Your Ultimate Guide to Buying an Under-Construction Property in Bangalore
CategoriesBangalore Real Estate Trends

Your Ultimate Guide to Buying an Under-Construction Property in Bangalore

An under-construction project offers many benefits to buyers. Developers in Bangalore offer several incentives and offers to attract as many potential buyers as possible. The glitzy brochures, eye-catching ads, payment flexibility, and lower prices are some of the strategies used to sell under-construction properties. Although these seem lucrative, the home buyer should not get swayed by these freebies. Every home buyer should follow the due diligence required before finalizing the deal.


Let us look at important steps to a hassle-free process of buying an under-construction property in Bangalore:


1. Research


Bangalore is the country’s premier real estate market growing significantly. Many residential localities with many developers offer different types of properties at different price points. Doing extensive research on all the under-construction projects in Bangalore will form a basis for short-listing potential properties that meet your expectations and criteria. The projects can be shortlisted based on the location, price, configuration, and facilities provided.


2. Legal Due-Diligence


After short-listing the projects that suit your requirements the next step is to make sure the property has clear titles and all the necessary paperwork concerning land and government approvals is clear. The said and should not have any pending legal disputes or ambiguity. The builder should have the necessary permissions and certificates from the authorities that certify that the construction work can be carried out.


3. Approvals


The builder should have the project plan approval which sanctions the project layout and important details like the number of units and floors for the buildings. The builder should not deviate from the approvals and undertake illegal extra construction reducing the open spaces approved in the project.


Choose a project that is pre-approved by major banks like SBI, ICICI, HDFC etc to provide home loans. These banks carry have a robust due diligence procedure and carries out all the verifications in advance so that they can approve home loans swiftly.


4. Developer’s track record


The reputation of the builder for their previous projects becomes vital when considering an under-construction property. Since there is no basis on which one can judge the builder on the delivery of promises they make, the developer’s track record and reviews of previous projects are the only means of knowing if they are genuine. Also, this will give an idea if the project meets the deadlines that are declared and if the quality of construction and amenities will be as promised.


5. RERA details of the project.


As per the RERA Act, the project under consideration should be registered under RERA. The claims and promises like the project plans, amenities, facilities and timelines made by the developer can be cross-checked on the RERA website with the RERA number. RERA ensures that developers adhere to strict project timelines and deliver on their promises. It also ensures that the buyers have a redressal procedure in case of grievances and disputes.


6. Property Prices


The home buyer should be aware of the prices of properties in different locations in Bangalore. Depending on the locality, the property prices of the project, like the villas in Whitefield that are under construction, can be evaluated. Also, the prices of under-construction projects are usually less than ready properties. Home buyers can save significant money if they book during the under-construction stages. There is also room for negotiations at this stage of the project which can further benefit the buyers.


7. Payment Schedule


Most developers offer flexible payment options for under-construction properties. Usually, the property can be booked by depositing 10% of the quoted property value. The balance payments can be paid flexibly spread out over several years till the possession of the property. This can decrease the financial load on the home buyer. The payment schedule should be obtained and studied to avoid surprises at a later stage. Most 2, 2.5 and 3 BHK flats for sale in Bangalore offer payment schemes that are convenient for first-time home buyers.


Buying an under-construction property in Bangalore can be rewarding if approached with diligence and care. By following the steps of doing the research, making sure that the developer and the project are credible, and knowing all the information, homebuyers can successfully invest in a home that meets their aspirations.

Tax benefits for property investments in Bangalore
CategoriesHome Buying Guide

Tax Benefits For Property Investments in Bangalore

Investing in property still remains the most lucrative mode of investing one’s hard-earned money to maximize returns. It is the best mode to create extra residual income, financial security and diversify your investment portfolio. The construction activity by the builders and developers in Bangalore is going on at a frenetic pace with many opportunities to invest in the near- and medium-term periods. With an average rental return of 5 to 7%, Bangalore is a major real estate investment destination. There are many tax incentives that investors can enjoy on all property types including flats, apartments, villas, and plots. One can save on the taxes paid towards the income earned from the property and maximize their returns.

 

Let us look at the tax benefits one can avail of on property investments in Bangalore.

 

1. Depreciation

 

The value of a property in various projects in Bangalore too depreciates over time when compared to newly constructed properties. A depreciation allowance is allowed on properties that are used for income-generating purposes like rentals. The real estate investor can enjoy significant tax benefits by annually deducting depreciation allowance for the wear and tear of the property.

 

2. Deductions

 

A property investor can deduct the necessary expenses for maintaining and managing the property which includes write-offs like utility, maintenance, advertising, property tax, and repairs. This is a very advantageous benefit of investing in property and can result in savings for the investor. Also, if there are any expenses incurred by hiring property management services to carry out the day-to-day management of the property like tenant screening, rent collection, and advertising. Expenses incurred for repairs, maintenance, and improvements on the property used as investments are tax deductible.

