employed. For information on HDFC Bank Whitefield home loans, click here.   ICICI Bank ICICI Bank’s ITPL branch has address at Whitefield Road, G-02, Discoverer Block, ITPL, Tech Park Mall, Bangalore, Karnataka 560066. IFSC Code of the bank is ICIC0000551. ICICI Bank is one of the largest home loan financiers in India. You get your loan easily, quickly and just the way you need it. Faster processing, simplified paperwork and attractive interest rates are the highlights of ICICI Bank home loans. For more information on ICICI Bank home loan services and charges, click here.   The main benefits of ICICI Bank home loans include; Doorstep service Speedy loan sanction Simplified documentation Attractive interest rate options: Floating Rate, Fixed Rate or Part-fixed and Part-floating Rate Loan amounts ranging from Rs. 3 lakh to Rs. 3 crore Sanction prior to selection of property Insurance options for your Home Loan at attractive premium Free Personal Accident Insurance Guidance throughout the process   Axis Bank The Axis Bank Whitefield branch has address at Citius, First Technology Place, No. 3 Epip, Whitefield, Karnataka, 560066. The IFSC code is UTIB0000514. The borrower can easily space out payments and even avail smaller EMIs to be paid over a longer tenure. Minimum loan amount is INR 3,00,000 and the maximum amount depends on combined income. There are no pre-payment charges on a floating rate loan. But for fixed rate loans, there is a pre-payment charge of two percent of outstanding principal/amount prepaid. Interest rate is applicable on both fixed and floating loans. For more information on Axis Bank home loans, click here.   The main features of Axis Bank home loans include; Avail attractive interest rates Choose your interest rate type Application process Transfer loan balance with ease Get service at your doorstep Pay no prepayment charges Be assured of quick, transparent processing Repay your loan over a longer tenure Earn eDGE Loyalty Points   Indiabulls Housing Finance Ltd. If you want to go for Indiabulls housing loans, the address you need to visit is No. 295, 3rd Floor, Whitefield Main Road, Whitefield, Bangalore – 560066. Nearest landmark is a State Bank ATM. Indiabulls home loans first understands the requirement of the borrower and then customises them to provide the best features possible. For home loan requirement of up to INR 30 lacs, Indiabulls offers up to 90 percent of the cost of property, including cost of land. For loans above INR 30 lacs and up to INR 75 lacs, it is 80 percent and for loans above INR 75 lacs, Indiabulls can provide maximum75 percent of the cost of property.   The maximum term is 30 years but that depends on the borrower’s retirement age. Home loans can be applied individually or jointly. The financier also provides adjustable interest rate home loans. For more information on Indiabulls home loans, click here.   State Bank of India Visit SBI Whitefield branch at No.230, Sri Sai Arcade, Ramagondanhalli, Varthur Road, Whitefield, Bangalore - 560066, Opposite To Palm Meadows. State Bank of India provides home loans to those between 18-70 years of age. The loan amount is finalised after analysing the applicant’s cost of the proposed house/flat, income, assets and liabilities, age and repayment capacity.   One can enhance loan eligibility by adding the options such as regular income from all sources, depreciation, subject to some conditions, expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out and income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI. For salaried women, the interest rate for up to loan of INR 30 lacs is 8.35 percent and for others it is 8.40 percent. For the non-salaried, it is 8.50 and 8.55 percent. To know more about SBI home loans, click here.   Make sure you visit the website of each and every bank listed above to understand more about the home loans they provide. It is best to visit these branches and speak to their executives who would be happy to help you out. There are various other banks or branches of the same banks mentioned above. Select the one closest to your property site. Happy home loan hunting and best of luck! Banks Maximum Tenure (in years) Interest Rate (p.a) Per Lac EMI (in ₹) Processing Fee State Bank of India (SBI) 30 8.35%-8.80%<For Salaried: 8.35%-8.65% (for women) and 8.40%-8.70% (for others) Self-employed Professionals/Non-Professionals: 8.50%-8.75% (for women) and 8.55%-8.80% (for others) 758-790 0.35% for every Lakh+Service tax or ₹ 10,000 whichever is less subject to minimum ₹ 2000 ICICI Bank 30 8.35%-8.85% (for women) & 8.40%-8.85% (for others) 758-794 0.50% of loan amount till 31st May 2017 Axis Bank 30 8.35%-8.75% 758-790 0.35% for every Lakh+Service tax or ₹ 10,000 whichever is less subject to minimum ₹ 2000 HDFC Ltd 30 8.35%-8.50% (for women) 8.40%-8.55% (for others) 758-790 0.35% for every Lakh+Service tax or ₹ 10,000 whichever is less subject to minimum ₹ 2000 Indiabulls Housing Finance 30 8.35%-8.50% (for women) 8.40%-8.55% (for others) 758-790 0.35% for every Lakh+Service tax or ₹ 10,000 whichever is less subject to minimum ₹ 2000

Ongoing apartments in Bangalore

Aug 10, 2017 06:58 PM

Ongoing apartments in Bangalore are in demand these days considering the ever-growing population. Instead of choosing to buy a site, and build a house, the working-class professionals these days choose to buy apartments for sale in Bangalore. Ongoing apartments in Bangalore are available with many variants with all facilities within the campus. One can get apartment of one’s choice depending on the amenities he chooses at affordable prices. Bangalore has significantly grown over the past decade. IT hubs have created many jobs and people who find one migrate from all over the country to Bangalore. People who look to settle in close to such working areas often venture in search of a residential unit with a list of requirements. People usually depend on middlemen and brokers to do the ‘searching job’ for them. But then, today, there are websites such as Bricks.in, 99 acres, magic bricks and so on where loads of information is available at fingertips thus eliminating the need of unnecessary hassle. There are many apartments for sale in Bangalore in many areas. Prices for ongoing apartments in Bangalore vary depending on the area one chooses. If one chooses to buy an apartment in commercial areas such as Malleshwaram, Old Madras Road and so on, then the cost is significantly higher. IT centric areas such as Whitefield, K R Puram, Bellandur, Koramangala and so on are expensive because of the growing demand by the working-class population. Residential areas such as Banaswadi, Basapura, Anekal and so on are comparatively less expensive. Some of the Ongoing apartments in Bangalore are listed below. 2 BKH apartments for sale in Bangalore are available in Whitefield. Many ongoing apartments in Bangalore are within this vicinity. Malibu Rising City at 45 Lakh, Sumadhura Shikaram at 68.4 Lakh, Druva Daffodils at 33.5 Lakh, Isha Misty Green at 49.9 Lakh, Silicon Pride at 54 Lakh and so on are available to move in. Souparnika Sanvi Phase 2 at 40 to 42.8 lakhs, Desai Radiant at 64 to 65 Lakh and so on are ongoing apartments in Bangalore with possession scheduled by the end of this year. Other localities with 2 BHK apartments for sale in Bangalore includes Mana Candela on Sarjapur main road at 34.1 Lakh, Aditya Harmony in Kanakpura at 47.7 Lakh, Kings Square at 54 Lakh on Sarjapur road, DS Max Savera for 42.6 Lakh in Uttarahalli, AR Elite Epitome in Bannerghatta at 35 Lakh and so on. There are 3 BHK apartments for sale too at various places at distributed places. People often choose to shortlist them based on their requirements. Apartments at Whitefield, Koramangala, and other commercial and business units slightly range on the higher side as they offer more comfort than the rest. They have hospitals, restaurants, hotels, malls and other requirements close to their vicinity. Real Estate has always heeded to the demand of the population and produced some of the finest apartments known for their famous state-of-the-art infrastructure, architecture, comforts, amenities to name a few. Builders and developers through years of experience have understood the trend in market and have adopted parallelly. Finding ongoing apartments for sale in Bangalore has now become very easy. This trend is sure to expand in the near future.

Impact of metro on Whitefield real estate

Aug 09, 2017 06:26 PM

Namma Metro is digging in for the long haul. It has gathered a variety of blended remarks from the occupants of Bangalore. The truth will surface eventually with the entire story of how much the Metro has influenced real estate in Bangalore. In the course of recent years, we have seen that wherever there is a change in infrastructure, there is an expanded real estate action and resulting request met with a suitable demand. The Metro availability will enable individuals to traverse the city's business and retail center points in minutes, rather than battling on the city's congested streets. The metro rail not simply backs off the movement bottlenecks but makes the place an alluring business goal; the Metro network will push property costs up. This won't just influence private spaces, yet will likewise drive interest for business properties. Additionally, this impact will be more significant once the system is operational. In any case, among a couple of few, the impact of Metro on Whitefield real estate has affected real estate in Bangalore. We believe it’s going to be worth the wait. While Whitefield is evaluated as one of the highest rising tech centre point, it is in fact not by any means free of difficulties. The Metro rail line reaching out up to Whitefield; Meanwhile, the tenacious scramble for properties in Whitefield proceeds unabated, guaranteeing its feasibility as one of Bangalore's most blazing land speculation goals for quite a while to come. There are scores of private tasks coming up in the region of the Metro extend. Schools, doctor's facilities, and retail shopping centers are situating along the track and this will change the substance of real estate in the district. The start of the metro is the undeniable benefit of decaying activity. Planned infrastructure ventures tend to expand the estimation of properties in the bordering zones. It is believed that impact of Metro on Whitefield real estate serves to decongest movement on extending and give a moderate, quick moving travel choice to the general population. The effect on real estate can be seen along the metro passageway. In zones along the metro hallways, real estate development is seeing vertical improvements, blended land utilizes and incorporated township development. Without a doubt, the Metro hallway will make a constructive outcome on land along its outskirts. The improvement of infrastructure, particularly one that supports availability inside a city is basic for its development. The inhabitants of the city want to live in zones that have very much grown infra offices and a decent availability and this is the principle motivation behind why ranges around the metro are considered as the city's new-age goals. Whitefield is the center point of a moderate private market with ventures having better luxuries and greater unit sizes. Today, the request has expanded many-crease because of which the costs have additionally expanded. A contextual investigation of real estate prospects after the plan of its metro rail revealed a noteworthy increment. It is therefore a matter of time that we would know and seek clarity on the impact of metro on Whitefield real estate.

