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Karnataka property registration to be faster and simpler from November 1

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Team iPropUnited
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On Monday the reporters were briefedby the Karnataka revenue minister R Ashokathat the new software, which is both people and departmentfriendly, is being tested at a sub-registrar’s office in Chincholi of Kalaburagi district. It will be launched across the state from November 1.

BENGALURU: Starting November 1, registration of property in the state may become hassle free and faster too. The government will be soon launching a software, Cauvery 2.0, to ensure seamless registration of properties in all sub-registrar offices.

The people will be able to upload property registration related documents and also pay stamp duty orany other related fees online. Once documents are uploaded, one will be able to select a date and time convenient to them and visit the sub-registrar’s office of their choice to give biometric details.

“Once they visit the office, the registration process will be completed within 5-10 minutes,” Ashoka said. He also added that the software is designed in such a way that based on property details and area, it will automatically calculate the fees to be paid by the buyer. “It erases the dependence on third parties for the purpose,” Ashoka said.

Once the registration is complete, the property documents will be sent to the digi-lockers of buyers, besides sending updates through their mobile phones.

Currently, multiple visits have to be undertaken by the buyers to sub-registrar offices owing to technical glitches. “With the new software, these problems will not be there as it is a centralized application. Even if there are any issues, they can be fixed quickly and easily,” a revenue official said.

In a bid to put an end to property buyers being conned the government proposes to set up agencies to verify the authenticity of property documents in all of its taluks. These agencies will verify the documents and inform buyers if they are genuine or not. They will also flag legal cases, if any, and charge buyers a minimum amount, the minister said.

“Since these agencies are government-run, there will be an increased trust factor. It will also stop buyers from seeking legal opinion from private players by spending huge amounts,” Ashoka added.

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Rise of real estate in the youngest state of the country-Telangana

By
Team iPropUnited
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Telangana is one of the youngest and fastest-growing states in our country. It is the 29th state of India founded in 2014. It is surrounded by Chhattisgarh and Maharashtra in the North, Karnataka in the West and Andhra Pradesh in the South and East directions. Hyderabad, Warangal, Nizamabad, Nalgonda, Khammam and Karimnagar are some major and thickly populated cities in Telangana.

Growth-Development-Education-Employment

Being a fast-growing state of India it recorded an annual average growth rate of 13.90% over the last five years. The GSDP (Gross State Domestic Product) more than doubled to Rs. 11.55 lakh crore during the last 8 years. Telangana also ranks 22nd among other Indian states in the human development index. It has emerged as a major focus for the robust IT software, industry and services sector.

Telangana held the 5th place for education passing percentage in 2018. It has implemented various changes in the education system to make improvements inall areas. Quality education is offered by Telangana to all students within the state.

According to the Information Technology, Electronics and Communication Department’s annual report for the year 2019-2020. States’ employment grew at 7.2 per cent, compared to the national average of 4.59 per cent, which leads it to 50 per cent more employment than the rest of the States in India.

Some major industries in Telangana include automobiles, mines and minerals, textiles and apparel, pharmaceutical, horticulture and poultry farming

Rise of real estate

Telangana is the youngest state in India, despite this, it has demonstrated rapid growth. This state has shown robust economic growth in the middle of a global and national economic slowdown. This state has overtaken Tamil Nadu, Maharashtra and Karnataka.

According to the report by Anarock titled ‘Riding the Rebound’, Telangana’s capital city-Hyderabad’sreal estate housing sales increased almost three times in 2021 over the preceding year and approx. 51,500 units were sold in a period of one year. It is almost 234 per cent higher than the average yearly sales pre-Covid.

Due to rapid strides made in education, employment opportunities, medical facilities, ITeS, hospitality, and other sectors, the residential real estate market is being widely regarded as a low-risk and high-return form of investment in this state. Property investments in the state are booming.

The availability of properties at affordable rates is slowly gaining popularity among the people from other states too. Some areas in few cities have been delivering healthy returns for the past few years because of the rise in property prices.

Experts say that it is a good time to invest in Telangana because of political stability and infrastructure development. It is also the country’s sixth most popular investment destination, with Rs 81,126 crore invested in 388 projects between April and December previous year. Officials shared that the state’s strong investment policy framework combined with a good response mechanism played an important role in the state’s emergence as a major investment destination since its formation in 2014.

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How to inspect the house before getting into a rent agreement

By
Team iPropUnited
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When you are fresher in the market, you may not be accustomed to the industry. You want to get it right that’s the reason you are inspecting multiple houses. While you are making yourself familiar with the houses, you must know how to inspect the houses you are visiting. You may find it unusual to hear but you should be in detective mode during house visits, you cannot afford to overlook small things. If you are not clear about your budget and you are overlooking small things then you may have to pay the price.

