5 Best real estate options to move soon to Bangalore

Bangalore is an attractive city to live in especially for the huge IT workforce, who now seeks refuge in outer peripheries away from the hustle and bustle of the city life. Bangalore is one place where the property demand has been out rightly negative post the demonetization wave. On the contrary, it has seen a positive growth in the recent time even though the growth has been somewhat slow. The evident growth was led by few areas of the city and some of these localities are expected to continue the positive growth trend going ahead too.

Bannerghatta Road: is one of the most sought after locality for city dwellers. The area along the lines of Begur Road has good connectivity with the Electronic City. Investment by software professionals is the strong highlight of the locality and this young workforce is either investing in a permanent home or renting a property to stay close to the office area. The residential locality has good rental returns and people are investing in 2 and 3 BHK flats for permanent residency.

Electronic City: people working in the Electronic City prefer to stay close to their workplace. The rental (rate of return) is around 4 per cent in this locality. Naturally, as you move closer to your office space the cost of buying a home escalates and Electronic City is no exception. The area is near the Central Silk Board and its proximity to the expressway also makes it a very desirable location to invest. It is 2 BHK apartments which are selling excessively in the area as people to continue searching for budgeted options.

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Sarjapur Road:  Sarjapur Road and HSR Layout together command a huge demand from the permanent residency seekers. It is an upcoming residential area and perhaps the most active in context of new project launches. The under-construction properties are a major draw of the locality and reflect positively upon the growth of residential demand in the close time ahead. The outcome in the near future is expected to be positive and strong.

Thanisandra Yelahanka: it features as one of the most preferred locations in terms of consumer demand. The locality boasts of settled infrastructure and easy connectivity. The fact that it is close to the airport adds a lot of crux for pilots and airline staff to buy or rent a property here. The locality has a decent demand for luxury units in terms of permanent investment and renting a house here.

Horamavu: sites in Horamavu excel in providing excellence of living as some of the projects in Horamavu are very well equipped with modern facilities and amenities. The whole area is spick and span, safe and the fact that it is in close proximity of the Bangalore’s industrial centers, makes it even more attractive. The new projects in Horamavu promise a positive outlook as the locality continues to enjoy good connectivity with the complete city through the Ring-Road and its vast street network.

 

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6 Factors affecting Bangalore real estate in 2017

Whenever you plan to invest in a property anywhere in the country, you do count in many factors before you make any decision. Though off-late a slump in the real-estate was seen and expected to haunt the Bangalore real estate along with the economy in the year 2017. Here is a list of top 6 factors, which are haunting the Bangalore real estate;

  1. Demonetization;

After the declaration of demonetization, in November 2016, a drastic change in the real estate was noticed. The sale plummeted remarkably. Though the evil spirit of this ghost still haunts the real-estate market and had affected the market of new projects in Bangalore. People are willing to buy flats and want to even invest in the new construction in Bangalore, though it becomes really hard for them to pay the down payment as a slump had come in the market because of demonetization and banning of the notes. The government is too strict in cash transactions.

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  1. Security of Females;

The latest molestation case in Bangalore had been in highlight for many days. People do show their rage towards the security in a city which was considered to be the safest city for women at some time. Today the time had changed, so as the safety, hence this factor is haunting and forcing people to make a distance in investing in the various sites in Bangalore.

  1. The upcoming of sub-standard projects;

You have been saving real hard, to get yourself the top project in Bangalore, and finally, you found out that you have invested your hard-earned money in a sub-standard project. This doubt had been created by builders who had either been using the lower grade raw material or coming up with add-on cost to be paid by the buyer disclosed at a later stage of the deal.

   4. Un-approved Project’s Market becoming Strong;

A term called Pre-Approved is used without any second thought. Though nothing like the same exist in the real-estate market. Builders are using this term to sell the new projects in Bangalore and the end results come to buying an unapproved project in hand. Such bad experiences are restricting people to invest in the under construction projects in Bangalore.

  1. The Broker’s fees becoming Big;

A person is already paying a good amount of down payment, and on top of it, the broker’s fees are becoming big with every passing day. This is actually restricting people to invest in the projects in Bangalore, as no one wants to pay a commission of over a lakh on a project of 30 lakh to the broker.

  1. Under Construction Projects in the Northern Bangalore;

Deconstruction projects in some major areas in Northern Bangalore are really haunting the real estate industry in Bangalore. Some of these projects are a standstill for years and several clients are claiming back their invested amounts. People don’t mind going for buying property nearby Bangalore, as there are better-planned projects with a comparatively less price.

If you want to know more about project details visit Sulekha Properties.

 

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