Affordable Housing Policy Push by the Government Seeks Attention of Private Developers

Aug 09, 2017 02:34 PM

he government's policy push seeks attention of private developers and investors, entering the segment in a big way, offering a whole new range of options to end-users India’s 2030 vision of turning into one of the largest economy in the world has taken yet another responsibility. The government of India is doing everything it can, with a strong push and emphasis to affordable housing segment, now seeping in to the non-commercial sites too, including Tier 2 cities, and metros of the country. With this sector active, India is sure to become the world’s third largest economy by 2030. The government’s policy push seeks attention of private developers and investors, entering the segment in a big way, offering a whole new range of options to end-users. Members of the Confederation of Real Estate Developers’ Association of India or CREDAI – the builder’s body, have an investment commitment of Rs 70,000 crore across the country on 375 affordable housing projects. A proper structure with infrastructure management with affordable housing segment getting a recognized status, builders and developers are now trying to convert their existing projects into affordable housing projects. Lot of insecurity such as low marginal profits, and hassle surrounding it, no longer seems to be a matter of botheration as the housing sector under the government’s leadership is expected to drive volumes in the future. Affordable housing comes with houses being sold at prices ranging from Rs 50 lakh to Rs 2 crore. The residential units in 1 Tier cities cost the same; But cost thresholds are significantly smaller in the smaller towns and rural part of India. The market has to evolve before it can create a huge impact says a second generation builder. “Backed by policies and sops to achieve the government's coveted goal of ‘Housing for All’ by 2022, affordable housing has shifted the developers’ focus from luxury projects. Low-cost housing projects have faster sales velocity since the demand is high. This helps in better cash management. Hence, we are witnessing an increasing interest from even frontline developers who stayed away from this segment due to perceived low margins,” says Rajesh Krishnan, founder and CEO, Brick Eagle Group, a managing firm in affordable housing projects with over 1,000 acres across Maharashtra, Tamil Nadu, Gujarat, Rajasthan and Karnataka. Xrbia Developers have ventured in by launching the ‘No-Income Proof Home Loan Scheme’, which enables applicants to apply for finance without submitting income proof documents. This developer group, supported by 20 housing finance companies under the leadership of Mr Rahul Nahar, Founder & MD, Xrbia Developers says, “This scheme is a breakthrough for those employed in the informal sector, and are denied the rights to access the housing finance despite a stable income.” The company, which claims to have maintained a sale rate of 2,000 houses every month in 2017 approximately, has supplied 3,776 houses under Rs 20 lakh in 2016 last year in the Mumbai Metropolitan Region (MMR) and Pune areas. As the government brought the new Goods and Services Tax (GST) implementation into force from July 2017, the differencing factor of property distribution seems to be diminishing. An integrated national market is set to ideally bring about a proper structure in the real estate market. "The recent implementation of GST has lowered the cost of construction materials throughout the nation. This is eliminating the uneven distribution of cost in the property sector in the real estate. This will likely bring about proper structure throughout the nation. There is no set factor as to how much cheaper these affordable residential units will be. With land being a major cost factor and a subject matter of many states, the price margins are set to vary,” says Deepak Kapoor, President, CREDAI-Western UP & Director, Gulshan Homes. With the Real Estate (Regulation & Development) Act (RERA) coming into force from May 1 this year which was proposed a couple of years ago, a buyer’s claim and confidence along with a trust is expected to grow, boosting purchases at the lower end of the market. Private builders are turning into building on such markets as they get a proper dividend with ample space for proper cash management. "A fully operational RERA will result in no project delays, promoting the market for investments in the industry. Infrastructure status to affordable housing will mean REITs playing a big role moving forward with this segment, and with over 30 allied industries closely related to this industry, will be effected parallelly. The change introduced in one area, will cumulatively spark change elsewhere creating a chain reaction, progressing the overall economy,” says Rajesh Goyal, Vice-President, CREDAI-NCR & MD, RG Group. The government's policy push to affordable housing along with falling interest rates are expected to create an enabling environment for the housing sector to reach affordable housing for all vision by the said date. "Affordable loan rates, EMI calculations, subject locality, occupancy norms are among the many factors driving the home buying decision of the first-time buyers. In the context of affordable housing, home loan interest rates are particularly important for buyers who set aside a budget since even marginal reduction or escalation in EMI calculations can be a burden, propelling their decisions to halt or consider otherwise. Needless to add, the customer base from the mid-income and lower mid-income is a very important one for the Indian property market as the demand stems from here," says Anuj Puri, Chairman, Anarock Property Consultants. " Krishnan of Brick Eagle identifies Rajasthan, Gujarat, Uttar Pradesh and Andhra Pradesh as some of the states that have favorable housing area. "Rajasthan has an ideal framework which should be replicated across the country. Other states seem to follow and progress rather slow and safely; Land is a complex subject with extremely cumbersome project policies. For instance, transforming an agricultural plot into a non-agricultural plot is a tedious process; to add on the registrations and stamp duty matters takes a long time and are rather expensive, further escalating housing prices." Tax breaks, infrastructure status and easier access to bank loans with good service and interest rates are likely to increase large scale demand for affordable housing further. With private developers stepping in to join hands with the government's "Housing for All" policy objective, a common man’s dream of owning a house will soon become a reality.

Paperwork Required on Sale of Property to Handle TDS

Aug 07, 2017 02:43 PM

Paperwork Required on Sale of Property to Handle TDS from Bricks.in

Basic Tools Required at Home

Aug 03, 2017 06:49 PM

With the era of modern technology, thousands of manual things have changed into automated system. Not only at factories but the use of these machines have been extended to the homes of those who are able to afford it. There are many odd jobs at our homes that needs to be done now and then. For example fix a leaking pipe, changing a bulb, taking care of electrical loose connection etc. We tend to call professional for this minor work which can be done by a layman if provided with proper tools. With patience and right tool, along with little knowledge from internet if required, any person can handle such jobs. Here is a list of some basic tools that you should keep at home which would be required to do these handyman jobs: Screw Driver - It is needed to tighten or loosen screws from cupboards, switch boards etc. Testers are also screw drivers that have insulated handle and tiny bulb which glows when the current passes through it. Drills - Drills and wall punch are mechanical devices that are used for boring holes into woods, wall, metals and concretes. Wall punch is sometimes used when the drill machine is not available. Hammers - This tool helps to put nails in the wood or wall tightly. Pliers - Pliers are used to cutting objects. Cutting pliers are helpful in getting a grip or turning wires and other metal objects. Nuts and bolts - A variety of fasteners like nail, screws, nuts and bolts are useful for getting minor things repaired at home and these things are easier accessible at any hardware store. Spanners - These help in fastening nuts and bolts. They are used to tighten or loosen the nuts. Pipe wrench - This tool is generally used for plumbing work like changing pipes or taps. Electrical Extension Cord - It is a cord that is coiled in a box that can be extended when the electrical plug point is far from the appliance. This is a very useful and essential tool and so every home should have an extension cord. Ladder - Every house needs a ladder to remove things from the shelf, clean the cealing, reach the fan and lights, change the light bulbs etc Tape - Insulation tape is mostly used for covering the broken or open electrical wires for shock protection. Also, every home requires a measuring tape which helps to measure various things at the time of need. Adhesive and Sealants - Sealants like M-seal can be used for sealing minor water leakage and adhesive like fevikwik is an instant adhesive that helps to bond almost everything like glass, fibre, paper, plastic, wood etc. It's very handy and definitely helps to fix lot of broken things around the house. It is always a good idea that you invest in a repairs tool box with all the basic tools mentioned above. But it's also important to learn how to use them correctly. These tools are easily available to pick up at any hardware shops and they are not very expensive. You can do some reading on this or watch videos on the internet for guidance and instructions on how to work smartly and safely. Anybody can be a handyman at home provided you have some interest for it.

Loans get cheaper, with RBI cutting repo rate by 25 basis points from 6.25% to 6%

Aug 03, 2017 06:45 PM

Highlights On Wednesday, the Reserve Bank of India (RBI) decides to decrease interest rates. From 6.25 percent to 6 percent, repo rate drops by 25 basis points (bps). From 6 percent to 5.75 percent, reverse repo rate also sees a reduction by 25 bps. As we all know, Repo rate, the rate at which the banks receive a short-term money from the Central bank, on Wednesday, was cut by 25 basis points (bps); and is now standing at 6 percent compared to its previous 6.25 percent. Such a cut in key rates was previously formulated in October 2016. This decision by the RBI is found to be greatly aligned with the Street’s expectations. This was thought to be influenced by the decreasing deviation of the inflation target set for continual quarters. In a survey conducted to review the decision, 40/56 economists polled by Reuters had predicted the repo rate declination by 25 basis point, while two of them predicting the cut to be at 50 basis point. The remaining remained neutral and had other permutational theories. RBI had changed its stance from accommodative to neutral at the beginning of this year. This action item was performed with regard to the moderation in retail inflation over the past three months where extensions and changes in monetary policies were requested. Modi’s government calling for denominations last year, on currency notes resulting in a consumer spending minimum, and low food prices have kept the inflation numbers well below the RBI’s 4 percent, which correlates to their midterm target, supporting them for the past eight months. These were the influencing factors that eased inflation rates first time in five years and now, also supporting cheaper loans. The repo rate by the RBI, a rate at which the central bank runs transactions with the commercial banks by bowing money was also cut by 25 basis point, from a previous 6 percent to 5.75 percent. According to Reuters poll, RBI is predicted to stick with these changes in the fiscal policies until 2019, given the forecast of an accelerated growth in the economy. With regard to this, Indian stocks are rising at record high numbers. In response to this report, Sanjiv Bhasin, Executive VP, Market & Corporate Affairs, IIFL told timesofindia,com that the markets have already been implementing this 25 basis points cut in rates introduced by RBI. He also added to this explaining that if banks pass this on to consumers, it will happen over a period of time with further delay, as their margins are already under pressure, evident from the SBI who cutt deposit rates on savings bank accounts earlier this week. The largest lender, on Monday, cut rates of interest on saving banks account from 4 percent to 3.5 percent on a balance of Rs. 1 crore and below. With this as reference, one can well say that about 90 percent of SBI’s savings bank accounts have balances under Rs. 1 crore. It’s likely to be a tricky situation for the banks as they would feel the pressure to pass on any rate cut; with the loan growth being usually weak, combined now, with the margins also being a matter of concern.

