Public view sought by Uttarakhand Govt. on Land Consolidation Bill

Dehradun:  The draft of the Land Consolidation Bill was submitted by the Land Holding Committee of Uttarakhand to the Chief Minister, Harish Rawat in Dehradun on Tuesday. On receiving it the Chief Minister reiterated that the government would seek public suggestions over the draft of the bill before sending it to the state Assembly for discussion and approval.
The government also stated that it would initiate processes and would take initiatives in making the people understand and be aware about what land consolidation is. The government would also seek suggestions from the general public to make the bill more exhaustive and inculcate any necessary changes needed and that would go on for three months before the bill is placed before the assembly.

The government is keen not to create any disadvantage to any section of the public by its legislature. That is the reason the government is making efforts to take public consent and suggestions before they make the legislation. Along with this the government has also planned to amalgamate the farm lands and wants to make sure that the farmers are at no disadvantageous situation as realty-developers are capturing cultivable-land after the law is passed or formulated, said the Chief Minister, Mr. Rawat.

Mr. Rawat also emphasized on the role of rural women in the households and in the economy of villages. He expressed his desire to empower the women of rural places and see that their participation and their role in land consolidation is kept intact and it helps the households and the economy at large.

In this context the government is also taking initiatives and is trying to get inputs from the villages of Uttarakhand too. In the first instance the government has shortlisted and identified 200 villages to spread the awareness about the laws of land consolidation, said the State Agriculture Minister Harak Singh. The government will find out ways to get suggestions about land consolidation from villages and the target sections to see that all interests of all the sections of society are being safeguarded.

Man Vs. Technology: Web pages are set to replace real estate brokers

It’s yet another classical example of technology versus man. Technology doesn’t seem to work within set boundaries; it’s all pervasive.  Real estate technology giant NoBroker has recently come into spotlight as there was a ruckus in front of their office in Bangalore.

The Company NoBroker offers people with rental, lease and other home related services for zero cost, which has infuriated the real estate broker community. The community barged into the NoBroker’s office and caused damages to their property and completely disrupted their work.

The brokers assaulted the office staff in spite of resistance by the security and office management which led them to lodge a complaint against all the brokers in the local police station. The police intervened in time and prevented further damages.

This company is not the only one in this segment but they have many counterparts such as Common floor, Housing and many others. These companies are rendering valuable services to the customers by providing free information on their website about the available homes in the market; that too free of cost. This means the brokers will be wrapping up their brokerage businesses soon. Their business is slowly but steadily declining due to which they have managed to attack the real estate technology leader NoBroker.

It’s a tug of war between brokers and NoBroker for that huge pot of gold in real estate industry

This company has made a mark for itself in real estate business. It has over 3 lakh customer base and has helped them save a whooping fifteen crore rupees which is a stupendous achievement for a company of just a couple of year old.

The technology enabled companies are sure to take over the major stake of real estate pie, compared to manual based companies. It is important to fight back in life but in an ethical way; it was wrong for the brokers to react that way. If the war has begun then changes are inevitable; so it’s important for the brokers to adapt to the change or implement technologies that will recuperate their business.

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How to go about buying a residential plot? – TGS Layouts Tips

Different local authorities regularly come up with residential plots for sale and distribution for individual citizens. Jaipur Development Authority is distributing land plots of different sizes currently and in the recent past Haryana Urban Development Authority has offered the public allotment of residential plots of different sizes in Palwal and Faridabad. Yet there are many other state governments who declare allotment of lands and distribute it through local or municipal authorities. In bigger cities and metropolitans, sale of apartments is more in vogue due to paucity of land at economical prices. But in smaller cities buying land is still a trend that is being preferred.

The realtors opine that in category B and C cities the percentage of the buyers of land is higher compared to metropolitans. The percentage of land buyers in smaller cities are more owing to the desire of building a house on the land and potential land buyers are in the percentage range of 30 to 35 percent in smaller cities while such percentage is only 5 to 7 percent in metro cities. In cities like Mumbai this percentage is even lesser and in the range of 2 to 3 percent due to the paucity of land in the city limits. Many people desire to settle down in their home towns and start working towards their goal in advance by buying a plot. They thus take a loan and construct a home which helps them achieve their plans.

