Wednesday 29 April 2015

New Regions on RBI Monitor

In a recently-released circular, the Reserve Bank of India (RBI) has added Hong Kong and Macau to the list of the countries /egions where citizens need to take prior permission of the apex bank before acquiring or transferring immoveable property in India. The addition is in line with RBI’s earlier circular and cannot be called a surprise, as it is observed that Beijing continues to have a significant say in their political framework and Macau and Hong Kong are the two special administrative regions of China which have been on the list since 2000. The original list also includes neighbouring countries like Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran, Nepal and Bhutan.

Why this restriction?

The RBI’s primary goal is to have control over capital moving into and out of India; real estate has always been a sector which can consume sizeable sums. There is a probability that funds coming into the country via real estate transactions might get used for unwarranted purposes. Considering the current geopolitical scenario, the move is proactive and apt.

Does this rule apply to everyone residing in the countries on the list? The rule does not apply to Indian citizens resident outside India, who can acquire or transfer any immoveable property other than agricultural or plantation properties or farmhouses. In case of transfer, the transferee needs to be either a citizen of India or a person of Indian origin (PIO) resident outside India.

Persons of Indian origin resident outside India get the same exclusion as citizen of India, with a set of conditions that the buyer or transferee has to be either an Indian citizen or person of India origin. Also, the funds must be received in India by way of inward remittance from any place outside India. PIOs can also acquire immoveable property by way of gift from persons resident in India, or Indian citizens resident outside India, or persons of Indian origin. The same rule applies to inheritance of property if the original acquirer had complied with all the foreign exchange regulations prevailing at the time of acquisition of the property.

This means that there is no change in the regulations for citizen of India staying inside or outside the country, and for persons of Indian origin. They can continue to buy properties in India in the same manner as before. However, they cannot acquire or transfer any land which is related to agriculture, plantation, farmhouse or serving such a purpose.

Are there any exclusions to the list?

While residents of the mentioned countries cannot purchase or transfer immoveable properties in India without prior approval of the RBI, they can definitely take up space on lease for a maximum of five years. The circular specifically highlights the two countries as additions to the earlier list of eight. This means that there is no change in rules with respect to citizens of any countries not part of the exclusion list. They can continue buying or transferring immovable properties in India by duly fulfilling the conditions laid by the RBI.

Wednesday 15 April 2015

Salarpuria Melody – About Project

Step into Melody, your home bounded by lush greenery and open spaces giving you an overwhelming feeling of freedom. Melody has well designed spacious homes that meet global standards. There are a host of amenities like swimming pool, clubhouse, gymnasium, and an indoor game area to add zest to your lifestyle.

As is in all Salarpuria Sattva residential projects, Melody is a home with green measures, rainwater harvesting, high security and advanced technology.



Only a few apartments are now available for sale.

Located on Mysore Road, it is in close proximity to the Global Village, Electronic City, proposed IT Corridor, Ring Road, NICE Corridor, renowned super specialty hospitals, shopping complexes and well known schools. This area is increasingly becoming the destination of the future also due to the Metro Rail hub on Mysore Road.

The best part, you reach some of the MOST SOUGHT AFTER HOLIDAY/LEISURE DESTINATIONS like Kokkre Belur, Ranganathittu Bird Sanctuary, Balmuri Falls in less than 90 minutes.

Resource from : http://www.99acres.com/microsite/prabha-realcon-ventures-salarpuria-melody-mysore-road-bangalore/

Thursday 26 March 2015

Sobha Halcyon

Sobha Developers announced the pre-launch of their new project Sobha Halcyon in October 2014. Located opposite to their earlier project Sobha Amethyst at Kannamangala, Whitefield – Kadugodi Road, this is a one of a kind residential project by Sobha.


Sobha Halcyon will be spread across 2.9 acres of land and will offer 176 apartments in 3 BHK configurations across G+2B +21 floors.
Sobha Halcyon Options

3 BHK – 1550 sft
3 BHK + Servant Room – 1850 sft

Sobha Halcyon Location

Kannamangala Road

Sobha Halcyon Investment Plus Points

•    Kadugodi – Old Madras Road stretch is seeing rapid developments with the neighborhood dotted with villas & apartment projects
•    Proposed East Lalbagh at Kannamangala
•    Walkable distance to offices at Beary’s Research Triangle
•    Sobha brand name

Monday 9 March 2015

Best Lookout for Real Estate Properties

In earlier days, search for the real estate was done by local real estate agent by just searching the properties within the town after going through active property listings selected as per the needs of the buyer. It was really a time consuming process as buyer used to spend so much time analysing each and every property until the best is found according to his/her choice. Finding market data to assess the asking price would take more time and a lot more driving, and buyer still might not be able to find all of the information to get really comfortable with a fair market value.

Mantri Developers Reviews

Nowadays, searches for the real estate are being accomplished through internet; be it for residential or commercial properties. Google prove to be really worthful in spotting properties of interest by location as it fetch thousands of results as per the needs of the customer. Once the property of interest is spotted on the real estate website, one can access photos of the particular property online or go through the virtual tour. A buyer can check other websites as well and compare the rates of real estate properties by going through the taxes, census data along with the facilities provided by the real estate builder within the campus. One should make sure that reputed schools are located nearby so that your kids should not lag behind in getting best education. A buyer should also check that what shops are within walking distance-all without leaving the dwelling.