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Land Title Insurance Compulsory For MahaRERA Registered Builders

Land Title Insurance

Why Land Title Insurance Compulsory for MahaRERA Registered Builders?

The state housing department is set to make Land Title Insurance compulsory for MahaRERA registered builders, for which insurers are already in conversations with the regulatory authority to make a decision on the premium.

Land title insurance is a kind of reimbursement protection, which safeguards builders and customers against financial loss from mistakes in title to real property, among others. It had earlier unsuccessful to clear out due to high pricing and lack of transparency, as well as differences in the government records.

The Real Estate (Regulation and Development) Act 2016 (RERA) directives the purchase of title insurance for new and ongoing realty projects registered with the MahaRERA (Maharashtra Real Estate Regulatory Authority).

As per sources, insurance companies have already enforced the Insurance Regulatory and Development Authority of India (IRDA) for launching title insurance products. On the other hand, developers are demanding the state government should announce a separate notification in this matter.

Rajiv Parikh, the president of the state Confederation of Real Estate Development Association of India (Credai), told that “While title insurance is a must for assured titles, it is up to the government to make sure that electronically generated titles are made available so that insurance can be needed for these assured titles. Having said that, the government needs to settle differences in title records to bring more insurers to hit the sector,”.

He further added that even though the title insurance cover may start with new projects, the premium should not be too high as the developers would be passing it on to the buyers.

As per the sources, the premium may differ from 0.5 to 3% of the sum insured for a 7 years policy which can be extended further. Two transactions for the title insurance products have already succeeded in Mumbai and the state governments are in the process of establishing Land Title Bill and may acknowledge briefing the mandatory features of the title insurance too.

Assured insurance for the title will benefit consumers to attempt the insurance in case of any differences said State settlement commissioner S Chockalingam, who has been instrumental in recommending for the title insurance.

He further added that once, the state government makes it compulsory, the state real estate regulatory body can execute it among promoters of new projects.

At the same time, the government would have to control the premiums as the consumers are not too interested in title insurance over the fear of increasing the cost of the property.

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Affordable Housing blog Buying property Product Updates Real Estate RERA Smart Residential Living

20 Most Affordable Housing Projects in Bangalore

List of affordable housing projects in Bangalore

“Affordable Housing” is a very popular word these days in the Indian Real Estate Sector. With a fast population shift from rural to urban areas, home buyers look for a property which is economical, affordable and within the reach of their pockets. Therefore, people are getting attracted to the Affordable Housing Scheme. Even in cities like Bangalore, with on average higher purchasing power compared to many other cities such as Delhi, Mumbai, Gurgaon, Chennai, Ahmedabad, and Pune, the demand for affordable housing is increasing at a very fast pace.

While building cost-effective homes is a challenge in itself. To meet the growing demand for affordable housing, the Government of India and all the major real estate players have come up together with a number of low budget housing schemes and plans. Government’s ‘Pradhan Mantri Awas Yojana’, ‘Housing for all by 2022’, and ‘Public-Private Partnerships for Affordable Housing’ are some of the major incentives that are helpful in the growth of the affordable housing sector in India.

Even in cities like Bengaluru, where the average buying capacity of people is higher as compared to other cities, home buyers look for properties that are well within the reach of their pockets.

So, if you are planning to buy affordable homes in Bangalore, here are the top 20 affordable housing projects that offer 1, 1.5, 2, and 3 BHK housing units within your budget:

List of 20 Affordable Housing Projects In Bangalore:

Projects Name

Builders Name

Location

Tata New Haven

TATA Housing Dev Co Ltd

Tumkur Road

Concorde Epitome

Concorde Group

Electronic City Phase II

Concorde Spring Meadows

Concorde Group

Tumkur Road

LGCL Happy Days

LGCL

Off Hennur Road

Pride Palatia Phase I

Pride Group

Hennur Road

Goyal Orchid Greens

Goyal & co.

