Flats in N Blore see highest capital value rise

Hebbal Tops The Chart,Followed By Horamavu

Shilpa Phadnis TNN

Bangalore: A once far-flung slice of the city is buzzing with realty action.North Bangalore is
pipping southern and eastern parts as the preferred residential hotspot,according to Magic-
Bricks.com.
Micro markets in the northern areas have seen a spurt in capital value,thanks to infrastructure
projects catalyzing growth there.Hebbal,with a well-knit social infrastructure,has seen the highest
capital value appreciation (apartments ),followed by Horamavu and Sahakar Nagar.
Capital values in Hebbal rose 33.94% to Rs 3,650 per sqft in the January-March 2012 compared
to the same period last year.Horamavu came a distant second,recording a 25.51% increase at Rs
3,075 per sqft.Close on its heels was Sahakar Nagar with a 23.80% increase in capital value to Rs
3,900 per sqft.
Hebbal has seen commercial activity catalyzing residential development.Sobha Developers Sobha
City,launched at Rs 3,700 per sqft,has shot up to Rs 4,200 in less than a year,says company MD
JC Sharma.Other prominent developers who have announced projects in north Bangalore include
Hiranandani,Prestige,Puravankara,Century and Brigade Enterprises.
Karun Varma,MD-Bangalore at real estate consultancy Jones Lang LaSalle India,says over-
supply in the south and east is adding to pressure on pricing.But the inventory in the north is
comparatively lower with a good offtake.Were seeing many new launches by Grade A
developers.
In comparison,Electronics City witnessed a negative growth in capital values to Rs 2,350 per
sqft,a 9.61% dip in Jan-March compared to same period last year,the PropIndex report of
MagicBricks said.Whitefield and Sarjapur grew 14% and 16% respectively in the same
period.The scope for capital value appreciation is higher with infrastructure projects aiding
growth in the northern corridor, says Sudhir Pai,business head at MagicBricks.com.
Developers are betting their money banking on infrastructure development expected to invigorate
residential development in the northern corridor.The government has planned a six-lane
carriageway that will form a ring between Outer Ring Road and Satellite Town Ring Road in
Devanahalli.
The closest node to this site will be Kogilu junction on NH-7.This will improve connectivity
between NH-7 and the non-CBD commercial areas like Whitefield and Hosur, says Avinash
Rao,regional director-south at real estate consultancy Knight Frank India.
PropIndex benchmarks capital values,rental yields and captures realty trends across 11 metros.

GET LAND PAPERS IN ORDER

In a bid to prevent land buyers from investing in sites in the green zone and on agricultural
land,sub-registrars will now scan all documents and land conversion certificates.In case they are
not found valid,properties will not be registered.P2
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No valid papers,no registration

Real Estate Mafia Cant Any Longer Take Buyers For A Ride In Green Zone
Sunitha Rao R | TNN

Bangalore: If you are buying a site on the outskirts of the city,make sure all land conversion
documents are in place.
The inspector general of stamps and registration had directed all subregistrars,especially those in
Bangalore Urban,Rural and Ramanagaram,not to register any property that does not have valid
conversion certificates.
The move follows unearthing of cases where properties were registered in the absence of land
conversion documents,and sometimes,even by producing fake certificates."There have been
rampant violations in the green zone,gram thana areas of these three districts where residential
sites have been formed and sold by creating fake documents.Property buyers must contact the
tahsildar's office to cross-check the authenticity of land records, said V Chandrashekar.
"The real estate lobby has spread into villages in these districts,where land specified as green
zone and agricultural fields is sold as residential plots,with approval obtained from the deputy
commissioners of the districts,"said a social audit conducted by the Right to Information Study
Centre.On any given day,each sub-registrar registers about 15-20 properties of green zone and
agriculture sites,in violation of Section 191 of the Karnataka Land Revenue Act.As per the
Act,both the buyer and seller of such properties can be prosecuted and the tahsildar concerned is
empowered to initiate prosecution,says BH Vereesh,trustee of the Right to Information Study
Centre who conducted the social audit.

Beware of fake documents

The gram panchayat used to issue a house list number,called khaneshmari,in the olden days,that
separated agricultural land from residential areas within a village.During registration of sites in
the green zone,the real estate mafia come up with some khaneshmari number and produce a fake
khata receipt to establish ownership.That's how they get registration done.Both village panchayat
officials and sub-registrars are involved in this scam,and the victims are the buyers,as they can't
take loans against the property, says Vereesh.

BUYING LAND LOOK FOR THESE DOCUMENTS

Land usage conversio n order from DC's office Layout approval from local planning authority.It
can be BDA,BMRDA,development authorities of Nelamangala,Channapatna,Anekal Builder has
to produce certificate of civic amenity sites relinquished with the local development authority