Bengaluru only big Silicon city to see rise in home sales‏

An interesting fact about the metros are that the six metro markets of India namely Mumbai, Pune, Hyderabad, Chennai, NCR and Bengaluru accounts for 70 percent of residential apartment and home sales in India. A study and estimation of sales by a real estate market watcher firm stated in a report that out of these cities the condition in other cities except Bengaluru is such that it is most likely that they will register a 10 percent decrease in sales over last year’s figures. According to the study of the same organization it was estimated that a 4 percent decline can be expected in June with an estimated sale of 2.75 lakh units of sale of residential units but in practice the figures plummeted even more sharper which has really made the market upset. The market watchers and the experts also opine that although a gloomy picture of sales are being forecast but there is a slight optimistic note in the story as well. They have reported that Bengaluru is the only big Indian city with an estimated growth in the sales figures of up to 3 to 5 percent. It can expected that Bengaluru will have a sales of about 60, 000 residential units which was about 57, 000 in 2013 registering a growth of 3 to 5 percent.

Mumbai on the other hand is expected to experience a decline in sales by 10 percent which was projected at an estimated sale of 80, 000 residential units in June. NCR which was projected to plummet by 17 percent is now expected to decline by more than 20 percent.

In most of the cities the real estate market picture was bleak with the realtors expecting the sales to surge upwards as the enquiry was pouring in, in large numbers. The realtors expected the sales to surge upwards as the time between the enquiry and the sale in many cities were noted to decrease which is an indicator of elevation of buyers’ sentiments. This report was quite shocking for the real estate industry and Bengaluru being a stable market always returned 20 percent on investment on a steady basis, as noticed by the real estate market players.

The realtors feel that poor buyer’s sentiments and high prices are the reason for such a situation. Mumbai is witnessing huge price resistance which is evident from the fact that the enquiries have increased in numbers but the conversion of the enquiries to sales are still very poor. NCR is also witnessing similar situations but in Bengaluru things are on the brighter side. The realtors and observers say that in other cities the prices, interest rates and the economy are not in tune with buyer’s assessment of affordability but on the other hand Bengaluru goes ticking on because of affordable price threshold.

Hyderabad also witnesses similar situation due to which many developers are noted to tailor make their high priced apartments made for the higher segment and are catering to the upper middle and the middle segment.

The observers note that Bengaluru users are comfortable in the price range of Rs. 4, 000 – Rs. 6, 500 per sq. ft. in the middle to the premium segment. If the price goes higher than Rs. 6, 500 per sq. ft. the customers are noticed to be resistant.

What is the importance of Occupancy Certificate and why do we need it?

What is an Occupation Certificate (OC)? Why is it important? What are the consequences if one doesn’t have it? Does your new apartment have an OC? These are the questions that hover in the minds of the apartment occupants. In this article we attempt to answer such questions.

CC (Commencement certificate) and OC (Occupation certificate) are documents that are often neglected by the developer in obtaining, assuming that they can get it later and start constructing and completes it. It is better to state in this regard that these certificates are issued by the local authorities and are issued in parts. The CC is issued till the plinth area at the primary level after which it is inspected that the building is constructed as per the plan following which the Occupation Certificate is issued which is also called certificate of completion. It is often observed that the keys of the apartment are handed over to the owner by the developer without a proper Occupation Certificate and the owner is also noticed to forget it in a hurry and amidst other important things of shifting in to a new house. But one may note that there may be serious consequences of not having an OC before occupying the new apartment. 

 

What is an OC, after all?

OC is the certificate issued by the local authority certifying that the building has been constructed complying the approved plans. The provision of law requires that OC is obtained from the planning authority. The law also provides that a residential unit having more than five units of residence needs an occupancy certificate. The buyer is entitled to occupy his/her bought apartment only after the OC has been received.

Why is the OC important?

OC is mandatory for any residential complex with more than five residential units as per the law in Bangalore. The law states that the buyer can occupy his/her premises that has been bought only when the developer obtains the OC which certifies that the building is legally constructed and is fit to be occupied.

A reason why the buyers overlook the OC is the fact that it is not required for the registration of the property during the purchase of it. But if the buyer desires to obtain Khata, he/she may have problems without an OC. OC is also required if one opts to purchase a re-sale flat.

What should the buyer check?

If one is buying a property under construction, one should check whether the certificate of commencement is issued or not before signing the agreement. It is often noted that the builders start developing till the second floor without a CC which they feel, they will procure at a later date. This practice is considered illegal and can pose problems in obtaining an OC. It is mandatory to obtain a CC from the local authorities before the developer starts construction.

These documents act as evidence that all constructions are according to approved plans and are legal. Often the bank asks for a CC instead of an OC in case one applies for a loan.

In Bangalore the OC is issued by the BBMP (Bruhat Bangalore Mahanagara Palike). The document is processed by the local authority or the BBMP once the owner or the buyer intimates that the construction is complete and it is ready for occupancy. The developer needs to apply before the BBMP filling an Occupancy Certificate application form along with few documents necessary as mentioned below.

Documents required for obtaining Occupancy Certificate.

