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PROPERTY NEWS FOR YOU

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December 2014

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Quote from Mr. Suresh Hari, Secretary, CREDAI Bengaluru

Mr.Suresh Hari, Secretary, CREDAI Bangalore

Round up of 2014: Looking back at 2014, we have seen good pick-up in demand from the mid-year onwards. A major contributor towards this spurt in demand was the change of government at the Centre and also expectations from people on policy changes.

We have also seen favorable legislation for industry and economy; a case in point is the formulation of REIT policy. As far as Bengaluru is concerned, even during the sluggish phase of 2014 – the first half of the year – we have seen a steady growth in the real estate market.

By easing rules for FDI into projects spread over a smaller area, the Government has opened up avenues for development opportunities within city limits.

Outlook for 2015: With major policy changes on the anvil, a lot of growth in FDI and other investments are expected to flow into the sector. Going forward, we also expect interest rates to firm up and also a probable decrease in interest rate on home loans by the early second quarter of 2015, thanks to which the industry is expected to see a buoyant growth.

We expect the momentum to gather pace from Q1 of 2015. Buyers can look forward to many residential project launches across Bangalore in 2015 across price and size ranges.

Our experience has been that buyers prefer locations where good physical and social infrastructure is available. The IT and ITES sectors continue drive demand in this city, and hence buyers also go for locations where there is a possibility of commercial and retail developments.

We are also expecting a steady growth for residential and commercial real estate during the next couple of years. Additional links of Metro connectivity being completed during 2015, will add impetus to growth.

Surat partners Microsoft to become a smart city

Surat

Surat: The Surat Municipal Corporation (SMC) Friday announced its partnership with Microsoft India to transform Surat into a smart city by introducing several citizen centric services with the help of global software giant.

Announcing the partnership today, Surat Municipal Commissioner Milind Torawane said that modernisation of civic services is the need of the hour for a city like Surat, having population of around 50 lakhs.

“Surat is the fourth fastest growing city in the world with a population of 50 lakhs. 80 percent of the world’s diamonds are processed in Surat, while 40 percent of India’s demand for textiles is met by the city,” said Torwane during a function held in Surat.

“In this context, it becomes important to leverage technology as an enabler of constant modernization. We are excited to partner with Microsoft to transform Surat into a sustainable and competitive city that cares for its citizens,” added Torwane, who was accompanied by Surat Mayor Niranjan Zanzmera and many other dignitaries.

According to a press release, SMC will work with Microsoft and its partners to bring solutions for water management and urban planning, which include building plan approvals. In coming months, Microsoft will help SMC to roll out these services through its CityNext program.

It is claimed that Microsoft’s CityNext program will make citizen services more responsive besides increasing transparency, efficiency and productivity of departments.

Surat has already implemented several e-Governance and citizen oriented solutions developed on Microsoft technologies in the past, said the release.

These services include Property tax payments, birth and death registration, grievance redressal system, vaccination alert system, application tracking systems, solid waste management system, etc.

“In line with the government’s vision of 100 smart cities, Surat will be transformed into a smart city under Microsoft’s CityNext program, which is designed to develop a sustainable and future-ready city. This can serve as a model for other Indian cities,” said General Manager-Public Sector, Microsoft India, Neeraj Gill.

Brigade Group launches a luxury project Brigade NorthRidge in North Bangalore

 Brigade Northridge - Pool Elevation Cam

Bangalore, December 18, 2014: Brigade Group announced the launch of its latest project, Brigade Northridge in North Bangalore. The project, spread over 6 acres comprises of 2, 3 & 4 bedroom luxury apartments, starting at just Rs. 65 lakh.

Brigade Northridge is just 10 minutes from Hebbal flyover and 5 minutes from the International Airport Road near Kogilu cross. It offers a perfect balance of luxury and affordability, while promising a great lifestyle in one of Bangalore most sought after localities with good social infrastructure like schools, retail outlets, Manyata Tech park etc making it an ideal choice for both end users and investors. The lifestyle is planned with a great mix of sporting activities like tennis, basketball, cricket pitch and Golf putting greenon one side and soothing and rejuvenating green zones like reflexology path, preserved tree grove and yoga/ meditation deck on the other. The model apartment at the site gives a feel of the premium specifications and efficient layouts.

The project has received a good response from prospective customers.

Brigade Group is one of India’s leading developers with over 28 years of experience in transforming the skyline of South Indian cities namely Bangalore, Mysore, Mangalore, Hyderabad, Chennai, Kochi with its developments across Residential, Offices, Retail, Hospitality & Education sectors. The awards and recognition received by Brigade Group across various categories serve as a testimony to Brigade as a proven brand, well established and trustworthy coupled with excellent customer service and impeccable build quality. For more information on the project visit www.BrigadeNorthRidge.com  and about Brigade Group visit www.BrigadeGroup.com

Buyers looking for affordable homes

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Even the Union minister for surface transport Nitin Gadkari on Friday had asked city builders to concentrate on affordable homes as the majority of buyers cannot afford luxurious apartments. However, developers, who have been displaying premium homes at the ongoing exhibition, are positive that they will get customers on Sunday.

