What is the Process to buy a new house in Bangalore?

House is just not a word or just a structure where people live. In itself, it is an emotion. The notion behind buying the house is to get home. Moreover, home is just not a place where you live, it is a place where love living.

When we say love living, it means that we have to love the place we are buying. I am pretty sure if you are planning to buy a new house in Bangalore, you are experienced enough in life. We all have heard love is blind but in reality, it is not. So just don’t go and fall in love with what you see, the same goes for when you are planning to buy a new house.

Coming to our agenda: What is the process to buy a new house in Bangalore?

There are some steps or you should follow when buying a new house.

• Legality

Before narrowing down your apartment options, make sure that the property plans are approved by the government of Karnataka. Moreover, plans follow the laws set by the government and have no deviation from the original plan.

• Builder Reputation

Before finalizing any house, do a bit of homework and check out the background of the builder regarding its reputation in the market. In a huge city like Bangalore, there are some people, who will try to con innocent homebuyers and make waver from their promises. If you’re planning to buy an apartment of the under-construction project, be sure that they provide the apartment at the promised possession date, along with the required documents.

• Project Location

When you are buying a property, you should be aware of the location you are choosing.

As we all know, Bangalore is an IT hub of India. The workforce coming from around the world and the development of Bangalore is directly proportional to each other. That is why you have to be wise when you are choosing the location of your property in Bangalore because it will directly impact the market value of your property.

• Amenities

When the area of an apartment is mentioned, you might be eager to know that you’re getting a spacious apartment at a great price. Well, there are three different area terms you need to understand before going ahead with the property purchase:

Carpet Area: This is the actual area of your apartment.

Built-up Area: This is the total area occupied by your carpet area (the area confined by the four walls) and the area occupied by the apartment walls.

Super Built-up Area: This is the sum of the carpet area, built-up area and the proportionate of the common areas of the residential complex.

• Budget

When we say budget, it is not only about the price we will pay for the property, but it also includes some hidden charges like:

• Club membership charges
• Parking space charges
• Service tax
• Stamp duty
• Registration charges
• Home loan processing fees
• Electrification charges
• Transformer charges
• Floor rise charge
• Water supply charge
• Preferred location charges (PLC), etc.

• Competitor’s Work

After choosing the location for your investment don’t just go and see one project. However, you should also look for different projects. While Looking at different projects you will be able to compare the pros and cons of your house and you can analyze the property, whether it is worth buying for the price or not.

Conclusion

You are going to invest your life-savings in your house. So be smart, have patience.

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Stamp Duty and Registration fee in Bangalore

Are you planning to buy a home or on top of that a first time home buyer?

 A lot of you, who are thinking to get a home or flat from real estate developers in Bangalore, might or might not have heard the terms called stamp duty and registration fee. So basically, while buying any property you will end up paying the market value of that property with stamp duty and registration fee. 

 We should also understand about real estate stamp duty and Registration Process in real estate. Stamp duty is a tax levied on any kind of transaction that takes place and is documented. These may include a conveyance deed, sale deed, power of attorney, etc. Technically speaking, it is a tax that is paid for acquiring any document or instrument that facilitates the creation, transfer, limiting, extending, extinguishing or recording any right or liability. Stamp duty came into existence after the passing of the Indian Stamp Act in 1899. After the stamp duty is paid, these documents or instruments become legally valid and have evidentiary value in a court of law.

There are three ways in which you can pay stamp duty for the new property you are about to own. You may consider payment through non-judicial stamp paper, e-stamping, or franking, that is you pay the duty through some franking agency or a bank that is authorized to accept such a payment.

After having completed the payment of stamp duty, the document goes through a process of registration with the help of the Sub-Registrar of Assurances where the property is located. This procedure is defined in detail by the Indian Registration Act of 1908. This is done in order to record the proper execution of the document so that you get legal ownership of the newly acquired property.

