Category Archives: Buyers Guide

Mysore – Bangalore – Chennai Bullet Train

Quick Facts –

  • Distance : 435 KM High Speed Rail Corridor
  • Route : Mysore – Bangalore – Chennai
  • Land Acquisition : National Highway Authority Of India (NHAI) will initiate land acquisition in consultation with Indian Railways
  • Travel time : Mysore to Chennai in 2 Hours 25 minutes as against the 7 – 10 Hours currently. Bangalore – Mysore in 45 Minutes
  • Maximum Speed – 300 to 320 KMPH
  • Sanction / Decision taken by : Group of Infrastructure Ministers led by Union Minister for Road Transport & Highways Sri. Nitin Gadkari.
  • The project is one among the 7 new high speed bullet train routes finalised
  • The seven high-speed rail corridors are :
  1. Delhi to Varanasi via Noida, Agra and Lucknow
  2. Varanasi to Howrah via Patna
  3. Delhi to Ahmedabad via Jaipur and Udaipur
  4. Delhi to Amritsar via Chandigarh, Ludhiana and Jalandhar
  5. Mumbai to Nagpur via Nasik
  6. Mumbai to Hyderabad via Pune
  7. Chennai to Mysore via Bengaluru.
  • The rail corridor will align with Green Field Expressway (Road) projects to integrate the Rail network in the country

It is pertinent to note that The National High Speed Rail Corporation of India (NHSRCL) had called bids for executing stage-1 preliminary route development (alignment and aerial design) for The Mysore-Chennai High-Speed Rail corridor in February 2020

The project, once implemented, along with a fully functional Airport, will make Mysore easily accessible from different parts of India & will fillip the overall growth of Mysore City into an Industrial, Economic & Tourist Hub.

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Landmark Change to The Karnataka Land Reforms Act

In a significant change to the Karnataka Land Reforms Act, 1961, Governor Vajubhai R. Vala on 13/07/2020 signed the Karnataka Land Reforms (Amendment) Act, 2020, a month after the Karnataka Cabinet passed an ordinance making amendments to the Karnataka Land Reforms Act, 1961. Following the Governor’s consent, the State Government has notified the Amended Act in the Gazette notification.

Accordingly, the amendments –

  • Allow Non-agriculturist to purchase agricultural Land (Farm land) in Karnataka. However, restrictions on purchase of irrigated land by non-agriculturist remain
  • Removed the ceiling on income from non agricultural sources to buy agricultural land
  • Also increased the ceiling on number of units of land a person/family can hold

Accordingly, Sections 63(A), 79(A), 79(B), 79(C) in the existing Karnataka Land Reforms Act, 1961, were repealed to enable these changes.

With these changes –

  • Farmers are expected to get better prices for their land
  • Organised farming will get a fillip
  • Technology adoption & modernisation of agricultural practises is expected to increase

Reduce corruption & promote industries alike

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Mysore Madikeri Economic Corridor Expressway Project

Quick Facts

  • Length of the Expressway – 115 Km – 4 lane, 150 ft road with median
  • Estimated Cost of the Project – Rs. 6000 Crore
  • Project implemented by – National Highway Authority of India (NHAI)
  • Expressway will connect – The cultural capital of Karnataka (Mysuru) & Capital of Kodagu (Madikeri)
  • Road Alignment – Paschimavahini in Srirangapatna to Kushalnagar with bypassing Mysuru, Bilikere & Hunsur
  • Project status – Land required for the expressway has been notified and land acquisition is ongoing (as of February 2020)
  • Project timeline – The project is expected to the complete by 2024
  • Will the existing NH 275 (Mysore – Yelwala – Bilikere – Hunsur – Madikeri) also remain in use – Yes. The new expressway will run parallel to the existing NH 275
  • The project is expected to reduce the travel time between Bangalore to Madikeri to 3 Hours

For updates on this project visit – https://bit.ly/3i2MY1Z

Mysore Madikeri Economic Corridor Expressway Alignment

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Industry can now buy land directly from farmers in Karnataka

Karnataka Land Reforms Act 1961 Amended: Industry can now buy land directly from Karnataka farmers

  • Karnataka Implements changes to Section 109 of land Reforms Act 1961, to allow industries to buy land directly from Farmers
  • The amendments come into force from 20.11.2019
  • Units will still need nod from States Revenue department
  • Applications to be cleared within 30 days by the concerned Deputy Commissioner, failing which it will be deemed approval