Kannur

Artha Emprasa Startup City

Artha Property

Hoskote

Avanti by Shriline

Shriline Properties Pvt Ltd

Attibele – Anekal Road

Brigade Bricklane

TooGoodHomes by Provident

Brigade Group

Provident Housing Limited

Jakkur

Thanisandra Main Road

Pride Sunrise

Pride Group

Bannerghatta Jigani Road

Brigade Parkside East

Brigade Group

Sarjapur Road

Brigade Parkside West

Brigade Group

Mysore Road

Iconest 3

Icon Homz

Bommasandra

Provident Park Square Ph-II

Provident Housing Limited

Judicial Layout 2nd Phase

Brigade Parkside North

Brigade Group

Jalahalli

Gallium at Brigade El Dorado

Brigade Group

Bagaluru

Confident Oxygen

Confident Group

Sarjapur Road

Provident Equinox

Provident Housing Limited

Kambipura

Provident Capella

Provident Housing Limited

Whitefield

  1. Tata New Haven

The luxurious residential development Tata New Haven by TATA Housing Development Co Ltd strategically located in Tumkur Road is offering 1.5, 2, and 2 BHK residential units ranging from 708-1286 sq.ft. with modern amenities like landscaped garden, indoor games, CCTV camera, gymnasium, basketball court, skating rink, lift, clubhouse, 24 hours water supply and much more.

  •  Project Name: Tata New Heaven
  • Developer: TATA Housing Development Co Ltd
  • Location: Tumkur
  • Unit Configuration: 1.5, 2, & 3 BHK Apartment
  • Rate: 5200/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/309/PR/170916/000146
  • Price Range: Rs 36.81 L to Rs 66.87 L
  • No of Units: 1613
  • Possession Date: 30-Sep-19
  1. Concorde Epitome

Concorde Epitome by Concorde Group is an unmatched Residential property located in Electronic City Phase II, Bangalore. The project offers 2 and 3 BHK residential units ranging from 1217 – 1534 sq. ft. with plenty of benefits that include prime location, comfortable and lavish lifestyle, great amenities, healthy surroundings, and high return. Some of the modern amenities are a gymnasium, billiards room, table tennis, party hall, children’s play area, swimming pool, a landscaped garden among others.

  •  Project Name: Concorde Epitome
  • Developer: Concorde Group
  • Location: Electronic City Phase II
  • Unit Configuration: 1217 – 1534 Sq.ft.
  • Rate: 4200/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/308/PR/171015/000698
  • Price Range: 51.11 lakh – 60.42 lakh
  • No of Units:180
  • Possession Date: 31-Dec-19
  1. Concorde Spring Meadows

Concorde Spring Meadows by Concorde Group, located off Tumkur Road on Hesaraghatta Main Road. This project is offering 1,2,3 BHK residential apartments. It is the ideal destination for a well-balanced life with best in class infrastructure and facilities all in the vicinity. Concorde Spring Meadows comprises of a wide array of amenities that include Landscaped Garden, Swimming Pool, Gymnasium, Play Area, Jogging Track, 24Hr Backup Electricity, Table Tennis, Party Area, Senior Citizen Park, Multi-purpose Hall, provision for Laundry, Skating Rink, Cricket Practice Net, and Multipurpose Games Court.

  •  Project Name: Spring Meadows
  • Developer: Concorde Group
  • Location: Tumkur Road
  • Unit Configuration: 596 sq.ft – 1456 sq.ft
  • Rate: 8023/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/309/PR/180227/002657
  • Price Range: 47.81 lakh – 64.70 lakh
  • No of Units: 356
  • Possession Date: 30-Jun-21
  1. LGCL Happy Days

LGCL Happy Days by LGCL is an ultimate reflection of the urban chic lifestyle located in Off Hennur Road, Bangalore. It comprises of 2 BHK Apartments that are finely crafted and committed to providing houses with unmatched quality. The Apartments are spacious, well ventilated and Vastu compliant. This project has close proximity to many famous schools, hospitals, shopping destinations, tech parks and every civic amenity required so that you spend less time on the road and more at home.

