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IT Sector To Boost in Proposed Executive Capital Visakhapatnam

13 Jan 2020 | 116 Views

The IT sector has become one of India’s most robust industries. It is a driving force behind global economic growth, more than any other industry or economic dimension, with increased productivity, particularly within the developed cities. Owing to its unique identity, Visakhapatnam has set up its own benchmark in all sectors like roads, educational institutions, and IT Park. Proposed Plans on Vizag IT Development The Metropolitan Region Development Authority of Visakhapatnam (VMRDA) has begun to work in Madhurawada with renewed vigour on the planned IT City (Information Technology City) project. The urban development corporation recently started conversations to move the project forward with many private stakeholders. Many technological giants in the country showed interest in the earlier ‘expression of interest’, published in 2018 for the project. The project submitted many specific proposals about all or separate components of the 22 acres IT city project. However, the VMRDA has so far been carefully treading since the project comprises 22 acres of prime land in Madhurawada and major investment is required. In addition, the government of the former rejected twice the request for a 100 percent rental guarantee. The VMRDA had now re-envisioned its attention on the project in a time when the government was hinting to move the executive capital to Visakhapatnam. Vizag IT Park Space and Layout Plans It is anticipated that the IT project will accelerate development in the north-east of the city, which will possibly contain power. According to the concept master plan, in a total of 22 lakhs square feet built-up area includes an iconic IT space & IT tower, commercial and social space for malls, star hotels, theatres, clubs and space for residential apartments and premium villas will be created in this project. The project is built in a public-private partnership model with acceptable sharing arrangements in compliance with the preliminary plan. A joint partnership between AP State Government and Infrastructure Leasing & Financial Services (IL&FS) and Andhra Pradesh Urban Infrastructure Asset Management Ltd (APUIAML) is the asset manager. In accordance with market demand, the project components will be introduced during the next three to five years. It is planned that all elements will continue with a significant emphasis on building Vizag IT hub and creating industrial, social and residential areas at once. VMRDA President Dronamraju Srinivasa Rao told that the VMRDA is keen to develop the project. They have already informed the state government about the project. Metropolitan Commissioner P Koteswara Rao and other VMRDA officials are in discussions to various private actors about the initiative. Although no progress has been made on the project during the last year, the VMRDA already has environmental clearance, and the construction of the roads to the site is almost completed. The scheme is also approved online. The upcoming executive capital is expected to boost Vizag IT Sez, and the real estate industry would be set to hike more in coming days for profitable returns. Do you want to stay updated and find out all residential properties for sale in Hyderabad with trending real estate news? Log into PropertyAdviser.in, India’s first-ever real estate property directory which lists more than 1,28,483 residential units for sale with detailed information. Visit us to put an end to your home search and lead a happy life with your family in your dream home. IT Sector To Boost in Proposed Executive Capital Visakhapatnam Click To Tweet By: Shailaja K