Ashok Mehra, managing director of Shikara Construction, said he has received good response for his project in Panvel. “We are offering affordable homes in Panvel periphery and there is huge demand for budget homes in the exhibition,” said Mehra. The group is offering flats at Rs3,999 per sq feet in Panvel. The offer is among the best offers available at the exhibition.

Even buyers who visited the exhibition on the first two days sought affordable homes. “I cannot afford homes which are above Rs60 lakh. I am ready to shift a little away from the city, but the budget must be around Rs30 to Rs40 lakh,” said Nita Chavan, a prospective buyer at the exhibition.

Anvi Heritage, which is offering affordable flats in Khopoli, also received huge queries. “I have received a good number of queries for affordable homes. Some of them are perspective customers and we will convert into business in the next three months,” said a representative of the Anvi Heritage.

Book home at Rs1,001
* Space India Builders and Developers is giving special offer at the ongoing mega property exhibition where home seekers can book home at just Rs1,001
* The group has received huge queries on the first two days of the exhibition. “We have received overwhelming response as the booking amount is extremely low,” said Vinay Singh, director Space India Builders and Developers
* The group has also assured cash price for on-the-spot booking. “We are offering scratch cash coupon which will have up to Rs5 lakh cash price for its Balaji Shimphony project,” added Singh
* Home seekers found the offer attractive as they can book home at just Rs1,001. “This is really attractive offer in the exhibition,” said a visitor.

Man found guilty of sub-letting Housing Executive property

Rental-Agreement-Form-Subletting-Apartments-for-Rent

A man has been given a three-month suspended jail term for sub-letting his Housing Executive property as part of a benefits scam. Gary Campion was convicted of failing to declare a change in his circumstances to the Social Security Agency.

The 32-year-old rented out his south Belfast home for £350 a month while claiming £250 in housing benefit. The extra money enabled him to move to move expensive accommodation. It is believed to be the first criminal prosecution for tenancy fraud in Northern Ireland.

Belfast Magistrates’ Court heard that after placing an advert on Gumtree a woman who responded paid more than £2,000 in rent and a deposit between June and December last year. Campion, now with an address at Mount Merrion Drive in Belfast, also provided her with a rent book. The woman only realised something was not right when a Housing Executive contractor called to service a gas boiler in the property in the Village area.

Campion denied any dishonesty, claiming he was told by the authority that he could sub-let in special circumstances.

Prohibited

The court heard how he no longer felt safe living in the house.

But the judge decided Campion must have known his actions were prohibited without written permission.

Imposing three-months imprisonment, suspended for a year, the judge said he had been found guilty of a dishonesty offence involving public money.

The judge told him: “We all know, unless we live in a bubble, that public money is extremely thin on the ground these days.

“Anyone who abuses money that is given for people in need is liable to be dealt with appropriately by the courts.

“In this case you dishonestly sub-let your Housing Executive house and managed to make an extra £100 a month as well as the housing benefit you were getting for it.”

BBC NEWS

Brigade Group launches an online booking platform for apartment buying

Bangalore, December 9th, 2014:  Brigade Group, India’s leading real estate developer announced today the launch of its online booking platform to enable customers to book a Brigade apartment online in a few easy steps. The platform is being launched to coincide with the Great Online Shopping Festival (GOSF), where customers will not only have the convenience of booking homes online, but also avail fabulous offers on some of Brigade’s most popular projects in Bangalore. GOSF, India’s biggest online shopping festival by Google is scheduled from 10th to 12th December 2014.

Brigade Group announced that its customers will now have a choice to book apartments online across 9 projects in Bangalore in a price range of Rs.36 lakhs to Rs.3.5 Cr by paying a small booking fee of Rs.25,000.  Customers who book apartments online on these 3 days will get attractive deals and savings of upto Rs.6 lakhs and complementary gold vouchers with every booking.

Once a customer logs into the Brigade Group website, he will be able to view all details like location, amenities, plans, views, construction status & price of the projects and make an informed decision from the comfort of his home, saving on the hassle of visiting multiple sites to get the same information.

 “With everything from groceries to luxury goods now being bought online, we at Brigade Group are introducing a platform that enables a buyer to make the most important purchase of his lifetime online. The platform is not just a payment channel, we have ensured that all details a buyer needs to make the purchase decision are available in an easy-to-use and transparent manner. Also, with real estate becoming an investment option, we are ensuring that buyers wanting to invest in Bangalore’s growth story are not constrained by their location. We are not trying to replace the brick-and-mortar model, but making it more convenient for people who might not have the time or resources to see the project in person.” says Mr. M.R.Jaishankar, CMD of Brigade Group.

The Group, which has been at the forefront of technology, also launched its Customer Portal last month that enables its customers to manage their home purchase online post booking.

Interested buyers can visit www.brigadegroup.com/gosf on December 10, 11, 12 for more details.

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