ApartmentAdda Blog » Bangalore

Bangalore Property Registration made easy

san — Wed, 19 Aug 2009 09:02:12 +0000

Most Apartment owners in Bangalore are a little too familiar with the pains of obtaining a BBMP Khata (Khatha). Without the Khata the apartment is difficult to sell. There are many complications, specific to each builder, in the process of getting a BBMP Khata for the individual apartment. In cases, where the builder holds a CMC or other non-BBMP Khata, then the ball lies in his court to obtain the BBMP Khata. In most newly occupied apartment complexes, the Apartment Owners’ Association pursue the BBMP Khata conversion, in cooperation with the Builder.

There seems to be possibility of a relief with the Karnataka Government including Khatas other than BBMP in the list of acceptable documents for property registration! This means that an individual owner can proceed with the apartment sale if he has the CMC/TMC/Panchayat or other official Khata. The process of obtaining BBMP Khata can continue in parallel.

This information is in the newspapers but not on the BBMP website yet. Please see the news article here: http://timesofindia.indiatimes.com/news/city/bangalore/Register-property-with-alternative-documents/articleshow/4908692.cms

Bangalore Real Estate prices – finally dropping

venkat — Mon, 23 Feb 2009 03:53:00 +0000

Finally some good news if you are in the home buying market! After a few months of stagnation the real estate market has started seeing activity. In the past few years with the economy booming, Apartment prices in Bangalore had reached the stratosphere. Now as a fallout of the global recession and ease in demand – prices are returning slowly down to earth.

Things are looking up for a new home buyer because of the following reasons.

Builders like DLF, Shobha have slashed their prices by approx. 30% in select locations of Bangalore. This will have a cascading effect and may see all around price reduction. Buyers in the market for a 2BHK can now consider buying a 3BHK apartment.
Government has cut the stamp duty to 6% from 8.48%. This will result in a saving of upto 80,000Rs on a 50 Lakh house.
Home loan rates are also sliding down and the market is expecting further rate cuts. Most Public Sector Banks are providing home loan rates in the vicinity of 9.00% for a 20 Lakh loan.
Prices of construction materials have decreased in the last one year.
Cement price has reduced by 7%
Brick price has reduced by 20%
Gravel price has reduced by 20%
Sand price has reduced by 27%
Glass price has reduced by 12.5%
Plywood has reduced by 10%

Now the question on every one’s mind is will the rates go down further, or has it reached the bottom. However, it is time to pack a water bottle, wear a cap and go visit the Apartments and start looking for a good deal.

It is the Buyer’s market in real estate now !

On a lighter note, this somehow reminds us the starting line of this 1971 Coca-cola TV commercial: “I’d like to buy the world a home, and furnish it with love… ”

Sources : Times of India, Indian Express, BBMP website.

Disclaimer : While Apartment Adda makes every effort to provide up-to-date factual information, readers are encouraged to take decision based on further market information catering to their specific requirements.

The BBMP Property Tax Calculator is live!

san — Mon, 09 Feb 2009 04:55:00 +0000

As the SAS (Self Assessment Scheme) Property Tax in Bangalore can be payed from tomorrow (February 10), the Property Tax calculator of BBMP (Bruhat Bengaluru Mahanagara Palike) is available for use from today.

The URL for the calculator is: http://164.100.80.124/rescal/

We just calculated the property tax for our zone, and found it very intuitive and simple to use. Thanks to BBMP for this effective tool!

Here is a nice article by Citizen Matters that gives a step by step guide for using the calculator:
http://bangalore.citizenmatters.in/articles/view/786-bangalore-property-tax

And if you are interested in the logic behind the calculator, check this article (logic at the end of the article):
http://www.deccanchronicle.com/bengaluru/pay-property-tax-under-sas-feb.-10-354

For all other questions on Property Tax in Bangalore, please refer to this useful handbook published on the BBMP site: http://www.bmponline.org/propertytax/Hand%20Book.shtml
Especially useful is the Frequently Asked Questions on Bangalore Property Tax, which is part of this handbook.

Khata Transfer – What and How

san — Wed, 07 Jan 2009 09:28:00 +0000

All of us who have purchased an Apartment in Bangalore, know that Khata Transfer is an important to-do to complete the set of official property documents. Khata Transfer is also important for paying the property tax and avoid incurring any fine for negligence. This article tries to compile more knowledge about Khata transfer in the context of Apartment bought from the builder.

What is a Khata / Khatha?

A Khata is an account of assessment of a property, recording details about the property such as size, location, built up area and so on for the purpose of payment of property tax. It is also a kind of identification of the person who is primarily liable for payment of property tax. It is one of the required documents in case you require a building license, trade license or loan from banks or any other financial institutions. (courtesy: propmart.com)

What is the process of Khata transfer?

BBMP (Bruhat Bangalore Mahanagara Palike) publishes a Khata Transfer Quick Reference guide at this link:

A friend from SunCity – Narayan Mundra who has completed the Khata Transfer process successfully (and without paying any ‘unofficial’ fees!) in the month of Dec-2008, reports the below:

The Khata Application form and the Khata Application Acknowledgment form can be downloaded from this link. Alternately, it can be purchased for Rs.20/- from the Citizen Service Centers.

Below are the property documents which must be attached along with the filled application form:

(i) Notarized Sale Deed

(ii) Paid up Betterment/Improvement Charges Receipt (collect this from the builder)

(iii) Latest paid up Property Tax Receipt (it is possible that you have been paying property tax after registration of your flat. In this case, you need two receipts (a) the latest receipt paid by you (b) the last receipt paid by the builder before registration)

(iv) Encumbrance Certificate (get this from the place where Sale Deed Registration took place)

(v) Occupancy Certificate (collect this from the builder)

(vi) Conversion Certificate (collect this from the builder)

In the Khata Transfer Reference BBMP mandates document number (i) – (iii) to be attached to the application form. However, certain panchayat offices require rest of the documents as well. It is advised that you collect all of them so as to have a complete set of your property documents.

The official Admin fee to be paid is 2% of the Stamp Duty payable by DD in favour of Commissioner, BBMP.

After the application is submitted you need to wait till a Khata Transfer Order arrives. You are informed once the order arrives, after which you need to make the payment of the property tax due and apply for the Khata Certificate and the Khata Extract.

Officially, the whole process should take 20 working days.

Note: Please do provide your inputs if you find the process significantly changed or if this article can be enriched further.