It is the desire of
every person to own a shelter. At the end of long years of employment some
manage to gather the required amount to buy the property while for the more
fortunate it is at their desire. However, buying a property is always a huge
investment and the more careful one is with the process of selection, the
lesser are the chances of future disappointments. Careful selection, however
difficult though the process may be, keeping in mind the factors such as location, the right vendor, etc., can go a
long way in ensuring value appreciation and peaceful enjoyment of property.
The Bangalore metropolitan
area comprises of 1279 sq. kms. There
are various statutory authorities, which operate in this area, for according
approvals to the layouts, constructions etc.
The
Bangalore Development planning and
developing agency in this area. Any layout in the metropolitan area of Bangalore must be
approved by the BDA. This is mandatory as per the Karnataka Town
There
are many agricultural lands in the metropolitan area, and abutting it.
The
Karnataka Land Reforms Acts does not allow purchase of agricultural lands by
the non-agriculturists; unless it is converted to non-agricultural purpose.
Even house building co-operative societies are covered under this restriction.
Revenue
Site
Another
dangerous area is a “revenue site. Revenue sites are formed on agriculturallands, which are not converted.
Using such sites for
residential purpose is against the law. These sites are not entitled to power,
water supply and sewerage connections. Most landowners use Form No.9 & 10
to confuse and convince the purchasers and these are all generally fabricated
documents, which are not issued by any statutory authority and hence not
genuine.
Government
acquired land
The
government is vested with powers to acquire lands for the purpose of
development. Firstly, the Land Acquisition Officer announces a paramilitary
notification for acquisition of land and calls for objections from the public
or the affected party. The affected
party has to file objections within 30 days, stating the developments done on
that property, after obtaining all permissions from the statutory authority
concerned and also taking into account the real value of the property. After
hearing the case of the affected party, the government may delete the said
survey number from the notification and announce the final notification. After
the final notification, the government may pass an award, after which, such of
the properties finding mention in the final notification is considered as
acquired property. Once notified lands are prohibited from alienating such lands. But many owners sell such
notified/acquired lands to gullible purchasers by using Form Nos.9 and 10. One
should be very careful as to whether the property was acquired or not and has
to check with the acquisition authorities in this regard.
Comprehensive
development plan
The
comprehensive development plan (CDP) is in operation in the Bangalore metropolitan area. This plan has
divided the metropolitan area into different zones. Each zone is earmarked for
a particular activity which are, residential:
commercial: industrial which
includes light and
service industries, medium industries and heavy industries and heavy
industries: public and semi-public; Utilities and Services; Parks and open
spaces, play grounds including public recreational area, transport and
communication, agricultural land and water sheet (Water body).
Activity other than
that stipulated, in such zones is not permitted. One must always ensure that,
the site purchased is used in conformity with the zonal regulations, for
example houses for residential purpose should be constructed only in the
residential zone, with regard to this, the zonal regulation map is available at
the BDA office, and it is essential to verify the Zonal Regulation Map before
purchase of property.
Further,
Village Panchayats are also entitled to issue the Khata but only in respect of
the village Panchayat area and a further 200 meters from the limit of
Gramathana area, which is marked as village area in the survey map issued by
the Survey Department.
Legal
formalities like tracing the title of the property, verifying the sanction
plan, electricity, water, sanitary facilities and relevant sanctions, checking
up the plinth area, carpet area and the super built up area are all important
aspects to be verified with the help of a qualified professional. However,
before checking legal formalities, approvals and permissions it is essential
that a careful selection of a location with regard to its surrounding areas,
habitation, density of population, access of various facilities etc., be made
to ensure that the property purchased can be lived in peacefully and that the
potential for reasonable value appreciation of the property is good.