Checklist For First Time Home Buyers

Aug 02, 2017 04:29 PM

Buying a home is one of the biggest decisions in life and so its important to be extra careful while purchasing a new house. A few simple checks can sometimes make the difference between buying your dream house and stepping into a costly nightmare. Whether buying a Villa or an apartment there few things to lookout for before buying it. 1. Decide the Budget It's important to decide on the budget for the first time home buyers. Home gives us safety, shelter, sense of responsibility, social status and much more. So a well thought budget is a first and an important step. 2. Calculate Total Expenses There is a long list of expenses that is incurred after moving in a new home. Expenses on furnitures, interiors, paintings and many other miscellaneous things should to be considered since the overall costing might go up. The home buyer should be comfortable with this and the overall cost should be affordable to the buyer. 3. Infrastructure and Connectivity Infrastructure around the property like good roads, connectivity to work place, schools, hospitals, markets etc should be checked as well. It should not happen that to save the money on property, you end up spending everyday on your kids traveling to school and on your commute to the workplace. 4. Amenities Home buyers should opt for projects which has various amenties like club house, parking, lift, power backup, swimming pool, gym are some of the amenities. While buying a home it's important to make sure the property has very good resale potential and for that these amenities are required. 5. Assessing your requirement It's often very confusing for a first time home buyer to decide on many factor while.buying a new home like whether to buy house on higher floor or lower floor, whether front view is better or the back one, whether the monthly maintenance is affordable etc. So its essential to decide on what is the exact requirement of your family and then buy a home. 6. Scalabity While buying a home, most first time home buyers are amongst the early investors in life. Therefore, number of occupants at the time of buying a home might be less and in most families will steadily go up over a period of time. So ensure you consider scalability options while buying a home. 7. Construction Quality Before buying a home, it is essential to check the walls, their overall look and feel, how is the finishing done, the ventilation and natural lighting. Home buyers should also check the paint, wiring, fitting, tiles quality etc. 8. Know Your Builder Home buyers should do an extensive verification of the builder. Also, dealing with builders can be a task for the first time buyers and so it's good to ensure that you understand every bit of fine print in your agreement with the builder to avoid serious difficulties. 9. Documentation and Approvals Home buyers should check the builder's paperwork ranging from commencement certificate for work, environmental clearance and approved building plans. Find out the status of the land title and see if the builder has bought the land or has just development rights for it. RERA compliant builders are bound by law to protect your rights as a buyer. So it is always advisable to purchase from a builder that is RERA compliant. 10. Financing Options First time home buyers should find out number of leading banks that are ready to give the loan and go with the one offering the loan at the lowest rate.

Understanding GST: Important Points To Keep In Mind Before Investing In Real Estate

Jul 28, 2017 02:48 PM

Investing in real estate is no small ask. Hence, it is always a plus to have an idea about the sector and its trends. Now that the Indian government has introduced the Goods & Services Tax (GST), it is all the more important to know the rules and how GST will affect real estate decisions. The primary aspect of the new law is to be able to distinguish between what is happening today and what will happen tomorrow. When it comes to taxation, both the Centre and the states have a different role to play. Hence, there will be dual GST as both the governments will be levying tax on goods and services purchased. Every state has its own GST Act and rules. This taxation is known as SGST. The Union Government has introduced the Central GST law, known as the CGST. If there is interstate transaction of goods and services, then integrated goods and service tax (IGST) will come into effect, which is central and state components rolled into one tax. Due to GST, a number of taxes have been discontinued. From Union Government’s perspective, service tax, central excise, special additional duty and two portions of the customs duty will disappear and merge into GST. On the other hand, from the state’s perspective, “VAT (value added tax), entry tax, octroi, purchase tax, entertainment tax, luxury tax and the various cesses and surcharges will all be subsumed into the new tax regime,” reports ET Realty. Stamp duty, which is a state duty, stays. Customs duty is also staying, so will the three percent cess on customs duty. For under-construction properties, the GST rate is 18 percent (effective rate 12 percent). Water charges will attract concessional GST though electricity usage has been kept out of the GST ambit. A person, whose annual turnover is below INR 20 lacs, may or may not get registered under GST and pay the tax. Under the reverse charge mechanism, in case a person makes transactions from unregistered dealers, he will have to pay the tax within 30 days. In terms of real estate, input tax credit is the biggest factor for GST. This is because there cannot be a tax on tax. Thus, GST charged by contractors on construction of a house, will be credited against the GST charge on sale. A composition scheme exists under GST, which is restricted to an annual turnover of INR 75 lacs. It is a simplified scheme requiring a payment of one to two percent on the entire invoice, sans ITC. This is not a state specific turnover but a PAN-based turnover. Then there is also the anti-profiteering clause to check collusion between businessmen, not passing on profits to consumers. According to GST, if a developer gets extra credits, the price of the apartment has to e reduced by that amount. The definition of works contract has also changed after GST. Now it means any contract involving “construction of an immovable property, services to immovable property, whether goods or services.” Typically, if a sale is happening for an under-construction property, GST will come into effect. Similarly, a completed project that has received completion certificate and occupation certificate won’t attract GST. Stock transfers also attract GST.


Jul 27, 2017 04:02 PM

Whitefield Bangalore, the IT hub of the nation, is fast emerging area which has a huge demand for 3 BHK residential housing both in premium as well as affordable segments. Since the city has dominance of IT/ITES companies, the affordable segments like 2 or 3BHK apartments in Whitefield form the backbone that supports the real estate market in Bangalore. These job market drives the residential and commercial markets as well and more and more builders offer 3 BHK apartment types of homes preloaded with amenities that let the residents enjoy a comfortable living.Several developers and builders of Bangalore have invested in the properties in Whitefield, boasting of big, spacious and world-class apartments. The real estate market in Whitefield, Bangalore, has been on a rise. If you are looking for 3 BHK Apartments then investing in Whitefield is a right choice at this time. The infrastructure is growing and it's prices are increasing at a rocket speed. Most Properties in Whitefield are equipped with upcoming and ongoing apartments, villas and plots, projects of various builders. There are many 3 BHK apartments available for sale in Whitefield, Bangalore. These 3 BHK apartments have sufficient space that is considered to be ideal for a decent sized family to live comfortably. A 3 BHK apartments would normally comprise of 3 separate bedrooms that provide enough personal space and in case there are 2 separate balconies also, that adds to the charm of the home.The 3 BHK apartments in Whitefield are very attractive options. These properties in Whitefield are well equipped with all the basic amenties. Properties in Whitefield, Bangalore, besides being affordable, have been designed to provide optimum natural lighting and offer panoramic views of the skyline. They offer architectural brilliance and vastness of lifestyle amenities and conveniences in Bangalore.These properties are mostly located near to IT Companies. Therefore, investing in a 3 BHK apartments in Whitefield, Bangalore is a very convenient option for IT professionals as it is well connected to all other parts of the city. These 3 BHK in Whitefield apartments which make classy homes are available at prices starting Rs 65 lakh onwards approximately and are supported by friendly payment plans. Some of these 3 BHK apartments in Whitefield come with best in class facilities like roof top swimming pool, kids play area, meditation center, sports facility, 24x7 power and water back up. Located at Whitefield, Bangalore it enjoys hassle free commuting to chief locales of the city. The intelligently designed 3 BHK apartments are available at budget friendly price as well as at luxury class price. These 3BHK apartments in Whitefield make a golden investment opportunity not to be missed if you are looking out for an apartment in Whitefield. Presently Whitefiled is one of the most sought-after localities, this suburb enjoys excellent connectivity to other parts of the city via metro. Located in East Bangalore, Whitefield is an early Eurasian settlement that has always been known for its lush greenery, perfectly aligned trees and lavish 3 BHK residential apartments. You can surely invest in 3BHK apartments in Whitefield if you are looking for your dream home.

