Top 5 Ongoing Residential Projects in Bangalore

It’s common knowledge that if you invest in the right kind of property it can fetch good returns over a period of time. So, whenever you plan to buy a  property in Bangalore or any other city, you should gather sufficient information about all the ongoing projects in that particular location.

Bangalore is counted amongst the top destinations when it comes to real estate investments. One of the reasons why it attracts so many investors is due to its multi-ethnic culture.

So, if you are looking for apartments for sale in Bangalore, then these are the five ongoing residential projects that you must definitely consider:

Embassy Springs

Price range: Rs. 1.01 crore to Rs. 2.61 crore

It’s an upcoming project in Devanahalli, North Bangalore’s serene suburbs, which spans across a huge area of around 300 acres. It was launched in June 2016 and comprises of 815 plots, apart from a good number of villas, row houses and apartments. The plot sizes vary from 2100 sq. ft. to 5405 sq. ft. Devanahalli has gained huge popularity over the years as a residential location because of its greenery, bustling business hubs and IT parks. The project is situated close to the Kempegowda International airport and is well connected to the NH7. There is no dearth of convenience stores, medical facilities, clubs, retail spaces and lifestyle amenities either.

Prestige Lakeside Habitat

Price range: Rs. 58.4 lakh to Rs. 1.32 crore

It’s a 102-acre project situated at Varthur in East Bangalore. On offer are a total of 2,903 units in the form of 1 BHK, 2 BHK, 3 BHK and 4 BHK apartments. You also get the option to buy luxury villas. The apartment sizes vary from 905 sq. ft. to 2802 sq. ft. The project is based on the Disney theme and provides a new-age living experience, featuring a good number of modern amenities like shops, golf course etc. and necessary facilities within a distance of 1 to 4 km. You also get some of the most breathtaking views of Whitefield’s Varthur Lake from this property.

Ozone Urbana Avenue

Price range: Rs. 57.7 lakh to Rs. 1.42 crore

Situated at Devanahalli again, the Ozone Urbana Avenue offers 2 BHK, 3 BHK and 4 BHK apartments, varying from 1080 sq. ft. to 2655 sq. ft. in area. It’s a 150-acre gated community that houses a total of 932 units. The project was launched in December 2015 and is under construction. It is very well connected to the other city areas and has a fairly well-developed infrastructure in its vicinity. You can find a good number of schools, offices, restaurants and shops surrounding the project. Anyone investing in Ozone Urbana Avenue not just gets a world-class living space, but also gets access to the schools, hotels, bicycle tracks, shopping complexes, restaurants and multispecialty hospital within the campus.

Bharatiya City Nikoo Homes Phase 2

Price range: Rs. 24.8 lakh to Rs. 1.10 crore

This one’s another under-construction project that spans across a huge area of 125 acres. You get to choose from 2100 units in the form of 1 BHK, 2 BHK, 3 BHK and 4 BHK apartments with sizes varying from 510 sq. ft. to 2259 sq. ft. It’s a fairly well-equipped property which houses convenience stores, a sports facility, schools, hospitals, IT parks, hotel (Leela) and much more. It’s located at Kannur on the Thanisandra Main Road, with excellent connectivity to airport, railways and road.

Brigade Orchards

Price range: Rs. 34.49 lakh onwards

Considered as Bangalore’s first smart township, Brigade Orchards in Devanahalli boasts of various new-age features including smart security, fibre-to-the-home technology and a good amount of greenery. You get to choose from various housing options including luxury apartments, retirement homes, and pavilion villas. Some of the social amenities that are offered as a part of the project are a hospital, educational institution, restaurants, sports stadium, office spaces, banquet and a club resort. It’s well connected to Whitefield, Hebbal and the international airport.

So anyone looking for a residence in Bangalore or apartments for sale in Bangalore should definitely consider the above-detailed projects.

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Why Wadala Makes For A Good Future Prospect?

Wadala is one of the prime locations in Mumbai which is developing at a tremendous pace which makes sure that Wadala will have a great future prospect, for the investors and the developers of residential property in Mumbai, Wadala has become one of the most lucrative locations. In the past five years the property market of Wadala has been constantly increasing at an increasing rate. Just a decade earlier, the price of properties was as low as on 2800 rupees per square feet and it has risen to about 14000 rupees per square feet a few years earlier. With the announcement of several developmental projects in Wadala, a huge number of people from South Mumbai have started relocation to Wadala thinking it to be the perfect destination.