1. Commencement certificate.

2. Completion Certificate

3. Built up plan along with the section plan.

4. No Objection Certificate from Karnataka State Pollution Control Board.

5. No Objection Certificate from fire force authority.

6. Pictures and photographs of the completed building.

7. A signed sheet certifying the floor area by the architect.

8. Photographs of rain water harvesting and solar panels, if implemented.

9. Tax assessment with tax paid receipt.

10. Copy of the sanction plan.

After the submission of the form attaching all these documents the BBMP inspects and certifies that the construction is done as per the approved plans and issues the certificate.

As per the law a property developer should submit an application of OC with the commissioner within 30 days of completion of the construction. The commissioner also replies within 30 days stating whether the application is accepted or rejected. It is advisable to move into the new apartment after obtaining an OC. In case the developer has deviated from the approved plans, the authorities may impose a penalty based on the extent of the deviation.

In this new internet world many people are updating the problems faced by them on the online consumer review forum which make the buyers more interact with each other and get quick results.

Bangalore to get No 1 position for the home price rise

Mumbai and Delhi NCR has for a larger amount of time given the property buyers the best property price and value appreciation. After the down sliding years in the major IT cities of the Bangalore and Pune these amazing cities have come up as a strong and emerging centers for the capital appreciation and have been most popular among the residential properties of the city.

As per many surveys conducted by the major real estate gurus it is estimated that Bangalore has been voted as the highest average capital appreciation under the middle income housing segment. This survey has shown around 41% of appreciation between the initial six months of the 2011 and the same situation has continued for the next consecutive year. Following the growth pattern with the same graph was Pune which showed around 28% growth. In the very same time Pune followed a growth of about 39% in the capital values for the major and the most premium properties. These figures reported by the survey were the highest recorded in the country that too in that particular segment and market. Bangalore followed close behind with nearly 37%.

As per the disparity which prevails in comparing the residential price tags in the city. The world famous firm Cushman and Wakefield has classified the middle income housing under the terms where any property below Rs. 5000 per sq. ft. is a kind of middle income housing whereas all other property above the price are under the category of high end.

The middle incomes as well as the high income segments are performing well in the real estate market of both Delhi- NCR and Mumbai as well.

The super stable markets in the real estate segments of Bangalore and Pune where the end users are majorly driven they are surely the ones to record the highest value of the average increasing capital values. It is therefore, clear from the survey that the investor driven market of Delhi and Mumbai have not performed well comparatively.

In the times passed by the IT sector of India has seen a growth transformation, which has resulted in the creation of very many jobs. This drastic increase has also led to the increase in the salary at many levels. In India there is a very varied correlation between the IT Sector and the property price appreciation. Those cities whose economies are to a greater extent led by the IT sector also tend to witness a prosperous demand for the middle income as well as the premium housing.

Those cities which are majorly IT driven are seen more engrossed in the level aspiration and expecting high in limits. There aspiration is comparatively more for home seekers and also their purchasing power, a much higher exposure to the International housing as well as luxury standards, they also aspire much about the contemporary concepts like the environmental sustainability.

According to many major real estate analysts here has been no major growth in the residential real estate of Bangalore and Pune as a result the two major IT sectors have remained on a balanced equilibrium for a longer period. The case is absolutely opposite when the real estate sector of Delhi NCR and Mumbai are concerned there the real estate prices are increasing at a much higher rate.

Writing an Online Review mark your words as once said it may leave a bad impression and a feeling of repentance

After a negative experience the emotions are weaken. Those negative experiences when occur after spending money, the sadness and disappointment is much higher. There is surely a feeling of sadness and a feeling of being cheated in our minds whenever a sad incident comes our way which involves a lot of money in it too.

Now these days the customers are much educated and are aware about the remedies to get over to the scenario of being cheated and bribed. They have also learn to take up necessary measures when cheated. Whereas in many cases the customers do not believe it to be entirely worth of spending a huge amount of money in filing the case for a miser product as the claims are limited and not the worth of all the pain taken to file a case. In place of filing a complaint under the consumer forum they turn their heads and attention towards the internet to vent out their bunch of frustrations.

So, the space which internet provides to puke out the frustration is none other than customer reviews. This article bravely outlines those 5 major things which a customer needs to focus before typing any sort of reviews online. Other spaces to jot down the reviews are through mails or letters. Below are some of the tips before striking an encounter with your keyboard.

The best of the decisions are made with the clear of the mind. It is recommended that one should whenever write a review should always be in a peaceful state of mind. One should never be in a upset mood and avoid writing something which you may later regret.

Those words which you write could be seen by anyone and everyone so it I necessary that one should watch his or her words.

Being honest and fair is much required. One should not use bad phrases and words against anyone. Calling someone liar and fraud is also not fair. One should always stay away from writing certain things which are not true and hence cannot be proven in the court.

One should write about their experience with the product or their pitch should be limited to the service and inability of the product. One should absolutely refrain from talking about the emotions and one’s personal feeling. The entire focus of the reviewer should be on the experience and event of failure of the product but not the emotions and other thoughts.

One must lay much emphasis over the facts and figures and only post such details which are authentic and are true to the best of their knowledge. One should also take care that their reviews may also be read by other customers who may or may not plan to buy such a product or service.

Other handy information before posting a review on the builders make sure about yourself that you are planning not to go with the same builder for any projects in future. Before drafting a review one must make sure about the impact of the review which you are going to post. It should not make a poor impact over your future working relations with the company. Thus one must understand the importance of words as hard words when said have a greater impact and it may tarnish the image as well.