Looking for larger homes here are few options

Do you dream to live in bigger and a larger super luxury apartment or a home and preferably close to your work place? If that is so we bring you some of the destinations which you can opt for and look for luxury homes as well.

Marathahalli

Marathahalli is a place where echelons of the IT and the ITeS industry stay in luxury apartments or villas. Here, one can get a large unit of 3000 to 6000 square feet but the price level is a bit higher with the majority of the residents being in the young age group. The quality of life being offered in this area is higher and this adds to the value of the place and surges the prices higher than areas like Kanakapura Road or Whitefield.

Kanakpura Road
 

This locality is high on demand as regards to luxury housing and the growth of Namma Metro Phase II has surged the growth of residential segment with more and more builders developing super-luxury apartments. This place has good communication network with Whitefield and Electronic City being equidistant from it. People living in this area are mostly echelons and young CEOs of industries and senior level executives. Properties sized about 2,500 to 4,500 square feet are available which can be availed through local builders as well as from big brands too. The pricing of the apartments are almost the same. 

Mahadevpura

Mahadevpura has an advantage as it is close to Marathahalli and Brookfield and thus has a winning edge over other localities too for the the people who work in adjoining areas. This area provides many super luxury apartments in ready-to-move-in and in under construction stage. One of the shortcomings of the area can be the water supply which is a concern in some of the localities in this area.

In case of scarce water supply one has to depend on water tankers if the building doesn’t have an underground storage tank or the supply is exhausted. Owing to the scare water supply of the area few of the projects in this location are coming up with solutions like rain water harvesting and also with the provision of Cauvery water supply. The realtors caution that buyers have to be cautious about this aspect and should check multiple sources of water in the building.

There are few other localities too where super luxury homes or even larger homes are being constructed. To name few of such areas would be Hennur, Devanahalli and Hebbal but the realtors suggest that  the distance from the office hubs are more and as travelling takes lot of time and energy, one should judge this factor and should take a decision.

Trend Of Premium Housing On The Rise In Bengaluru.

 

Bengaluru has one of the fastest growing real estate markets in India with an assured 20 percent returns on investment year on year. The influx of IT companies and the growth of the sector along with other sectors like textile, biotechnology etc. has always been the propeller for employment and high income generation. Thus there has been an increase of High Net Worth Individuals (HNIs) due to the availability of opportunities and the influx and growth of service industries and the IT and the ITES sector along with the financial sector as well.  

Not only that Bengaluru stood at the 23rd rank among the most preferred destinations of the Asia Pacific region with more and more NRIs and foreigners coming and staying in the city. Due to the recent drop in the value of the Indian Rupee in the world financial market it has even boosted the interests of the NRIs real estate investment as they find Bengaluru as the most green pasture . Thus the NRIs and the echelons of the Indians settling down in Bengaluru has propelled the demand for luxury housing over the years and today more and more developers are plunging into the luxury housing segment owing to the surge in demand.  

The study of the total luxury residential projects in the city revealed that there has been a gradual rise of the units constructed and the demand for luxury housing units. In the table below we depict the figures for the gradual increase of the construction of luxury projects in the city. 

  

Year

Projects

Units

2010

8

950

2011

11

1, 350

2012

17

3, 800

2013

18

4, 200

2014

35

6, 000

Premium locations are at the core city areas. 

The Central Business District of Bengaluru has most of the concentration of premium and luxury apartments with a few micro-markets in North Bengaluru and Whitefield which are preferred locations for premium and luxury housing. The market watchers and the veterans of the real estate industry opines that due to the offices in locations like Residency Road, Vittal Malya Road, M.G. Road, Cunningham Road, Lavelle Road, Kasturba Road and Langford Town there is a demand of luxury and premium housing in the micro-markets of North Bengaluru, Hebbal and Sadashivnagar. Other locations where premium housing is noticed are Palace Road, Frazer Town, Lalbagh Road, Indiranagar, Rajajinagar, Koramangala, Yeshwanthpur, Sanjaynagar, Hebbal, Thanisandra Road and Whitefield. Few experts opine that over the last few years a demand for premium housing had been noticed in Bellary Road, Rajajinagar and Whitefield. In areas like Devenahalli, Electronic City and Kanakapura Road there has been development of premium housing with many villas being seen.  

 The homes offer high quality lifestyle.  

These homes offer luxurious lifestyle and while detailing about the amenities few of such developers of the luxury housing segment stated that these homes come with extra high-end amenities like 360 degree wi-fi coverage, plug and play homes and other superior quality amenities. Apart from that they remarked that as the buyers want superior quality they also provide the best of building materials and also to attract buyers the developers give high quality interiors like the plush hotels or branded high quality homes. 

  

Pricing and the options. 

The research conducted by the top real estate survey organizations reveal that such luxury apartments in this segment in and around Cunningham Road, M.G. Road, Kasturba Road and other adjoining areas is about Rs. 23, 000 to Rs.27, 000 per square feet.  Luxury apartment around the places like Yeshwantpur, Malleswaram and Rajajinagar would cost about Rs. 6, 500 to Rs. 18, 000 per square feet.  

The real estate market analysts have pointed out that the average price increase of the luxury homes in the areas like M.G. Road is 16 percent, around Cunningham Road is about 18 percent and in and around Richmond Road is about 15 percent. The rise of prices in areas like Langford Road is 12 percent and in and around Kasturba Road it is 30 percent.  

Outlook  

Thus as the trend goes it seems that the demand for the luxury housing will increase year on year and there will be far more areas where luxury homes will be constructed with various price ranges. 

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.

Should you invest in properties near public places?

Properties overlooking a stadium or in a VIP area has advantages and may be having a good resale value or is worth investing but is it good for staying in such area. Let’s find out.

Malls, stadiums, proximity to VIP areas and railway stations may increase the value of a real estate property. These are actually the infrastructural or communication facilities that enhance the prices of a property. But in reality is it tenable to stay near a stadium or a railway station? Let us see what people’s experiences have to say.

Real estate investors opine that buying an apartment or a property in a well-developed area with all infrastructures around is always beneficial as that keeps the price ticking. This may be the well-established view of the real estate investors but the residents of such places holds a different view altogether. On the contrary the residents feel that such proximity to public utility centers breaches the privacy of a home. Cars parked in numbers, too much of congestion and littered streets can disturb the mental peace of a person and the family as well. Similarly residing in a VIP area may make oneself feel special and privileged but high-end and tight security and frequent road block can be a menace for one’s living.

Apart from all these conflicting opinions there are still a few who says the proximity to malls, railway stations and other infrastructural facilities always saves time for one’s household requirements which is a privilege in itself.

How much privileged are these properties?

The experts of real estate domain and the market watchers and analysts feel that any property close to stadium has 7 to 8 percent extra value while those which are in the VIP area or are near VIP areas are highly priced. But this may not always be true and on the contrary the prices can be lesser than the market rate also if there is a negative impact.

Should we buy such properties?

From an investor’s view point it is always good to buy and invest in such properties but for the end users and the family it can be a bit hazardous. But it all depends on individual preferences and the likes and dislikes of the family.

Few dos and don'ts before one buys a property near public places.

The veterans of the real estate sector and experienced people view that there are few things one must ensure before buying properties close to public places.

• One should ensure that security system is high end and round the clock.
• One should avoid choosing a property on the main road.
• Ensure that the building has a private parking area not open to all.
• It’s advisable to buy apartments in complexes having resident’s welfare society.

Although properties near public places may have its disadvantages, but notwithstanding all this one can’t deny the intrinsic value of a place which is near to public places.

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.