AY2020-21 Rebate: Revised ITR Filing Forms for Joint Ownership Property

09 Jan 2020 | 76 Views

Buying a house is a dream for many people in India. In the form of the "Housing for All" Program, the government has provided individuals with various tax incentives to enable them to buy a house. In the financial year 2018-19, an individual benefited from additional tax benefits at the same cost if the real estate is owned jointly. But with the recent notification of income tax department, if the property owned jointly, you cannot avail the tax benefits and file ITR 1 form or ITR4 form as previously. Why Joint Owners of the Property Cannot File ITR 1 Or ITR4? Recently the government has introduced new ITR Filing Forms of FY 2020-21. The income tax department usually notifies ITR forms in the first week of April for the assessment year. However, this year, on January 3, the government itself has announced latest ITR forms for the assessment year 2020-21. While an ordinary resident with a return not exceeding Rs 50 lakhs can file ITR-1, known as Sahaj, all Hindu Undivided Families (HUFs) and companies with total incomes up to Rs 50 lakhs, as well as those having presumptive income from business and profession can apply for ITR-4, known as Sugam. What is ITR? Income Tax Return (ITR) is the taxpayer’s information form for the income tax department to file reports on their earned income and taxes. Until now seven different forms have been announced by the department including ITR 1, ITR 2, ITR 3, ITR 5, ITR 6 and ITR 7. On or before the specified deadline, each taxpayer should submit their ITR. The ITR forms are subject to different criteria depending on a taxpayer's sources of income, income amount earned, HUF, businesses, etc. AY 2020-21 Revised ITR Filing Forms Two significant changes were made to ITR forms according to a new notification by the government. The first amendment shall prevent an individual taxpayer either in ITR-1 or ITR-4 from filing a return if he or she has a joint ownership property. This change requires a person to furnish a return of income, according to the notification. Secondly, the ITR-1 form is not valid for those who deposited Rs 1 crore on their bank account and have incurred Rs 1 lakhs or 2 lakhs, respectively for foreign journeys or electricity, added the notification. What is ITR-1 Sahaj? The ITR-1 Sahaj involves income from salaries, the income of one house property, income from other sources (exclusive of lottery and income from racehorses), and agricultural income up to Rs.5000, for a person whose total income for the 2019-20 assessment year is included. What is ITR-4 Sugam? The ITR-4 Sugam applies to individuals and HUFs, partnership companies (excluding LLPs), who are residents with income from an enterprise or profession. It is also applicable to people who have opted for the allocated income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. Nevertheless, the taxpayer is required to file ITR-3 if the turnover of the company exceeds Rs 2 crores. New Notifications of Income Tax Department The Tax Department has notified new income tax return filing forms for individuals in the assessment year 2020-21 are as follows. Ownership of Property: Individual taxpayers who have joint ownership of the property cannot file ITR 1 or ITR4. Passport: If you hold the taxpayer, you have to reveal the passport number. This should be provided in ITR 1-Sahaj and ITR 4-Sugam. It is expected to become mandatory in other ITR forms also when it is notified. Money deposit: It is mandatory for those filing ITR 4-Sugam to disclose, the amount deposited in a bank account in exceeding Rs 1 crore in the FY. International travel: You have to report the actual amount spent if you contributed more than Rs 2 lakhs on travelling abroad in the FY. Usage of electricity: If the total electricity bill during the fiscal year is above Rs 1 lakhs have to notify the real electricity consumption. Who Can File ITR 1 Sahaj? In ITR 1-Sahaj, is for the resident individuals with a total income up to Rs 50 lakhs, income from salaries, a single property, income from interests, family pension revenues etc. and farm income up to Rs 5000. Who Cannot File ITR1 Sahaj? An individual who is not either a director or investor in unlisted securities, who has declared or has replaced any of the losses under the head ‘Income from House Property’ or must furnish a return on income under Section 139(1) of the Act, under the seventh clause. Who Can File ITR 4-Sugam? ITR 4-Sugam is for residents, HUFs, and Firms (other than LLP) with an income of up to 50 lakhs, one house in Hyderabad, business income and occupation computed under sections 44AD, 44ADA and 44AE and interest income, a family pension, and agricultural income of up to Rs 5000. Who Cannot File ITR 4-Sugam? It does not apply to a person who is a manager or has invested in non-listed shareholdings or who has reported losses under the heading of house property's income. To ensure you comply with taxes, filing ITR on time is helpful in many aspects. For the financial year 2020-21, the e-filing season started, and the deadline is 31 July 2020. Be a responsible citizen and file taxes early to avoid problems of the last minute. Would you like to purchase a newly constructed apartment in Hyderabad? Visit the first-ever Indian directory portal, PropertyAdviser.in and find 1000+ residential properties for sale in Hyderabad with detailed information. Our user-friendly interface allows you to choose the best home as per your requirements. Visit us to make smart investment decisions. AY2020-21 Rebate: Revised ITR Filing Forms for Joint Ownership Property Click To Tweet By: Shailaja K

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Telangana’s Biggest SEZ Deal: Micron Technology Leases 1 Million S.Ft