If you are planning to buy Real estate properties in Bangalore and have a set budget, you must consider the amount you will have to pay for getting your property registered. As per the ongoing rates, you are required to pay 5% of the total or registered property value (above Rs 20 lakh) as stamp duty and 1 percent of the total or registered property value as registration fee in real estate properties in Bangalore.

stamp duty and Registration Process in real estate Bangalore, Karnataka
Gender	Stamp Duty rates	Registration Charges
Male	5% on properties above Rs 20 lakh 2% on properties less than Rs 20 lakh	1% of the property value
Female	5% on properties above Rs 20 lakh 2% on properties less than Rs 20 lakh	1% of the property value
Joint (Male + Female)	5% on properties above Rs 20 lakh 2% on properties less than Rs 20 lakh	1% of the property value
Joint (Male + Male)	5% on properties above Rs 20 lakh 2% on properties less than Rs 20 lakh	1% of the property value
Joint (Female + Female)	5% on properties above Rs 20 lakh 2% on properties less than Rs 20 lakh	1% of the property value

It is good to know the process of buying a property, because, when we buy one, it is not just the market value of the property as well as we also end up paying the stamp duty and the registration charges.

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REAL ESTATE SCENARIO OF BANGALORE VS REST OF INDIA

India’s economic success in recent years has helped to ensure that various sectors in the Indian Economy are also growing and creating opportunities for people for further growth. Today, India is the world’s fifth-largest economy, with a GDP growth a little over 5%. By 2050, India’s economy is projected to be the world’s second largest, behind only China.

The real estate contributes over 6% to India’s GDP and is one of the most globally recognized sectors. The Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and by 2025 projected to contribute 13 percent to the country’s GDP. The growth of this sector is well complemented by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations.

The Indian real estate sector has witnessed high growth in recent times with the rise in demand for office as well as residential spaces. The real estate sector also expected to incur more non-resident Indian (NRI) investments in both the short term and the long term. Bengaluru is expected to be the most favored property investment destination for NRIs, followed by Ahmedabad, Pune, Hyderabad, Chennai, Goa, Delhi, and Dehradun.

In the last decade, Bengaluru has witnessed exponential growth in smart infrastructures because of its distinct advantages as compared to other metropolitan cities. Bengaluru has Software technology parks of India (STPI) with well established IT hub and excellent telecom connectivity throughout the city. The city enjoys a very pleasant and moderate climate condition throughout the year and offers a lesser cost of living as compared to other cities.

Bengaluru is one of the fastest growing technology start-up hubs in India with the government also making continuous effort to pull foreign investment. The city has witnessed an upward trend in real estate with 870 successful projects launched in 2018 having 50% mid-segment (40-70 lac), 24% affordable (less than 40 lac), 26% luxury (greater than 70 lac) with increased demands of villas and apartments by NRI and domestic investors. So, one should invest in Bengaluru, the city which is growing in all spheres as a planned metropolitan and offering the investors a continuous fast growth in their real estate assets. The city is absorbing rapid growth and making itself the best real investment option in India.

Bengaluru’s real estate is a good bet as compared to the rest of India. This cosmopolitan city has established itself as a nucleus of the 40% Indian IT sector with associated flourishing start-up ecosystem, sound infrastructure, enhanced commercial activities, renowned educational and research institutes, and above all – a proactive government body which strives towards driving growth and development in the silicon city of India. In real estate today, NCR has the highest no of unsold inventory aged above 3 years and with 36% Noida has the biggest share in ready to move–in unsold stock whereas Bengaluru being a prime choice has a miniscule no of unsold inventory.

Bengaluru real estate has shown a constant increase in demand at Sarjapur, Hoodi, Kanakpura road, Whitefield and Mysore road. Sarjapur provides the best connectivity to IT trifecta of Whitefield, Marathahalli and Electronic City with a good hub of educational institutes and a full range of housing projects.

Now where should one invest at Sarjapur road??? Well ATCO Sapphire at Sarjapur Road introducing 2 & 3 BHK Luxury Apartments at just a starting price of Rs 45 Lacs all inclusive with an array of amenities. It is a project which is offering Cricket Practicing Pitch, Senior Citizen Park, Children’s Park, Walking Track, Skating Rink, Badminton court, Swimming Pool, Terrace Garden and Barbeque Lounge, Water Cascade, Gymnasium, Power Back Up, CCTV, Covered Parking, 24X7 Security, Water Softener and much more at most affordable rates. ATCO Sapphire always conforms to pre-certification of RERA, BMRDA, E- KHATA, OC and CC in all its projects. So, just pay 2 Lacs now with finance upto 90% and enjoy the premium township with a state-of-the art architecture and plus styling with ATCO Sapphire.

INVEST WISELY – INVEST IN ATCO


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