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Lakshmi Corporation, #D1, casa lavelle, lavelle Road, Bangalore (2026)

11/07/2012

#4921, 10th floor, High Point 4, Palace Road, Bangalore -01

04/07/2012

Bangalore residents happy with maintenance of green space in city :

Heartening to note that majority of Bangaloreans are happy with the extent of tree cover in their vicinity. Satisfaction level for tree cover has significantly gone up from 45% in 2005 to 69% in 2011. This found mention in the recent Environment Report Card 2012 released by the Centre for Sustainable Development in the city.

Significantly, people in the West Zone of the city tend to perceive that trees could be the source of their allergic conditions, though the percentage of people suffering from allergies in the west is actually less than the east and added areas of Bangalore put together.

What has really come as a surprise is the fact that amongst the commercial establishments in the city, almost 55% are satisfied with the tree cover. Among other sectors, it is the hospitals which have recorded a satisfaction level of 86% with the green in the city. The report mentions that over 80% of people including slum dwellers are satisfied with the maintenance of parks in Bangalore. In respect of playgrounds, about 65% and 97% of the general and slum respondents have given satisfactory nods to the city’s infrastructure.

However, hardly 20% of people visit parks regularly now. This figure has come down from 30% as it stood in 2005. Importantly, in the overall satisfaction level about maintenance of parks in the city, the authorities have managed to score brownie points.

Source: The Times of India, Bangalore

02/07/2012

Bangalore office mart demand stable :

The office market in Bangalore has been steady with the rentals remaining stable and new supplies getting delayed till second quarter of next year. Most of the leasing transactions are happening in areas like Whitefield and North Bangalore now.

The CBD areas witnessed absorption of 0.12 million sqft during the second quarter and a few old commercial projects are being renovated to cater to the demand for office space in this micro market. The Extended Business District (EBD) witnessed a few mid-sized transactions of around 0.14 million sqft. Consolidation plans of some of the existing occupiers in the area may lead to availability of secondary space by the end of the year, according to CB Richard Ellis.

According to industry sources, south Bangalore micro-market witnessed existing occupiers looking to expand within the micro-market. VM WARE and ORACLE have signed BTS leases of 400,000 sq ft each. The Peripheral Business District (PBD) of Whitefield continued its momentum in the leasing activity with absorption of around 0.43 million sq ft during the second quarter. Whereas Electronic City witnessed absorption of about 0.22 million sq ft but there was no significant addition to the office stock in this micro-market during this quarter.

The Sarjapur Outer Ring Road (ORR) witnessed continual demand from existing occupiers in the city with absorption of around 0.55 million sq ft. An estimated office space of around 1.42 million sq ft was added primarily in the SEZ developments along this corridor. Rental values remained stable compared to the previous quarter. This corridor continues to be a favoured destination for corporate looking to consolidate their properties within the city.

The North Bangalore micro-market witnessed supply of around 0.45 million sq ft, while absorption of about 28,000 sq ft was recorded primarily in Brigade World Trade Centre. Significant infrastructure developments and initiatives by the local government are proposed in this micro-market which is expected to augment the demand for commercial developments in this region.

Though the expansion requirements are going slow with the delay in decision making, rentals are remaining steady and may continue to remain so during the next two quarters.

29/06/2012

Investments in commercial properties in Bangalore continue to rise :

For investors in commercial property, Bangalore offers a plethora of options across micro markets. The city has been notching up robust growth in terms of highest office space absorption in the country consecutively for years together now. The city’s inherent strengths like salubrious climate, cosmopolitan outlook, availability of skilled manpower, provide an ambience for corporates and MNCs to continue to expand their operations in and around the city.

A number of startup companies provide opportunity for smaller investors in the area range of 5,000 sqft – 20,000 sqft in specific locations like CBD, Indira Nagar and Koramangala. For larger transactions, areas like outer ring road and Whitefield provide limited options for investment.

The yield on office space varies depending on the location and rentals offered in the area. In prime locations, it varies from 9.5% to 10.0% pretax whereas in secondary business districts like outer ring road, Whitefield, Koramangala and Indira Nagar, it ranges from 10.5 to 11.5%. While the ticket size is 5,000 sqft for smaller investors in CBD, in SBDs, availability varies from 100,000 sqft and above.

There are green buildings which carry the benefit of operational advantages for occupiers and reduction in recurring maintenance cost for which the tenant is keen to pay more rentals. There are also new entrants who are capable of committing buyback guarantees for investors if the yield dips below the benchmark level of 9-10 per cent per annum. And the net yield ranges from 7.5 – 8 per cent after TDS and local taxes.