How to go about it?

The process of buying a plot by taking a loan is entirely different from taking a home loan for buying an apartment primarily because of the difference of the assets involved. The eligibility of the loan amount is different for different assets and one has to figure out what proportion of the money should be used in buying the land and what proportion should be utilized in constructing the house. In case of an apartment the full amount can be taken as a loan but in case of a land and to build a house on it the segmentation has to be done.

An example will make the situation clear. Let’s say one’s loan eligibility is Rs. 60 lakhs and you decided to spend Rs. 45 lakhs on buying the land and the rest of Rs. 15 lakhs can be spent on the construction of the house. Let’s suppose if you have to change your mind and decide to spend Rs. 40 lakhs and spend the rest of Rs. 20 lakhs on the house, you have this flexibility to do so.

But in case of buying an apartment the flexibility would be limited and the lending banks disburse the amount of loan in installments. The composite loans are first of all disbursed for the acquisition of land and then for the subsequent construction of the building.

You may be asked for the submission of certain documents for the loan approval and also the documents relating to the land that you intend to buy namely the allotment letter issued by the development authority, copy of the drawings of the proposed property duly approved which is to be purchased, title deed, sale agreement and also the chain of documents in case of resale. Apart from these the borrower has to submit the title document of the plot in original along with the map duly approved by the authority with the estimate of the amount needed for construction.

If one wants the loan amount for the construction of the house one has to submit the building plan duly approved by the local authorities and the construction costs has to estimated and approved by an architect or a civil engineer. The construction of the house has also to start within the stipulated period as mentioned in the loan agreement or else the lending interest may go up as per the agreement with the lending institutions to higher rates as high as 13 to 14 percent as well. Banks like the ICICI restricts the construction to be completed within a time period of two years from the date of disbursement of the first installment of the loans.

Loan eligibility and interest rate

The amount that you are eligible for depends on the income and the credit profile, repayment capacity, savings history, spouse’s income and the number of dependents in the family and such other relevant factors. The Loan to Value ratio (LTV) is generally 75 percent for acquisition of plots. For composite loans of plots and construction of homes the LTV goes up to 85 percent for an amount of up to Rs. 20 lakhs and 80 percent for loans of up to Rs. 75 lakhs. This implies that if the LTV ratio is 75 percent of the property value of Rs. 50 lakhs a loan will be disbursed of Rs. 37.5 lakhs and the borrower has to pay Rs. 12.5 lakhs from this own pocket.

Interest rates are different in different banks and they come in fixed and floating rates. The rates of interest vary on many factors like tenure, loan amount and loan seeker’s payment and credit history. But the rules regarding the repayment of loan, interest rate change, delays in repayment remain all the same as for the loans for buying an apartment. The tax deduction rules are also the same.

Summary: TGS Layouts sell land plots at very affordable prices in Bangalore / Bengaluru at least 40 percent lesser than the market price. You can post your valuable comments / suggestions here. To view existing customers feedback click TGS Layouts Reviews.

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All You Need To Know About Bangalore Land Denotification Case

For the last three days there has been a big row in the state legislative assembly over the issue of de-notification of lands near Arkavathy Layout. BJP, the opposition party had been continuously protesting against the government led by Chief Minister Mr. Siddaramaiah and demanded an enquiry by CBI on the decision of the government for denotification and re-modification of 541 acres of land of Bengaluru / Bangalore Development Authority  in Arkavathy Layout.

What is it all about?

In 2003, the government planned to create a layout with 22,000 plots through the BDA in Arkavathy village near Yelahanka. This primary land acquisition circular or notification was issued in September 2003, and covered land measuring 3, 839 acres which comprised land from 16 villages. Out of that 1,089 acres of land were excluded by the court when the land owners approached the court of law, making the final notification covering land of 2,750 acres and thus the plan was to distribute 11,000 sites.

But the BJP government came into power and in 2007 had de-notified 198 acres from the land that was already acquired. Now the BJP has brought an allegation against the Siddaramaiah government that the revised plan by this government is of 11,000 sites. With BJP government excluding 983 acres from the layout the Arkavathy layout covers only 1,766 acres of land. The allegation that BJP brought against the present government is that in June 2014, the Siddaramaiah government has allowed the denotification of 541 acres of land.