08 Jan 2020 | 232 Views

Micron Technology, one of the most prominent American firms, obtained 1.03 million square feet (10.3 lakh sqft) of space at Phoenix's Tech Zone in Nanakramguda, which makes it one of the Telangana's biggest SEZ deal. On Tuesday, A Ram Mohan Reddy, Visakhapatnam SEZ Zonal Development Commissioner (VSEZ), confirmed on the lease application. He said that in a newly built Telangana SEZ, Micron Technology would soon occupy 14 floors for its operations. The presence of Micron Technology in Hyderabad reflects a strategic effort to enhance Micron's technological management by remaining agile and innovative. In India, Bengaluru being its first stop to start its operations, Micron Technology entered Hyderabad in 2019 and established its World Development Center in Madhapur. In October last year, the centre was officially opened. SEZ Investments in Telangana and Andhra Pradesh It is speculated that in the following years, Hyderabad could become the third or fourth-largest world operating locations of Micron, since at current situation the company has already grown strong with a team of around 750 members. The rapid growth of Micron in Hyderabad design and technical teams resembles that the youngest metropolitan city is full of talented and highly qualified professionals. Ram Mohan Reddy asserted that "Micron will be operating in the SEZ at the start of 28 February 2020 from a temporary 91,625 S.ft incubation area. The operations will move there once the permanent office is ready". He added, "we have sanctioned 73 units rental over 53 SEZs in the area over the past nine months. 70% of this are located in Telangana, and others have been rented in Andhra Pradesh. Apart from Micron, they were even some big leases that were between one lakh and three lakh S.ft." Throughout the next five years, Micron is preparing investment for Rs 3,820 Crore, with exportations of up to Rs 6,228 Crore. The company has also secured 5,000 jobs including 3,500 men and 1 500 women over the next five years. A few industry sources have stated that the global real estate services company Cushman & Wakefield have negotiated the leasing agreement between Micron and Phoenix. Micron Technology, headquartered in Boise (Idaho) offers data storage solutions for computers. As of now, It is present in 18 countries with 37,000 members of the team. On the day of their initial launch in Hyderabad, Micron had announced their plan to expand considerably in Hyderabad. They are now expanding their footprint much faster than expected to bring more employment opportunity for the youth. With this additional SEZ infrastructural development, properties for sale in Nanakramguda are set to hike more in future days for a profitable ROI. Do you want to stay updated with the trending real estate news and find all properties for sale in Hyderabad? Browse PropertyAdviser.in to put an end to your home quest and subscribe to our newsletter to get the daily digest of the latest real estate news to your inbox. Telangana’s Biggest SEZ Deal: Micron Technology Leases 1 Million S.Ft Click To Tweet By Govi

Despite an Economic Slowdown High Housing Sales Recorded in 2019

08 Jan 2020 | 76 Views

The housing sector in India reported high growth in 2019 regardless of the headwinds of a slowdown in the economy. As per the report by Knight Frank in India, the residential real estate in the top 8 cities showed an admirable degree of flexibility, with minimal growth of 1% year-on-year (y-o-y) on sales in 2019. Total sales volume increased at 245,861 in 2019 from 242,328 in 2018 as affordability improved, and developers aligned themselves with the needs of homebuyers by decreased ticket-size and unit-size efforts to encourage housing sales. However, flat sales (1 percent y-o-y) grew at 116,576 units during the first half of the year. In the second half of 2019, 61% of the released ticket sizes were under Rs 50 lakhs, and 81% under Rs 1 crore as real estate developers concentrated on affordable housing and smaller tickets. The data showed that Mumbai had 79,810 houses launched in 2019, Pune with 44,660 and Bengaluru with 33,772 homes. Annual sales across the top eight cities remained stable and increased by a minimum of 1%, as the decline in sales by regulatory and financial interventions continued. Annual Housing Sales 2019 Across Top Eight Cities In the second half of 2019, Bengaluru recorded the largest increase in sales at 10%, followed by houses for sale in Hyderabad and Kolkata at 9% each and Chennai at 8%. NCR witnessed a marginal sales increase of 2 percent and a decline of 14 percent and 10 percent respectively in the Mumbai Metropolitan Region and Pune. In 2019, Hyderabad experienced the highest annual house price increase of 10 percent. It was the only city to record double-digits development. Home prices increased by 6.3%, followed by an NCR growth in Bengaluru is 4.5%, a Kolkata increase in 3.1%, and an Ahmadabad rise in 2%. In residential home prices, Mumbai, Pune and Chennai reported a fall of 2.5%, 3% and 5% respectively. In the top eight cities in India, new residential units were introduced and grew by 23% to 223,325 in 2019. The new launches growth was higher in the second half of 2019, at 25% to 112,150 units. 61% of launches in the second half of 2019 took place below Rs 50 lakhs, and 81% below Rs 1 crore as developers focused on affordable housing and lower ticket sizes. Also, Mumbai launched 79,810 units, followed by 44,660 units in Pune and 33,772 units in Bengaluru. In 2019, the unsold inventory in the top 8 markets increased and dropped by 5 percent to 445,836 units. Mumbai had the most extensive inventories of 145,301 units followed by 122,084 units in NCR and 78,414 units in Bengaluru. Significant challenges were posed to the residential market year-round by economic inflation, such as slower GDP growth, lower industrial production and weak consumer sentiments. Nevertheless, the government and Reserve Bank of India's slew of recent fiscal and monetary incentives seem to have had an adverse effect on the real estate market. Are you searching to buy a house in Hyderabad at affordable prices? Log into PropertyAdviser.in portal and find detailed information of all residential properties in Hyderabad at one place easily. Here you can find available units, construction status, latest price trends, nearby landmarks with distances, etc. Visit us to make smart investment decisions. By: Shailaja K