  •  Project Name: LGCL Happy Days
  • Developer: LGCL
  • Location: Off Hennur Road
  • Unit Configuration: 900 sq.ft.
  • Rate: 6556/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/309/PR/180313/002625
  • Price Range: 59 lakh
  • No of Units: 237
  • Possession Date: 31-Dec-21
  1. Pride Palatia Phase I

Pride Palatia Phase I by Pride Group situated in Hennur Road, Bangalore offers 2 and 3 BHK apartments. Located at Chikkagubbi, the project lies right off Hennur Main Road and is well linked to places like Jalahalli, Chikballapur, Brookefield, Frazer Town, Bommasandra, JP Nagar Phase 7, Vasanth Nagar, Begur and Jakkur among others. The project comes with several amenities for residents including a well-equipped gymnasium, clubhouse, 24-hour security services, playing zone for kids, landscaped gardens, swimming pool, CCTV surveillance, indoor game facilities, video door phone facilities, and television network.

  •  Project Name: Pride Palatia Phase I
  • Developer: Pride Group
  • Location: Hennur Road
  • Unit Configuration: 877 sq.ft. – 1354 sq.ft.
  • Rate: 6100/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/446/PR/171013/000463
  • Price Range: 53.49 lakh – 82.59 lakh
  • No of Units: 207
  • Possession Date: 1-Dec-19
  1. Goyal Orchid Greens

Goyal Orchid Greens by Goyal & Co. is located in Kannur, near Chikkagubbi locality on Hennur Main Road of Bangalore. It is an under-construction project that offers 2 and 3 BHK apartments span across 2.27 acres of land parcel and known for specifications such as Vitrified Tiles flooring in kitchen, living room and other parts of the apartment. The key amenities offered by Orchid Greens include a gymnasium, swimming pool, children’s play area, clubhouse, jogging track, power backup provision, and indoor games facility.

  •  Project Name: Goyal Orchid Greens
  • Developer: Goyal & Co.
  • Location: Kannur
  • Unit Configuration: 1180 sq.ft. – 1561 sq.ft.
  • Rate: 4068/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/446/PR/171014/000328
  • Price Range: 48 lakh – 63.50 lakh
  • No of Units: 240
  • Possession Date: Sep-19
  1. Artha Emprasa Startup City

Artha Property has launched its premium housing project, Emprasa Startup City strategically situated in Hoskote, Bangalore. The project offers 1, 2 BHK residential apartment from 692 sqft to 741 sqft in Bangalore East. This project is span across 8.18 acres of vast land parcels consists of 900 units. Among the many luxurious amenities that the project hosts are Swimming Pool, Multiplex And Theatre, Smart Transport, Training Center, Cricket And Soccer Field, etc.

  •  Project Name: Artha Emprasa Startup City
  • Developer: Artha Property
  • Location: Hoskote
  • Unit Configuration: 692 sq.ft. – 741 sq.ft.
  • Rate: 3950/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1250/304/PR/171031/001084
  • Price Range: 27.33 lakh – 29.26 lakh
  • No of Units: 900
  • Possession Date: 31-Dec-19
  1. Avanti by Shriline

Avanti by Shriline is a luxurious residential development by Shriline Properties Pvt. Ltd. It is built on an area spreading across 2 acres, consists of a total of 236 aesthetically designed 1 and 2 BHK units in a stilt +4 floors spread over 6 Wings. Being situated along Attibele-Anekal Road, close to proposed STRR (Satellite Town Ring Road), the project lies in close proximity to Electronic City – Bengaluru’s latest IT hub and among favorite residential areas in Bangalore South. All the necessary amenities & open green spaces together give you a great nature to live.

  •  Project Name: Avanti by Shriline
  • Developer: Shriline Properties Private Limited
  • Location: Attibele – Anekal Road
  • Unit Configuration: 530 sq.ft. – 961 sq.ft.
  • Rate: 3583/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/308/PR/171031/001664
  • Price Range: 18.98 lakh – 30.33 lakh
  • No of Units: 236
  • Possession Date: 31-Dec-20
  1. Brigade Bricklane

Packed with thoughtful conveniences and modern amenities, Brigade Bricklane by Brigade Group is an under-construction residential project, strategically located at Jakkur, Bangalore. It is offering 1 and 2 bedroom apartments span across 8 acres of land parcel consists of 749 units. It includes amenities such as a Children’s Play Area, Basketball Court, Amphitheatre, Cycling & Jogging Track, Gymnasium, ATMs, medical facilities, education institutions, and parks are within easy reach.

