FAQ
 
     
 
 

1. What is property scenario in Bangalore?
Bangalore is a fast developing city with buoyancy in the market. It is ever growing with incumbency rates crossing the normal. The IT industry and Bio-Tech industry has added more to this growth in recent years.

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2. What is the scope for development in Bangalore, in terms of Apartment Building?
With Bangalore growing horizontally for the last few years the number of suburbs and congested central districts has increased, propelling the value of properties by leaps and bounds. This has enhanced the scope for construction of apartments. The increasing population of young neo rich who frequently travel on work has also encouraged growth of apartments in Bangalore.

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3. What is the possibility of growth in Apartment constructions?
Very high. The younger generation today has little time for details and thus depend more on professional work possible only by a builder. Apartments are also considered safer by most working families. The scope for Socializing improves and the facilities available in apartment communities are not what an individual can afford.

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4. Is investment in Real Estate safe in Bangalore? Is anybody investing in Real Estate?
Now it is very safe. The rentals have increased over a period of time with many MNCs opting leases for their employees’ homes. The change in rental laws also favors the owners making tenancy a difficult experience. Thus today it is far better to invest in Real Estate. The bank rates also have added to the growth in the real estate making it favorable for property buyers.

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5. What are the growth prospects in Bangalore compared to other cities in India?
Recently an issue of the ‘Outlook’ reported that Bangalore ranks first in Jobs and income, 5th in Finance network category, 5th in Prices, 6th in Consumption, 5th in Housing construction activity, 5th in Education, 3rd in Health, 1st in Safety, 6th in Transport, 6th in Entertainment, 4th in Pollution and 1st in good weather as reported in a poll conducted in Kolkata, Chennai, Mumbai, Hyderabad, Delhi and other major cities of India.

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6. What are the rentals that Apartments can fetch in Bangalore?
Rentals in Bangalore are almost equal to 10% of the property’s value or at least equivalent to the EMI payable for a 15-year period. With EMI remaining same through out the repayment period of the loan and rentals increasing at the rate of 10% per annum there is every possibility of making profit in the income from rentals after paying the loans at end of 2 years.

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7. What is the capital accretion for Apartments in Bangalore compared to other cities in India?
Properties in Bangalore are going through a boom every 9 years on a regular basis. The properties are thus proving to be a tremendous addition to capital growth. Property rates have also risen by 3000% in 10 years (as per statistics). The recent study by ‘Outlook money’ states that investment growth is as high as 96.3% in Bangalore.

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8. What types of Apartments are built in Bangalore?
Both high rise and low rise with 1.2.3 bhk (bedroom, hall and kitchen). Of late duplex apartments are on a rage.

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9. Is affordable investment good in Bangalore?
Yes. This is a never dying market and there will always be rental possibilities available round the year.

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10. What is the safest range of investment in apartments?
The lower strata of investment are the safest for several reasons. First of all there is a consistently increasing awareness of the advantages of such apartments among people. This has resulted in a steadied increase in the number of buyers. Secondly, the resale value of these apartments is also high. Finally, the rentals obtained here are also high and very profitable.

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11. Why Apartments? Why not Independent Bungalows?
Apartments are any day an advantage over independent bungalows. The obvious advantage is safety, which is the prime concern of homeowners especially for those who travel frequently.

Each apartment complex also has their own maintenance committee, which sees to all the maintenance requirements of the residents. Thus, quibbling behind small problems is no longer a concern. There also is a chance to socialize at no extra cost.

Though independent bungalows have their own advantages, apartments present an obvious edge over them.

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12. Do apartments have good resale potential?
Yes. Increased awareness among people of the advantages of apartments has led to re uptake on a large scale. Increasing land values and booming property market has further enhanced the resale potential of apartments. Thus, it is any day a safe buy.

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13. What is the time required for reselling an apartment?
Not more than 2 to 3 months time is required for reselling an apartment.

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14. What are the laws applicable for building an apartment in Bangalore?
There are several laws that need to be considered while building an apartment. Some of the most important ones are listed below:
  • BDA Act
  • CMC Act
  • Municipality Act for plan approvals
  • Land Revenue Act
  • Land Reforms Act for land matters
  • Fire Act
  • KPTCL Act
  • BWSSB Act
  • Airport Act for high rise buildings

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15. What is CMC?
CMC is CITY MUNICIPAL COUNCIL. It was set up to monitor and manage properties on the outskirts and suburbs outside BMP (Bangalore Mahanagara Palike) limits. CMC has the authority to approve plans and collect taxes from residents who come under its limits.

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16. What is BDA?
BDA is Bangalore Development Authority. The BDA was established under the BDA act for development of Bangalore city. It controls all issues concerning properties outside BMP and CMC limits.

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17. Is it required that all apartments be approved by BDA?
Yes, but only if it is outside the limits of BMP and CMC. In cases where it is in the limits of BMP or CMC, the respective authorities will approve the plans.

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18. What are the clearances required to obtain approval before building the apartments?
There are several clearances required. The most important are listed below:
  • Plan approval from BDA\CMC\BMP
  • Conversion from DC for land use
  • For buildings above 4 floors clearance from Bangalore Telephone Department, KPTCL, BWSSB, Airport authority and Fire Department is essential.