Best Makara Sankranti 2020 DIY Home Decor Ideas

07 Jan 2020 | 290 Views

Sankranti is celebrated in different Indian states and is also known as Pongal. This festival is said to come when Sun travels from Dakshinayan to Uttarayan is known as Makara Sankranti, and the farmers bring their hard-earned harvest back home from the fields. The festival is held as Bhogi on the first day, Sankranti, on the second day and Kanuma on the third day. With a sky full of kites, the lighting of the oil lamps, and houses filled with the smell of special dishes, Makara Sankranti has always been an absolute delight for all Indians. In many places, the festival is celebrated in different ways, but the entire nation welcomes the new season of harvest with the same joy and enthusiasm. The Sankranti festival is considered to be one of the most auspicious festivals in India, as it is the festival of harvest. Several Rangoli and kite flying competitions are also held during this time, which marks more fun to the festival. Some people dressed up as Haridasu will visit each house and sing songs praising Lord Vishnu, along with playing musical instrument Tambura. On the other hand, gangireddulavallu heavily dressed along with the bulls, adorned with colorful saris, flowers tied around their horns and anklets to their legs, will visit every house in Hyderabad. They will play musical instrument nadaswaram and beat the drum and will make the bulls to dance to their tunes. The women will offer rice, clothes, and money to them. All houses are crafted with colorful Rangolis in the entrance, which are famously known as Sankranti Muggulu. The Rangolis are also decorated by different flowers and hand-pressed cow-dung balls called gobbemmalu. Highlights of Three-day Harvest Festival The first day of the festival- Bhogi starts with collecting old furniture and dry leaves to start campfire outside many households. The sweet dish is cooked with the new rice bought by the farmers. The small children under 7 years of age are dressed up and shower flowers and Jujube fruits (Regi pallu) on them, blessing them with health and happiness. The second day of the festival- Makara Sankranti is about all the festive dishes like appalu, chakkilalu, payasam. The newlywed sons-in-law are invited specially for this festival with their respective brides to her parent's place and honored with a warm celebration. Kites fly high every afternoon and evening, and temples are crowded with special rituals. The third day of the festival- Kanuma is the day of the farmers. They honor the cows decorating them with flower garlands, feeding them specially. It is like a thanksgiving day for the cattle and the farmers. The bull races, cockfights are few famous celebrations of this day, and they were majorly celebrated in the villages. Makara Sankranti DIY Home Decor Tips The first vibrant festival of the year, Makara Sankranti is celebrated by Hindus with a lot of enthusiasm and festivity. By decorating your home with creative and esthetic designs, you will make this festival extra unique and fun for you and your guests. The lists of simple and attractive decorative ideas for your house or apartment in Hyderabad this Sankranti festival are as follows. Colorful Rangoli Use your imagination to create some completely out-of-the-box designs at your house doorway and other areas such as Puja Hall. If you do not know much about them, you can choose artificial/acrylic Rangoli stickers or floor mural, which are available online. Attractive Lighting You can use custom oil lamps or diyas as a traditional charm. Another easy way to add beauty to the living space is by decorating your house with Paper lanterns. You can also choose from many DIY lamps options include plastic bottle lamps, egg carton lamps, doily lights, or recycle lanterns with old jam jars. Natural Flowers Natural flowers are always good, and they add color to your surroundings. Without flowers, there is no Hindu festival complete. Decorate your house with different flowers and let these beautiful flowers reinforce the festive spirit with their freshness and aroma. The fragrances and the colors of natural flowers will lighten up everyone’s mood and add to the festive cheer. Dining Decoration Makara Sankranti is a festival that is most well known for its special foods. Another thing you should take into account is serving them in style, and it should also be part of your home decoration preparation. Your home's dining table must be ready for the opportunity. Ensuring that treats and snacks are placed carefully, perhaps in a bowl or trays of gold or silver. Kite Crafts Encourage your kids to make amazing decorative crafts or wall mounts. Interesting patterns such as kites, butterflies, and flowers may be included. If this is not possible, look for some interesting paintings or wallpapers to make your house more beautiful. Make the festival more delightful by decorating your home with colorful kites and hang them around your home and see space light up. You even get miniature kites these days for decoration. Bonfire Theme Add a little relish to the décor by making the bonfire the most important element. Make artificial bonfire with paper and crepe, and hold thumbnails around your house. Invite your friends and relatives who play the instrument, play a portable piano keyboard, or play the harmonicas to enjoy the festivity. Eco-Friendliness If you are keen to give a strong and clear message about sustainability, use eco-friendly decorations, and make use of natural materials such as bamboo and jute. Adorn your house with creative cubicle fun crafts from waste paper, which add liveliness to your home decorations instead of purchasing items from the store. Primetime with Your Family Makara Sankranti is celebrated by burning a bonfire as it is the last day of winter. Also, many people like a nice party with a bonfire. Decorate your house and schedule a camp for your family to enjoy a variety of adventure activities with night bonfire. Kite flying is an important part of the festival, and it is a good idea to have a kite flying competition. Give colorful kites to all and see whose kite lasts the longest. Take this opportunity to party with friends and family by relishing on some traditional dishes. Add some glow to your celebrations by announcing traditional dressing wear. It would be pleasant to see all the family members in traditional wear together. Makara Sankranti is a celebration festival and a time to socialize and bond. Make sure to make this festival a memorable experience by spending your primetime with your family members this year. Celebrate this auspicious festival at your home. Visit PropertyAdviser.in, India's first-ever real estate property directory that lists detailed information of all residential properties in one place. This unbiased project's information helps you to select the best home that suits your lifestyle and lead a happy lifestyle. Best Makara Sankranti 2020 DIY Home Decor Ideas Click To Tweet By: Shailaja K