Selecting
a location
Location
is the most important aspect while investing in a property. It is advisable to
ensure that there are no slum areas nearby, a place of worship attached to the
property, drainage line close to the property. The purpose of buying a property
often at times determines the location. It may be for self-occupation as a
house or for investment purposes. In case of house/flat for own occupation, a
residential locality not far away from the heart of the city is preferable. If
any person offers property at a cheaper rate as against the prevailing market
rate, then it is advisable not to accept the offer, as it may come with certain
hidden problems, which are difficult to trace. Some people may try to convince
you by saying that there is a lot of demand for the property and offer you very
little time to make a decision on buying the property. One should not yield or
be pressured by such tactics ensure proper verification and examine documents
with extraordinary care before committing oneself. Always select approved
layouts by appropriate authorities that enable and individual to get all the
facilities within the layout. The area should have well developed roads; good
drainage and the civic staff should do the garbage clearance regularly. Low-lying areas should be avoided as they get
inundated during monsoons.
The proximity and
accessibility to work place, schools, market place, hospitals, railways, bus
station and recreational centers is important. The locality should have
adequate banking facility, frequency of public conveyance, other modes of transport, availability of public telephone
booths etc. A location that is not far
away from the modern facilities. And infrastructure and yet far enough to avoid
the pollution of the city, is preferable.
Prefer an area
inhabited by decent, educated and cultured people of cosmopolitan outlook.
Ensure that the area is not home to anti-social elements. There should not be
factories or workshop especially the ones which work in night-shifts, in the
immediate neighborhood. This results in noise pollution and sleepless nights
apart from affecting the quality of the power supply. Property attached or
close to highways or heavy traffic areas are best avoided as they result in noise
pollution. Further, the area should have
regular supply of water, power and good ground water table for bore well.
Facilities like public
park/garden for walks are worth considering. The location of a temple, mosque
or church and religious institutions that arrange regular discourses in this
age of stress and strain, is a welcome factor. Apart from the above, the size
of the plot to suit your budget and the permitted FAR (Floor Area Ratio) is
important.
Vaastu Aspect
Vaastu is of individual
preference, however people are increasingly seeking Vaastu incorporated
property and it will be worthwhile, keeping in mind the value appreciation and
future sale, to ensure that the property is as per the Vaastu guidelines.
If the purchase is for
investment purpose, the chance of resale is the important factor. A developing
area is preferable to a developed area. The investment in a developing area is
comparatively low and value appreciation will be more.
Non-availability of
parking space and traffic restrictions have an adverse effect on the value of
the property. Accessibility to the railway/bus stations, airport, star hotels
and availability of infrastructure facilities play an important role.
Selecting a vendor
While selecting a
vendor/promoter, you need to look into his track record. This can be done by visiting earlier projects
done by the vendor or in case he is an individual, enquiries could be made with
people who have had transactions with that individual or with the people having
close to the property. Similarly, you have to select a reliable real estate
dealer to locate a suitable property.
Before
investing your money in flats or any property, choose a well known
builder/developer/promoter: Do not get carried away by attractive colorful
brochures.
Many
builders have abandoned their projects in a semi-finished state exposing the
purchaser to financial loss and mental agony. In vesting in a flat which is
under construction by unknown new builders is risky. Check the credentials of the builder before investing
your hard earned money. Verify the track record of the builder for prompt
delivery, construction standards, adhering to the agreed cost without
escalation, providing amenities, before booking a flat. Ensure that there are
no deviations from the development rules and also check the post sales service.
It is preferable to opt for a ready-to-occupy flat, in doing so, the attendant
risk of investing in a property to be developed can be avoided.
Do
not be tempted by colorful advertisements and attractive offers, which mention
that the said property is bank approved or BDA approved. Legal opinions from
bank or from the promoter should not be relied upon. It is always advisable to
obtain a proper legal opinion from a well-qualified lawyer before purchasing a
property. Further, claims of having obtained BDA’s no objection certificate or approval
from BDA or CMC should not be taken as true in the absence of personal
verification by self or through a lawyer, from the concerned department.
The property scene is similar to
the speculation industry; prices can either appreciate or depreciate, though
the latter is rare. If fact, it is the
difference in the amount of gain in value and the time period taken to achieve
such appreciation in value which is important. Slow and poor appreciation in
value almost equal to depreciation while fast and large appreciation can give
benefits like no other investment can and that too without any effort on the
part of the investor. A thorough study of title, location, developments already
in the area, the expected development in the area, other facilities already in
place and surrounding places and a careful analysis of these factors before a
purchase can ensure great benefits to the investor and greater peace and
prosperity to the purchaser.
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