Top 10 Ready to move Apartments in Whitefield

Jul 25, 2017 06:17 PM

About Whitefield, Bengaluru Bengaluru, known as the garden city, the IT hub and by many other names has always been the top metropolitan choice of the people who seek a better living. The capital city has always been welcoming people migrating from other states in search of a job. Bengaluru is rapidly changing over the past decade adhering and molding itself into a better sought after economy. You can literally get anything anywhere within the city. From restaurants serving world-class cuisines to tourist places with historical and constitutional importance; you name them and you will find them! One such area within the city is Whitefield. This area is counted among the top 10 localities within the city. Its surrounding areas include Krishnarajapurm, Bellandur, Marathalli, ITPL and so on. Whitefield as a favorite choice Whitefield has always been the first choice of the working population in the capital city of Bengaluru. This is because, it comes with all facilities and needs well covered. Some of them are: Educational facilities: Schools and study centers such as Ryan international, Vydehi Institute of Medical Sciences & Research Centre, Whitefield Global, Gopalan Institute and so on are located in this area. These Schools have earned good reputation over the years and are good options to send your kids to learn. Shopping and entertainment options: There are many malls such as Phoenix Market City, Forum Mall, Inorbit Mall that have the latest trending fashion choices and cine plexes within them. Latest movie release, entire range of Zara’s summer collection, sports apparels, branded commodities and many other fun filled activities can be found here. Healthcare Facility: Availability of many multispecialty hospitals within the area also make it a good choice to stay. Real Estate trends: After RERA, people want developers who can sell their assets the legal way. Whitefield always has remained the trending hub for Real Estate developers and they have lived up to the reputation by being the fastest ones to adapt to RERA, thus ensuring security to its buyers. The price of the asset can range anywhere between Rs 4000 to Rs 7000 per square feet. Listed below are the top 10 choices of ready to move in Apartments in Whitefield. SNR White Petals: This is located near Holy Cross School offering lush options from 2 BHK to 3 BHK to Villas. These are available at Rs 3800 per square feet. Bookings have started with few more units left. Mahaveer Fair Oaks: This is located near Veeranjeneya Temple, ready to occupy apartments available in 2 BHK at the rate of rupees 38 L to 57 L and 3 BHK ranging from rupees 64 L to 80 L i.e @ Rs 4300/sqft NCN Crystal: This is located near GCN Green Springs available in both variations at Rs 3200/sqft Floating Gardens: This is located near Lilliputs Day Care at Rs 4250/sqft. Developed by HSquare Projects Private Limited, provides perfect accommodation as required. Malibu Rising City: Located near Eurokids, developed by Malibu Projects, available at Rs 3500/sqft provides perfect comfort for its residents. GCN Lake Vista: Located near Ramagondanahalli, with lush greenery within the vicinity of the area. These are available at affordable prices at Rs 3300 sqft. Umiya Woods: Located near ITPL, developed by Umiya Groups, available at prices of Rs 5500 sqft. This lush asset houses water pools and other facilities in it. Windmills of your Mind: Developed by Total Environment Building Systems Private Limited, located close to Lord Shiva Temple, registrations ongoing with boarding from Dec 2017. Available at Rs 10500 /sqft. Shilpitha Sunflower: Developed by Maithri Developers at Nallurhalli, Near Delhi Public School. They are ready to occupy apartments available at the cost of Rs 4500 /sqft. Salarpuria Sattva Celesta: Developed by Salarpuria Sattva Groups, located at K R Puram, Old Madras Road. Ready to occupy, fully furnished houses available at Rs 5700 /sqft onwards.

Karnataka RERA makes Homebuyers Happy

Jul 21, 2017 04:53 PM

As per the notification published by the Karnataka government on 10th July 2017, its clear that only current projects where all development works have been completed as per the Act and certified by the competent agency are exempted from RERA. The buyers of the homes may now stand to benefit from the provisions of the Real Estate (Regulation & Development) Act. This act has brought a huge number of ongoing projects under the purview of the law. The government had been under criticism for the draft rules published last week which mentioned that ongoing projects, where 60% development work had been completed or 60% of the apartments or houses or plots had been registered and executed, would not come under the purview of the Act. Many buyers felt that they had been let down by the government. Therefore, some of these buyers planned to challenge the cabinet decision on the grounds that it is against the spirit of the federal law. The buyers who had been left miserable include the beneficiaries of the Kempe Gowda layout and Arkavathy layout developed by Bangalore Development Authority (BDA). Buyers who had challenged exclusion of RERA in Karnataka fell that there were no clear guidelines to determine the stage of completion of a project and developers can take advantage and manipulate this rule. Buyers felt that the provision gave a benefit to the developers to slip out and there was also lot of confusion as to how a consensus could be reached on such an arbitrary number. However, that part seems to have been addressed. As per the notification which got published on Monday it is official that only ongoing projects where all development works have been completed as per the Act and certified by the competent agency are exempted from RERA. And hence, the 60% salelease deed provision stays. When some of the developers we're asked to comment on this new rules by the government, they stated that they were not expecting. The developers felt that though the law is customer friendly , any retrospective law is bad and goes against natural justice. Most of the ongoing projects, where the developers have not applied for an occupancy certificate, will come under RERA. According to the new law, a builder can apply for an OC only if it has been certified by a competent agency -in this case by an architect. So if the OC has already been applied for, that building is exempted from RERA regulations. Some find these rules very strict because builders will now have to get in place the waterlines, electricity lines and other things before applying for OC. However, these rules are not much of a dilution from the central legislation and they are almost in line with the Act as far as its application to ongoing projects is concerned. If a project comes under RERA, buyers would be in a position to file a complaint in case there is a delay or if the building has not gone by the approved plans.

Recent Reports Hint Towards a Steep Rise of Approx 30 Percent for Economically Viable Houses

Jul 21, 2017 03:14 PM

Pradhan Mantri Awas Yojana (PMAY) to financially aid approx. 35% to 40% for affordable houses – recognized as a basic amenity to own. Tamil Nadu: According to a recent analytic report by Anarock Property Consultant, economically feasible houses are in demand by the lower and creamy layers of democracy. It is estimated to grow further, all credits to better financial structure introduced in recent times. The new enhanced financial structure on affordable houses by the government promises 39 – 40 percent higher allocation, relatively to 2016-2017 sanctioned under PMAY (Pradhan Mantri Awas Yojana). New enhancements promise extensions of credit linked subsidy to loans up to 12 lakh INR, and a guaranteed infrastructure status to this sector. This radiates as a good and reliable financial asset, resulting in a cash-flow segment for many budding builders to invest for a start – said A. R. Singh, CEO Anarock Property Consultant. The Central Ministry has been constantly been making progress by helping this sector from the last three budgets. The first budget, in its experimental phase seemed more incubated with least expectations while the succeeding two made significant progress in the economy. The vision to make housing available to a ‘common man’ – a reality will significantly rise in the coming decade. Government Real Estate Policy Act with the new principles and directives on Development and Regulation have instilled faith and confidence in potential buyers to invest more without much hustle in the market, he added. Anuj Puri, Chairman of Anarock recalled the year 2008 where affordable housing sector was chosen as the last resort to escape sub-prime lending crisis; And now, investors are keen to invest in this sector, all thanks to the transparency introduced by the housing and infrastructure committee. Affordable housing is a long term dream set on a fast track with the right ingredients to aid its progress. Markets improved in 2009 and many investors dropped this new-found instant growth quickly whereas, some builders held on to explore more. Some prominent investors such as Provident, Arun Exello, Ashiana Housing among others chose to believe in it a little more, he further said. Developers and builders choose to stay in the affordable housing segment due to 100% income tax break and recognition gained as a the infrastructure status. We took it up many sites and invested in bulk when we started off in 2010. Today around 80% of the apartments sold in around the country are in this segment. Government has been there for us so far and we hope to further venture with them independently without any quarterly support, said P. Suresh, MD of Arun Excello who currently sells up to 1000 to 1500 units a year.Domestic agencies such as ICRA had predicted that this segment would witness more than 30% growth in medium term and be the driving force of the financial market for Indian Mortgage. One needs a basic knowledge on market evolution and institutional advancements to experience a significant growth in economic housing. This is a volume game and one needs to know how Standardization works. An understanding of the conveyer-belt model is required. Affordable housing segment should be monotonized with the new work culture suited to the environment of the project, said Anuj Puri, Chairman, Anarock, further lending a constructive opinion on the subject.

Real Estate Regulation Act (RERA) all set to be implemented in Karnataka

Jul 06, 2017 01:14 PM

Karnataka was the first state in the country to draft the rules for the implementation of the Real Estate Regulation Act (RERA). The deadline to implement the same was 1st May, 2017; However, a few execution hurdles seem to have forced a delay. Not anymore though. The updated rules are all set to be implemented by 9th July, 2017. Two major stipulations are set to be added too: 1. Cost of the project are to be determined by the existing guidance value. 2. Ongoing projects that have completed 60 percent of the construction are not to be brought under the act. M. Krishnappa, the Housing Minister of Karnataka seems positive about the implementation. He says, “ Only ten states have implemented RERA thus far and we shall ensure the act is executed in the best way’ The implementation of RERA is set to enhance the buying experience for the consumer while it brings in organisational efficiency in all activities related to real estate.

Prices Of Luxury Realty Projects May Increase Slightly Due To 18% GST

Jul 05, 2017 06:19 PM

Construction of real estate will be attracting 18 percent GST, though home prices may not be affected. The government notified GST for construction of real estate at 18 percent as against 12 percent announced earlier. Land value will be deducted, and it will equivalent to one-third of total amount charged by the developer. Experts believe that the revised rate will be tax neutral. This is because the GST obligation of the homebuyer will still be the same. Even after GST becomes active, homebuyers won’t be burdened by the additional cost and tax outgo. “This revised rate is unlikely to impact property buyers beyond what was announced earlier. The rate of 18% would now be charged on two-thirds of the under-construction property value, which will be the same as 12% on the entire value of the property as announced earlier. This is based on an assumption that the states would also come out with a similar notification as the Centre has,” partner at legal firm Economic Laws Practice, Harsh Shah, told ET Realty. However, luxury realty projects on prime land parcels may have their prices slightly increased. This is because the additional credit to the developer won’t be enough to offset the increase in the output tax. Currently, the developer initially pays octroi, central sales tax and excise duty among others, and then the burden is passed on to the consumer. Post GST, developers shall receive credit for input taxes paid. This will help lower the cost. “The notification on Central Goods and Services Tax (CGST) issued today specifies the rate on Construction Complexes at 9%. CGST and State GST are two components of GST. The GST rate on our industry remains unchanged at 12 %. Any conjecture or speculation of a change in incidence of tax on real estate to a rate other than 12% is unwarranted,” said CREDAI President Jaxay Shah.