Go around and research if there are any other houses available in the locality and compare the prices to know the best deal. Try to collect more information about the houses available and focus on the details. Being friendly with your real estate agent will help you get more valuable information about the options available.

Here is the list of things you can keep in mind, next time you go for a house visit:

Firstly you should check necessities like:

  • Water supply and if taps are in the right condition or not.
  • Check the drainage system.
  • Electrical supply.

Now, pick up the pen and paper and be ready to calculate some expenses, here are a few more questions you should ask yourself during property visits:

  • Are the floors solid or are there areas that Squeak?
  • Are there repairs that were never finished?
  • What is the decor?
  • Do the kitchen and bathroom need replacing?
  • Are the floors in the property in good condition?
  • What state is the woodwork in?
  • Is there double glazing and if so to what standard?
  • How much work will need to be done before the house can be put to use and what will the repairs cost you?
  • Is the parking facilities available? If yes, then is it paid or free?

Now, probably you are thinking that your assumptions about house visits were not perfect, but it was not wrong. Your efforts are worth it because it’s for your own good. You don’t want to sit on the couch and criticize yourself for making the wrong decision, at least not related to the house you are living in.

The moment you enter the house, be present-minded and practical. Look for disadvantages and note things down, if you are house hunting with a strict budget then make rough calculations.

Apart from all the things I have mentioned, please discuss with the landlord all the issues related to repair, furniture, advance deposits, maintenance charge etc, and ask if pets are allowed or not. Make yourself aware about your rights as a tenant and make sure everything is okay before you sign the tenancy agreement.

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2000+ property cases are pending with District Magistrates in Gujarat

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Team iPropUnited
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The latest report by the State Level Bankers Committee (SLBC) mentioned that 2429 cases of properties are pending. Banks filed these cases seeking a nod for attachment of properties. This is causing expenditure of Rs. 1,157 in the bank’s recovery.

AHMEDABAD: Banks, those intending to recover money from defaulters by attaching properties of defaulters under SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest), filed cases before DM in Gujarat are pending for clearance.

“The pendency of these cases has increased at the district magistrate offices. After the banks receive orders to attach properties of defaulters, permissions are sought from the DM. A request for police protection is made later. Earlier, bankers used to receive permissions within 30 days but now the pendency of cases has gone up.” shared top sources in SLBC.

Another source said “This is hampering the recovery process of banks at a time when the bad loan burden is going up.”

According to the latest SLBC Report, the number of SARFAESI applications has gone up by 261 over the last quarter. The order has been already issued by DM for 623 cases, but the possession is yet to be handed over to banks.

These are some districts with the highest pendency of cases, Valsad (137), Rajkot (154), Ahmedabad (223), Surat (831), Vadodara (491).

According to SLBC “The state finance department has been requested to issue a suitable advisory to the district collectors to dispose of applications pending for over 60 days and ensure that possession is handed over to concerned banks and financial institutions if the order is already issued.”

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AHMEDABAD: Notice issued to 308 more high-rises over fire No Objection Certificates

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Team iPropUnited
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The civic body issued notice to 308 more buildings warning that any more delays will result in water and electricity disconnection according to Gujrat Fire Prevention and High Safety Measures (Amendments) Act 2021.

On Sunday, 247 buildings were issued similar notices from Ahmedabad Municipal Corporation (AMC). Buildings in the city that have not applied for NOCs received warnings from the government. Ahmedabad Fire and Emergency Service (AFES) is set to take action against residential high-rises.

247 high-rises get 1 week to comply with safety measures. There were 219 high-rises, 13 commercial high-rises and 76 mixed high-rises on the list.

On Monday, a press release on this was issued by the Ahmedabad Fire Safety and Emergency Services (AFES). AMC has already prepared a list of 555 high-rises that have received notices and still don’t have fire NOCs.

A senior AMC official informed “We will begin with cutting off the electricity and water connections of such high-rises. This way, societies will not be able to operate their borewells. At the second stage, the drainage connections will also be cut.”

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A survey reported that 35% of buildings in Gujrat are illegal

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Team iPropUnited
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The urban development department concluded that 35% of buildings that are surveyed are illegal. Buildings are constructed without BU permissions.

AHMEDABAD: The urban development department conducted a sample survey for three months and 8,320 buildings were surveyed. All the buildings including residential, commercial and highrises together with the special category buildings like hospitals, Nagar Palika and corporations were surveyed and the survey concluded that 35% of the structures are illegal.

There are several reasons for that like addiction to floors, changes in the use of the building.

The urban development department has suggested government that an ordinance can be brought out with certain ‘conditions’ for property owners to surmount this legal hurdle.

A senior official commented “The suggestion will be submitted to the high court before the department officially pursues it. The goal is minimum damage,”

The survey had commenced in January and 1000 buildings in Surat,1050 in Ahmedabad, 800 in Vadodara, and 750 in Rajkot were surveyed for BU permissions.