 

3. Mortgage Interest Deduction

 

One of the smart investment moves is to invest in a property using a loan and then use the rental income to pay for the mortgage. The interest paid on the mortgage loans is deductible. High-value investments like villas in Bangalore usually need to be financed by loans and mortgages.

 

4. Deductions on Passive Income

 

The recently passed Tax Cuts and Jobs Act allows 20% of taxable income gained from profitable rental businesses for pass-through deductions. Pass-through deductions apply to passive income earned by not physically working for it. This benefit is available to only those businesses which are profitable.

 

5. Capital Gains

 

When a property is sold for a sum greater than it was purchased for, the profit amount earned is taxable as short-term or long-term capital gain. The capital gains tax amount is lower than income tax. Long-term capital gains apply to properties that have been held for more than a year. The tax on these properties is lower than that on short-term capital gains which is applicable in properties that have been held for less than a year.

 

The tax write-offs that real estate investments offer can be highly profitable. The trick lies in knowing how and when to take advantage of it to increase the gains on your investments.

Benefits of Living in Gated Community Apartments in Bangalore
CategoriesBangalore Real Estate Trends

Benefits of Living in Gated Community Apartments in Bangalore

Gated apartments are common today, especially in the new residential projects by many builders in Bangalore. A gated apartment means a residential complex within an enclosed compound that has exclusive access. Most gated apartments in Bangalore ensure the complexes have security and safety measures to ensure members are safe and comfortable. Although friends and families are allowed, they do not enjoy the same privileges as those of members who live there.

 

Let us dive deep into these privileges and understand the benefits of living in gated apartments:

 

Security and Safety

 

Gated communities are manned by security at the entry and exit points of the residential complex. Gated community projects in Bangalore facilitate security personnel and surveillance systems like CCTV cameras. These prevent unwanted entities from disturbing the members living on the premises. Emphasis is laid on the safety and well-being of children of all ages with the right policies for their entry and exit. This takes away stress parents experience when young children go out of their homes to play or socialize. As apartments are usually high-rise, they will have better view, light and Ventilation.

 

Traffic Restrictions

 

In many reputed projects in Bangalore, outside vehicles are not allowed into the premises of gated apartments. Moreover, those that are allowed need to register themselves in the records maintained by the security agency. The movement and speed of vehicles are restricted to avoid any untoward incidents. These rules are commonly adhered to strictly in most gated apartments ensuring the safety and well-being of residents.

 

Community Living

 

A gated community in Bangalore instills a sense of belonging and connectedness among members. The members can socialize on special occasions and festivals forming a bond. Important festivals like Deepawali are commonly celebrated socially in gated apartments these days. The bonds formed over the years help in supporting each other every day and during crises if any. Information exchange helps parents and their growing children to make the right choices and decisions. Certain gated communities will have commercials part of the project like Super market, Day care which helps residents.

 

Amenities and Facilities

 

Using common amenities like a swimming pool and sports facilities creates bonds among the members and friendships among children. Networks and social connections are always useful in a social set-up to deal with challenges that members may face or to have good times. Children can learn social skills at social events which may not be possible in isolated buildings.

 

Exclusivity

 

Townships and gated apartments offer privacy and exclusivity of a different kind. The members of these gated communities spend their weekends in style. They have access to many different amenities which offer a host of activities they can indulge in. Weekends are like short vacations when one can get together with friends and enjoy a group activity like sports or dance tutorials. In case you want to be alone, you can choose a book from the common library and lose yourself as you stretch on a hammock. The choices are endless.

 

As we can see, living in gated apartments has many advantages that improve the quality of life by many folds. These advantages ensure there is a high demand for properties in gated apartments for tenants as well as for investors when compared to stand-alone apartments with limited amenities.

Sarjapur Road – The Residential Hub Of Bangalore
CategoriesBangalore Real Estate Trends

Sarjapur Road – The Residential Hub of Bangalore

Sarjapur Road is in the southeast part of Bangalore city between two of Bangalore’s largest IT parks – Electronic City and Whitefield. In recent years, Sarjpaur Road has seen rapid development, attracting the attention of real estate investors and new home buyers. The location is attracting the attention of top builders and developers in Bangalore.

 

Let us look at the reasons why Sarjapur Road is a good option to buy an apartment

 

1. Physical Infrastructure

 

Sarjapur Road is well connected to important hubs in Bangalore city. Its strategic location provides easy access to major IT hubs like Electronic City, Whitefield, and Outer Ring Road. Also, major IT companies like Wipro Technology Campus, Infosys, Honeywell Technology Campus, Pritech Park SEZ, Global Technology Park, and RMZ Ecoworld have set their offices in Sarjapur Road making it an ideal location for IT professionals.

