HANDING OVER CHARGE OF A BRAND NEW PROJECT

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 MODE OF CONVEYANCE

As per the CREDAI (Confederation of real estate Developers Associations of India) code of conduct, a member: 

1.Shall clearly indicate in his agreements, the kind of conveyance planned to be settled i.e. whether or not undivided right or the unit as an entire or by suggests that of the other theme and conjointly mention either the extent of divided or undivided right in sqft/sqmtrs or the proportion of undivided right and in any case shall lookout to make sure that combination of divided or undivided right in land assigned to any or all the units of a project shall not be in more than the extent of land. 

2.Shall allot specific interest and / or car in land for each automobile parking zone.

3.Shall build accessible the copies of title documents to the purchasers for the asking. 

4.Shall incorporate a condition in his agreement to the impact that each one the covenants aside from those specific to a selected unit like rate, area etc. shall be common to any or all the purchasers of a selected project. If the developer intends to order some specific rights like allotment of ground area for garden (in the natural event area), for personal use of some units, such intention shall even be mentioned altogether the agreements relating the project. 

Possession

The developer ought to guarantee timely completion, physical possession, as committed to purchaser. It shall be builder's responsibility to get completion/occupation certificate from the bureau. Developer shall incorporate in his agreements, a clause that the delivery / possession of the flat shall be to the shopper against complete settlement of the whole thought and every one different parts of sale value / quotation. 

Defect Liability period

Developer shall incorporate in his agreements, a clause for defect liability for a minimum amount of twelve months or as per prevailing laws (whichever is more) from the date of redeeming of possession or intimation to their purchasers relating to the readiness handy over possession, that ever is earlier and which shall be restricted to the defects within the construction (i.e. structure) and not on the bought out materials most of that are lined underneath varied pledge periods by the makers themselves. However, within the event of continual drawback with the bought out materials, the member shall co- operate with the emptor in checking out the problem. This defect liability shall not cover calamity things like harm ensuing from war, flood, earthquakes etc. 

Formation of a Society or a Body corporate

The developer ought to take steps for registration of Co-operative Housing Society or the other body company as is also set upon by the developer within the interest of the flat purchasers. 

Society Account / different Deposits like stamp duty.

The developer shall maintain separate account in respect of any sums received by him from the flat purchases as Advance or Deposit, sums received on account of the capital for promotion of a Co-operative Housing Society/Apartment Association or an organization or towards the out goings, legal charges, etc., and shall utilize the said amounts just for the aim that they need been received. Such accounts ought to be to the Society/Association/Company not later than three months from redeeming the charge of building to such Society/Association / Company a amount on months from the date of ultimate conveyance, whichever is later. 

Transfer Charges

If a transfer charge is to be charged it should be corn get in the agreements and will not exceed over a pair of the acquisition value for transferring the rights of the flat emptor underneath associate agreement purchasable. Any such consent by the developer to the flat emptor for transferring his rights underneath agreement of sale shouldn't be immoderately withheld, provided the flat emptor pays, and / or is prepared and willing to pay full quantity of thought underneath the agreement purchasable alongside transfer fees as aforementioned and different dues collectible. 

Transfer of Title

The developer shouldn't extraordinarily delay the execution of the conveyance or the other similar instrument in favor of the common organization of the flat holder, once the event and sale of entire theme and in any case amounts collectible by the purchaser’s are paid to the developer. 

Disclosure

1.A member might disclose in his brochures / hand-outs / advertisements or the other subject matter material that he belongs to an association that could be a member of CREDAI.

2.May incorporate a clause in his brochures and or agreements that a similar is subject to arbitration by the selected committee of Arbitrators appointed by the member Association of CREDAI.

Inspection by Client: The developers shall incorporate necessary clause within the agreement so as to modify the shopper explanation the rights to examine the premises throughout the course of construction.

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BMRDA Approved Layouts

Anekal
Bannerghatta Road
Devanahalli Road
Electronic City
Hosur Road
Indira Nagar
Kanakapura Road
Koramangala
Sarjapur Road
Vijayanagar
Whitefield

MARKET PICKS - UP FOR RESALE PROPERTIES

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Chennai has always been considered as a good resale market for residential properties. Good value for money, ready-to-occupy status and locational advantage has always attracted buyers to second-hand flats. This trend has been on the rise in recent times. This trend has also brought to light the various issues that come with buying them.

A few weeks ago a resale apartment fair was held by HDFC Ltd. The response to this resale initiative was very good and more than a thousand properties were on resale and it is reported that the realtors associated with them are busy closing the deals.

In the present market conditions, many buyers do not want to wait for construction of the house. So HDFC brought together the realtors concerned and facilitated the resale by providing loan facilities.