The Bangalore office market has witnessed a healthy transaction activity during the month of May. Key transactions included Axis Aerospace & Technologies leasing space in Vaswani Centropolis, Longford Road, KPMG leasing space in Salarpuria Hallmark 1 and Ericsson leasing in Umiya Business Bay. Vacancy rates declined nominally due to stable demand amidst limited fresh supply. Marginal appreciation of rents and capital values were recorded along the Outer Ring Road and SBD locations such as Inner Ring Road, Old Airport Road and Koramangala, according to monthly market survey by Jones Lang LaSalle.

Bangalore’s office market is predominantly driven by IT/ITES sectors though biotech, banking, insurance and financial services do generate requirements in and around the city. “There are inherent strengths like quality buildings and affordable rentals when compared to other cities like Mumbai and Delhi which makes Bangalore a sought after destination for office space”, feels N S Srinivasa Reddy, Manager, Research & REIS, Jones Lang LaSalle.

The surge in demand for leased office space clearly indicates the buoyant market scenario and the assured return on investment which investors are likely to get across micro markets. However, a correct tenant-mix and location are key parameters while investing in commercial property, say property consultants. For high net worth individuals, it makes better sense to invest in commercial properties, as investment in commercial property continues to get the exemption from wealth tax.

NRI/PIOs are allowed to invest in commercial properties and they can repatriate the rentals every year without the need to go to RBI for approval as powers have now been vested with authorised foreign exchange dealers to effect repatriation of rental income. All that is required is a certificate from a chartered accountant that tax, if any, has been duly paid and a certificate obtained in this regard. For NRIs, while repatriation for residential units is limited to two units after a lock-in period of three years, there is no restriction on investment in commercial properties.

According to property consultants, there is a slowdown in the commercial market for the past two months. Though the number of enquiries continues to drive the market leading to clients’ inspection of the premises and negotiations on lease rentals, generally there is a wait and watch attitude among corporates and MNCs.

Source: Times Property, The Times of India, Bangalore

20/06/2012

Planning to buy a house or office space? Know all the jargons used in realty estate :

If you are planning to buy a house any time soon, you will do well to know the exact meaning of these terms, as they are very important. Since most people are ignorant, they end up paying more than what they are actually supposed to pay while buying a property.

For instance, carpet area is the effective area available for use within an apartment, excluding the area occupied by the walls. It also includes the areas of balconies if they are within the main door. It is measured from wall to wall within a house or apartment and is the actual floor area which can be carpeted , if required.

An owner has the exclusive rights over the carpet area, including the right to sell it. This meaning applies to both residential and commercial units. Remember, the floor-space index (FSI) is applicable to carpet area.

Built-up area or plinth area refers to the entire carpet area along with the thickness of the external walls of the apartment. It obviously includes the thickness of the internal walls and the

columns, if any, lying within the four walls of an apartment. The commercial space is not taken into account in calculating the plinth area.

Super built-up area refers to the plinth area of an apartment or a commercial unit, along with the proportional share of other common areas like corridors, staircase, lift room, motor room, security room, meeting hall, clubhouse , gymnasium and any other common space dedicated for recreational purposes.

Narinder Gambhir of Gambhir Associates says: "Super built-up area is the built-up area plus proportionate area of common areas like the lobby, lifts, shaft, stairs, etc. The plinth area along with a share of all common areas proportionately divided amongst all unit owners makes up the super built-up area. At times, it may also include the common areas like swimming pool, garden, clubhouse , etc. This term is therefore only applicable in the case of multi-dwelling units."

Talking about the built-up area, Sanjay Khanna, the director of Kailash Nath Projects Pvt Ltd, says: "It is the total space a house consumes . The area of a terrace is usually considered as half of the built-up area. And as far as super built-up area is concerned, it includes builtup area plus common usable spaces like staircases, passages or lifts. This is usually 20-30 % more than the built-up area. The super built-up area is also known as the saleable area."

Ajay Agarwal, the director of Avalon group, says: "To know the carpet area, measure the area of each bedroom, dining room, living room, kitchen and toilets and add them up. Now add half of the area of the terrace and the area of any common passage to this total. This is the actual usable space or carpet area of the house you are buying."

"Suppose the carpet area that you arrived at is 700 sq feet. And if the super built-up area shown in the advertisement is 875 sq feet, then this additional area is the proportionate share of common usable spaces like staircases, passages or lifts," Agarwal says.

Remember, the area that is sold to a prospective purchaser, be it a residential apartment or a commercial building, is the super built-up area. The prospective purchaser not only purchases the plinth area along with the balconies but also purchases a proportionate share in all the common areas as mentioned above.

You must note that a bigger saleable area does not mean bigger carpet area. Also, the method used by builder to calculate the super built-up area can leave a big hole in your pocket, where you pay for facilities you do not care for and end up with a much lower carpet area, the actual area you use.

Sanjay Khanna says: "While selling a residential apartment or a commercial space, the super built-up area is always sold along with the proportionate undivided share, right, title and interest in the land on which the residential apartment building or commercial building has been constructed."