Time Is Right For India To Go Fully Solar; Solar Comet Mini-House Prime Example

Jun 28, 2017 03:11 PM

There is a small movable house, set on wheels, that has all the electrical appliances found in a common household. But in this house, everything is powered by rooftop solar panels. It is known as the Solar Comet and is within approachable budget. The Solar Comet was flagged off on World Environment Day for 20 days. The bus is expected to create awareness about solar power. The house has power-saving LED bulbs, a mixer grinder, mobile charging points, air conditioner, washing machine, air cooler and a refrigerator. The mini-house has an ambient atmosphere. The project is fitted with a two kilowatt rooftop panel, sufficient to run an entire household. According to Greenpeace India climate and energy campaigner Pujarini Sen, it is a myth that solar power is expensive. Sen believes this is the ideal time to go fully solar as cost of installation of such panels has come down to INR 50,000 approx from INR 1 lacs. Director of Energy Programme at TERI Giritsh Sethi hopes that the Solar Comet will bring in a much needed change. “One can break even on their investment in four to five years. The solar panels have a life of 25 years and require very low maintenance,” Sen told ET Realty on June 6.

Central Government urges states to implement RERA reforms

Jun 27, 2017 05:00 PM

All advertising for projects still under construction with cease until registrations with RERA have been completed. Centre pushed the urgent requirement for state governments to arrange the necessary authority Since its implementation on May 1, 2017, there has been more and more urgency from the central government to implement the Real Estate Regulatory Act (RERA) on state governments. This move was brought on, to bring about order and transparency in the real estate sector.   All advertising for projects still under construction with cease until registrations with RERA have been completed. Centre pushed the urgent requirement for state governments to arrange the necessary authority. As a direct result of this, projects from developers have ceased to do business until they receive the proper registrations. Simultaneously, due to the lack of facilitation and authority by the state government, businesses are unable to apply for registration. In response to the confusion caused, a housing ministry official in one of the senior positions said that on March 26, 2016, notifications were sent out for the act to be implemented on May 1, 2017. However, the state governments showed no signs of urgency in its implementation. A total of 16 states and Union Territories, which includes Haryana, Kerala, Karnataka, Goa, and Himachal Pradesh, have not made the rules known according to sources and data available. No states have made online registrations available, with the exception of Madhya Pradesh, Maharashtra, and Rajasthan. Only one exception has been given an extended registration period and that is in the case of ongoing projects, which as per section 3(1) were allowed time till July 31, 2017, to complete all necessary registrations, claims the state governments. This has since been clarified in June by the housing ministry who states that this exception has not been made and that all projects, including ongoing, cannot be advertised without proper registration with the RERA. The 3 month registration allowance time was given to ongoing projects which will cease to be legal from May 1 if they have not been registered. RERA in Haryana has already implemented registrations before the rules have been notified.

Namma Metro Project Phase 1 Complete & Functional; Karnataka Governor Wants Centre To Fund Phase 2

Jun 20, 2017 04:41 PM

Namma Metro’s Green Line that runs from Sampige Road station to Yelachenahalli Metro station has been inaugurated by the President of India, Mr. Pranab Mukherjee. This also marks the completion of the 42 k.m. Phase 1 project. The line was opened for public use on Sunday, 4pm onward. Mr. Mukherjee said it is a proud moment for Bengaluru and also added that in the next 10-15 years, a number of Indian cities will have their own Metro network, as it is a prime way to solve traffic woes in Indian urban cities. He also hailed the Bengaluru Metro authorities for completing the Metro network in less than 10 years, despite a number of construction challenges. Mukherjee is hopeful that the 72 k.m. Phase 2 project will also be completed in time and that the experience of Phase 1 will act as a major boost. The Phase 1 project has cost INR 13,854 crores and Chief Minister Siddaramaiah thanked both state and union governments, Agence française de développement and Japan International Cooperation Agency for financial support. “Eight states in India already have Metro projects. While 370-Kms of the Metro line is operational, another 517-Kms of Metro line is under construction and 522-Kms of Metro line is under consideration ... Innovative financing models or the value capture finance will be the highlight of this policy,” union minister for Urban Development, M Venkaiah Naidu, aid at the inaugural event, reports ET Realty. The Centre is expected to come out with a National Metro Policy shortly as demand for Metro projects is going up in various states. The Governor of Karnataka, Vajubhai Rudabhai Vala, believes the Centre should fund Phase 2 of the project, as the city “is a hub of service sector, industries, information & technology and medicine.” He said that the state is resourceful and a lot of revenue goes to the Centre. Meanwhile on launch day, Bangalore Metro Rail Corporation Limited increased the ticket fare on both green and purple line.

Top 10 Apartments In Whitefield, Bengaluru Buyers Should Never Miss When Home-Hopping

Jun 16, 2017 04:07 PM

If you are looking for apartments in Whitefield, Bengaluru, you must be aware of the fact that the area is the most opted for area for homebuyers. Whitefield is known for its close proximity to the IT Parks and business centres. Top companies are all located in Whitefield and employees of such organisations find the area most-suitable for residing with their families. Therefore, in order to make it easier for you to find apartments in the area, we have compiled a list of top apartments in Whitefield. Here we go... Prestige Ozone This is a villa-type property in Whitefield, Bengaluru, developed by the Prestige Group. It has 3 and 4 BHK villas that have build-up area ranging from 2,040 square feet to 4,000 square feet. The villa prices range from INR 3.58 crores to 7.02 crores. The project has all basic amenities such as Garden, Club House, Cafeteria, Library, Bank/ATM, Community Hall, Swimming Pool, Tennis Court, Badminton Court, Gymnasium, Basket Ball Court, Kids’ Play Area and Rainwater Harvesting options. Sobha Habitech: This project has been carried out by Sobha Limited and it offers 2, 3 and 4 BHK apartments that have build-up area ranging from 1,342 square feet to 3,584 square feet. The prices of these properties range from INR 87.99 lacs to 2.54 crores. The project has all the amenities such as Garden, Club House, Library, Community Hall, Swimming Pool, Tennis Court, Badminton Court, Gymnasium, Basket Ball Court, Kids’ Play Area and other Indoor Games. The project does Rainwater Harvesting as part of its green initiative. Sumadhura Silver Ripples: This is also a residential apartment project by Sumadhura Infracon Pvt Ltd. It is located in Whitefield and offers 2, 3 and 4 BHK apartments that have prices ranging from INR 71.30 lacs to 1.19 crores. The build-up area of the flats range from 1,285 square feet to 2,155 square feet. The basic amenities include Swimming Pool, Badminton Court, Gymnasium, Basket Ball Court, Kids’ Play Area, Club House and Indoor Games. The project has also invested in Rainwater Harvesting. Brigade Metropolis: This is another residential apartment project in Whitefield, created by the Brigade Group. The project offers 1, 2 and 3 BHK apartments that have a build-up area ranging from 800 to 1,960 square feet. The prices range from INR 60.41 lacs to 1.48 crores. Amenities include Garden   Club House, Cafeteria, Library, Community Hall, Swimming Pool, Tennis Court, Badminton Court, Gymnasium, Basket Ball Court, Kids’ Play Area and Indoor Games. The project supports Rainwater Harvesting. Confident Althena: Located in Sarjapur Road, this Confident Group’s project offers 2 and 3 BHK apartments that have a price range of INR 50.51 lacs to 62.97 lacs. The build-up area of the flats range from 1,123 to 1,400 square feet. Amenities include Garden, 24-hour Backup, Security, Club House, Community Hall, Swimming Pool, Health Facilities, Gymnasium, Indoor Games, Kids’ Play Area, Broadband Internet Connectivity, Recreational Facilities and Rainwater Harvesting. Buyers get a well-conceived living space with maximum privacy, proper ventilation and great lighting. Mahaveer Dazzle: Created by the Mahaveer Group, this residential apartment property in Whitefield offers 2 and 3 BHK apartments, with build-up area ranging from 1,110 to 1,480 square feet. Prices range from INR 54.26 lacs to 72.35 lacs. Basic amenities include Garden, 24-hour Backup, Security, Club House, Library, Community Hall, Swimming Pool, Tennis Court, Gymnasium, Indoor Games, Basket Ball Court, Kids’ Play Rea and Intercom facility. Mahaveer Group is a trusted name in the real estate sector. Maithri Shilpitha Sunflower: The project by Maithri Developers in Whitefield area of Bengaluru, offers 2, 2.5 and 3 BHK apartments that have build-up areas ranging from 1,119 to 1,341 square feet. Prices range from INR 63.66 lacs to 75.18 lacs. Amenities include Garden, Club House, Cafeteria, Community Hall, Swimming Pool, Tennis Court, Badminton Court, Gymnasium, Basket Ball Court, Kids’ Play Area, Indoor Games and Rainwater Harvesting. The project will surely bring all the best things in life you deserve, closer to you. White Orchids: This residential apartment project by VSV Builders in Whitefield offers 2 and 3 BHK apartments that have build-up area ranging from 1,075 to 1,625 square feet. Prices range from INR 43.36 lacs to 63.87 lacs. Basic amenities include Swimming Pool, Gymnasium and Kids’ Play Area. All apartments are approved by leading financial institutions including LIC Housing Finance Limited, Axis Bank, HDFC Home Loans, among others. It is close to top schools such as Sunstone Business School, The Bangalore School and Ryan International School. Mahaveer Willet: This residential apartment project by Mahaveer Group in Whitefield offers 2 and 3 BHK apartments with build-up area ranging from 1,075 to 1,432 square feet. Prices of these apartments range from INR 37.62 lacs to 50.12 lacs. The basic amenities include Garden Library, Community Hall, Tennis Court, Gymnasium, Kids’ Play Area and Indoor Games. The apartments are both unique and eco-friendly and are built in a soothing green surrounding so that there is less carbon footprints on our planet. Mahaveer Tranquil: Mahaveer Group’s Mahaveer Tranquil is a residential apartment project in Whitefield, Bengaluru, that offers 2 and 3 BHK apartments. The build-up area of the flats range from 1,307 to 1,808 square feet, and the prices range from INR 55.54 lacs to 71.65 lacs. Basic amenities include Swimming Pool, Tennis Court, Gymnasium, Club House, Library and Kids’ Play Area. The project offers the environment for perfect luxury. It’s unique ambience of peace and harmony, spread across undisturbed greenery, is the best way to enlighten your imagination. It is said that 2BHK apartments in whitefield are the preferred choice for 40 percent of homebuyers in Bengaluru, Chennai, Kolkata and Delhi. Whitefield is undoubtedly the preferred choice for numerous homebuyers looking for apartments in Bengaluru. It has got pretty much everything. It has a life of its own. Once settled, you will find it hard to leave, let alone thinking of settling somewhere else. Despite the slowdown in the market, the residential projects here have been able to command a fair price growth. The apartments listed above take care of every homebuyer’s needs.

