The Land-It means a lot to me

I’ve read quite a classic Novels and one among my favorites is ‘Gone with the Wind’.
There’s a scene in the Novel where Scarlett, the leading lady of the Novel says to her father about Tara-the Land they own doesn't mean anything to her. Her Father (Gerald) reinforces for his short-sighted, headstrong daughter the value of "the land" and the priceless inheritance that Tara represents [a lesson that Scarlett never forgets during the ravages and blows of civil war].

Gerald: Do you mean to tell me, Katie Scarlett O'Hara, that Tara - that land doesn't mean anything to you? Why, land's the only thing in the world worth working for, worth fighting for, worth dying for, because it's the only thing that lasts.

I love that dialogue.

Is owning an apartment is an asset?

There are two components of Owning a house.The land on which the house is built & the house itself.
In case of an independent house you own both land & the house.In case of apartmenet complex with multi-floors,you own a house,but not the land.In simple words,since many houses will be built on the same piece of land,there's no ownership attached to the land or can the ground floor person claim the ownership of land? ;)

What's the age of an house?30 yrs,50 yrs,100 yrs?whatever it may be,Independent house remains an asset for our future generation.They can demolish the house once it's old & build new one as they've inherited the land.How it works in case of apartment?It's beyond my imagination...If an apartmenet can't be inherited after it reaches it's age,it's no asset.If it's not an asset why are we paying so much to own it?

Governament initiated Housing projects in Bangalore

A body called 'Karnataka Housing Board' manages housing projects planned by Governament.
One successful venture of such effort is 'National Games Village' located in Koramangala.Yet another is 'Yelahanka Township'.
'Kengeri Township' & 'Suryanagar' project are under development.

Tips for the people who wanna buy land near International Airport

In mid of 2005, I started thinking of making my first real estate investment. I was an amateur, didn’t have an idea of what one should look for while buying a land.
My Dad helped a bit in know how’s of real estate business, but that was not enough.
After investing considerably in real estate over the years, I gained some knowledge & would recommend these things for any buyers who want to buy land near New International Airport area.

1. Make sure to visit the site before making down payment
2. Make sure to drop into Vendor’s office/Home
3. Do thorough research on the Vendor’s authenticity
4. Make payments in the form of Cheque/DD & never forget to collect the acknowledgement slip
5. Verify these documents without fail

• Absolute sale deed
• Khata
• Latest Tax paid Receipts
• Encumbrance Certificate
• BIAPPA approval document
• NOC from pollution control board
• Survey Map
• Zonal Regulation Map
• Mutation register extracts
• Validity of Power of Attorney
• Legal opinion to state that there’s no acquisition proceedings
• BIAPPA release order(In case applied for BIAPPA approval)
• Validity of Power of Attorney if any
  
  

Again, there’s an increase in interest rates of Housing Loan

As warned by the Bank & as I expected, interest rates have once again increased in this quarter.

So, what should one choose? Fixed rate or Floating Rate?
I don’t have an answer for this. I’ve seen finance advisers might give some answers that themselves are not sure of.
Recently, I was talking to an executive of HDFC home loans; he speculates the floating rate can go upto 13%, not beyond that. I hope that turns true.
With reference to RBI’s hikes, already ICICI Bank hiked floating interest rates to 12.75% & HDFC Bank to 11.25% while the fixed rate remains at 13.25%.

What it means to the buyers in Bangalore?
I don’t think buyers will shy away from buying land or apartment as the interest rates are going up. If they do then may be 10-20%. You call it a bubble; you call it Demand-Supply dynamics, real estate is growing crazily in Bengaluru.

Disclosure: I'm on Housing loan with floating interest rate,there had been inrease in rates 2 times in the span of 7 Months & one more hike is notified in the Month of July :(

Real estate boom around Devanahalli area

Real estate industry around Devanahalli area has grown without leaps & bounds.
Here are some related FAQ’s to whom so ever it can help.

Why this surge?
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As the first phase of new International airport is getting ready to be open by Apr 2008, the area around Devanahalli is a potential investment spot.

Who administer the land around International Airport?
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A government body named ‘BIAPPA’ stands for Bangalore International Airport Project Planning Authority owns the rights for land distribution, planning & approval around International Airport.

Do they have a website?
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Yes. They do. http://www.biaapa.in/
But, not updated since long time.

What’s the address of BIAPPA office?
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#10,Sulibele Road,
Devanahalli Town,
Bangalore Rural District,
Bangalore-562110
Phone : 7682035

Is there any Master plan for the land development?
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Yes. There’s a Master Plan published by BIAPPA which clearly mentions yellow zones for residential purposes. Zoning regulations have to be strictly followed to get the land registered.Please refer http://www.biaapa.in/for Jurisdiction section.