This was been one of our long standing demands. Read here

A major reform to increase competitiveness and to boost industrial development in the state of Karnataka has been enacted paving the way for easy access of land to Industries. Neighbouring states of Tamil Nadu, Telangana & Andhra Pradesh have been allowing this for a while. A 3 year process earlier, would now take only about 30 days – there by removing many impediments and position Karnataka as an alternative sourcing hub to companies who are looking to move out of China post COVID 19

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REAL ESTATE Scenario post COVID

Post COVID 19 is a new normal & the surge of migrant workers & all citizens in general, wanting to return HOME during this lockdown is a testimonial of the fact that a HOME is close to everyones heart and those in Housing business will always remain in business, provided they are in sync with the realities of the times. Today the buzz word is AFFORDABILITY and developers offering a HOME in the affordable segment will always find takers.

This brings us to the next question – Will prices correct post COVID 19?

Every other year in our country, we have a new regulation being passed which has a direct impact on REAL ESTATE Industry. A popular study shows that builders & land developers have already absorved an additional cost of upto 20% on account of GST, RERA, compliances under various other statutes, etc where as the selling price has remained stagnant. This effectively means that developers are already subsuming the 20% cost surge, without being able to pass it on to the consumers! Prices have bottomed out completely and this is the best time for anyone looking to buy a home or a plot.

Will Real estate in India survive as an investment option?

The following points convince us beyond doubt that the Indian real estate story is alive & kicking.

  • The whole world has looked upon India with appreciation for the manner in which it has tackled COVID 19 and most of the NRIs want to invest back in this safe country which values people’s lives more that anyother thing.
  • With the USD – INR exchange rate at an all time high and with reverse migration happening, homes in India have become much cheaper for NRIs to own
  • Mutual Funds & Stock markets have fared adversely during these times with investors loosing over 50-70% of their investments. Historically, Real Estate held for 5 – 10 years has led to tremendous appreciation in value.
  • COVID 19 has made people realise the value of owning a HOME. It is the best place to stay at during an extended lockdown. For those who do not own a home, they aspire to buy one and those who already have one, are looking to upgrade or have a second home with health & other amenities as a safe bet
  • Millennial’s who hitherto were going ‘asset lite’ and preferred ‘Co-Living, Co-Working’ spaces will see a gradual shift to owning a Home, be it small or big. It gives a great sense of security during trying times.
  • With Work From Home catching in, a HOME is of prime importance
  • With the recent measures announced by the RBI, interest rates on housing loans will come down drastically. This will an added incentive for homebuyers

In summary Home is the only asset class which one can occupy, it provides a great Sense of security, a feel Good Factor and Long term capital appreciation!

So, once you have zeroed in on a project with a credible builder who complies with RERA and other local regulations, don’t have a second thought, just make your purchases as prices are bound to tick upwards.

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Role of Channel partners post RERA

Channel partners & Real estate agents have always been an integral part of the realty sector. With the unparallel growth of Indian Real Estate, developers have been rapidly engaging with Channel Partners. Earlier, Kirana shop owners, small-time brokers and the likes had an unobstructed participation in the real estate marketplace, and many of them grew on unprofessional practises & under-informing their customers.

With introduction of Real Estate Regulation & Management Act (RERA), prospective buyers now have more faith in buying the property through channel partners as they have to get themselves registered with the respective state RERA authorities under the RERA Agent category. Organised Channel partners as advisors, act as a bridge between Real Estate companies and property buyers rather than mere brokers. In Tier-2 cities like Mysore & Hubli, Channel partners, are witnessing immense growth opportunities as they have better understanding of the local requirements & trends.

Interestingly, under the RERA Act, upto 5% of the total project cost can be levied to a registered Agent (channel partners) if wrong information is shared with prospective home buyers. This has brought about transparency in the sector and has improved buyer confidence. This will inturn boost the sector and strengthen the economy further.

Channel partners are looked up as professionals who are adept with current trends & have indepth knowledge of the local markets, customer demands and the builder profiles, there by offering quality service and consultations. There role is way beyond just referring clients, to arranging for property purchase loans, property registration & finally post sales documentation.

In the current scenario, the Role of Channel partners is more that it was ever before!