Buyer Be Aware!

If a project does not have many amenities, the ratio of the carpet area to the super built-up area will be higher. That is, the difference between the carpet area, which is exclusively yours, and the super built-up area, which includes proportionate area of common facilities, will be small

The method used to calculate the super built-up area or saleable area can add as much as 20% more to the total price tag

In an apartment complex or other modern projects that offer an exhaustive list of lifestyle amenities , the carpet area may be 50% to 70% of the super built-up area or saleable area. Find out the ratio of the carpet area to the super built-up area: higher the ratio, the better for you. That is, most of your money is going into paying the area you actually use

19/06/2012

Good times ahead for property buyers as tepid market gives more bargaining powers :

A sluggish market brings good tidings for potential home buyers. One, they have ample time to decide which house they want to buy and secondly, they have a vast variety of unsold properties to choose from. Also, since there is little scope for property prices to appreciate and developers need money to continue their projects, they often come up with special offer prices for limited periods. This doesn't mean that they will not be willing to negotiate further. In fact, if a developer believes you are a serious buyer and not just a 'window-shopper' he might be inclined to offer you something extra.

So, if you hone your bargaining skills, you could get a good discount, which is difficult in a bullish market. Says Anuj Puri, chairman & country head, Jones Lang LaSalle India: "Buyers can leverage a flat market and ask for discounts on the stated price, bargain to have the one-time maintenance charge waived or ask for the parking space to be included in the price."

You could also request for more amenities to be included within the same price. "Developers may not be comfortable doling out cash discounts as it would reflect on the purchase agreement and lead to other buyers demanding similar incentives. However, they may be willing to offer incentives in kind which are not evident in the agreement, such as a gym membership or discounting the floor rise price," says Gulam Zia, national director, research and advisory services, Knight Frank India.

More From ET Wealth
Should you get a builder to redevelop your house?

Will gold shine in the gloom?

How to get high returns from a flat market
It's best if you research well before starting negotiations. Check how long the property has been on the market. If it's been there for more than a year, the seller may be more willing to lower his asking price. This will be true again if the seller has to make a distress sale. "In a flat market, you will always come across some sellers who are desperately trying to sell their properties for various reasons. They could be shifting to another city or country, or may be finding it difficult to repay their loans. In such cases, you may be able to finagle a better deal if you are willing to pay a larger portion of the price in cash," says Ganesh Vasudevan, VP and business head of Chennai-based realty portal IndiaProperty.com.

As the market is expected to continue to be flat for some more time, you can easily outwait a seller.

Rental returns

Generally, a slowdown in property purchases tends to indicate a higher demand for rental housing. Demand for rental properties has been growing, on an average, between 10-13% annually in various pockets of the country.

Annual rentals, which were in the range of 4-5% of the value of the property till five years ago, have now grown to 5-7.5%. "When the market is tepid, home buyers tend to wait and watch, expecting realty prices to come down in the near future. So, the demand for rental properties increases," says Zia. ET Wealth
A sluggish market brings good tidings for potential home buyers. One, they have ample time to decide which house they want to buy and secondly, they have a vast variety of unsold properties to choose from. Also, since there is little scope for property prices to appreciate and developers need money to continue their projects, they often come up with special offer prices for limited periods. This doesn't mean that they will not be willing to negotiate further. In fact, if a developer believes you are a serious buyer and not just a 'window-shopper' he might be inclined to offer you something extra.

So, if you hone your bargaining skills, you could get a good discount, which is difficult in a bullish market. Says Anuj Puri, chairman & country head, Jones Lang LaSalle India: "Buyers can leverage a flat market and ask for discounts on the stated price, bargain to have the one-time maintenance charge waived or ask for the parking space to be included in the price."

You could also request for more amenities to be included within the same price. "Developers may not be comfortable doling out cash discounts as it would reflect on the purchase agreement and lead to other buyers demanding similar incentives. However, they may be willing to offer incentives in kind which are not evident in the agreement, such as a gym membership or discounting the floor rise price," says Gulam Zia, national director, research and advisory services, Knight Frank India.

More From ET Wealth
Should you get a builder to redevelop your house?

Will gold shine in the gloom?

How to get high returns from a flat market
It's best if you research well before starting negotiations. Check how long the property has been on the market. If it's been there for more than a year, the seller may be more willing to lower his asking price. This will be true again if the seller has to make a distress sale. "In a flat market, you will always come across some sellers who are desperately trying to sell their properties for various reasons. They could be shifting to another city or country, or may be finding it difficult to repay their loans. In such cases, you may be able to finagle a better deal if you are willing to pay a larger portion of the price in cash," says Ganesh Vasudevan, VP and business head of Chennai-based realty portal IndiaProperty.com.

As the market is expected to continue to be flat for some more time, you can easily outwait a seller.

