Sunday 29 July 2012

Tips to Buy a Plot in Devanahalli Area

Devanahalli is one of the promising area for growth and investment and the second round of buyers are looking to invest after the 2008 dip and global recession. It's a good idea to invest in this area for the next 5 to 10 years but with little caution, afterall your hard earned money should be invested wisely.

All the development projects in Devanahalli Taluk comes under BIAPPA jurdisdiction. so If you are looking to own a plot in secure gated communities in Devanahalli, then read below steps.

a) First identify the community in which you want to invest in a plot.
b) Check and confirm that community in which you want to invest has been approved by BIAPPA. This can be verified online or by visiting BIAPPA office.
c) Once you have confirmed that the community is BIAPPA approved, the next step is to visit the community and see the development.
d) Get the developers initial brochure during the launch and see what all promises were made to the first round of investors and then compare with the actual work done at this point. This exercise will definitely guide you to make investment decision.
e) If there is a huge gap between proposal and actual deliverables it is better to walk away from that community and look for other communities for investment.
f) Once you are satisfied with the community, now is the time to hunt for a plot in this community. Search various real estate portals or even approach local property consultants to identify any prospect who is ready to sell the plot in this community.
g)The next step is to negotiate a price for the plot. Negotiating and determining the Market value is out of scope of this post for now.
h) Once you have agreed to buy the available plot for agreed price, HOLD ON!! Now is the real work. Advance some token money to the seller and get from him all the required papers like Community Plan, Community formation documents Together which is called mother deed.
i) Legally verify these documents through a qualified lawyer and ensure that the plot in which you want to invest has a clear title and no litigation.
j) The lawyer may ask additional documents like RTC and MR which you should ask your seller to provide. In most of the cases the seller may not have this but you can direct him to get from the Devanahalli Taluk office records. Your lawyer will ask for 30 year Encumbrance Certificate (EC) which clearly establishes the record of ownership of that plot from last 30 years.
k) The other important document you need to check is KHATA. The khata should reflect the seller's name, plot no and survey no as in sale deed. without this small piece of document the ownership is not established. You might also want to check to which gram panchayat the khata belongs and better to check their records to match the data reflecting in the khata.
l) Additionally you can even approach bank for a loan availability for this plot even if you don't care for one as bank's legal department will legally verify the documents before sanctioning the loan.
m) Finally, After getting go ahead from your lawyer and/or bank, you can enter into agreement of sale as mutually agreed.

Note: I am not a legal advisor. please consult a qualified legal advisor before making your real estate investment decisions..

Monday 23 July 2012

The Road To Fortune : IVC Road Devanahalli

The Properties on IVC Road at Devanahalli were high in demand between year 2002 to 2006. Lot of residential plots in the gated communities mushroomed on both sides of the IVC road and off the road. The two main factors that drove the developers and the investors for the real estate gold rush were the upcoming Bangalore International Airport and the proposed plan of expanding IVC road to 300 ft wide. By 2009 there was no change in the condition of the IVC road and more over economy in general and real estate in particular was badly hit by recession thus sending the prices drastically southwards . Even the fully operational Bangalore International Airport could not stop the prices sliding downwards. Between 2009 and 2011 quite a few owners liquidated their assets or tried to do so, even taking a hit in their profit margin. But very few took a note of the silent development taking place on IVC road during the recession, like coming up of Sobha lifestyle villas, Confident group's Gold Coast, Hoysala Broxia and CAE Flight Training Centre. Today with face lift of IVC road which is neatly tarred and the road expansion is clearly marked on both sides of the road and on top of that the fully operational CAE Flight Training Centre, Inhabited Sobha lifestyle villas and Ready to Move Broxia Apartments has again ignited the demand for real estate in this area. With the development of Aerospace SEZ and several companies like WIPRO, BEML in development phase and many more developments coming up in surrounding areas, it is now clear that in next few years the real estate market over here might make a fortune for the investors. For those who are keen to invest in this area at this point, it will be a challenge to find a seller who wants to dispose his/her holdings here. Recently Sobha Canvas a plotted gated community, completely sold out for Rs. 2750-3250 per SFT. Anything, if you get in the range of Rs 1200-1500 per SFT in other nearby gated communities is worth investing. Again as it seems, it is Challenge to find a Seller. Even if you get one, make sure that you take a legal opinion from a good lawyer as even in BIAPPA approved layouts few survey numbers are in litigation. Example let's say a developer has developed a community on 100 acres of land and has got BIAPPA approval, chances could be 10 to 20 acres might still be having a title litigation or any other. So be cautious with your investments.