The Factors of Making a Good Future Prospect

There are numerous factors that plays a significant role in giving Wadala a bright future prospect are as described below.

• First and foremost, the increase in the number of infrastructure projects have a positive implication in the market of real estate in Mumbai Wadala has gained importance as a residential destination because it lies in the vicinity of the Bandra Kurla Complex which is better known as BKC. Being close to the BKC and the development of Wadala into a commercial hub would make the demand ever – rising.

• Wadala being strategically located benefits a great deal from its good connectivity from the employment hubs located across the Mumbai Metropolitan Region (MMR). The development authority of this region has the intention of developing Wadala in a similar manner as the Bandra Kurla Complex (BKC) which will definitely increase the appeal of the place to a great extent.

• The Mumbai Metropolitan Region Development Authority (MMRDA) has already planned to divert the metro rail to Wadala and connecting it to monorail & the Eastern Freeway which is definite to make the Mumbai real estate price high. This mono rail project has played a significant role in the improvement of the accessibility to the Eastern and the south - eastern regions of Mumbai which was extremely necessary.

• Wadala is very well connected by roads and railways making it extremely convenient to travel to any of the places in Mumbai. Thus, easier and abundant transportation facilities make the future prospect of Wadala a very bright one.

• Apart from being connected excellently with all the key localities of Mumbai, the presence of high quality educational institutions, renowned hospitals, several retail outlets, shopping malls, good hospitals and supreme entertainment facilities simply changes the appearance of the place. Thus, with all the modern facilities available adds a great deal to the price of Mumbai real estate.

• One can see the several launches in the premium segment and this indicates that Wadala has gained an important place in the residential markets of Mumbai. The famous Lodha Group of Mumbai has taken up several projects here. The premium buildings with luxurious facilities like parks, swimming pools gymnasiums etc. is more than enough to be a contributing factor for the future prospect of Wadala. 

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Chattarpur is The Next Prime Destination in Delhi

South Delhi boasts of quite a few posh localities and Chattarpur is slowly becoming one of the most high in demand places Delhi. Developers had turned their attention to this region when other areas in South Delhi had started experiencing saturation and the prices there were skyrocketing. For home buyers looking for affordable homes in Delhi and particularly in Chattarpur then, this makes for a good investment option as the prices are still within easy reach but promises to give greater returns in future. The entire region has grown exponentially in terms of connectivity ever since the development of the Chattarpur Metro Station. 

The Yellow Line is a major line and traveling to and from the heart of Delhi would be made considerably easier because of it. The HUDA City Center and the Samaypur Badli are the two regions that the yellow line connects to every other place in between. Moreover, this is also one of the closest regions if one wants to get to the famous Qutub Minar, with another metro station situated close by.

Along the region, many places of repute can be found like the Chattarpur Temple and the town of Mehrauli which still attracts tourists because of its architecture. Moreover, being in the transit route to Gurgaon and Faridabad and due to it being an important center in NCR, the region is also connected through the DTC buses and other private bus routes. In spite of enjoying all the amenities of the main city of Delhi, the area is still devoid of the excessive pollution that Delhi suffers from and is also free from the relentless traffic and noise that plagues the city. Hence, owning flat will be a great move for the entire family, especially if there are children and the elderly around. Other notable areas that can be reached easily from here are IGNOU road, New Manglapuri and Andheria Mor.

The region now also has every kind of amenity that a modern Indian family can desire, with schools, colleges, banks and ATMS, hospitals and shopping malls all situated within a 20 minutes radius. Because of these factors, the rates here are also a little steep but a middle class family would still be able to afford it with the reduced bank interest rates. A modest 2 BHK flat in Chattarpur can cost around Rs. 40 lakhs with an approximate area of 850 sq feet. 

A 3 BHK flat would likewise cost around Rs. 60 lakhs but an independent builder floor might cost a little less. With the DLF farms and a number of colonies located close by, items of daily necessities are now available here with greater ease and all these factors are slowly contributing to the rise of the property prices in this locality and all these places are considered nowadays in prominent residential places in Delhi.

