Is Haralur Road turning to a prosperous realty hub?

Haralur Road is located off Sarjapur Road in Bangalore, which is the most popular location for real estate investment right now. There are many IT companies in Bangalore due to which the demand for real estate properties is always high. There is a huge number of migrant population in Bangalore because many companies have their corporate offices here. Many prefer Bangalore because it offers various amenities and has a pleasant climate throughout the year. Haralur Road is an upcoming locality which is slowly turning into a realty hub as it is near Electronic city and so, many flats in Haralur Road are coming to cater to the needs of the people.

In the past few years, Sarjapur Road has been the hotspot for buying homes by people of middle-income group. It had many ups and downs in property prices in recent years but still many prefer to live here. The reason for this is that the Road is nearby the IT hubs in ORR, Electronic City and Whitefield of Bangalore. The employees working in these localities generally prefer to live in Sarjapur Road as it has easy access to the companies located nearby.

But in recent times, Haralur Road is getting popular for residential projects because the Sarjapur Road is almost saturated and there are many civic and traffic problems. The internal Roads are in bad condition, water supply is less and there is a lot of traffic congestion in Sarjapur Road. All these reasons have made the Haralur Road, which is off Sarjapur Road, an important place for investing and living here. Haralur Road is very close to Electronic City which makes it popular among the employees working there.

The other areas such as Whitefield, ORR and Electronic City, those techies prefer to live have become saturated and have led them to look for other localities. They usually prefer to choose those localities that have easy access to the IT clusters and have proper amenities. This has made the Haralur Road an ideal destination for residential projects. More number of housing projects in Bangalore is developed in the Haralur Road and surrounding areas like Sarjapur Road and Gunjur.

There are many flats in Haralur Road that are either completed or the construction is going on. People have many options to choose from and they can select the property according to their needs, budget and accessibility to their offices. Mostly, apartments in the range of INR 35L- 80L are preferred by the people, due to which they are sold very quickly. There are many apartments in Haralur Road that are in this price range and thus turning into a realty hub.

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As the city is developing very quickly in all the directions, Haralur Road is emerging as an important destination and slowly becoming a prosperous realty hub due to its proximity to the IT hubs in nearby localities. Due to the large parcels of land available here, the flats in Haralur Road are generally cheaper compared to other localities and it will only increase as the time passes as it is emerging as a favourite destination for the people.

How to register your property in Bangalore

Investment in property requires a cautious approach. An important part of the procedure to follow (while buying a property) is its registration. It is good to be aware of the registration process in great detail and accuracy.

For example, if you are investing in new projects in Koramangala, it is the Department of Stamps & Registration of the Karnataka Government, which will handle the complete document registration process. The same authority will issue you the certificate of registration too.

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We discuss steps to be followed focusing on factors like when, why, how, and a checklist required for registration of the property.

When should you apply for registration of the property?

At the time of transfer of ownership of an immovable property, you need to apply for registering the property documents with the concerned authority. The scope of transfer of ownership rights includes gift deed of immovable property, lease, transfer of property in consideration, besides buying and selling contract of the property. In other words, if you are investing in one of the existing projects in Koramangala, you will need to register the document.

Is there a time limit for registering the property? 

Why you need to register the property is for legal validation in owner’s name. Therefore, it is important to register the documents immediately, so that you are the legally recognised owner of the property at the earliest.

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Officially, you have a window of four months from the date when you sign the property papers. You have an option to register it after four months too, but with a penalty. The penalty amount is hefty, more than 10 times the registration fee to be paid. However, this extension window (of another four months) is subject to permission of the District Registrar. After eight months there is no further scope.

Procedure for registering the property

You are required to publish the exact value of the property on a stamp paper. You can buy it from licensed stamp vendor shops. Make sure the paper carries details of the vendor like address, signature, along with a treasury seal.

You can apply for registration in the sub-registrar office in the district location of the property purchased.

Charges while filing for property registration 

You need to pay the stamp duty at time of registration. There is also a registration fee attached. The usual rate of stamp duty is 5% of the total value of the property plus taxes. Registration fee is 1%. 

Checklist 

You need to have the following documents in order for verification purposes:

  • Original property papers
  • Building plan approval
  • Proof of seller acquisition of the property
  • Encumbrance certificate of the property
  • Proof of no litigation on the property
  • NOC from revenue offices and municipal authorities
  • Proof of validation of the property as per Public Policy under section 22 A of the registration act of 1908
  • Proof of government permission on land on which the property is constructed

If you want to know more about new projects in Koramangala just visit property.sulekha.com

 

 

Apartments or plots, which are better for investor’s?

Real estate investment offers a lot of choice now. It is not easy to choose between an apartment and a plot. What makes for a better investment option? Multiple points have to be considered to arrive at the best decision. Because both options have merits and de-merits of investment. It depends upon you personal requirement, budget, as well as time and effort. We explain these points below.

Advantages of buying an apartment

It is far convenient to buy an apartment. You have a ready choice. It means you don’t require hiring an architect. You will not be required to take legal permissions or liaison with local bodies to build a home. There is no need to haggle with contractors. Your project developer will take care of different requirements. You will only be presented with a perfect home of your choice.

The administration part of it will also be taken care of. You don’t have to worry about electricity or water supply connection, maintenance, security, or added facilities. In the nutshell, you are presented a ready package, which includes most of the things you want as a part of your lifestyle.

Advantages of buying a plot

Plot is a vacant piece of land. It means you have an option to build a home as per your exact requirement. You can design it the way you like. Another benefit is you can supervise the whole construction process. In other words, you can oversee the use of material used in building the house and also oversee any changes required, during the course of construction.

A major plus is ready possession. Plots are usually ready for possession. You will get the plot ownership before the flats are ready.

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Comparative analysis

Your investment in a plot is likely to fetch you better returns. One reason is you have control over the input cost of building a home. Also, a single house construction will cost less than building the complete structure. A project developer is expected to cover the high cost of construction of apartments from home buyers only.

If the market situation is skewed towards the seller then, plot owners are expected to get better profits. The value of plots rise faster than apartments costs. It is often we come across a situation, in which, the price of apartments become stagnant. Remember, you have already purchased the property at a high cost, so the profit margin is not high if you decide to sell it.

If you choose to buy a plot, you won’t have the comfort of having a ready to move in place, which an apartment offers.

Whatever your final decision is, it is good to search on the internet to do a quick comparison. If you key in plots in Sarjapur, your screen will show multiple options, giving you the exact rate of constructing a home on the land. The area of the plot is also clearly mentioned to visualize your new home.