  •  Project Name: Brigade Bricklane
  • Developer: Brigade Group
  • Location: Jakkur
  • Unit Configuration: 663 sq.ft – 1022 sq.ft
  • Rate: 5040/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/309/PR/180808/001981
  • Price Range: 33.41 lakh – 50.99 lakh
  • No of Units: 749
  • Possession Date: 1-Dec-21
  1. TooGoodHomes by Provident

TooGoodHomes by Provident Housing Limited situated in Thanisandra Main Road near Manyata Tech Park, Bangalore. It offers 249 units of  2 BHK apartments in 2.03 acres of the land parcel, ranging between 888 sq. ft. to 944 sq. ft. Some of the key amenities include a swimming pool, gymnasium, clubhouse, children’s play area, senior citizen sit-out, terrace garden, jogging track, 24-hours power back-up among others. Tech parks, shopping malls, best of educational institutes, world-class hospitals and the Kempegowda International Airport are all in close proximity, making this a perfect investment.

  •  Project Name: TooGoodHomes by Provident
  • Developer: Provident Housing Limited
  • Location: Thanisandra Main Road, Near Manyata Tech Park
  • Unit Configuration: 888 sq.ft. – 944 sq.ft
  • Rate:  5686/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/472/PR/180808/001982
  • Price Range: 50.49 lakh – 52.59 lakh
  • No of Units: 249
  • Possession Date: 31-Dec-21
  1. Pride Sunrise

Pride Sunrise is a residential project by Pride Group situated at Bannerghatta Jigani Road, Bangalore. Homes at Pride Sunrise have been smartly designed in compact configurations which allow for maximum space optimization, designed by leading architects. It offers 128 units 1 and 2 BHK residential apartments spread across 1.35 acres of land. The project has very close proximity to Electronic City as well as Jigani Industrial Area which is home to the best international workspaces and entertainment hubs. The locality of this project has a high appreciation potential due to its location in South Bengaluru’s fastest growth corridor with excellent infrastructure and Metro connectivity.

  •  Project Name: Pride Sunrise
  • Developer: Pride Group
  • Location: Bannerghatta Jigani Road
  • Unit Configuration: 570 sq.ft. – 797 sq.ft.
  • Rate: 4912/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/308/PR/181103/002126
  • Price Range: 19.94 lakh – 28 lakh
  • No of Units: 128
  • Possession Date:31-Dec-20
  1. Brigade Parkside East

Parkside East by Brigade Group is a unique gated community project located strategically on Sarjapur Road in East Bangalore and is blessed with ready social infrastructure. It offers thoughtfully designed 1 and 2 BHK apartments keeping in mind the specific needs of varying age groups. This community has one set of blocks named CLASSIC, dedicated solely for the seniors, with a range of special services and features. While the other set of blocks named PRIME caters to the lifestyle choices of today’s cosmopolitan families. Wading Pool, Swimming Pool, Mini Golf, Jogging Track/Brisk Walk, Outdoor Gym, Senior Friendly Indoor Gym are some of the key amenities provided by the builder.

  •  Project Name: Brigade Parkside East
  • Developer: Brigade Group
  • Location: Sarjapur Road
  • Unit Configuration: 704 sq.ft to 1252 sq.ft
  • Rate: 5690/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/446/PR/180621/001910
  • Price Range: 40.05 lakh – 68.73 lakh
  • No of Units: 282
  • Possession Date: 31-Dec-20
  1. Brigade Parkside West

Parkside East by Brigade Group is a unique gated community project located strategically on Mysore Road, Bangalore and is blessed with ready social infrastructure. It offers thoughtfully designed 282 units of 1 and 2 BHK apartments span across 5 acres of land parcel keeping in mind the specific needs of varying age groups. This community has one set of blocks named CLASSIC, dedicated solely for the seniors, with a range of special services and features. While the other set of blocks named PRIME caters to the lifestyle choices of today’s cosmopolitan families. Wading Pool, Swimming Pool, Mini Golf, Jogging Track/Brisk Walk, Outdoor Gym, Senior Friendly Indoor Gym are some of the key amenities provided by the builder.