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19. Is there any restriction on sanitary disposal?
Yes, usually there is a BWSSB connection that is given to the apartment complex for sanitary disposal. If there is no such connection then the apartment must have its own sanitary treatment plant with provision to use excess water for other purposes like gardening, cleaning e.t.c

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20. How is water supplied to the apartments?
Water for each apartment is supplied through a BWSSB connection or through bore wells with sufficient capacity. A minimum of 135 litres is required per person according to the WHO standards and the apartment must be able to cater to this limit.

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21. How is electricity supplied to the apartments?
A KPTCL connection is taken for the apartment complex just like a connection is taken for an independent home. But here the apartments will have their own transformer facilities and also individual meters for each house.

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22. What is a home loan?
Lloans that eligible people can access to buy or build a home.

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23. What are the eligibilities to obtain a home loan?
According to most lending institutions, any Indian resident who is over 21 years of age at the beginning of the loan and below 65 at its maturity can avail of the loan. Salaried employees as well as Self-Employed citizens, MNC's can apply. NRI Salaried and NRI Self-Employed, under RBI guidelines, can approach nationalized banks and other HFCs for loans.

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24. What is the interest rate?
Interest rates range between 9.5-11% and vary depending on the loan amount and the period of repayment. However interest rates differ from institution to institution.

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25. What is EMI?
When you avail a loan it is repaid in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement or from the time of possession.

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26. What is pre-EMI?
Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement upto the date of commencement of EMI.

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27. Can I fore-close my loan?
Yes. Loans can be fore-closed for a nominal charge before the termination.

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28. What is the fore-closing charges?
Usually fore-closing charges are 2% on outstanding principle amount for the loan taken depending on the loaning institution chosen.

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29. What are the documents required for a home loan?
The list of documents required

For salaried employees:
  • Salary slip – 3 months(latest)
  • Photographs- Both husband and wife (2 nos.) if married/ father or mother (2 nos.) if not married
  • Bank statement – Last 6 months
  • Age proof – Passport / driving license
  • Address proof – Ration card /passport / telephone bills / E.I.D card / driving license
  • Form 16/ IT returns – Latest form no. 16 or IT returns ( 1 years)
  • Company profile – About the company / brochures.(in case of properitor companies or New Venture MNC's)
  • Initial payment - 15%.
For business/ self employed people
  • Photographs- both husband and wife (2 nos.) if married/ father and mother(2 nos.) if not married
  • Bank statement – last 6 months.(Both personal a/c & company a/c)
  • Age proof – passport / driving license
  • Address proof – ration card /passport / telephone bills / E.I.D card / driving license
  • Company profile – about the company / brochures.
  • Form 16/ IT returns – Latest form no. 16 or IT returns ( 3 years)
  • Initial payment – 15%.
  • Balance sheet & Profit & Loss account statements of the company.
For NRIs
  • Photographs- both husband and wife (2 nos.) if married/ father and mother(2 nos.) if not married
  • Bank statement – NRI and NRE account for last 6 months.
  • Age proof – Passport / driving license
  • Address proof – Passport
  • Company profile – about the company / brochures
  • W2 form - w2form.
  • Initial payment – 15%.
  • Other documents required – Visa stamped on passport, Employee I.D card, Employment contract details.
  • Pay slips for last 6 months.
  • Power of Attorney - To any relative or friend residing in India.

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30. If I am not eligible for loans can I take a joint loan with any of my relative?
If you are an individual - your spouse, your parents, or even your children can be your co-applicants and their incomes can be clubbed with your income to enhance the amount of loan you are eligible for. It makes sense therefore, that the co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.

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31. What is the formality for booking?
Customers will have to block the apartment of their choice at the time of booking. They will also have to pay a booking amount of 10% of the total flat cost to confirm the purchase of the apartment.

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32. How much advance do I pay at booking stage?
At the booking stage either 10% of the total cost is payable to confirm the purchase of the flat.

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33. What are the payment terms?
The payment terms differ from project to project. The total cost is divided into convenient slabs based on the progression of the project.For further information please check the payment schedule of individual projects.

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34. Are there any hidden costs?
No. There are no hidden costs. All costs applicable are clearly included in the total amount payable and precisely indicated in the price list. A list of additional charges and taxes(as applicable) have also been listed.

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35. What will be the total amount payable by me?
The total amount will be inclusive of:
  • The flat cost
  • Amenities costs
  • KPTCL deposit charges
  • BWSSB deposit charges
  • Registration charges
  • Maintenance charges ( if the apartment complex has a maintenance committee)
  • Car park ( optional)
  • Terrace garden ( if purchased)
  • Any taxes levied by the Government.

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36. Any escalation charges/ Is the price booked firm?
No. The company follows a firm pricing policy. No escalation will be charges to customers. If there is any increase in rates during the progress of the project the same will be payable by the future customers and it will be not charged to present customers. However changes in registration charges, interest rates or taxes applicable will have to be borne by the customer.

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37. When will the registration be done?
Registration is carried out either when 95% of the total cost is paid by the customer or at the time of possession of the apartment

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