QR-Code Based E-Ticketing System Opened for Hyderabad Metro Rail

03 Jan 2020 | 177 Views

Hyderabad Metro Rail has waved the flag of good news for its commuters with its Makemytrip (MMT) app, a cashless and convenient QR code-based e-ticketing system. Being the second biggest metro project, it’s been said daily around four lakh commuters are estimated to use the metro rail. This tech-powered ticket reservation feature is expected to help travelers beat Metro queues, experience a seamless interface, and also make it possible for them to pre-reserve different types of tickets. Competing with the modern-world and setting the benchmark in the intra-city travel space, Hyderabad Metro is the first in the country to launch the e-ticketing system based on QR code. By collaborating with MakeMyTrip, Hyderabad Metro Rail Limited (HMRL) has announced this QR code-based e-ticketing system for metro passengers to reduce the tandems of ticket counter operations and subdue the waiting time in queues with a fast response code. Hyderabad Metro Rail & MakeMyTrip App Allow Commuters Book Pre-Tickets The QR-code based ticketing system allows passengers to book three different types of tickets beforehand for one and two-way journey tickets, a trip pass, and a store value pass. In specific, the service would allow passengers to book six tickets in a single transaction and can exchange these (six) QR codes with other WhatsApp passengers. When swapping QR-codes with other passengers (in the 6-person loop), one must be vigilant not to exchange the codes with others, as the codes only scanned and permitted once, said HMRL Managing Director, NVS Reddy. He added the new ticketing system is designed to make commuting comfortable for people who don' t have to wait for tickets on counters As of now, around 20 stations, including Miyapur, HiTech Town, Tarnaka, Secunderabad, Ameerpet, Durgam Cheruvu, Raidurg, JNTU, KPHB, Dilsukh Nagar and LB Nagar, has been initially offered with the QR code ticketing service. This service is scheduled to be made available by the end of January 2020 in all 49 stations. MakeMyTrip co-founder & CEO, Rajesh Magow, said since metro passengers typically spend about 10 minutes in the queues for boarding. The new ticketing system for QR code-based was designed especially for Hyderabad Metro rail and has been worked on over three months by officials to reduce the passenger’s waiting time. To encourage this app among commuters, exciting offers are going to be offered for all who book their tickets via the QR code system. Apart from this tech development, Hyderabad Metro Rail stepping forward for women safety has stated that female passengers can carry pepper spray with them. Officials have also announced soon, a new 11-Kms stretch of public-private partnership of HRML is going to start its operations between Jubilee Bus Station (JBS) and Mahatma Gandhi Bus Station (MGBS), with still more routes yet to join. Are you eager to know the latest real estate updates and properties for sale in Hyderabad at your fingertips? Subscribe to PropertyAdviser.in newsletters to get your morning real estate digest in your mail and stay up-to-date with the trending news. QR-Code Based E-Ticketing System Opened for Hyderabad Metro Rail Click To Tweet By Govi