We Work India Director Shares Expansion Plans; Bengaluru, Mumbai & Delhi In Focus

Jun 08, 2017 03:50 PM

WeWork India is looking to expand its centres, and it is considering three more locations, two in Delhi and one in Koramangala, Bengaluru. The company, which is a joint venture between WeWork USA and Embassy Group, provides shared workspaces. WeWork is a co-working space provider. WeWork India will start its operations in India from July, once WeWork Galaxy launches with 1.4-lac square feet facility in Bengaluru. By the end this year, the company is looking to open seven centres across the country. One will be in Whitefield, Bengaluru, and the others in Mumbai and Delhi. The 750-seater property in Bengaluru will be on an 80-feet road in Koramangala. Another one in Delhi will be near the Sikandarpuri metro station. The exact area and rent has not been disclosed yet. Executive Assistant to the CMD at Embassy Group and director of WeWork India, Karan Virwani, said that he is meeting investors, some of them were even part of the WeWork story in the US. Once the investors see a functional model in India, they will start negotiating on capital. WeWork India has also received queries from Twitter India, Salesforce and Zendesk. Mr. Virwani has declined to comment on the talks with these companies. The Embassy Group currently holds 100 percent stake in WeWork India. It is working with WeWork USA (valued at $18 billion) on a revenue-sharing basis. “We have invested $25 million in WeWork India as of now and will raise some money this year though the parent company, Embassy Group can internally fund it, if need be. We are looking to raise $100-200 million over the next few years,” Mr. Virwani told ET Realty.

Government Speeding Up Home Construction Significantly Under PMAY-Gramin; 51 Lac Houses To Be Built In 2017-18

Jun 06, 2017 03:12 PM

In 2017-18, the government is targeting the construction of 51-lac houses. This will go a long way in meeting its target of building one crore houses by the year 2019. This will be carried out under the Pradhan Mantri Awaas Yojana Gramin (PMAY-G). The government is aiming to bring down the building time to 6-12 months from 18 months to three years. Around 18 lac houses were completed in the financial year 2016 and in 2017, the number went up to 32 lacs. PMAY-G launched in November 2016 to replace Indira Awaas Yojana. “Our focus is to speed up construction significantly besides ensuring that the money being transferred is not put to any misuse,” a senior government official told ET Realty. 15,000 houses have been constructed so far under the revised scheme. This year’s budget has allocated INR 15,000 crore for the scheme and has doubled allocation per household to over INR 1,20,000 from INR 75,000. The overall area has also been increased to 25 square metres from 22 square metres. The government is also ensuring faster and smoother verification by geo-referencing every house. It is also putting time and date on every photograph of the houses at various stages of construction. The government has also surveyed 3.92 crore houses among total households deprived as per the Socio Economic and Caste Census data 2011. It has found that around 2.26 crore households are eligible for the scheme. In the next seven years, the government is targeting to build three crore houses for the rural poor.

Diluting RERA May Lead To Legal Action, Centre Warns States

May 29, 2017 02:16 PM

Diluting RERA may invite legal troubles, the Centre has warned states. The statement comes after Haryana diluted norms in its draft rules for RERA. It has kept the most-incomplete projects out of the Act’s ambit. This has forced the Centre to warn states against implementing regulations and rules violating the provisions of the Real Estate (Regulation and Development) Act. Dilution will lead to legal challenges. Numerous homebuyers have opposed the state government’s attempts to dilute RERA, particularly exemption of incomplete projects. Union minister of state for housing Rao Inderjit Singh has stated in a letter to Haryana chief minister Manohar Lal Khattar that “subordinate legislation such as rules, regulations, schemes etc” cannot violate provisions of the principal Act. If any such rule is incorporated, such can be challenged legally and taken down by courts. Rai is Gurgaon’s MP. A ministry official said that the states must frame rules as per the Act. They can follow rules the ministry has notified for union territories without legislatures. Sources have stated that UP and Karnataka will be amending their rules to bring all incomplete projects under RERA. Gujarat has kept all housing projects before November 2016 out of RERA’s ambit. Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh and Andhra Pradesh have incorporated rules that provides complete relief to all incomplete projects, reports ET Realty. RERA has clearly defined terms such as ongoing projects, flats, carpet area and disclosures that developers must submit. It has also specified the penalty should builders commit offences. Hence, states must avoid defining the rules further to avoid litigation, interpretational difficulties and confusion.

The Maharashtra Government Won’t Be Hiking Stamp Duty On Gift Deeds

May 26, 2017 01:03 PM

The Maharashtra state government has made a u-turn and revoked its decision to hike stamp duty on gift deeds. This was passed by the cabinet just a few days ago. The cabinet had amended the Maharashtra stamp duty act and hiked stamp duty on gift deeds from INR 500 to three percent of the land value. The news had led to a pushback from within the establishment. Revenue minister Chandrakant Patil, on Wednesday, stated that no decision has been taken to increase duty on gift deeds and described all this as a “miscommunication.” A gift deed is required when a property is transferred to a blood relative or a spouse without any payment. A conveyance deed is required to transfer of ownership of any property. “Government has not touched stamp duty for conveyance deeds in Mumbai city but has raised it in rural areas by 1%. Poor people in rural areas should not be burdened by such hikes, so we demanded a rollback,” Transport minister Diwakar Raote told The Economic Times. As a result of protests, the government has been forced to backtrack partially. Patil recently stated that the government has decided to go back to the 2015 position on stamp duty for gift deeds. “There is no change in that decision. We are making losses of Rs 500 crore because of the decision but we are yet not increasing duty,” he said. The current state of finances is to blame though the government has retained the new duty structure for conveyance deeds. However, through the increase in stamp duty on gift deeds, the government was looking to make an additional INR 300 crores. Revenues are not growing at a fast rate and the debt burden is not going down either. However, the government can look to at least make part of the money by sticking to the new duty structure for conveyance deeds. In rural areas, stamp duty on conveyance deeds was raised from four to three percent of land rate. In peri-urban areas, this rate has been made five percent from four percent, governed by municipal councils. Officials have said that the decision to bring down stamp duty in 2015 was only on farm and residential land that would be transferred to blood relatives. It never covered other kinds of properties. For other types of properties, the stamp duty was two percent. “The government is now trying to show that the increase in stamp duty will be only on the properties which were already paying two percent and that the hike has been only by one percent,” said one official.

After SBI, ICICI & HDFC Slash Home Loan Rates

May 15, 2017 09:04 PM

After SBI’s massive cut on home loan rates, ICICI and HDFC have followed suit. These rate cuts are being done so that the lenders can take advantage of Central Government’s push towards affordable housing. Indian Prime Minister Mr. Narendra Modi has envisioned housing for all by the year 2022 when our Nation completes 75 years of Independence. The new rates from HDFC and ICICI have been made effective from Monday, May 15. ICICI Bank has reduced home loan rates by 30 basis points for loans up to INR 30 lacs or loans which are classified in the affordable housing category. Thus, salaried borrowers will be able to take home loans up to INR 30 lacs at 8.40 percent. Women borrowers will pay 8.35 percent interest. HDFC has reduced the rate by 15 basis points for women borrowers and 10 basis points for others. This makes its rate at par with ICICI’s with 8.35 percent for women borrowers and 8.40 percent for other borrowers. SBI has slashed home loan rates by 25 basis points to 8.35 percent from 8.60 percent up to INR 30 lacs.

SBI Plays It Big With Massive Home Loan Rate Cut

May 15, 2017 08:46 PM

SBI has cut off affordable home loan rates by 0.25 percent, and it’s the lowest in the market. The percentage reduction translates to around INR 530 per month on EMIs. SBI is India’s largest lender. It announced the home loan rate cut on May 8. It is also offering 8.35 percent to new women borrowers. Loans under INR 30 lacs qualify for affordable housing under the new government scheme. For the male borrower, the limited period offer is till July 31. There has been a reduction of 0.20 percent to 8.40 percent for the salaried. For the non-salaried, it is 0.15 percent. For women, the new rate reduction is 0.25 percent for the salaried borrowers, who can avail of 8.35 percent. For the non-salaried, there will be a 0.20 percent price cut. The new rates have become effective from May 9. SBI is currently leading the home loan market with a 25-26 percent market share that translates to a home loan book of INR 2.23 trillion.