 

Staying closer to work location is always a priority for working professionals and start-up business owners. Public transportation like buses and upcoming metro lines make Sarjapur Road easily accessible from every part of the city.

 

2. Social Infrastructure

 

The location has the best facilities like schools, educational institutes, shopping centers, malls, and other recreational options. The surrounding greenery and Billapura Lake are some of the attractions that draw many home buyers. The ideal mix of modern amenities and natural surroundings has builders and developers in Bangalore taking the location seriously.

 

Sarjapur Road has access to some of the best medical facilities in the city. Renowned hospitals, sophisticated medical facilities, good nursing, and doctors’ availability ensure that healthcare is not compromised.

 

3. Real Estate Development

 

Given the numerous benefits of the location, many ongoing projects in Bangalore are now in Sarjapur Road. The presence of employment hubs and living convenience has also encouraged the development of commercial and retail development. The area offers a variety of property types to choose from.

 

Budget-friendly apartments and luxury apartments offer apartments in configurations like 2 BHK flats for sale in Sarjapur Road and 3 BHK flats in Sarjapur Road. The residential projects are equipped with the best amenities that ensure a comfortable life for nuclear families. An all-round development for children and a good social life which are essential for everyone are taken care of if you decide to buy a home here. As the area develops the property value is poised to increase making investment in homes a profitable venture.

 

Excellent physical and social infrastructure and excellent residential properties promise good property value increment to make Sarjapur Road a prime residential hub of Bangalore.

Mistakes To Avoid While Buying Your Dream Home in Bangalore
CategoriesBangalore Real Estate Trends

Mistakes To Avoid While Buying Your Dream Home In Bangalore

Owning a home in a city like Bangalore is a major life decision. It is a major step before one decides to start a family and settle down. Owning a home also indicates security, stability, and freedom. Considering these important factors, you must take the necessary precautions before making this decision. Although home buying is a tried and tested exercise, the real estate market dynamics are constantly changing. Major events always affect the buying process, and you must be updated on the probable mistakes that should be avoided while buying a dream home.

 

1. Unplanned decision making

 

Buying a home is not a casual process like buying clothes or groceries. It is a major financial decision that requires a serious investment of time and energy. A systematic way of going about the process is by making a list of important criteria for the home you want to buy. The list will include the size, location, amenities, physical infrastructure, and budget.

 

Depending on these criteria you can start shortlisting the locations and projects in these locations. The location needs to have all the basic facilities and be easily accessible to your work location. You must gather all the necessary information about the builders and developers in Bangalore for the respective properties.

 

2. Overlooking Legalities

 

Considering the high value of land and property, the importance of having clear titles cannot be overlooked. Zero ambiguity in paperwork is non-negotiable. The property and land titles, approvals from all the authorities, and clearance certificates of ongoing projects in Bangalore should not only be checked but a copy should be demanded in order to be on the safer side. These documents should be verified by a legal counselor before one can think of investing in the home property.

 

3. Neglecting finances

 

Buying a home involves large financial transactions. For instance, villas in Whitefield can be worth a few crores. The financial planning should be accurate to avoid any surprises at a later stage. If you are taking a loan, checking your credit and having a pre-approval becomes necessary before finalizing your favorite property.

 

Your budgeting process doesn’t stop at that. You need to factor in the additional costs that are incurred while purchasing the property. These include loan processing charges, registration and stamp duty, floor-rise charges, maintenance and club-house deposits, and other charges that the developer may charge for preferential services including vehicle parking. You should also factor in post-purchase costs like interior designing and renovation.

 

Sometimes you find a property that calls out to you and feels perfect when you visit it. There could be times when you and your family may get carried away by emotions during shortlisting. One must be practical and not make hasty emotional decisions while buying your dream home.

Things To Consider Before Buying A Villa
CategoriesHome Buying Guide

Things To Consider Before Buying A Villa

A villa symbolizes luxury living. It provides exclusivity and privacy as one does not have to share space with their neighbors. The area of the villa is also much greater than an apartment which means more room for its inhabitants. At the same time, villas also cost more. Buying a villa is a major investment and cannot be taken lightly. There are many projects in Bangalore that offer luxurious villas. Whitefield is one locality that is well-known for its many villa projects.

 

Let us look at facts to consider before buying a luxury villa in Whitefield:

 

1. Budget

 

Determining a budget range will make the search for the villa property easier. You can shortlist villas easily based on your budget. It is important to consider other expenses apart from the actual price of the property. Other charges include stamp duty, registration, taxes, and brokerage if any. If you are considering a home loan, then it is crucial to have the cash flow worked out. You must consider the Monthly EMI payout after adjusting the monthly expenses from your income. All these calculations will ensure there are no delays in payments or any other exigencies.