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Protests Raise to Save Neknampur Lake From Becoming a Dumping Yard

02 Jan 2020 | 127 Views

Going ballistic over the situation of the 450-year-old Neknampur lake at the perceived apathy of civic authorities, environmentalists protested over the debris being discarded in the lake over the weekend. Rajashekar, the Mandal Revenue Officer of Gandipet, stated that a case was filed against three private individuals that were necessary for conducting illegal activities. He added that officials that are responsible for showing negligence in this issue would also be prosecuted. Locals claimed that an acre of land was filled during the weekend. In speaking of the uphill task faced by her, Madhulika Choudhary, founder of the NGO Dhruvansh, stated that the saplings on Neknampur lake deteriorated since the debris has overflowed into the lake. She added, the action against alleged predators is a positive development and said that the lukewarm response of irrigation and income departments has been accountable for discrimination. To Rejunevate the Neknampur lake, it has been added to the water body for its' floating treatment wetland' was initiated to purify it. The Neknampur floating treatment wetland was expected to remove the high phosphorus and nitrogen content in the sewage water that reaches the lake, rendering the lake much healthier to sustain aquatic life. But, with the dumping still continuing, the purification was not yet reached its satisfactory results. Bygone Issues of Neknampur Lake In the past, the Telangana State Pollution Control Board (TSPCB) reported that dumping waste in and around the lake is an old daily problem. Once complaints have been received from local people and activists that a food supply franchisee, that as a Neknampur retail grocery store, has converted the lake into a floating dump yard. With the Nekampur lake already been deposited at least 100 kg of foodstuffs, earlier, the activists have collected the garbage and filed a petition against the act at Narsingi Police Station. Responding to the situation, officers of the pollution control body have inspected the lake and said that if the crime happens again, they will act strictly. Neknampur Lake was once a potable water store that was not just converted into a dumping yard and also became a spot where misbelievers drank and disturbance generated in the field around the lake premises. This has been threatening for the life of the reptiles and others who rely on the water. Recently, the irrigation department had fenced a significant portion of the lake. But, they were also brought down by some trespassers and still continued with dumping the debris endangering the local python population and lizards. While environmentalists were already struggling to control pollution due to the lack of a clamp around the lake. They fear that this practice of dumping waste will damage the restoration work, which has been in place in Neknampur lake for the last few years. It’s been said around 2,500 trees and 500 saplings died earlier this year, causing an endangering situation for the plant life. Do you want to stay updated with the trending real estate news and find all properties for sale in Hyderabad? Browse PropertyAdviser.in to put an end to your home quest and subscribe to our newsletter to get the daily digest of the latest real estate news to your inbox. Protests Raise to Save Neknampur Lake From Becoming a Dumping Yard Click To Tweet By Govi

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Demolition of Illegal Building Constructions in Visakhapatnam