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Property Purchase Checklist

Buying a piece of land or plot is a dream for everyone as land is considered to be a safe and most appreciating asset class. The purpose could be for occupation, to secure a family’s future, children’s education, marriage or just an investment. Unlike countries like Australia or USA, where buying a property is as easy as buying any other product or commodity, it is quite cumbersome and a time consuming process in India. As India does not have a UNIFIED CIVIL CODE, land laws are governed by different statutes. There are no standard checklists to verify the property documents as land in India is a state subject and local laws are also to be studied in addition to the centrally governed acts.

Due Diligence checklist before buying a plot in the state of Karnataka :

Mother Deeds
Chain of title flow
RTC and revenue documents
Is the property an ancestral property or self acquired?
Family tree of the sellers issued by the local Village Accountant to be verified
Absolute sale deed & Khata in the present sellers name
Latest tax paid receipt
If there are any encumbrances / loan on the property and how the same will be cleared?
If it is an ancestral property, has a partition deed, release deed etc been executed between the family members?
As per Supreme Court judgement, all children, be it a son or a daughter, have an equal share in any ancestral property. Hence, are all coparceners a party to the sale deed?
Verification of original documents
Conversion order for change of land use from agricultural to residential
Approved layout plan
Unique Property ID / E-Khata in the name of the seller. In the state of Karnataka, sale of revenue sites (B Khata / a piece of land that does not have all requisite approvals) are banned. Hence ensure that the proposed site is not a “B” Khata plot.
It is advisable to check if loans are available for the land / plot purchase. That way risk can be mitigated.
If the plot is part of a plotted development project, check for registration with the Real Estate Regulation & Development Act and respective state rules and the compliance there of

 

It is also advised to go with a reputed land developer with a good track record to entrust your hard earned money. A second opinion with an expert will also help.

Be Diligent, invest safe & build wealth!

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What will property buyers expect from 2018?

With the  end of short term effects of  these policy changes , we hope that 2018 might be the year of investors  provided the long term benefits of the RERA and GST.  Real estate saw upward  trend in l 2017  after  the  storm of  demonetization in 2016 . It was a setback for  investors and buyers alike. But with passing time it  was clear that  policy changes such as demonetization , RERA Bill and GST  has only benefited the reality sector by making it more transparent.  Effects of demonetization, RERA and GST has given new standards of delivery, accountability and transparency. Willingness to pay for long-standing reputed developers will increase.  Preference for ready to move-in properties that are hassle-free of any compliance issues.  Completion of existing projects will be prioritized over launching new ones. Technology will  also have good impact on the real estate sector. New  smart buildings  made with growing technology will help both building owners and buyers by improving performances and saving costs.

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Top Selling Tips For Your Home

Keeping  the surrounding and outside of your home  looking  nice and clean can make the first good impression on your customer. Keep your windows open while inspection if your house is showcasing its natural light and fresh air through open windows and doors could  improve the chances of sale of your home, Removing  heavy curtains or dark shades can make the room brighter and spacious.  Clean  your house before inviting potential customer , neat and clean rooms make the home attractive and suitable for living a healthy life. Remove or keep aside your  things which are too  personal. make sure that you keep every room neutral and less  occupied so that it looks spacious and not too personal or small and congested. So customers can think  themselves living there.  Too much  furniture ruin things for you it may  make your rooms look small. If you have any pets remove them when your bring someone to show your house they may not like your pets and can damage your  potential home deal.

 

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Top 5 Home Buyers Mistakes

Buying a home takes a lot of time and preparation. Being well prepared is worth it in the long run.

While buying your dream home, you must always clarify how much it is going to costs  you to buy a home. The expenses that comes with owning a home. is first of them.  Ignoring  additional expenses of buying a home is very common mistakes a first time home buyer makes.

Relying very much on online home value estimation stuffs can be misleading and may costs you both time  and money when buying your first home.  But, just for assessment its recommended to get all the facts ready.

Some may not give much attention for the  property or home inspection  but it is one of the worst first time home buyer mistakes  of not having proper inspection  it can avoid lots of trouble and your hard earned money.

Making  changes in you purchase budget before finalizing the deals can become dangerous and can be  seen  frequently. For first time buyers , the number one reason is  awareness.

Not asking  questions on doubt,  no matter how silly your questions are  don’t feel embarrassed to ask .  If you have any question for us don’t hesitate to ask.

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