Nevertheless, owning a property in Chattarpur would prove to be a wise decision if one wants to stay within close proximity to Delhi, since the real estate development scenario here would only improve for the better in near future.

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Real Estate Development Projects in Bangalore: Hennur Road

The development in India has been showcased to the outside world by the means of a few bustling cities in the country. All around the world, Indians are making their home country proud by being a part of huge, mind-boggling, world-changing projects.  Due to this, there has been a lot of development in the cities of India, especially the metropolitan ones. The development in the metropolitan city of Bangalore, currently known as Bengaluru has been appreciable in the past decade. 

As the demand for housing and property increased, the rate for the property also increased. With the rapid boom in the IT sector, there was a lot of property available in the city of Bangalore, and the employees of the prominent IT companies were more than interested to buy them at any rate demanded.

Rates for buying property in Bangalore immediately went soaring through the roof, due to high demand, and the builders constructing the various towers and other residential spaces made huge money by selling the flats at prices far more than the original price, or what it was actually worth. The value of the land has appreciated manifold in the past few years, and people are lining up to buy property before the price goes over the budget.

How Does Hennur Road Come in The Real Estate Picture?

Hennur road is one of the most well-known areas in the city of Bangalore, due to the prevalence of the most important social and economic hubs around it. There is a daily influx of day population in and out of the area. There is high demand of residential space in the neighbourhood.

There are many reasons for this tremendous increase in the value of real estate in this area. One of the main reasons for this is the connectivity it provides to the rest of the city. Also, it is an area which is very close to some of the major IT parks in the city. It’s a well known fact the Property in Bangalore, is very costly and these include the rates of apartments in Bangalore. Another major reason as to why this area is on the top of the “most sought after places in Bangalore to live” is the fact that it is situated right in the heart of the city, which makes it extremely close to all the important and well known commercial, economic and entertainment centers of the city.

Property in Bangalore has always been costlier than the property in other states. This area, being much in demand, has a lot of potential in the future. The upcoming projects are definitely going to serve as a big boost to the real estate of Bangalore. Upcoming ventures also include a lot of commercial complexes along with residential spaces in Bangalore, especially in Hennur Road.

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Diluted RERA Makes Haryana Buyers Anxious

The realty sector is a key and one of the fastest growing sectors in India. This real estate sector is growing at a rapid pace, and within next few decades, it is expected to witness a solid hike of about 30 percent or maybe more. This real estate sector is diluted from head to toe, and undoubtedly it is one of the most corrupt sectors in India. Black money transactions, fraud sales, inappropriate promises and not abiding by the guidelines, false documentation and paper works are the major drawbacks of this Indian real estate market.

Haryana is one of the fastest developing states of India with a growing real estate market and rich agricultural background. The state government of Haryana has come up with a slight modification in Regulation and Development Act by implementing Rera. This move of the government is not positively accepted by its citizen and the government is also facing a lot of criticism for the same.

The buyers are unhappy with this dilution in the Regulation and Development Act and they are blaming the government for favoring the developers. Over 300 objections were submitted to the government to abolish this new rule. And when they didn’t get any acceptable answer from the concerned authorities then the homebuyers of 20 unfinished projects gathered in a park and performed a “havan” seeking help from the divine power.

This newly introduced draft excludes projects which have received completion or occupation certificates, and this has created the biggest doubts in the mind of buyers.

Mridul Babar who has booked a flat in Adani Oysters Grande was quoted as saying- “We have submitted our objections to the draft rule. Now we’re reaching out to the Almighty for help.” Another investor who invested in Dwarka expressway was quoted as saying “Several Projects in Gurgaon are delayed and in many cases work on the site has stopped.” He has demanded a stronger RERA to clear this ongoing mess.

Homebuyers are not at all satisfied with this move of the government, and they are demanding the government to trace the track records of developers and set some proper guidelines and force them to work under those given guidelines. They urged for amendment in rules and asked the concerned authorities to keep an eye on the developers.