  •  Project Name: Brigade Parkside West
  • Developer: Brigade Group
  • Location: Mysore Road
  • Unit Configuration: 711 sq.ft. to 1266 sq.ft
  • Rate: 5690/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/310/PR/180611/001894
  • Price Range: 40.45 lakh – 69.50 lakh
  • No of Units: 292
  • Possession Date: 31-Dec-20
  1. Iconest 3

Icon Homz bringing up a new housing complex named Iconest 3 in Bommasandra, Bangalore. The property is located just beside the national highway 44, which connects the city to the neighboring city of Hosur to Attibele. It offers 224 units of 1,2, and 3 BHK apartments that are finely crafted and committed to providing houses with unmatched quality. The project is spread across 2 acres of land. Some of the unmatched amenities include a children’s play area, badminton court, landscaped garden, library, jogging track, gymnasium, 24-hours power back-up among others.

  •  Project Name: Iconest 3
  • Developer: Icon Homz
  • Location: Bommasandra
  • Unit Configuration: 475 sq.ft. to 841 sq.ft.
  • Rate: 4737/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/308/PR/181122/002157
  • Price Range: 22.49 lakh – 32.77 lakh
  • No of Units: 224
  • Possession Date: 1-Jun-21
  1. Provident Park Square Phase II

Provident Park Square Phase-2 by Provident Housing Limited is a newly launched residential project located in the prime area of Judicial Layout on Kanakapura Road in Bangalore. Spread across 20 acres of land area, Park Square offers 1, 2 & 3 BHK homes sized from 526 sq. ft. to 1106 sq. ft. with luxurious in-home features as well as amenities at comfortable prices. It offers some world-class amenities these include a luxury clubhouse with over 30 premium amenities and a banquet hall, Micro-mall with retail stores, cafes, ATM Dedicated meditation & yoga deck, senior-citizen court, a children’s play area, cricket pitch, and badminton court among others.

  •  Project Name: Provident Park Square Phase II
  • Developer: Provident Housing Limited
  • Location: Judicial Layout 2nd Phase
  • Unit Configuration: 526 sq.ft. to 1106 sq.ft.
  • Rate: 6538/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/310/PR/180507/001648
  • Price Range: 34.39 lakh – 64.39 lakh
  • No of Units: 208
  • Possession Date: 1-Oct-21
  1. Brigade Parkside North

Parkside North by Brigade Group is a unique gated community project located strategically on Jalahalli in North Bangalore and is blessed with ready social infrastructure. It offers thoughtfully designed 1 and 2 BHK apartments span across 5.32 acres of land, keeping in mind the specific needs of varying age groups. This community has one set of blocks named CLASSIC, dedicated solely for the seniors, with a range of special services and features. While the other set of blocks named PRIME caters to the lifestyle choices of today’s cosmopolitan families. Wading Pool, Swimming Pool, Mini Golf, Jogging Track/Brisk Walk, Outdoor Gym, Senior Friendly Indoor Gym are some of the key amenities provided by the builder.

  •  Project Name: Brigade Parkside North
  • Developer: Brigade Group
  • Location: Jalahalli
  • Unit Configuration: 711 sq.ft. to 1207 sq.ft
  • Rate: 5390/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/309/PR/181122/002152
  • Price Range: 38.32 lakh – 62.64 lakh
  • No of Units: 434
  • Possession Date: 31-Mar-21
  1. Gallium at Brigade El Dorado

Brigade Gallium At Brigade El Dorado an affordable apartment complex situated at Bagaluru Near Yelahanka in Bangalore. It offers 463 units of 2 and 3 BHK apartments, and a total of 12 blocks configured to have 1 basement + ground +21 floor elevations will be offered, upon completion, with excellent structural formulations in accordance to the principles of Vastu. This project has a total area size of 4.2 acres which include key amenities like 10-acre Central Park, Swimming Pools, Two Clubhouses, Kids’ Play Area, Open-air Amphitheatre, Football Field, Community Gardening, Multipurpose Hall, Creche, Cricket Ground, Convenience Store, Gym among others.