Impact Of GST On Real Estate Sector

May 12, 2017 11:34 AM

The Goods & Services Tax (GST) is expected to have a massive impact on India’s economic prospects. It’s quite a revolutionary tax-related reform that has not been seen in our country for decades. GST will reportedly eliminate the cascading and conflicting taxation structures that have caused confusion for several industries in the past few decades. The positive effects of GST will become evident only after two to three years of its implementation. However, a single indirect tax, covering all goods and services will increase tax collection in the long run. The tax will make it real easy for businesses and retailers to comply and moderate all taxation levels. Even though GST has already been announced, there is still a lot of confusion among experts as to which tax structure will be applicable for the real estate and construction industry. The tax rate hasn’t been decided yet, though expectation for the real estate industry is in the 12 percent bracket. However, GST rate is not the only rate to consider. Input tax credit facility for developers and abatement rules as applicable under the service tax regime if the effective tax incidence on real estate is lower or higher under GST. However, the government has provided some clarity on the abatement rules for under-construction houses. Moreover, it has also spoken on input tax credit benefits for developers. The reader must know that affordable housing is currently exempt from service tax. The government is yet to clarify the applicability or continuing exemption under GST. In case of the commercial office real estate market, GST will likely be neutral overall. The existing service tax for commercial leases stands at 15 percent. Thus, GST will likely remain at 12% slight savings and 18% slight increase, reports The Economic Times. In the residential real estate sector, sales are affected not only by tax rate but also a lot by sentiment. The trust deficit must also be taken into account, which is currently being addressed by RERA. If costs, however, rise under GST, the currently prevailing lower home loan rates may alleviate the impact to a certain extent. Buyers and investors are worried that the final cost of homes will increase even when the government levies GST at 12 percent. Developers are also waiting for clarity though they know that it is in the best interest of their businesses to keep ticket sizes of homes range-bound. The developers are very much aware of the evolving market dynamics. Hence, it is logical to stay customer-centric and delivery-focused for creating a differentiated identity. If under GST, the government taxes residential leases, the rental housing market will be naturally impacted too. As residential leases are currently not taxed, GST’s impact on rental housing could bring in a slump over medium-term. Rental yields in major cities may moderate if GST is levied on rental housing. Due to an increase in housing stock, rents may come down marginally. However, reduced rental yields may not independently impact sentiment because most investors in residential sector do not invest for rental yields, but for capital value appreciation.

Ready-To-Move Apartments In Whitefield, Bengaluru Update: Why Majority Of Homebuyers Are Settling For Such Properties

May 10, 2017 03:05 PM

The demand for ready-to-move apartments is on the rise across the nation. Construction delays, government approvals, internal work-management conflicts at the builder’s end are a few reasons behind this rising demand for apartments that allow the buyers settle in as quickly as possible. A whopping 79% of residents in Bangalore preferred ready-to-move apartments. That number in Delhi NCR and Mumbai is 89% and 88% respectively. When it comes to looking out for ready-to-move apartments in Whitefield, there is plenty to choose from. ETRealty recently reported that a certain percentage of the potential home buyers in Bangalore and Chennai still treat the ready-to-move property as their second preference. But the Real Estate market in Bangalore is going stronger by the minute after the brief demonetization episode. To serve to the growing need of the homebuyers preferring to move into a ready-to-possess apartment, Whitefield has over 10,000 such apartments awaiting to be bought. PropIndex analyzed the average price for ready to move properties in about 8 cities they picked from a total of 14. The results indicate the visible impact is mostly noted in the higher-budget property segments. ET Wealth maintains that the higher-budget property segments boasted a 7% premium over the under-construction properties. This may be helpful in curbing the rising prices of the new launches in the coming days. Further, the report highlighted that Bengaluru Index has registered 1% increase in the rising prices over the last quarter. The report also states, “In the October to December 2016 quarter, 62 percent localities saw an average price increase of 3.1 percent, while the balance 38 percent localities saw 3 percent price decline. Price movement across all but one budget segment has been positive with price movement ranging from -0.8 percent in the Rs 6,000-9,000 per sq. ft. segment to 3 percent in the Rs 9,000 per sq. ft. budget segment.” It is a natural development that when the demand for the ready-to-move apartments is surging, the prices are naturally going to rise a little. With the most preferred localities like Electronic City, Sarjapur and Whitefield having so much to offer in terms of variety in real estate, The Economic Times reported that the pre-launched properties in October-December 2016 period were found to be 3.1% more expensive than the under-construction initiatives. The construction speed is quite commendable too as 1500 apartments have been added to the preferred locations in the city in the last 2 years. The local and the NRI buyers are looking forward Whitefield area for making good returns in the years to come as this great locality has a lot to offer with a variety of options. There are many factors involved in making a location a ‘preferred’ one when it comes to choosing an apartment. Apart from the obvious monetary factor, great eat-out places, options for indulgence, fun, party, nightlife and shopping etc. are the factors that increase the ‘preference-quotient’ of a locality. It goes without saying that people look out for hospitals, schools and banks etc. to be in a very close proximity to their residences. That’s exactly what makes Whitefield as one of the prime and most preferred locations as far as buying property is concerned. With international hospitals and restaurants, specialty market places, gated, premium and ready-to-move-apartments, Whitefield is fast becoming the center of attraction for the entire city. “Namma Metro” will soon connect the second phase of this locality with the heart of the city. As per the initial plan, the Purple Line is expected to cover 13 stations en-route Byapannahalli. The mid-segment apartments, usually 2 to 2.5 BHK, are highly preferred and are in great demand in Whitefield. To make the deals even more interesting and attractive, almost all builders are offering world-class amenities like swimming pools, dedicated sports areas, club houses and recreational space. As per the statistics by The Financial Express, Bengaluru is considered to be the third-largest pivot location for HNIs, the high Net-Worth individuals. Consisting of expatriates and corporates with massive salary compensations living largely in Whitefield area, the residential projects have registered a steady price growth over the years. These are a few but solid factors that are helping the builders attract huge real estate investments in Bengaluru, especially the Whitefield area: Growth and development of E-commerce Rapid increase in start-ups Growth in IT Industry Significant increase in HNIs and Expatriates Medical Tourism   With Whitefield increasingly becoming a self-sufficient and self-sustaining ecosystem, the demand for ready-to-possess housing complexes is going to surge massively in the coming years. 2017, in fact, is going to be an extremely decisive year for the further growth of real estate sector. With not many launches lined up for the coming months and depreciating home loan rates, the demand for ready-to-move apartments is definitely going to increase, may be exponentially. Further, the fact that a considerable lump of tax paybacks on interest payments towards housing will go down the drain if the buyers are not able to avail the possession within 5 years of drawing out a loan, will add to the growing demand for the possession-ready properties. For instance: “For someone in the top income tax bracket of 30 percent, such a delay can lead to a sharp drop in tax benefit: from 60,000 to just 9,000 a year.” No body with a sane mind can be happy about such a loss. Generally, the majority of the potential house buyers are inclined towards moving into possession-ready apartments and hence, Whitefield will serve as an obvious choice to all such buyers.

RERA Effect: Home Buyers & Developers Want To Know The Implications Of RERA, Ask Questions

May 09, 2017 10:44 AM

RERA has been implemented and it has brought with a plethora of questions, both from homebuyers and developers. One such big question is whether residential property prices will go up after RERA implementation. Many want to know whether the ACT will directly or indirectly affect real estate pricing. The best possible answer to these questions are that yes, there will definitely be a higher cost of compliance, especially for small developers who have not obtained necessary permissions for their projects and who took short-cuts. However, those who did collect all permissions won’t be affected due to their transparency in transactions. This has already been factored into their cost structures. Hence, there won’t be any further increase in cost. But it should also be noted at this stage that the slow sales that affected the residential property segment won’t accommodate price escalations, no matter what the reason is. Homebuyers are also eager to know whether they will wait for some more time or simply purchase their homes, now that RERA has been implemented. There is a clear-cut way of answering this. It is highly advisable that homebuyers book their homes only from known developers who have maintained a good and credible track record. Hence, it will be a good decision to go for projects that are now listed on the RERA website. Established developers are aware of the RERA guidelines and are already complying with it before launching new projects. Buyers must exercise due diligence before choosing a developer. Buying a house now is definitely an option provided it is done wisely. It is advisable to look beyond financial benefits and think about the long-term perspective based on pricing transparency, project quality and developer profile. However, what about those homebuyers belonging to states that are yet to notify RERA rules? These states are now under tremendous pressure to notify as soon as possible. Until they notify, it will be a good bet to stay focused only on reputed developers and their projects. Buyers can also refer to the requirements of their respective state’s RERA rules. This will be a good indicator as to which of the projects fall under RERA and which ones do not. Homebuyers are also confused as to which broker they should refer to, as brokers also should register themselves under RERA. Brokers registered with RERA will have a certificate to that effect, reports The Economic Times. Currently, there is a mad rush to obtain these certificates, as the online booking system opened only recently. Thus to summarise, buyers must not look into projects that are not RERA compliant.