02 Jan 2020 | 93 Views

Visakhapatnam district administration officials undertook a demolition drive in various parts of the city, removing several illegal constructions. The clearance of unauthorized arrangements was initiated simultaneously in multiple zones by the sub-collector of Paderu Dr. S Venkateswar, with the workers pulling down the structures that were erected in violation of the building plan. There were allegedly demolitions of 45 illegal buildings in Chintapalli and other illegal structures that were being identified for violating norms. In addition to the demands of local people and tribal leaders, the action has been taken. Tribal leaders argue that since these spaces were tourist hotspots, people from the plains came and settled in agency areas to start their businesses and have built illegal constructions without following any building permissions norms. A lot of such developments were to be identified in areas like Araku, Paderu, Tajangi, Peddabayalu, Hukumpeta, Lotugeddajunction, Borra Junction, and Chintapalli. Proper Authorisation Required for Transfer of Tribal Lands ITDA project manager of Paderu, D.K. Balaji, confirmed that the drive was on a demolition drive in the city for the past few days. He said the illegal constructions are currently being identified. At the same time, many of these contradict the land transfer regulations 1 of 70 Act, which sets forth that land transfer from tribals to the non-tribals can not be carried out without the prior approval of the government of the state. He also added that the tribal leaders protested that many non-tribal organizations are building shops illegally because of the opportunities for business. Reports in the Revenue Department also suggested the discovery of all buildings considered to be in breach of Agency rules. Visakhapatnam Outskirts Witness Avalanche of Constructions The plan to build executive capital in the peripheries of Visakhapatnam has led to a real estate boom in Vizianagaram and Bhogapuram, far beyond GVMC limits. The real estate boom is more significant than in the vicinity of Visakhapatnam in these regions. Plots for sale in Vizianagaram and Bhogapuram areas outside Visakhapatnam are not only more accessible but are also much closer to the area designated for the development of the executive capital. Since real estate booms will inevitably take place in these places, colonies are developed on a shock-a-block within GVMC boundaries, with most developments being apartment units. But there are numerous large, yet affordable private housing projects beyond Tagarapuvalasa, towards Bhogapuram and Vizianagaram. The land for sale in Bhogapuram has gone up from Rs 10,000 to Rs 15,000 per square yard. Nonetheless, in the direction of Vizianagaram, the leap is speculated to be 100% from close Rs 10,000 to Rs 20,000. That is why many consider it to be a better option to invest in a plot than an apartment. With many positive speculations rising on Visakhapatnam as the executive capital, the lands for sale in the city have been keenly observed by many well-reputed builders to launch residential and commercial spaces. While Vizag real estate is also expected to be eyeing by many land grabbers for illegal constructions, preventive measures are being taken by the government to cut it at the roots before it escalates. Are you thinking of investing in lands for sale in Visakhapatnam, but are puzzled about making the right decision? No issues, Propertyadviser.in is expanding its footprint in Vizag, Vijayawada, Guntur, Tirupati, and Nellore to assist the real estate stakeholders. Visit us to stay connected with trending real estate news and find the latest properties for sale in Hyderabad with accurate information at your fingertips. Demolition of Illegal Building Constructions in Visakhapatnam Click To Tweet By Govi

Is Title Insurance Mandatory for Apartments?