 

2. Location

 

A good location will determine the quality of your daily life and the appreciation of the property value. The location should be close to the workplace, schools, colleges, hospitals, healthcare facilities, shopping centers etc. Villas in Whitefield are a good option considering Whitefield is well-connected and has good infrastructure in place.

 

3. Builder/Developer Reputation

 

The reputation of the builder is an important factor before short-listing projects. The track record of the builder can be researched online. The past project reviews, customer feedback, and ratings will give a proper picture of their track record.

 

4. Legal Documentation

 

Ownership title, land use permissions, approvals from local authorities and municipalities, and clearances are important documents to check and find out if the project in question is legitimate. If all the paperwork is not in place, then it is better to skip that project.

 

5. Amenities and Facilities

 

Luxury villa projects usually have some of the best amenities. You should not compromise on basic amenities like electricity, water supply, and security. Other amenities can be prioritized based on personal choices. A swimming pool, clubhouse, gym, gardens, and children’s play parks are some common amenities that are seen in every project.

 

6. Safety and Security

 

It is always best to choose a property in a gated community. It offers security from outsiders and trespassers. In case you have children, it is better to choose a project that has security personnel and CCTV surveillance. Most 4 BHK villas in Whitefield, for instance, offer the best security features ensuring the safety of their residents.

Top 5 Residential Areas in Bangalore
CategoriesBangalore Real Estate Trends

Bangalore Real Estate: Top 5 Residential Areas in Bangalore

Bengaluru is the IT capital of the country with a burgeoning IT industry that houses the world’s top IT and related businesses like Wipro, Infosys, and Flipkart. The IT ecosystem is a fertile environment for many start-ups to flourish. Bengaluru also boasts of having one of the best weathers in the country and a social life second to none. All these factors attract the best talent from the country to the city. These professionals, entrepreneurs, and businessmen settling down in the city push the demand for real estate. The property market in Bangalore is constantly evolving based on the residential and commercial projects in demand.

 

Bangalore has one of the widest varieties of properties to choose from for real estate investment. Some of the fastest-growing locations in the city are witnessing ongoing projects and upcoming ones by the leading builders in Bangalore.

 

Let us understand why these locations are the best in the city for real estate investments.

 

Whitefield

 

Whitefield is a well-known IT hub of Bangalore that hosts many IT companies and businesses. The location is well connected to the rest of the city via the Whitefield main road, SH-35, Old Airport Road, Whitefield Railway station, and the upcoming purple metro line. Whitefield boasts many malls, educational institutes, hospitals, hotels etc,. These factors have led to it becoming a major residential and commercial hotspot and an ideal location for real estate investments in Bangalore. The 4 BHK villas in Whitefield and row houses are well-known in the city.

 

Electronic City

 

Electronic City hosts large IT MNCs that employ thousands of professionals. Its connectivity will be boosted by the upcoming metro rail project to Hosur and the already present elevated expressway. The ongoing influx of people has created many leisure and entertainment facilities. The location has seen a surge in residential projects as it needs to house the workforce deployed by IT companies. The many options for investment in residential and commercial projects promote Electronic City as a leading destination for investments.

 

3. Sarjapur Road

 

Located in the south-east part of Bengaluru, Sarjapur Road is well connected to important IT hubs of Bengaluru. The location also boasts the highest appreciation in real estate investments. The rapid development of ready-to-move-in apartments was fuelled by the significant infrastructure development in this area. Sarjapur Road also hosts the best schools, colleges, cafes, and other entertainment avenues which makes it an ideal location to settle down.

 

4. Hennur Road

 

Hennur Road is in the northern region of Bengaluru, comparatively closer to the center. It is close to Cantonment station and well connected to all parts of the city by road. Hennur has easy access to some of the best educational institutes and commercial centers in the city. The location is ideal for socializing and known for providing a community experience to its residents. As a result, the location is in demand and set for high growth, especially the residential real estate. The projects in Hennur are seeing a continuous rise in value over the past few years.

 

5. Indira Nagar

 

Indira Nagar is considered one of the prime locations of Bengaluru, known as the residence of the wealthiest of Bangalore. The locality boasts upmarket neighbourhoods, luxurious residences, and lavish social life. What makes this one of the top destinations for investments is the booming commercial property market. The area commands one of the best leasing rates in the city. Many renowned developers are promoting premium residences banking on the social status of the location. Indira Nagar is easily accessible to most technology hubs and corporate parks. It also boasts a well-developed social infrastructure.

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