Most of the buyers wanted property in the city limits in the price range of Rs 50 - 70 lakhs. But properties available for resale in the city limits are in the range of Rs 1.25 to Rs 2 crores. The market slowdown has made the task of finding clients for new and upcoming apartments more difficult for many banks. Tapping the potential for resale of property has become a necessity for the banks and buyers may be able to gain from the development. The merits of buying a house on resale include lesser price and location within city limits.

The demerits of buying houses are possible deviation from the approved plan, internal problems among the members of the residents' association, including legal proceedings and absence of opportunity for the buyer to assess the quality of construction.

Technical valuation of a property on resale normally calculates depreciation at 1.5 per cent per year. Around 75 per cent of properties on resale are 'delinquency flats' . The registration charges are higher for resale apartments as it is decided on the guide- lines value of the total property whereas in a new apartment, the charge is arrived at only based on the undivided share of land. However there were no delinquency flats among the property on resale during the recent initiative of HDFC. Brokers continue to say that the market is favouring the buyers.

As market prices of new flats are gradually reducing, price of resale flats should also follow suit soon. Buyers analyse the aspects such as location, quality of construction and track record of the builder in the process of resale. The buyers not showing interest in properties on resale in outlaying areas.

The majority of buyers showing interest in properties on resale are end-users and the investors are not opting for purchase of properties on resale. Many properties on resale belong to speculators who invested in the property a few years ago and planned to sell the property at a higher price soon after the construction got over. They wanted to sell the property as quickly as possible fearing a reduction in the prices. With rentals not increasing to match the EMI, speculators are finding it difficult to maintain the property.

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Apartments for rent in Bangalore
BMRDA Approved Layouts

Anekal
Bannerghatta Road
Devanahalli Road
Electronic City
Hosur Road
Indira Nagar
Kanakapura Road
Koramangala
Sarjapur Road
Vijayanagar
Whitefield

 

URBAN ENVIRONMENT IN BANGALORE

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Urban environment is affected in large cities due to too many concrete structures, non-development of new parks and play grounds, neglect of tree planting, improper collection and disposal of solid waste, air, water, and noise pollution, etc. People are suffering from non-communicable diseases due to degradation of environment. Various problems faced for improving environment in Bangalore is explained in this article.

Parks and open spaces:

Parks and open spaces required at the city level is 10% of the urbanisable area. Master plans of the city reserved 10% of the urbanisable area required for the next ten years. But due to non-implementation of this provision by BDA and BBMP, and unauthorized developments in the area reserved without effective development control, the reserved area for parks and open spaces is not available to the citizens.

The areas reserved for parks and open spaces in the BDA extensions and enforced in layouts of housing societies and other private layouts are not developed for a number of years and left as vacant lands where garbage and debris are dumped. Even trees are not planted in the parks reserved / enforced. During nineteen eighties, this matter was considered by Government and after several discussions with the BDA, the City Corporation, Agriculture and Forest Departments, it was decided to hand over all the parks in extensions and the park areas reserved in private layouts to the Green Belt Division of the Forest Department for growing trees. Even Forest Department has the park areas handed over to them by BDA.

Parks are required ill the localities as lung spaces and for people to walk, jog, and exercise. In the absence of developed parks, people walk along the roads. Lalbagh and Cubbon Park developed before Independence, 63 years back, are the only city level parks available in the city with about 8.5 million citizens. 

Bangalore Palace area which was reserved as the third major city level park in the successive master plans of Bangalore and acquired by Government under the Urban Land Ceiling & Regulation Act is allowed to continue under the control of the Maharaja's family, and other private agencies who have taken the lands from the Maharaja's family.

Unauthorized buildings have come up in the Bangalore Palace area covering about 400 acres. Citizens are denied the third city level park that would have benefited the posh locality of Palace Orchard and other localities like; Kumara Park, Vasanthnagar, Benson Town, Jayamahal, etc.

Regional parks proposed in the Master Plan on the four sides of the city covering hills and valleys are also not implemented.

About play grounds, it is a horrible situation. Children are forced to play on the roads in the localities and on terrace of apartments. The fatal accident of a boy falling from the terrace of Imperial Court Apartment on Cunningham Road, during October 2010 is one example. In the earlier days, the civic bodies and their officials were people friendly and play grounds used to be provided in all the localities. The schools had playgrounds for children to play. At present, Government and the civic agencies have no interest in providing schools. With the increase in land values, schools run by private sector have no play grounds. Important facility of play grounds is not available to children in the cities nearer to their houses.

BDA, BBMP, and the Horticulture Department have failed in their duties to provide parks and play grounds in the city. 

