Showing posts with label Bengaluru real estate market. Show all posts
Showing posts with label Bengaluru real estate market. Show all posts

Saturday, April 23, 2016

BBMP loses a developed PARK for the second time

This is the second time BBMP lost 16 guntas of land if you have remembered our previous post on how court verdict BBMP to loose plot and now  it is finalized. The land which measures about 17, 425 sq. ft. and was a well-developed park in Jaraganahalli, off Bannerghatta Road close to J P Nagar to one Mr. V Krishna Murthy. On February 2016 BBMP lost 10, 889 sq. ft. of park land located at Koramangala V Block to a Jayanagar resident Mr. Pratap Kumar Reddy. This park is situated in Bommanahalli and the price of 17, 425 sq. ft. of land costs around Rs. 14 crores at the rate of Rs. 8, 000 per square feet. The first one that BBMP lost was estimated to be costing about Rs. 20 crores.
This park that was lost by BBMP to Mr. V Krishna Murthy consisted of a play area, pathways and a garden. This was developed by BBMP at a cost of Rs. 1.5 crores which is necessarily tax payer’s money. BBMP developed the park and fenced it and subsequently fought a law suit with Mr. Murthy for eight years. 
A well developed park is demolished in Jaraganahalli
Jaraganahalli Park built in illegal land by BBMP
After eight years BBMP lost the case on the final verdict of the court on April the 5th 2016 in the XXVII additional City Civil Court to Mr. Murthy.
In the final verdict the court directed the BBMP to remove the fencing of barbed wire and also to demolish the cemented road in the park. Subsequently BBMP should hand over the possession of the park to Mr. Murthy. The court ordered that Mr. Murthy is the sole owner of the property with survey no. 72/1A2 and the other is the OS no. 591/2003.
After one of the defendants, Mr. J N Lokesh working as an Assistant Engineer did not appear in the court for the purpose of cross examination, was the case discarded. Subsequently another assistant engineer who was another defendant appeared and was examined. In his written statement he maintained that Sy. No. 72/1A is in the name of Mr. V Krishna Murthy.
The lower court passed the judgement stating that the government had acquired the 3 acres of the said land for the purpose of constructing the residential layouts which was meant to be distributed to the economically weaker sections of the society. But the court gave the verdict that except for the land for the said purpose BBMP did not have any rights on the other remaining properties. Hence all the 16 guntas of the land does not belong to the BBMP.
The court maintained that Mr. Murthy had put a compound wall and also did construct a shed on the property. This meant, the court maintained that he was in the lawful possession of the property. On top of that the court also maintained that the records show that Mr. Murthy has sold only five acres of land out of the 16 guntas. The court maintained that this land was fenced by BBMP on the deputy commissioner’s directions on the date of February 24th 2014 in the presence of the police officials. 
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Monday, September 28, 2015

The future of real estate market in Bangalore seems brighter compared to other cities in India

Bangalore - India’s most preferred destination for new business start-ups, software employment, higher education and entertainment is also the most sought out destination for real estate investment. Bangalore has done fairly well in Real Estate Segment by offering amazingly low prices in plots compared to its counter parts such as Mumbai, New Delhi and NCR region. Let’s take a closer look as to why Bangalore sets itself apart as compared to other metropolis of India.

Bangalore is experiencing a higher absorption rate in spite of extended slowdown in economy. The net absorption rate seems to be higher in new launch category where 13,400 units have been absorbed in Q1 2015 compared to 11,170 units in Q1 2014. In the other segments, net absorption rate seems to increase to 8,310 units in Q1 2015. Thus there has been an increase of 15% on net absorption rate compared to last year which is higher compared to other cities.
In commercial segment too, Bangalore is leading with an absorption space of about 11.1 million square feet as against India’s absorption space of 36.8 million square feet.
Bangalore is flooded with new startups everyday giving rise to ample employment opportunity. It is also the top paying Indian city with an average salary of around Rs. 5 Lakhs/annum which gives more purchasing power to the individuals.

Bangalore has availability of the land unlike Delhi which is not able to extend itself further. Bangalore is extending over 25 kilometers from the center of the city as the road connectivity is at its best. The other major reason for Bangalore’s growth is Namma Metro train that is connecting the entire periphery of Bangalore city to the nerve center of the city.

Apart from software companies Bangalore is also a hub for defense, engineering, biotechnology and textiles. According to a survey by a Spanish firm, Bangalore is amongst the top 20 places to start-up the business in the world.  Bangalore is on the highway of development attracting many new businesses and thereby occupying more commercial space which again gives rise to residential communities like sites and plots at affordable prices. Thus the fairy tale of Bangalore being the no. 1 city of India and the world is soon transforming into reality.  
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