27 Dec 2019 | 139 Views

In a recent event in Attapur, an apartment has completed its construction and was ready for occupancy. While the developer has already sold five among the fifteen flats. Due to some disputes, one of the family members who sold the land to the realtor approached the court while the buyers were in the relevant office for registration of the rest. Affirmative orders were brought by the plaintiff, and it has delayed the process of property registration. This resulted in the uncertainty among those who have already registered and paid half the money in advance. These disputes were not only limited to Attapur but also in other areas of Telangana since a lot of such problems are being faced on a daily basis. Every year the Greater Hyderabad Municipal Corporation (GHMC) and the Hyderabad Metropolitan Development Corporation (HMDA) permit approximately twelve thousand buildings. Most buildings, however, are engaged in land disputes for various reasons. Proposed Steps to Protect Buyers So far, some buyers are not insuring title to the apartment built-in land space and are only insuring for the flats. In the Attapur case, if the buyers have priorily got title insurance for that land, irrespective of court’s verdict, they wouldn’t have fallen into such disputes. Several years ago, the Central Government insisted on insuring the land itself at the time of purchase, as the title of apartment building sites across the country was disputed. Still, this rule was forsaken by many buyers. As a resolution, The Insurance Regulatory Development Authority (IRDA) has recently been directed to prepare a report concerning the rising issues. A two-month committee of experts was appointed to address the insurance concerns and take necessary steps needed to make title insurance a mandatory step across the country. What is Title Insurance? Title insurance gives assurance for property buyers against loss such as funds, etc. incurred by land title disputes that might occur after purchase. Unlike other insurance products that ensure consumers in the event of future events, title insurance for homebuyers covers purchasers with past errors, such as fraud, faulty transactions, unpaid tax at the time of receipt of cover, and wrongly produced or executed documents. It can also cover legal defense costs, out-of-court settlements with the defendant or court decisions. The policy is adopted in order to raise the compensation limit if the value of the property appreciates. Title insurance also provides legal rights to the customer to meet developer obligations. Do You Need Title Insurance When Buying a Home? With title insurance, you will be the legal owner and will acquire full rights for possession and use of the property. In case one doesn’t acquire the title of a property, the investor can lose some or even all of the investment. Title insurance is a policy if you purchase property, which protects you from hidden risks that may lead to a property lawsuit. Title insurance is a much-needed home buyer’s safety mechanism in a country where many properties around cities lack clear titles of legal land ownership recognition. Also, inaccurate, incorrect, and old records generate routine disputes over land ownership. Often people who have bought and stayed in the apartments for a long time have unexpectedly been told that the property belongs to the government. In such cases, Title insurance would certainly help homeowners. Buying a home is the biggest and most fulfilling investment you will ever make, so it is crucial to be vigilant when buying a property. One has to make sure to get title insurance for properties in order to protect against future disputes. Are you searching to buy a house in Hyderabad? Visit PropertyAdviser.in, India’s first-ever real estate property directory that lists 1000+ residential properties in Hyderabad. Choose us as a guide to solve all your real estate queries under one roof and pave the easy way to buy the best house in Hyderabad and lead a happy life. By: Shailaja K

Govt Plans to Lease Out Secunderabad Railway Land for Private Developers

24 Dec 2019 | 129 Views

The Rail Land Development Authority (RLDA), a legal authority under the Ministry of Railways, Indian Government, is responsible for the commercial development of vacant railway land. It has developed plans to offer 99-year leasehold rights to railway land for residential and commercial development near Secunderabad Railway Station. Plans of Secunderabad Railway Land Development Authority The RLDA taking a leaf out of other government agencies to generate revenue, in a move that could stir a hornet's nest, has agreed to lease its prime land in Secunderabad for private players to develop. Although railways believe it would ride on the "look east" policy of the Government and stimulate more growth in the eastern parts of the city, unbelievers are asking private developers to lease valuable railway property. The railway land lease will be for up to 99 years. Senior South Central Railway officials said it would be a win-win situation for both rail and private developers. "In addition to revenue from the railways, some colonies and dilapidated buildings will be renovated. Proposed Land Measures The officials said that although RLDA listed around half a dozen sites for commercial leasing, land plots in Mettuguda, Rifle Range Colony, and Chilkalguda were selected for new growth. Plots in Moulali are in 37 acres, five acres of land in the Uppal bus stand and Secunderabad, four acres of land in Rail Kalyan, and IRISET 15 acres land will soon be available for grabs. RLDA accepted offers for the construction of railway land on the Rifle range between Rail Nilayam and Chilkalguda. Land available is 7.35 acres, and the developer will fund 352 residential and commercial offices in 4.69 acres of compulsory rail infrastructure, and they can use 2.66 acres of land. The whole 9.32 acres would be given for development in Chilkalguda area. The fixed rental premium for a developer is Rs 50 crore. They'll have to complete the construction of the area in four years. In October of this year, RLDA launched its plans by giving two acres in Mettuguda. Officials say in the eastern corridor in Secunderabad they are on the right path with an economic and commercial spurt. By handing over two acres at Mettuguda in October this year, the RLDA unveiled its plans. They are said to be on the right track with a boom of economic and commercial activity in Secunderabad eastern corridor. The planned railway lands generate a huge commercial use opportunity, with the Mettuguda metro station in the neighbourhood providing easy access yet another benefit. Are you searching to own a plot in Hyderabad? Visit PropertyAdviser.in to find the detailed information of plotting projects in Hyderabad. Here you can find available units, facings, neighbourhood, amenities, builder contact details and many more. Select the best plot that suits your budget and pave the easy way to lead a happy life. By: Shailaja K