BDA property Checklist

Bangalore Property at Makaan.com

There is a confusion in the minds of people, who are first time property buyers, regarding the paperwork and document that one should check while investing in Bangalore real estate. Before buying any property one check check that all the documents are clear and they clearly state details of ownership and transactions:

It is important for the buyers to ensure that Bangalore Development Authority (BDA) process for developing residential lands was done by converting agricultural land into residential properties in Bangalore.

Allotment Letter: This letter is issued by the BDA to the original property owner. If the current real estate Bangalore property holder is a second or third property holder then one must check all the transfer deeds which will clearly state ownership rights in the legal papers.

Possession Letter: BDA issues possession letter in favor of the current owner.

Sale Deed: Sale Deed is a document issued by BDA that gives specific details on the execution of sale and registration of property in favor of the allottee.

Absolute Sale Deed: This document is issued after ten years from the date of the original allotment. After a period of 10 years BDA registers the property in the name of the owner.

Building Sanction Plan: This is mostly issued by the BDA, where construction of the home is set to start.

Khata Document: BDA allotted properties in Bangalore will get a Khata document which will bear all approvals.

Tax Paid receipts: Its is essential for any prospective buyer of real estate Bangalore to check all the tax receipts. It should be checked that the current property owner has all Tax Paid receipts since the day of allotment of real estate Bangalore property. The current  property holder of real estate in Bangalore is expected to pay tax regularly every year and all the tax receipts should be handed over as proof of ownership to the new buyer.

To more more information check various properties websites. Real estate websites will give out all the relevant information to prospective or first time buyers.

Rajesh Khanna's Bungalow Sold

Mumbai Real Estate

Mumbai real estate is abuzz with the news of sale of 'Aashirwad' the bungalow which was owned by the first superstar of Bollywood - Rajesh Khanna. The real estate Mumbai property is located at
Carter Road, one of the poshest area in the city which is dotted with several high profile property sites. It is believed that this Mumbai real estate property is being bought by a prominent city industrialist Mr. Shashi Kiran Shetty.

The realestate Mumbai property which is a big tourist attraction for thousands of fans of Rajesh Khanna, is believed to be fetching somewhere between Rs 90 to 95 crore. The landmark sea-facing bungalow measures around 603sq m. Sole beneficiaries from the sale of this property site will be Rajesh Khanna's two daughters, Twinkle and Rinkie Khanna. Insiders indicate that the hushed up deal is will be concluded after the mandatory 14-day notice regarding ownership claim by a outside party is over. Initially, the daughters of the late Bollywood superstar wanted to make a museum in the memory of their mega-star-father, but now it looks as if the plan has been scrapped.

According to market sources the real estate Mumbai property is being bought at a much lesser price that was expected due to small plot size. The recent uncannily reports that ' Aashirwad' is haunted might have also reduced the market value of this Mumbai real estate property. It is believed that Mr. Shetty has been vouching to buy this bungalow with a budget of around Rs 100 crore for quiet some time.

The industrialist eying Aashirwad bungalow already owns several flats in Mumbai. Mr. Shetty had also booked a luxury apartment in the ongoing construction project at Palais Royale skyscraper in Worli for about Rs 40 crore, but after the construction of the project was halted due to a legal battle, Shetty started searching for a bungalow in the vicinity.

DLF sells land to My Home Group to reduce debt

Hyderabad Property at Makaan.com

DLF, India's largest real estate developer, is looking to sell a 30-acre land parcel in Raidurg area of Hyderabad's to a popular local real estate developer- My Home Group for Rs 550 crore. The transaction will most likely happen in the month of August and the company will utilize the money to reduce its debt.

The Delhi-based real estate developer had bought the land parcel in the year 2008 from the Andhra Pradesh Industrial Infrastructure Corporation (APIIC). Around 40% of the 350-acre IT Park was allocated for activities that included hotels, housing, commercial office buildings and shopping malls. Several other developers like My Home Industries, Salarpuria Sattva, Puravankara Projects and ITC had also invested in the Game Park project - an ambitious project to boost the real estate of Hyderabad. Properties in Hyderabad have seen a slump and therefore the state government is working hard to promote Hyderabad real estate.

Though DLF was allotted a land in Game park but the real estate developer was unable to develop it as the land fell under Archaeological Survey of India's (ASI) heritage zone. As a result, the APIIC allocated DLF another area within the Game Park which was located near the heritage zone.

DLF, a major player in real estate, has reduced its debt from over Rs 23,000 crore to Rs 18,500 crore in the last few years ago. This year the company hopes to bring the company's debt to Rs 17,500 crore by the end of the current fiscal year.

In an attempt to reduce its debt DLF has sold a number of its non-core assets. Last year the company made non-core sales of Rs 5,930 crore by selling Aman Resorts, wind energy business, insurance business and getting a refund from the government for the Dwarka project. DLF owns about 25 million sq ft of leased office property in Hyderabad, Gurgaon, Chandigarh, Kolkata and Chennai. The properties of DLF generate a rental of about Rs 1,950 crore every year that helps the company to reduce its Rs 12,000 crore debt.

At Makaan.com one can search for DLF properties and Hyderabad properties for buying, selling and renting properties across the India real estate sector. 

Chennai Corporation to review residential buildings undertaking commercial activities

Chennai Property at Makaan.com

In a move to augment the property tax collection, the Chennai Corporation is planning to conduct a drive to discern all commercial buildings in Chennai which are located in residential neighborhoods of Chennai, Tamil Nadu. The corporation officials will soon initiate a drive which will allow them to get comprehensive details of each building located on a particular street with structure classification, based on its use for commercial, residential or other purposes. Over the last few years several commercial activities have mushroomed in residential property at Chennai, which has led to tax evasion.

The drive will help the civic body to map the rise of commercial structures in residential areas of Chennai. In several residential places in Chennai like T. Nagar, Anna Nagar, Egmore, Purasawalkam, Mylapore, etc. commercial activities are been undertaken; but as they are based out of residential complexes they pay a much lower property tax to the Chennai Corporation. This initiative is expected to boost the property tax revenue, in addition to this the move will also help in streamlining the property tax assessment. According to an estimation, at present there are about 12 lakh property tax assesses in the city of which about four lakh buildings do not come under correct property tax net.

Alongwith this drive the Chennai Corporation is also planning to evaluate the trade license framework for properties in Chennai which have been seen a boom in commercial activity over a period of time. It is believed that identifying illegal commercial structures is expected to take about three months as there is a shortage of employees in the Corporation.

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