On the commencement of the session, the BJP leaders on Monday alleged that Mr. Siddaramaiah had illegally de-notified 541 acres of land acquired by BDA in the Arkavathy layout and in that he has violated the orders of High Court. The JD(S) MLAs were also supporting the BJP’s stand and were noticed to be shouting on the assembly floor against the government.

Both BJP and JD(S) was seen to strike a protest when the Chief Minister intervened and while denying the allegation of the opposition over the issue of de-notification of land in Arkavathy Layout, he attempted to defend the government. In his statement Siddaramaiah said that the government hasn’t de-notified any land in Arkavathy Layout and insisted that the government is ready for a judicial enquiry in to the matter. But the opposition insisted on conducting a CBI enquiry on the issue.

What’s the opinion of the opposition leaders?

While addressing the media the opposition leader alleged the Chief Minister saying he violated the High Court’s verdict and guidelines and is involved in de-notification of 841 acres of land in Arkavathy layout. The opposition said although the Chief Minister denies charges against him, they have procured the documents with the signature of the Chief Minister. Alleging that it is a scam of a big nature, they demanded the resignation of the Chief Minister and also asked for a CBI probe.

As an answer to this, The Chief Minister has already ordered a judicial enquiry in to the matter. In his address to the media the Chief Minister said that a judicial enquiry has been ordered with a retired High court judge leading the enquiry. He further added that as BJP is trying to politicize this issue, he is ready for CBI probe too. As a measure to refrain BJP from politicizing the issue, he has taken this step, he added.

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Realty Developers are capturing Cultivable Land in Erode

Many hectares of land in different parts of Erode are now being converted into a housing plot at a rapid speed. With the massive rate of housing segment created in Erode there are chances of a huge fall in the food production in the region in the years to come.

Erode has an agricultural background and one of the most sought after sectors rendering maximum yields. Erode is one of the largest turmeric producing districts in the country. Various food crops also grown here in hundreds of hectare of land are coconut, paddy, oil seeds, sugarcane, banana and various other food crops. There has been a huge rush for housing within the districts where the various approachable lands are being encroached.

The upcoming real estate developers and constructors have bought hectares of fertile and cultivatable land and converted them into housing and residential plots. The district of Erode is doing an aggressive marketing for the same. The General Manager Velayudham also pointed out that few months back in a neighboring village a property developer has brought four acres of coconut garden and destroyed the entire plantation of over 350 completely grown coconut trees and rehabilitated the land into a housing plat. Erode’s total land under the agricultural sector is over 2.07 lakh Hectares during 2008-2009. There has been a massive drop recoded in the land which is 1.99 lakh hectares in 2009 to 2010. As per the current panorama the total land available is 1.80 Lakh. This entire drop down of land area has resulted in the considerable loss of 10,000 hectares of fertile land, which has been put into residential use.

There are certain reasons like labour scarcity, shortage of remunerative price and others which are forcing the farmers to sell their lands to the real estate constructors and developers.

With the aggressive marketing stunt many real estate developing companies are carrying out marketing through the medium of television hosting live phone-in programs. Now as the marketing strategy most of the channels are showcasing such campaigns during the prime time.

The real estate developers have carried out free trips helping the potential investors and buyers to visit the property sites and providing door to door pick and drop facility. The potential buyers are also presented with gifts as a token of a transparent relationship.

Even the agriculture sector officials are not sure of hoe much positive response this has rendered in the past months but they are pretty much sure about the fact that many real estate developers have come and have acquired a huge amount of cultivatable and fertile land which is put into residential usage.

With lot of industrialization happening in all verticals the farmers do not fish their children to be a part of the slow rising agricultural industry. The agriculture sector has seen no wonderful growth in the times passed by. The real estate developers are taking advantage of such situation and acquiring the agricultural land.

The rising land rust may soon lead the district into a situation where food security will become a threat. The farmers of the district have raised an application to the government to prevent the conversion of cultivatable land into real estate properties.

If you are planning to invest your money in Lands / Plots, then TGS Layouts provides best Plots / Lands for Sale in Bangalore.