Sunday 22 July 2012

Bank Bank Everywhere

What was a sleepy town few years back suddenly now has became the banking hub. Yes Devanahalli can boast now for having more than 25 banks within a radius of just 2 kms !!. Thanks to new international airport and RBI issuing licenses to most of the banks to start their business over here. There is a cut throat competition among banks to lure customers for deposits and advances(loans). The good news is, the customer is real king here and treated very royaly in almost all banks. All most all banks have lockers which are available for mere Rs. 10000/- deposit on which you get an interest. Those who have investments in this region and are planning to make this place as their home, it is a good idea for them to have a locker to avoid the future premium deposits or unavailability. With huge numbers of residential projects coming up in this area, very soon the lockers might not be available. And for loan seekers whether they are buying property in this region or any other part of the Bangalore, it is worth to deal with Devanahalli banks as they are more receptive to the customers than their Bangalore City counterparts. In pics : few banks

List of banks
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Allahabad Bank
Axis Bank
Bank of India
Canara Bank
Catholic Syrian Bank
Corporation Bank
Dena Bank
Federal Bank
HDFC Bank
ICICI Bank
IDBI Bank
Indian Bank
Indian Overseas Bank
Karnataka Bank
Laxmi Vilas Bank
Oriental Bank of Commerce
Punjab National Bank
South Indian Bank
State Bank of Mysore
Syndicate Bank
UCO Bank
Union Bank of India
Vijaya Bank
YES Bank

Friday 20 July 2012

Valley Of The Wind On The Foothills of Nandi Hills

Imagine Your dream home between two hills and a lake.
Two sheltering hills with a verdant valley cradled between them.
Nature, fresh air, uninterrupted vistas of two hills and the promise of a holistic life.

Now you can own such villas and live with mother nature.
These villas are Modern Contemporary Villa

These contemporary villa are designed and oriented on site to look out to the views of Nandi and the smaller hill which form the valley.The clear glass floor to ceiling windows bring the natural outdoors inside.The contemporary villa comes with or without a pool. If one chooses the villa without a pool the architect has designed an outdoor pavilion for meditation/ relaxing right amidst the villa lawns.
The private pool villa has a 20x10 smart pool with microfiltration system, perfect for a fun time with the family. The bedrooms of the villa are oriented to look out to the valley and mountain

Location: Set at the foothills of the Nandi Hills on State Highway 74.

The villas are constructed on 40 X 60 dimension with Villa built-up ranging from 2466 Sft(Garden) to 2545(Pool)
In the same community there are few duplex row houses as well. In the pic : plans and elevation. Keep visiting for actual visual updates on this project.

Thursday 19 July 2012

Sobha Canvas a Plotted Community

Sobha Canvas is a premium plotted gated community from Sobha on IVC road. Launched at Rs. 2750/- per SFT, it seems last few plots were sold at Rs. 3250/- per SFT and is fully sold out. As Sobha Lifestyle villas are also on same road, it is worth investing in other nearby plotted communities on IVC road around 3 km of radius from Sobha. Those plots should be available around Rs.1600/- per SFT.

Saturday 14 July 2012

Voice and Data Network

Devanahalli has almost all mobile operator towers and the state owned BSNL Telephone Exchange. For Broadband, users have choice between BSNL DSL (landline) up to 8 Mbps and several 3G service providers. Airtel 3G has widest coverage in this area. It works up to 6 Mbps download speed. Right now I am publishing this post using Airtel 3G services. In pic micromax MiFi Router with Airtel 3G services.

Commercial and Residential Complex

Another Highrise almost 75% completed to be delivered in December 2012. Hoysala Corpus is a 7 storey complex where first three floors are commercial space and next 4 floors are residential apartments. It is situated on the cross roads of 6 lane Bangalore- Hyderabad highway and road to Nandi hills.The locals call this junction as Rani cross.