Under the current rule of the state, the developers are needed to provide detailed information on their last 5 years launch projects and the government has to monitor them and then only the certification has to be issued. This rule is not practiced up to the mark, and there is corruption in allocating tenders, and the real estate developers are benefitting by this. The state development and Regulation Act needs some serious reforms, and this minor alteration is only helping developers.

It will be important to see what steps government takes in order to ensure security in the mind of buyers who are at the moment a bit anxious with this diluted Rera.

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Frazer Town- A Prime Address in Central Bangalore

Central Bangalore has been an elite neighborhood since a long time now. Frazer Town, one of the most popular areas with the high-end property buyers in Bangalore is witnessing an increased demand for luxurious and high budgeted flats and apartments. Several leading real estate consultants and property dealers in the city are reporting increased demand to consider Frazer Town for residential space.

According to an Inside Report by 99acres, the Frazer Town area witnessed a record growth of over 5% in capital and rental values, during the period from October to December 2016. According to real estate dealers in the city the increase has resulted in the launch of several types of gated and independent housing units in the region, especially in the last 6 years due to which there is huge demand to buy property in Frazer Town.

Central Bangalore has a wide range of expensively priced opulent housing units. The area offers a large choice for the elite buyer in terms of the opulent lifestyle often sought by the wealthy when moving to Bangalore. The localities of Rajaji Nagar, Indiranagar and Jayanagar are also popular in Central Bangalore zone however the real estate developers and builders have largely seen a demand from prospective new buyers to buy flat in Bangalore’s central area, in Frazer Town region.

The current land rates in the Frazer Town area hover between INR 4,000 to a whopping INR 16,000 per sq ft, making it one of the premium and choicest luxury localities in the city. Started in 1906 as part of the expansion plan for the Bangalore Civil and Military Station, Frazer Town (officially called ‘Pulakeshinagar’) is currently one of the top high-end real estate markets in Bangalore.

Factors That Make Frazer Town a Top Choice For Luxury Flat Buyers in Bangalore

Ideal Location

Frazer Town is in close proximity to other popular localities, including MG Road, Commercial Street and Infantry Road. Apart from this, the presence of the Outer Ring Road (ORR) provides efficient road connectivity with the rest of the city. The other major roads, including Madhavraya Mudaliar Road (MM Road), Promenade Road, Spencer Road, Haines Road, Wheeler Road, Netaji Road and Mosque Road provide excellent connectivity.

Efficient Price

Even though Frazer Town is considered to be one of the most posh and luxurious neighborhoods, as compared to other well-established and old areas in the city, it remains a significantly affordable option for luxury home seekers. The average land rate of Frazer Town is around INR 8,400 per sq ft, as compared to neighboring localities, such as Richmond Town which has an average land rate of around INR 10,000 per sq ft. The Frazer Town area also has extensive offers for people looking to rent luxury apartments in central Bangalore.

Ideally, tenants can rent a 2BHK flat in Frazer Town for a price of around INR 22 per sq ft, which averages to around INR 25,000 to INR 28,000 per month.

These and other such factors have helped to boost the popularity and demand for residential property in Bangalore in recent years. 

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Does The Kolkata Real Estate Sector Have Growth Prospects in 2017- 2018?

With the multitude of flats coming up in Kolkata and the implementation of GST and RERA is sure to bring more buyers, Kolkata real estate is sure to see a boom in the 2017- 2018 period. The developments in the city have been massive in recent times and although it was expected that the demonetization would eventually slow down real estate, nothing of that sort had actually happened. There has been a 30% increase in the last three years and it had been a mix of new projects in Kolkata in entirely new localities as well as redevelopments of familial properties. The people in Kolkata have always been emotional and many families held on to their ancestral properties, in spite of finding it hard to maintain the huge buildings. 

Now the buildings built till the 1960s are finally being pulled down with these properties being handed over to the promoters who are making apartment buildings in its place and the home owners who have sold off their building are given a flat or two depending upon the deal. Some of the major areas of the city to see this kind of redevelopment are Ballygunge, Bhowanipore, Gariahat, Alipore and Park Street, along with certain pockets of North Kolkata.