Who are the main real estate players in that area?
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Aishwarya Homes- I invested in their layout & made good profit
City Square Developers-Bad Reputation of being a Fraud when they operated in the name of ‘Happy Homes’ before rechristening themselves as CitiSquare developers.
Renaissance Developers-Genuine.Tied up with Shoba to develop Villas.
Aashraya Developers- No idea of their reputation

What are the Projects currently going on in that area?
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Renaissance Ranch-Phase1 & Phase 2
Nirvana Builders-Phase1 & Phase 2 Villas near ITC
Aishwarya Evergreen
CitiSquare Vision Phase 1,2,3 & 4
Citi Square Bel Air
Tulip Gardens
Raashi Orchids
RG villas
Utopia
The Retreat- satya sai developers
Mulberry meadows
Hollywood/Swiss Town
Metrocorp-Villas- 1.24cr for 40x60 plot, 2cr 50x80 site
Shoba Lifestle villas -2.5 cr
Citi Square Aminini
Aero Royal-Aishwarya Homes
Aero Grand-Aishwarya Homes
Aerozonna-Aishwarya Homes
Aeropride-Aishwarya Homes
Bonitas Residency
Nitesh Key Biscayne-Villas
Shriram bhairavi-Shriram PropCare
Greek Agora
Aspen heights
Heritage Citi-There’s truck terminal planned in the same place according to Master Plan 2021 published by BIAPPA
Vintage Homes-Lies in Green Belt according to Master Plan 2021 published by BIAPPA
Aashraya Aero Spring
Citi Square Transpark

How many projects have BIAPPA approval?
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Aero Royal
Bonitas Bounty
Citi Square Vision –Partly
Aero Grand-Partly
Nirvana Builders
Hollywood/Swiss Town
Tulip Gardens-Partly
Raashi Orchids
Utopia

Is there any Master plan for the land development?
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Yes. There’s a Master Plan published by BIAPPA which clearly mentions yellow zones for residential purposes. This plan is valid till 2021.

How’s the land priced around that area?
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3-5 Kms vicinity of International Airport -Rs1500-1200
5-7 Kms vicinity of International Airport -Rs1200-900
7-10Kms vicinity of International Airport -Rs900-600
10-15Kms vicinity of International Airport -Rs600-400

What are rules & regulations for the layout developers to apply for BIAPPA approval?
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BIAPPA will release only 60% of the plots to sell.40% will remain under government control. Observing the developments in the Layout and conformance to the development plan (40% of development including Compound, Sewage system, Roads, Plot numbering, Street lights, Water tank, Parks) the rest of the plots will be released for sale later.

IVC road widening & the related chaos...
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IVC road stands for INTER VILLAGE CONNECTIVITY road. Widening of IVC road proposal is to connect MANGALORE/ HASSAN road (NH47) through NELAMANGALA via DODDABALLAPUR ROAD. This will also link TAVAREKERE from MAGADI ROAD. This will be made 300 ft road. Government has already put YELLOW STONES ON BOTH SIDES. People should not remove this stones. If removed, 25k penalty awarded.
As of my knowledge, this development leads to some of the plots acquisition by Government in Airport City Layout by Citi Square and AeroCity layout by Aishwarya Homes.

Is there any place to see in & around Devanahalli?
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International Airport ofcourse!!!! Kidding, it’s not open for public visits yet.
Jain Temple-Still Under construction,it’s expected to be complete by 2018. I’ve visited it twice…looks good from outside, no architectural marvel as such.
Devanahalli Fort-Ruled by Tippu sultan…looks interesting from the road… I’ve not seen it yet.
Nandi Hills

Disclosure: I owned a plot in ‘Aero Royal’ purchased from Aishwarya Homes in late 2005. The deal went extremely well though there was a considerable delay in getting the site registered. They helped in reselling also & I sold it to a genuine buyer. Please don’t think I’m promoting Aishwarya Homes, I’ve heard some of the people having bad experiences with them. I just turned out be lucky for not being one among them.Please do thorough investigation before shelling out hard earned money.

Hot places to Invest

If you ask me,Bangalore is still an Hot place to invest.

• I can still see a momentum in Banglore south,in and around Hosur road due to the proximity to Electronics city and 'High-Tech' flyover project.
• Due to bangalore Mysore Infrastructure Corridor (BMIC)Project,Kanakapura road has seen good prospect.
• Coming to Bangalore north,Hottest is the area between Hebbal flyover to in and around Devanahalli as the International airport is shaping up quickly.
• Satellite township projects have given rise to new interests in the area of Ramanagara,Bidadi,Sathnur,Magadi,Hoskote.
• Outer ring road and Peripheral ring road project has appreciated the land price around Tumkur road as well.

Note: With these developments going on,Mysore is also quickly moving up in Real estate business.