Rental returns

Generally, a slowdown in property purchases tends to indicate a higher demand for rental housing. Demand for rental properties has been growing, on an average, between 10-13% annually in various pockets of the country.

Annual rentals, which were in the range of 4-5% of the value of the property till five years ago, have now grown to 5-7.5%. "When the market is tepid, home buyers tend to wait and watch, expecting realty prices to come down in the near future. So, the demand for rental properties increases," says Zia. ET Wealth

15/06/2012

LAKSHMI CORPORATION , REAL ESTATE , BUY, RENT, SELL, Mb: +91 7259 333 999

15/06/2012

Bangalore sees growth in commercial property segment :

The first few months of this year indicate a positive sentiment, going by market research. There is a rising demand from tenants which is having a positive bearing on the rental outlook. The commercial property market is buoyed by a strong rebound in enquiries and expected transactions.

According to the latest RICS India Commercial Property Survey, an easing in global strains has led respondents to upgrade their expectations in both the occupier and investment markets in the country. With real estate feeling the effects of the softer macro environment in the previous two quarters, the market is now witnessing improving results across several indicators, which could signal the beginning of a turnaround.

Commenting on the sentiment with respect to the global commercial property market, Simon Rubinsohn, Chief Economist, RICS, said, “The better sentiment in the report is encouraging and consistent with the improvement in the macro news flows during the first quarter. Indeed, the number of real estate markets around the world showing better results both from an occupier and investment perspective is increasing. Although there are still risks to the global economy, the drivers of growth are becoming more broad-based which should help underpin a firmer trend in activity as 2012 wears on. The key area of concern remains Europe with much of the continent either in or flirting with recession. The resilience of Germany should, however, provide a measure of support and gradually help bolster growth elsewhere on the continent.”

“The markets are reasonably buoyant and there is a fairly good absorption of office space at attractive values with local and multinational companies expanding,” says Farook Mahmood, CMD, Silverline Group.

Growth areas in city

“Historically, the demand for commercial property in Bangalore has been clustered in the Central Business District (CBD), Whitefield – EPIP zone, and Electronic City Phase I and II,” says Avinash Rao, Regional Director-South, Knight Frank India Pvt Ltd. “Apart from these areas, the other key areas are the Intermediate Ring Road (IRR), Outer Ring Road (ORR), Peenya Industrial Area, Jigani Industrial Area and small pockets of interest in north Bangalore. Our research reveals that Bangalore has a large supply of Grade A office space. An analysis shows the total existing stock of commercial office space in the city is in excess of 100 million sqft. This does not include captive office projects,” adds Rao.

In the course of the last few years, there has been significant development in north Bangalore. Specifically Hebbal and Bellary Road have seen the launch of Grade A office buildings, tech parks and SEZs. Given the current rental values and rate of absorption, north Bangalore is emerging as the fastest-growing commercial destination in the city.

The obvious factors contributing to this are proximity to the international airport as well as the development of social infrastructure. Once the Metro services commence in a fullfledged manner the connectivity will only add greater value to this location and there is a greater likelihood of further development in locations beyond the airport, explains Rao.

Traditionally, Bangalore has been considered as an IT/ITeS hub, rightly so as the major demand for commercial space comes from these sectors. Of late, the trends suggest that apart from IT/ITeS, manufacturing, banking, finance and consultancy sectors are also pushing demand.

Source: Times Property, The Times of India, Bangalore

14/06/2012

Residential plot values rise on Doddaballapur Road :

Doddaballapur Road is one of the most up market localities in North Bangalore today. Residential plots have become coveted investments in this area in the recent past owing to various factors.

"Due to its proximity to the airport and with the upcoming plans of many software companies setting up base here, the land prices have shot up in the recent past," says S Shankar, a local realtor from Sri Ganga Real Estate. The region is expected to be the next big thing in Bangalore with many apparel parks, IT parks, and aviation SEZs, all sanctioned in Doddaballapur Road surroundings.

Owing to these developments, the locality is fast becoming a preferred residential spot for many and this in turn has attracted many builders to set base in the region. Several reputed developers such as Nagarjuna, Sriram, Sobha, Prestige, Edifice, HM, Unitech, Provident, BCIL, among others have already entered the locality with large-scale projects, Shankar said.

This is leading to increased residential plot values in the area. The locality has shown an increase of 13% in the capital values of residential plots in the Jan-March 2012 quarter, depicts data available on MagicBricks.com. Shankar said that the prevailing land values vary between Rs 1000-2000 per sq ft.

The locality is free of dust and pollution and offers a serene environment along with good connectivity to major roads and bus routes. Further, it is about 1.25 km from the upcoming peripheral ring road.

11/06/2012

LandmarkDreamz, 2 & 3 Bhk Apartments, Jalahalli, Bangalore, call : +91 7259 333 999, Email : [email protected]

Lakshmi Corporation

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