North Kolkata did not have many high rise properties and frankly speaking, the core areas of the city have long been saturated, which resulted in the growth of areas like New Town, Rajarhat and Baranagar. New Town and Rajarhat cam into focus after the IT boom in Sector V and most of the families living here are that of the young professionals who are working in IT. However, the prime areas of the city like Ballygunge, New Alipore, Lake Gardens or Jodhpur Park or Shyambazar has always had their own appeal and owning a small place here, even though it might be small due to budget constraints, can have greater value in the long run than a regular flat in the fringes. 

Moreover, the older houses in Kolkata are huge and they are sold with 5 kathas and 15 kathas parcel and a single katha costs over Rs 1 crore anywhere in the city, whereas land in Park Street, Lansdowne, or Jadavpur are sold at 2.5 crores per katha. Even a small 800 sq feet flat in these locations would cost around Rs 75 lakhs, plus taxes.

North Kolkata has now seen the demolition spree with older properties being pulled down at such a rate now that it had also motivated a group of petitioners to start a campaign to protect the architectural heritage of the city. In the latter of 2016, the region has seen a 15% increase as more land was available here than ever before. The young population moving out of the city is also a major reason behind it, as basically no one is left behind to care for these huge properties anymore and the owners prefer liquidating the property instead.

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Bollywood Stars Who Own Properties in Dubai

People may have some dreams of having properties in Dubai. The Bollywood celebrities are topping the list. They have the desires for having properties in Dubai and fulfil the dreams in buying the properties in Dubai. The place holds strong base for living and uplifts the status of Bollywood celebrities. They also spend quality time during holidays staying in their own homes in Dubai by sitting in independent beach or private pool. Shah Rukh Khan, the famous Bollywood celebrity was gifted a villa in Palm Jumeirah, Dubai by one real estate developer in Dubai. The villa is in a posh area with one independent beach and one private pool. The total area covers of 8500 sq. ft. and contains six bedrooms. King Khan is always eager to spend quality time on holidays with friends or colleague or during shooting in Dubai villa.

Shilpa Shetty, the famous Bollywood celebrity was gifted one apartment in Dubai by her husband Raj Kundra. But, in due course of time, she sold the property as it was too small to serve her purpose. She was looking for much bigger property. The Bollywood couple and celebrities Abhishek and Aishwarya Rai Bachchan own resort type villa in Jumeirah Golf estate. Real estate developer in Dubai builds spacious, luxurious style villas or apartments with independent water body. The Bollywood celebrities are attracted towards the features of the villas or resorts and buy the villas to enjoy their holidays with new thrill and enjoyment.

Investment in Resorts With Water Body in Dubai

The popular singer Madonna has purchased one mansion, which is integral part of an estate and is lying on the part of the islands. So, as the water bodies are associated with the villas or the mansion, the craziness of buying the properties in Dubai is enhanced by the Bollywood celebrities. The builders of India are showing interests in investing on the lands in Dubai. The real estate in Dubai is three times cheaper than the lands in India. The real estate regulatory act is also strong in Dubai. Socio economic structure is also better than India. The crime rate is lower in Dubai.

Cheaper Rates of Real Estate Move The Developers to Invest

The comparison data of real estate in India with Dubai proves that Dubai is much more comfortable to invest and promote. The builders of India also make the tie ups with Dubai for development of real estate as the profit making zone is higher with comfortable situations. Implementation of RERA in India has built up the uncertainties in the real estate sector in India. The impact of RERA is distributed within buyers and developers. Demonetization also has decreased the number of buyers in India.

In this situation, the renowned developers may stretch their wings in Dubai for extension of their business. The excellence in technology, skill and finance will make the business stronger in Dubai. There has already been steady movement of buying of properties in Dubai by Bollywood celebrities. So, the developers are interested in investing in real estate in Dubai.

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Builders Forecast Affordable Housing Prices Falling by 3-4%

The recent implementation of GST (Goods and Service Tax) is looking to cut down the cost of affordable housing although it depends on the developers also. If they don't enhance accommodation prices to get enough money to repay investment return during this period, the prices can be controlled with the help of practice of GST. After implementation of goods and service tax (GST), now the developers have to cut on the cash component and source their inputs from the registered retailers to apply any tax rebates. There might be some price rupture while purchasing raw material from the registered retailers. 