  •  Project Name: Gallium at Brigade El Dorado
  • Developer: Brigade Group
  • Location: Bagaluru
  • Unit Configuration: 795 sq.ft to 1068 sq.ft.
  • Rate: 4415/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/472/PR/190427/002540
  • Price Range: 35.10 lakh – 44.60 lakh
  • No of Units: 463
  • Possession Date: 31-Dec-23
  1. Confident Oxygen

Confident Sarjapur Oxygen by Confident Group situated in Sarjapur Road is offering 2 and 3 BHK luxury apartments in 40 acres of vast land with varied amenities like tennis court, basketball court, kids play area, swimming pool, clubhouse and more. These residential apartments in Sarjapur Road are centrally situated and are surrounded by world-class infrastructure and facilities. This project is very close to many international schools and hospitals. It has also close proximity to the new Wipro office and RGA Tech Park.

  •  Project Name: Confident Oxygen
  • Developer: Confident Group
  • Location: Sarjapur Road
  • Unit Configuration: 927 sq.ft to 1114 sq.ft
  • Rate: 5228/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/308/PR/190531/002591
  • Price Range: 48.46 lakh – 57.29 lakh
  • No of Units: 250
  • Possession Date: 30-Jun-22
  1. Provident Equinox

Provident Equinox is a luxury residential apartment project by Provident Housing Limited in the rapidly expanding neighborhood right off NICE Junction, Mysore Road, Bangalore. The project offers 672 units of 2 and 3 BHK spacious apartments with luxurious features in 2.08 acres of land parcel. Amenities at Provident Equinox include a fully equipped clubhouse, landscaped gardens, gymnasium, swimming pools, recreation rooms, outdoor sports courts, a children’s play area, party hall, and 24/7 security to its residents.

  •  Project Name: Provident Equinox
  • Developer: Provident Housing Limited
  • Location: Kambipura
  • Unit Configuration: 883 sq.ft to 1082 sq.ft
  • Rate: 4519/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1251/310/PR/190525/002576
  • Price Range: 39.90 lakh – 49.90 lakh
  • No of Units: 672
  • Possession Date: 31-Mar-22
  1. Provident Capella

Provident Capella is a residential community situated in Whitefield near Hope Farm Junction, Bangalore. This project features 1, 2 and 3 BHK well-built luxury apartments in 6 acres of land. The master plan reveals the presence of 7 towers with Basement + 2 Parking + 11 floors arrangement. 780 units are offered in phase 1 with a size range of 420 sq.ft. to 1100 sq.ft. It is a unique project themed with the concept of a child-friendly environment that helps the kids to engage in several activities. Some of the unmatched amenities include Swimming pool, multi-purpose court, culture club, meditation room, yoga lawn, party lawn, open-air theatre & stage, Kabaddi Court, Outdoor gym, Jogging track, children’s play area, cricket pitch, Skating bowl, Retail, Shopping, and Cafe among others.

  •  Project Name: Provident Capella
  • Developer: Provident Housing Limited
  • Location: Whitefield
  • Unit Configuration: 430 sq.ft. to 1100 sq.ft
  • Rate: 6044/sq.ft.
  • RERA Registration No: PRM/KA/RERA/1250/304/PR/190606/002596
  • Price Range: 25.99 lakh – 56.99 lakh
  • No of Units: 780
  • Possession Date: 14-Dec-23

 

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DDA sanctioned Transit-Oriented Development Policy Around Transit Corridor

Transit Oriented Development policy

The DDA on Monday sanctioned its transit-oriented development (TOD) policy and regulations which are focused on development taking place around or along with transit nodes or corridors.

The policy was sanctioned in the urban body’s authority meeting at Raj Niwas, Delhi chaired by Lt Governor Anil Baijal who is also chairman of the DDA.

After getting approval by DDA, the proposal will be sent to the Ministry of Housing and Urban Affairs (MoHUA) for its approval and notification.

Other key decisions are taken at a DDA meeting including some amendments to the Master Plan 2021, fixation of amalgamation charges for commercial properties, relaxation of rules to settle of pending inventory.

This policy presides over complete ease of access to that transportation facilities so that convincing people to walk, cycle and use public transportation over personal modes of transport.

TOD includes a variety of high-density, mixed-use, mixed-income buildings, within a short distance of a rapid public transport network, set in a public domain that prompts more people to use public transport.