Natural valleys:

Topography of a city area enables draining the rain water to the natural valleys which feed the lakes and rivers with rain water. But this is disturbed by improper planning by BDA and local bodies, and by encroachments. This is the reason for flooding of localities during heavy rains. BDA and earlier the City Improvement Board used to plan their extensions based on revenue survey number maps and not on the basis of the natural terrain. An attempt was therefore made in the Master Plan- 2015 of Bangalore, to show open margins for natural valleys under parks and open spaces. This has helped BBMP and BDA authorities to enforce the margins in the building plans. The margins prescribed are 50 meters, 25 meters, and 15 meters along primary, secondary, and tertiary valleys. If the enforcement is sincerely done at least in the new developments, rain water will flow to the lakes without obstruction by structures.

It is suggested that trees are to be planted in such valley margins to be surrendered by the developers to the local body. The trees to be planted in the valley margins will avoid encroachments and will enable improvement of environment.

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BMRDA Approved Layouts

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Sarjapur Road
Vijayanagar
Whitefield

  

PLANNING A NEW LOCALITY

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People spend most of the time in their houses. The locality in which they live requires to be comfortable satisfying their daily civic requirements. Such localities were planned earlier in Delhi and then in Chandigarh.

Location :

The site to be selected for a new locality should be convenient to reach the city center. The site should not lead to urban sprawl but enable to provide compactness in the city form for reducing the cost of services including the length of roads. The site should be suitable according to topographical features for providing water supply, storm water flow, and underground drainage (UGD). The site should not be low lying to avoid flooding during rainy season like; HSR Layout Viveknagar, part of Shivajinagar, etc.

Planning :

The population to be accommodated may be about 50,000, i.e., about 10,000 families. Lesser population than this will not support the services including market. The policy of forming BDA extensions with only independent sites requires to be reviewed. The development should be for low rise apartments in a major portion, high rise apartments facing the main roads along the peripheries of the locality, and  about 20% of the locality area with sites of 12mx18m ( 40'x60') and 15mx 24m( 50'x80') facing the interior roads. Minimum number of independent sites is suggested in view of the high land values in Bangalore and the trend for high rise buildings converting the old bungalow sites in Malleswaram, Basavangudi, Indiranagar, cantonment areas, and other areas with big sites.

Main roads 24 m(80') or 30m(100') wide, according to the connectivity on either side of the locality, should be only along the boundary to see that through traffic does not pass through the locality. This will avoid risk to pedestrians by speeding vehicles, nuisance by unauthorized commercial uses, etc.  Minor roads 18m (60') wide one each from each side of the locality to reach the central part where the community center is suggested. Access roads to be of minimum 12m (40') wide to allow two traffic lanes, service lines, and tree planting.

Civic  Amenities :

Community Center is suggested in the center of the locality for convenience to the residents in all parts of the locality. The facilities suggested in the community are as follows : 

· Shopping complex with a departmental store, restaurants, shops, and market for vegetables and fruits, mutton, chicken and fish stalls.

· An office complex with branch offices of BBMP, BESCOM, BWSSB, Telecom Department., post office, banks, advocates offices, consulting doctor's clinics, smaller private sector offices. etc.

· A public sector health centre with maternity facilities.

· Main park for elders walking and jogging, play ground for youngsters, and a club. Number of trees may be planted in the parks.

· Smaller parks and play grounds in various parts of the locality as lung spaces and play spaces for children. If a natural valley passes through the area, valley margins as per zoning regulations is to be provided with tree planting and walking tracks. 

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· Schools for nursery, primary, and secondary classes by public or private sector.

· A bus terminus for BMTC buses, with auto / taxi stand, and parking of vehicles. No bus stop is necessary along the roads as the bus terminus is within walking distance in the center of the locality.

Development  Control :

As all the civic amenities and services including shopping is provided in the locality within walking distance, no change in land use may be permitted allowing commercial activities that disturb the residents. If they require major shopping, convents, and recreational facilities, the residents may go the city center and other places. We have seen the agitations and public interest litigations by the Residents Welfare Association of Koramangala and other localities where commercial activities every where is disturbing the residents.

BBMP and BDA may enforce the provisions as suggested in the locality plan strictly to see that peaceful localities are available to the residents in future for better quality of life.

More,

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Site at Bangalore

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Plots for sale in Bangalore

Flats purchase in Bangalore

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Apartments for rent in Bangalore

BMRDA Approved Layouts

Anekal
Bannerghatta Road

Devanahalli Road  

Electronic City

Hosur Road

Indira Nagar

Kanakapura Road 

Koramangala

Sarjapur Road

Vijayanagar

Whitefield