Revenue site registrations shoot up in Bangalore
Jan 07, 2014
Source : The Times of India

 

BANGALORE: There’s fresh hope for 2014 on the realty front. Buoyed by an uptick in the registration of sites and buildings in revenue pockets during the fag end of 2013, realty observers expect the momentum to continue till April.

December saw 5,831 site registrations in Bangalore and its suburbs. The number is 25% more than what was seen in the same month last year, data with the revenue department revealed.

“The trend is likely to continue at least during the first quarter,” said Syed Adoni Saleem, inspector-general of registration & commissioner of stamps.

Revenue officials confirmed the spurt in property registrations in the suburbs, especially in areas where large tracts of revenue land are available. A senior official at the Yelahanka sub-registrar office said he used to get 18 to 20 documents (registrations) a day before December, and the number has now jumped to 25 to 30 registrations a day. The official’s jurisdiction includes Vidyaranyapuram, Harohalli, Yelahanka New Town and Puttenahalli to the north of the city.

Another official at the sub-registrar’s office in Chikkajala in Bangalore Rural district said: “There has been a spurt in registrations, especially on the periphery of the city and surrounding areas which have a huge number of revenue sites. Compared to previous months, December saw a 10-15% increase in site registrations.”

The spurt is attributed to two crucial decisions taken by the Karnataka government. “Registrations saw a considerable increase after the cabinet gave its nod for registration of ‘B’ khata sites and later allowed gram panchayats to issue two vital documents required for registration of sites,” Saleem said.

‘B’ khata certificates are issued for properties without title deeds and deviations. Registration of ‘B’ khata sites is expected to fetch Rs 1,000 crore in revenue.

The government also removed a six-month-old ban on issuing of tax assessment register extract (Form 9) and tax demand register extract (Form 11) in gram panchayats. Without these forms, one could not register properties under gram panchayats.

Latest Realty News

Houses that can be transported
Jan 07, 2014
BANGALORE: How much time does it take to build a house? Four to six months, at least? Well, here is a technology that helps build a minimum of four houses a day. These are ready-made houses built in the factory with the amenities required and transported to the construction site. Of course, this is applicable only for vertical or group housing structures such as apartment complexes and hotels.
IT park builders log on to on-campus homes
Jan 07, 2014
BANGALORE: Eight senior India executives of Dubai-based Landmark Group have bought homes, priced between Rs 1.3 crore and Rs 10 crore, in 77 Town Centre, a tech park that's coming up near the old HAL Airport here. The decision to buy was taken after Landmark decided to take up close to 4,00,000 sq ft of office space in DivyaSree's project.
New home launches in Bangalore break records
Jan 06, 2014
BANGALORE: The country’s IT capital saw the highest number of new residential property launches between January and September of 2013 among Indian cities. The final number for the year could be the highest ever for the city.
Office space absorption in Apac: Bangalore to be ‘2nd-most sought after’
Jan 04, 2014
BANGALORE: Bangalore is expected to see the second-highest office space absorption in Asia Pacific (Apac) region for 2014 after Tokyo, according to real estate services firm Cushman & Wakefield. According to the report, the southern metropolis is set to absorb 5.6 million square feet (msf) office space, a growth of 16% over the previous year, with most of the demand coming from the expansion of the IT, ITeS industry.
Commercial, retail segments pick up pace in Bangalore
Jan 04, 2014
BANGALORE: For the real estate sector across India, year 2013 did not bring much activity and the same was for Bangalore too. However, the Bangalore real estate market showcased a stable picture, in terms of pricing and actual transactions. The developers have now pinned their hopes to 2014 and expect that with the country-wide realty sector set to gain momentum after general elections, Bangalore will be benefitted as well. The city is driven by the information technology sector and with major I
AIG to sell Indian AMC business to Canadian fund
Jan 03, 2014
BANGALORE: AIG Global Real Estate has agreed to sell its Indian asset-management business to Brookfield Asset Management as the New York-based privateequity fund of American International Group is closing its operations in the country, a person with direct knowledge of the deal said.
Novartis India strikes 8.7 lakh square feet office space deal in Hyderabad
Jan 03, 2014
BANGALORE: Pharmaceutical firm Novartis has picked up 8.7 lakh square feet of office space in Hyderabad in a bid to consolidate its operations in the city.
HNIs bail out realtors, but for high returns
Jan 01, 2014
BANGALORE/NEW DELHI: Some ultra-rich Indians have found a new way to bypass the economic slowdown and make mega returns on their investment. According to analysts and industry players, real-estate developers across the country are being bailed out by high net worth individuals (HNIs) by offering short-term loans to meet developers' funding requirements to finish ongoing projects.
‘Don’t treat aerospace park in Bangalore as a real estate project’
Dec 31, 2013
BANGALORE: The aerospace industry in Bangalore has the potential to achieve $20 billion in revenues over the next 10 to 15 years if the state government is able to nurture an ecosystem that attracts global companies, said the India head of UTC Aerospace Systems (UTAS).
Prestige ties up with Disney for branded homes
Dec 30, 2013
BANGALORE: Southern real estate major Prestiqe Estates Projects is collaborating with Disney India to develop its largest residential township project spanning 102 acres in Bangalore's IT hub of Whitefield.

Latest Realty News Of State

Realty Talk's