As per the DDA sources, Transit-Oriented Development (TOD) policy would set up development favorable circumstances to the private sector to bring in investment into the city building, its growth, revenue, and also support cross-subsidize social amenities, affordable housing, and public transport, using an array of potential financial development models.

Other Approvals:

  • To assure ease of doing business, the Authority sanctioned amalgamation charges for commercial properties at 10% of the circle rates applicable at the time of submission of the request for amalgamation. It will apply to the total area of the plot.
  • The Authority also sanctioned the plan for modification in the Development Control Norms under which the following activities are allowed for religious plots at sub-city level-training center for Yoga, spiritual activities and meditation, Museum/Art Gallery/Exhibition Centre, Auditorium, accommodation for preachers/devotees/management staff.
  • It also sanctioned a revision in Master Plan 2021 under which bank lockers if part of the existing banks will be allowed in the respective basements of the same premises. Apart from that, restaurants on the ground floor only with valid appropriate licenses and with all statutory clearances, as existing on or before Monday i.e. 16th September 2019, will only be permitted on published mixed-use streets. The sanctioned plan will be sent to MoHUA for consideration and final notification.
  • The Authority also sanctioned a 20% adjustment on the current rate of Rs 2.8 lakh per sq. mt. for disposal of 84 Commonwealth Games flats to government bodies, Public Sector Undertakings and central and state organizations.
  • The Authority also voted to change the mode of allotment of socio-cultural and religious category lands from direct allotment to auction to give equal opportunity to all societies to join in the auction. The maximum size of the plot would be 1000 sq. mt. for the socio-culture category, while it would be 400 sq.mt. for the religious category.
  • To establish an institutional hub in Narela Sub-city, the Authority has sanctioned the change of land use of 36.6 hectares in the District Centre Narela from commercial to public and semi-public (PSP).
  • The Authority also sanctioned a proposal for the collection of damage from the occupants of Damage Payee properties existing on Government Land.

 

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FM Nirmala Sitharaman Announced Rs 70,000 Stressed Assets Fund To Lift Exports and Real Estate Growth

Finance Minister Nirmala Sitharaman

HIGHLIGHTS

  • Finance Minister announced a stressed asset fund of Rs 20,000 crore for housing projects.
  • A new plan for repayment of taxes paid on exports worth Rs 50,000 crore.
  • Rs 1,700 crore dispensation for giving higher insurance cover to exporters.
  • She also announced a Dubai-like mega shopping festival to boost exports.

Last week, Finance Minister Nirmala Sitharaman announced an over Rs 70,000 crore package for lifting the export and the real estate sector growth, including establishing a stressed asset fund. These measures came at a time when the economy of India is struggling with a 6-years slow growth rate and hoping that these measures will give support to the Indian economy in the year to come.

The package comprises a stressed asset fund of Rs 20,000 crore for housing projects, a new plan for repayment of taxes paid on exports worth Rs 50,000 crore and Rs 1,700 crore dispensation for giving higher insurance cover to exporters.

Apart from the announcement of Rs 70,000 crore, the Finance Minister has also addressed issues in the 2-critical sectors that are facing distress i.e. exports and the real estate sector.

A Rs 20,000 crore fund for the real estate sector with half of the money coming from the government. It will be established to give last-phase funding for housing projects that are not in bankruptcy court or already earmarked as bad debt.

FM Nirmala Sitharaman

At a press conference called to announce the 3rd and final set of measures to discuss in particular sectors and support growth, housing finance companies have been permitted to borrow funds from overseas investors at easy rules while interest rate on housing building advance has been reduced. It will directly benefit Govt servants. Government servants contribute to a major segment of demand for houses. To encourage more government servants to buy new houses, the FM announced the reducing of House Building Advance which will now be combined to the 10-year G-sec yield.

The stressed asset fund, which is to be used to give Rs 10,000 funding to affordable housing projects, will serve and benefit almost 3.5 lakh homebuyers. This aid will benefit buyers stuck in bankruptcy-bound projects will get assistance through the NCLT route.