PMAY Housing for All 2022 Overview

May 02, 2017 04:53 PM

The “Housing for All” scheme was earlier launched by the Government of India. Now, it has been reformed as the Pradhan Mantri Awas Yojana (PMAY) and is already active. It aims to provide housing to all Indian citizens by the year 2022. Under this scheme, more than two crore houses will be constructed. The scheme started in the year 2015 and will end in 2022. The primary targets of the initiatives are people, who are living under LIG and EWS categories in urban establishments, and the poor. Phase 1 of the program was from April 2015 to March 2017. A total of 100 cities came under its purview. The Phase 2 will be from April 2017 to March 2019, where more than 200 cities will be covered and also developed. The last phase is from April 2019 to March 2022. Remaining cities will be covered in this phase. Beneficiaries covered under the program include women (irrespective of religion or caste), economically weaker sections of the society (EWS), LIG, MIG 1, MIG 2, schedule castes and schedule tribes. The Indian Government will be providing subsidy of up to INR 2.30 lacs so that they can buy a home for themselves and their families. Primary features of “Housing for All 2022” include usage of eco-friendly technology for constructing houses under PMAY, allotting ground floors t the elderly and differently-abled, preference to female members during allotment and also female applicants and finally, provision of 6.5 percent interest subsidy on housing loans availed for a period of 15 years from the start of the loan. The primary components of “Housing for All 2022” are; An online application process for the scheme will be put in place to increase and fast-forward the number of application people make under the program. The homeless and urban poor families will greatly benefit from the online process. They can also apply for PMAY via CSC, which basically are common service centres in urban as well as rural areas. These centres are responsible for delivering various government services to Indian citizens. This will, in turn, help achieve the Digital India Mission. Details about the online submission of PMAY are given below; Of course, this leads to the obvious question of how to find the CSC centres in one’s city. This process is simple too. All one has to do is visit the site http://gis.csc.gov.in/locator/csc.aspx. Enter state, district and block names, and click on “Search.” This will provide the details of the nearest available CSC in one’s city, state or village. It is also possible to search a name in this scheme portal. This will help people know whether they are eligible for the PMAY or not. BPL certificate documents have to be submitted. The bank will notify if someone is eligible or not. There is also a way online. For this, one has to visit http://pmaymis.gov.in/Search_Name.aspx. Here one will find a list of beneficiaries available within the site. This list is constantly updated. PMAY toll-free numbers are 800-11-6163, 1800-11-3388 and 1800-11-3377. Prime Minister Shri Narendra Modi has also stated that the government will extend the interest subsidy benefit to two new groups of homebuyers based no income criteria. These two new subsidy schemes are expected to have a tremendous positive impact on the real estate growth in the country. The Government of India has announced that people having annual earnings of INR 18 lacs, will enjoy cheaper property rates on their first home purchase. However, the housing loan should have repayment tenure of 20 years. On meeting the conditions, the cost of the house will dip by INR 2.4 lacs. Currently, this subsidy scheme is available only for those who have annual earnings of not more than INR 6 lacs. The existing home loan tenure limit has been raised to 20 years from 15 years. Whether it’s the old scheme or the two new schemes, in case the loan is taken for tenure of 20 years, the property purchased will be cheaper by INR 2.4 lacs. Moreover, the per-month instalments will see a reduction of approximately INR 2,200. If the person is in the income tax bracket of 30 percent, he will be eligible for tax benefits as well, which may run as high as INR 61,800 per year.

A Look Into How Bengaluru’s Bustling Industrial Life In The EPIP and Special Economic Zones Are Driving Housing Demand

Apr 27, 2017 03:13 PM

The demand for residential housing in East Bengaluru is going up steadily because of the massive workforce employed by this belt. These employees prefer to stay close to their workplace, thereby driving demand for properties in the area. In fact, Whitefield’s success story has been primarily scripted by the information technology revolution that totally transformed the once sleepy landscape. Asia’s first tech park sprung up here in 1994. The area soon became a success benchmark for entrepreneurs, as owning a villa here was a sign of “success” here. In order to earmark the Export Promotion Industrial Park (EPIP) zone, the Karnataka Industrial Area Development Board (KIADB) acquired large tracts of land. Numerous companies across various verticals invested in land in the special zone to set up their large-format built-to-suit offices. These companies included various IT companies, IT-enabled Services, engineering and healthcare companies, to name a few. It was during this time when the entrepreneurial wave in the IT-ITeS sector resulted in first generation wealth creation. The lure of East Bengaluru is too hard to resist. Both single commercial buildings and tech parks are available in areas around the Old Madras Road and Outer Ring Road (ORR). Mixed development is also being observed here. The key initiatives by the State Government that literally made Bengaluru the Silicon Valley of India are the EPIP Zone, Electronics City and Whitefield. Moreover, these areas have also been responsible for the real estate boom in Bengaluru, as thousands and thousands of IT professionals settle in this area to work in some of the best companies in the world. There is demand for various kinds of properties such as high-end homes, mid-segment homes, villas and plots to name a few. People generally prefer well-appointed gated enclaves. While ITPB has singularly driven the demand for residential property options in its vicinity, tech parks and business parks in the EPIP zone too have drawn a high demand. Whitefield and the EPIP zone have witnessed exponential growth over the years. Gigantic glass and chrome office buildings touch the sky in these areas and greenery is reserved by the developers. Some of the tech parks here house the best social infrastructure. Naturally, areas in the vicinity have transformed into high-end gated communities of residential activity. IT employees who have traveled the world, and working in these tech parks, are now buying villas to match their lifestyle. The government also encourages both large and small companies to set shop here. They are also given a variety of benefits for doing so. Whitefield today, has blossomed into one of the most-advanced industrial areas in India. The EPIP zone is spread across an extensive 570 acres. Most of the action has always been centered around the tech parks and special economic zones (SEZs). Other areas that are equally vibrant include Kundalahalli Village in Krishnarajapuram, Nagavara, Varthur, Doddakanahalli, Kadubeesanahalli, Sadarmangala, Bellandur, Mahadevapura and Kaggadasapura.

Union Housing Minster Considering INR 1.5 Lac Assistance To The Economically Weak For Buying House On Private Land

Apr 25, 2017 02:30 PM

If latest reports are to be believed, the government will provide a subsidy of INR 1.5 lacs to the poor who buy a house on private land. This will of great assistance to the economically weaker sections of the society who buy a house on private land. Currently, such assistance is only provided only in case of land provided by municipal bodies and state government. Union housing minister M Venkaiah Naidu revealed that his ministry is this option thoroughly. This comes just days after he launched a line of affordable housing projects by private developers. Naidu also took the example of the government's pro-poor initiative to provide roofs to all families in urban areas within 2022. He then explained how he has sanctioned a record number of affordable houses in the past 22 months. His ministry has “given approval to 17.73 lac affordable houses for the benefit of urban poor in 2,008 cities and towns.” He pointed out how this is a great sign of being a government with a difference. The Housing for All project, due to be completed by 2022, will be successful when 15 states and Union Territories accomplish it by 2019. These include Kerala, Himachal Pradesh, Jammu and Kashmir, Arunachal Pradesh, Manipur, Meghalaya, Nagaland, Sikkim, Tripura, Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu and Puducherry. The rest will be covered by 2022. Naidu also mentioned the Real Estate Regulation Act, and how he has asked state governments to take immediate steps to notify the Act. His state has already notified all norms to get the law implemented by May 1. 13 states had notified the final rules till Thursday and 16 are already nearing the end. If certain states fail to notify within May 1, there can be public outrage as everybody is eager to see the Act get implemented. As soon as the regulator is appointed and the rules framed, all new and ongoing projects have to be registered. Every Union Territory and State, except Delhi has already signed the Memorandum of Understanding (MoU) with the housing ministry for the scheme. According to The Economic Times, Tamil Nadu is leading the list of states for the maximum number of houses sanctioned by the Centre. Naidu is optimistic that the rate of sanction and completion of houses for the poor will increase.

RERA Implementation: Lot depending on States Now After Centre Implements Act In Its Entirety

Apr 18, 2017 06:59 PM

The real estate scene is about to undergo a sea change the Real Estate (Regulation and Development) Act 2016 (RERA) becomes active in the entire country on May 1. While West Bengal, Tamil Nadu, Maharashtra, Rajasthan, and Karnataka have already framed their draft rules, other states such as Gujarat, Odisha, Madhya Pradesh and Uttar Pradesh have already finalized their rules. Every Union Territory and State will have their own Regulatory Authority, who will be responsible for a variety of things. The body will maintain a website that will have records of all projects registered with the authority. RERA must be implemented before May 1, failing which will create a gap in states. The RERA Act was passed by the Parliament in 2016 and was supposed to be incorporated in its entirety in all states. All under-construction and ongoing projects fall within the ambit of the Act. The Act will be immensely helpful for both existing buyers of real estate property who haven’t yet got possession of the properties. This includes both residential and commercial properties. According to The Economic Times, a completion certificate is vital, and all projects that haven’t yet received a completion certificate prior to the commencement of the Act have to come under the purview of the Act. A developer has to register the property with the Regulatory Authority of the State for operationally covering the ongoing project. Under-construction projects have to be registered within three months from the date of commencement of this Act. If a completion certificate has already been issued for a particular project, the developer need not go for its registration. There are numerous projects that are developed in phases. Purchasers of towers or apartments or phases get entrapped. RERA is going to change all this as it will consider each phase as a standalone project and the promoter has to register each phase of the projector with the regulator separately. Buyers from every state have to go deep into the rules to understand the extent of coverage of the Act. A general homebuyer may find it difficult to take on this complex exercise. Thus, States must frame rules as per the Act and not keep buyers at a disadvantage. The Centre has already implemented RERA in full in the UTs. Now, it is the responsibility of the States to not dilute RERA and instead implement it within May 1 in letter and spirit. The resale state Act will serve its purpose only when it is followed in its entirety by all stakeholders. In practice, coverage of existing projects may not be as per requirement. States like Gujarat and UP excluded ongoing projects. Now, the Central Government is under tremendous pressure from homebuyers for bringing such projects under RERA in these States. A lot depends on State Governments who would be ultimately passing the Act for their regions. There’s a possibility that many buyers will get stranded because of the fine-print of the rules. Thus, it is really the responsibility of the States to ensure that the RERA Act is implemented successfully.