The buyer of under construction property will have to pay twelve percent GST (good and service tax) besides to stamp duty and any other charges. Corresponding to Ashok Mohanani, NARECO (National Real Estate Development), and Vice President-affordable housing part can see the price drop of about three to four percent. Ashok Mohanani also added that- affordable housing in Delhi, Mumbai or any other cities in India would have benefits of purchasing input tax credit. Earlier, the developers used to pay excise for fittings of steel and cement that would involve in accommodation prices. 

They did not get any source of input credit, but after goods and services tax they will be able to purchase credit that will permit them to cut down accommodation prices, benefiting the buyers as well. Hence as per the experts, the new tax will be helpful to the overall industry and also to the buyers in the affordable housing segment. 

GST (Goods and Services Tax) will rein down many indirect taxes such as VST, excise duty, service tax, etc., that were indirectly paid by buyers to developers. Although, this influence may not be seen in the premium or lavish housing segment and they will less or more remain the same.  A sale of upcoming real estate property in Delhi, Mumbai or any other cities will be classified as the supply of the services, and it will be subjected to goods and service tax payments while the sale of complemented land and real estate properties are excused. Also, the VAT charges and service tax paid on the sale of an under-construction property will come under goods and service tax. 

As per the ICRA report, goods and service tax rate will be twelve percent for buildings constructed for the sale that includes the land value as well as the sales value. If the accommodation and building value happen to be a separate agreement, an expected goods and services rate will be eighteen percent on the construction agreement value. An ITS (Input Tax Credit) for various construction good and services used in the building will be fully available although if the Input Tax Credit exceeds output goods and service tax liability, it will not refund. The influence of goods and service tax differ from state to state due to various tax structures followed in several states. Similarly, savings in project cost may also differ accordingly, depending on the project cost.  

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Can A Non-Resident Indian (NRI) Buy or Own Property in India?

Every year, thousands of Indians migrate to other countries. The shift happens mainly due to a good job or a business opportunity. They may even get a permanent residency (PR) in the country they have moved to. Though NRIs live outside the country, they are still citizens of India. 

Here are types of properties you can own as NRI:

1. NRIs can only invest in certain properties:

NRIs are generally allowed to purchase immovable properties in India. However, you can only buy a residential property or commercial property in the country. You cannot buy a farmhouse, agricultural land or plantation property in India. You may have to seek special permission from the RBI if you need to make those purchases. Person Of Indian Origin (PIO) are also allowed to buy property in India and have the same rights as NRIs. There is no restriction to the number of residential or commercial property you can buy as an NRI.

2. NRIs can avail home loans to buy property in India:

Lenders can provide loans to NRIs planning to buy residential property in Delhi, Mumbai or any other city in the country. The RBI has permitted banks and other financial institutions to sanction home loans to NRIs. The loan will be disbursed in Indian currency and has to be repaid using the same currency. The loan, however, will be disbursed to the seller or the property developer's account.

3. NRIs can use PoA to complete property purchases:

If you cannot personally come and complete a property purchase due to any constraints, you can use your PoA (Power of Attorney) to finish the buying process. You can either give your PoA to a friend or a relative and they can help you buy the property in India. The PoA can be general or specific as to what rights your representative holds.

You may also like: Why is South Mumbai usually preferred by expats

4. NRIs can purchase property jointly with another NRI:

NRIs are allowed to purchase any property on their own, or jointly with another NRI. However, you cannot purchase a property jointly with a resident Indian notwithstanding the contribution of the latter towards the purchase.  

5. NRIs can continue to own previously acquired property:

You are allowed to own any agricultural land, farm house or plantation property that you owned before you became an NRI. You can also let out the property, and taxes must be paid on the rent earned. However, you are not allowed to own any of the above after you become an NRI. 

6. NRIs can gift or sell an immovable property:

You are allowed to gift or sell an immovable property to any NRI or person residing in India. As an NRI, you can also gift or transfer any property excluding agricultural property, plantation property or farmhouses to a fellow NRI.

NRIs and PIOs both have certain rights when it comes to buying properties in India. However, they have to get special approval from the RBI if they want to buy an agricultural property. This will be considered by the RBI on a case to case basis. As per the income tax laws, an NRI can own as many residential or commercial properties as well.

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Most Expensive Homes of Indian Billionaires
Benefits of buying home at your wife's name
 

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