New Steps That Will Boost Housing Industry

  • Relaxation of ECB guidelines for Affordable Housing
  • ECB guidelines will be relaxed to facilitate the financing of home buyers who are eligible for Pradhan Mantri Awas Yojana (PMAY) in consultation with Reserve Bank of India (RBI).
  • This is an addition to the existing norms for External Commercial Borrowing (ECB).

House Building Advance

  • The interest rate on House Building Advance shall be reduced and linked with the 10-years G Sec Yields.
  • Government servants contribute to a major component of demand for houses. This will encourage more government servants to buy new houses.

Special Window for affordable and middle-income housing categories

  • A special window to provide last mile funding for housing projects which are non-NPA and non-NCLT projects and are net worth positive in the affordable housing and middle-income category to be set up.
  • The objective is to focus on the construction of unfinished units.
  • Govt of India on the lines of NIIF can contribute to the fund while the rest of investors would be LIC, Banks and sovereign funds.
  • The fund shall be set-up as a Category-II AIF Trust and would be professionally run with experts from the Housing and Banking Sector.
  • Fund Size – Rs 10,000 crore to be contributed by the Government of India and the roughly same amount from overseas investors.

For exporters, a new scheme for repayment of taxes paid on exports called the Remission of Duties or Taxes on Export Product (RoDTEP), will come into effect from January 2020 to replace current laws. The new RoDTEP scheme will more than enough to encourage exporters than existing schemes bring together. Moreover, a Rs 1,700 crore yearly dispensation will provide Export Credit Guarantee Corp (ECGC) to grant higher insurance cover to banks lending working capital for exports. This will allow a decrease in the overall cost of export credit including interest rate, especially for MSMEs.

Exports have also declined in the last two months in spite of a weaker rupee, while 2016 demonetization of 86% of the currency in circulation and introduction of Goods and Service Tax (GST) had sunken the realty market.

She also announced a mega shopping festival similar to the world-famous Dubai Shopping Festival, which will be conducted at 4-places in India in March on issues of gems and jewelry, handicraft/yoga/tourism, textiles, and leather.

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Is Property Valuation an Important Component of a Real estate Transaction?

Property Valuation

We know that a house is the most important thing for everyone and one will never compromise with it. So if you are buying a house or want to sell your house then in both cases doing the property valuation process is never a loss process.

A question is always asked: why would you waste your hard-earned money getting a property valuation? There is no requirement for it and may not be legally required.

If you are thinking that property valuation involves huge expenditure, then you are wrong. It is an investment. By doing this, we find out the actual value of a property which is beneficial for you from various aspects. Whether you want to sell or buy the property or want to keep it on rent. The value of your investment property should be known to you.

So to know the valuation of your property, take the help of a property surveyor to find out the fair value of your property.

There are various reasons why a property is being valued. Some of them are using it for taxation purposes, buying or selling of property, wealth tax, bank guarantees, home loans, to mortgage a property, property transfer, will and testament, acquisition by the authorities, auction, stamp duty, rent and depreciation, capital tax calculation, divisions of property, etc.

Advantages of Property Valuation

Buying or selling of property:

Property valuation is important when buying or selling the property. Even if anyone wishes to rent out his property, valuation of property becomes important. The rent of a property is usually 8-10% of the estimated price of the property.

For transfer of property:

In case a person wants to transfer his property, he/she will need to estimate the value of the property. On the basis of the value of the property, the stamp duty is calculated.

To mortgage a property:

If a buyer wishes to avail loan against the security of property, the valuation of property becomes important. It is also done in case of a loan for construction of a building is required.

Acquisition by the authorities:

The valuation of a property becomes important when an individual or an organization declares itself bankrupt and a compulsory acquisition or auctioning off the property is done.

For taxation purpose:

Property valuation becomes important when someone calculating the tax on property. Tax includes municipal tax, rent tax, wealth tax, property tax, vacant land tax, etc.

How does property valuation help?

It helps us to know the fair value of the land or building. At the same time, you came to know the improvements that can help you to increase your property value. In return, you will get a certificate, proving the fair value of your property admissible in a court of law.

How much do I have to pay for the property valuation?

There is no standard pricing fixed for property valuation. It depends on the location, kind of property, size as well as the kind of certificate/documents you require, the pricing may vary.

 Image Sources: Google

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