A list of the key features examined in the survey are mentioned below :

1 – Width of the road in front of the structure

2- Ownership of land ( whether it belongs to state or private individuals)

3- Use of the building and change in the use of the building etc.

A senior AMC official commented “There were instances where AUDA in Ahmedabad was charging unauthorized development fee but was not giving BU permissions. Several of these buildings now have extra floors for which there is no BU nod,”

There is also the issue of the implementation of the provision made by central law, the Clinical Establishment Act, 2010.

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No manual process is allowed in Delhi in the property mutation process

By
Team iPropUnited
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MCD reported that the public can download the certificate online on MCD’s official website. It will be a QR code-enabled computer-generated certificate and no signature will be required.

The process of mutation of properties will be entirely online from now on as the Municipal Corporation of Delhi decided to discontinue manual process. The whole process will be online now.

The corporation informed “MCD has decided to discontinue the practice of manual correspondence/delivery of e change of name certificates. This step is in pursuance to the Digital India initiative of the Government of India and with the aim to bring more transparency and accountability in the process,”

“Further, e-mutation will apply only to those cases where instruments have been registered prior to March 31, 2019, and other cases such as succession/transfer on account of death,” the corporation further added in the given statement.

MCD believes that this step will bring more transparency and it will be better for monitoring and disposal of notices. The Municipal Corporation of Delhi has also issued some other instructions for properties. Properties will be mandatorily issued online, expect the properties covered under GRP.

A senior MCD official informed “Currently, the process of handing over a property tax notice is manual. We are going completely online with it,”

“All the paperwork will be online and the case file review will also be done digitally. There will be no need to visit offices and carry files,” he added.

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More than two lakh illegal buildings are identified by Bengaluru Civic Body

By
Team iPropUnited
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BBMP is conducting a survey on illegal buildings. Two lakh illegal buildings and some unauthorized buildings are identified by BBMP. The number of buildings that deviated from the sanction plans in the city is more likely to increase as the survey is yet to be completed.

Special commissioner (projects) of BBMP Ravindra PN reported that the Palike identified 16,086 buildings that have deviated from their sanctioned plans. And 1,81,236 buildings came up from B Khata properties (All the buildings under B Khata properties are illegal or unauthorized).

This number is bound to increase as the survey is not completed yet. The survey picked up the pace because of the pressure that came from Karnataka High Court.

BBMP said their priority is to complete the survey.

Ravindra commented “Our priority is the completion of the survey. The BBMP chief commissioner has asked us to expedite the survey process,”

The survey is continued in a speedy manner and action will be taken against these properties according to court.  The issue has reached the high court and Supreme Court.

Thousand of house owners have already received the notice to submit a list of documents within the time span of 3 days. A total of 10,000 notices are issued till now. And the next course of action will be discussed soon. Palike’s primary focus is the collection of data.

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Repo Rate hiked twice within two months, 50 basis points to 4.90%

By
Team iPropUnited
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On Wednesday 8th June RBI raised the repo rate (the rate at which the central bank lends short-term funds to the bank) by 50 bps (basis points) to 4.90 per cent in the second meeting of June. The fight against inflation continues.

RBI Governor Shaktikant Das said that the expectation of rate hikes in June is a “ no-brainer”.

The central bank is planning to concentrate interest rate hikes over the coming months in a short tightening cycle.

The Reserve Bank of India‘s monetary policy committee has predicted inflation at 6.7 per cent.

This unscheduled announcement is also going to affect the pockets of the common man. It is considered a major fight against rising prices.

Inflation print confirms the MPCs prediction that consistently high inflation is the biggest worry for the policymakers at present. RBI Governor also hinted at further rate hikes to control inflation.

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Max Estates Decided to Acquire Mixed-Use Residential Land Parcels in Noida

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Team iPropUnited
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One of the three holding companies of the Max group, Max Estates decided to acquire accord hotels and resorts private ltd for Rs 306 crore Accord Hotels and Resorts are the sole owners of the land parcel of around 10 acres in sector 128 in Noida

This acquisition will allow Max Estates to develop a mixed-use residential community. After the purchase, accord hotels and resorts will become the subsidiary of Max Estates ltd and part of the Max group.

The decision was made on the 6th of June and this mixed-use residential project is likely to have a saleable area of around 1 mn sq.ft.

The sales potential of the project is over Rs 1300 crore and the project is planned to develop in numerous phases. The launch of the first phase is planned for the first few months of the next calendar year. The whole launch is expected to be done in three years.

Sahil Vachani, MD&CEO, Maxville commented that “This transaction marks our foray into the residential segment. Located right on the Noida Expressway in Sector 128, this location would offer excellent connectivity to and from Delhi, and the rest of Noida. The current opportunity due to a multitude of factors including prime location, shape, and land use will enable us to create an unparalleled flagship destination within Delhi-NCR.”

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