REVISED GUIDANCE VALUE – SOON!


THE GOVERNMENT IS KEEN ON REVISING THE GUIDANCE VALUE OF THE PROPERTIES IN AND AROUND BANGALORE AND MIGHT BRING IT TO THE MARKET VALUE/PRICE SOON.

THE BUYERS WHO HAVE ALREADY BOOKED THE APARTMENTS/VILLAS/SITES IN PRELAUNCH OFFERS AND THOSE WHO MIGHT BE REGISTERING IT BY THE END OF JULY,2013  WILL HAVE TO BEAR  ADDITIONAL BURDEN OF STAMP DUTY AND REGISTRATION FEE BETWEEN  2% 10% DEPENDING UPON THE VALUE OF THE PROPERTIES.

THERE IS A CLEAR CUT INDICATION THAT THE REVISION OF VALUES WILL BE BETWEEN 20% TO 200%. 

REAL ESTATE REGULATION – A REALITY


THE CABINET ON TUESDAY CLEARED THE MOST SOUGHT AFTER REAL ESTATE(REGULATION AND DEVELOPMENT) BILL 2013, SEEK TO SET UP THE REGULATOR IN EVERY STATE TO PROTECT THE INTERESTS OF THE BUYERS AND TO ENSURE FAIR PRACTICES IN THIS SECTOR.

RBI DIRECTION ON CHEQUE RETURN CHARGES – Levy Cheque return charges only if customer is at fault


RBI/2012-13/493
DPSS.CO.CHD.No. 2030/03.06.01/2012-2013

May 7, 2013

The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including RRBs /Local Area Banks
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks

Madam / Dear Sir,

Delay in re-presentation of technical return cheques and levy of charges for such returns

As you are aware, banks are expected to indicate the timeline for realisation of local/outstation cheques in their Cheque Collection policy(CCP) and charges for cheque returns to be levied in an upfront manner with due prior notice to the customers as enumerated in RBI circulars no. DPSS.CO. (CHD) No. 873 / 03.09.01 / 2008-09 dated November 24, 2008 and DBOD.No.Dir.BC. 56 /13.03.00/2006-2007 dated February 2, 2007 respectively.

2. However,recently, instances have been brought to our notice where banks are (i) levying cheque return charges even in cases where customers have not been at fault in the return and (ii) delaying the re-presentation of the cheques which had been returned by the paying banksunder technical reasons. Both of these issues result in unsatisfactory customer service.

3. It is, therefore, considered necessary to streamline the procedure followed by all banks in this regard. Accordingly, banks are advised to adhere to the following instructions with immediate effect:

1.    Cheque return charges shall be levied only in cases where the customer is at fault and is responsible for such returns. The illustrative,but not exhaustive, list of returns, where the customers are not at fault are indicated in the annex.

2.    Cheques that need to be re-presented without any recourse to the payee, shall be made in the immediate next presentation clearing not later than 24 hours(excluding holidays) with due notification to the customers of such re-presentation through SMS alert, email etc.

4. Banks are accordingly advised to reframe their CCPs to include the procedures indicated in paragraph 3(i) and 3(ii) above, and may note to give publicity to their revised CCPs for better customer service and dissemination of information.

5. The above instructions are issued under Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

6. Please acknowledge receipt and confirm compliance.

Yours faithfully,

(Vijay Chugh)
Chief General Manager


TECH PARK NEAR HEBBAL


A SMALL TIME SILK CLOTH MERCHANT ON CHOWDESHWARI TEMPLE STREET, NEAR AVENUE ROAD, FROM AN UNKNOWN DESTINATION IN RAJASTHAN, CAME WITH 0000000000,CLAIMS TO BE AN EXPORTER,  BUILT A REAL ESTATE EMPIRE WITHOUT ANY EDUCATIONAL NOR TECHNICAL BACKGROUND, WORTH OVER RS1000 CRORES IN A VERY SHORT SPAN WITH THE HELP OF POLITICIAN AND BUREAUCRATS, ALLEGED TO HAVE LARGE SCALE IRREGULARITIES IN LAND ACQUISITION.

A LARGE CHUNK OF RACHENAHALLY VILLAGE, WHICH WAS ACQUIRED FOR THE RESIDENTIAL DEVELOPMENT BY THE BDA WAS TRANSFERRED FOR INDUSTRIAL DEVELOPMENT AND THE DEVELOPER. THE PRICES OF RESIDENTIAL SITES IN THAT AREA IS SOLD BETWEEN RS5,000/- TO RS7,000 A SQUARE FEET.  THE ORIGINAL OWNERS OF THE LAND HAVE BEEN PAID A PITTANCE OF RS 20,00,000/- AN ACRES, WHILE THE REAL ESTATE COMPANY MADE BILLIONS.

 

 

UNTOLD HORRORS OF XXX & XXXXXXXX (XXXXXX CONSTRUCTIONS) -THE BOMBER COMMAND !!!


THE GREATEST DEVELOPERS AND BUILDERS WILL NOT PROVIDE THE DOCUMENTS FOR BUYERS AS THEY CONTAIN ATOM BOMBS !!!!!!!!!!!!!!

YES.

IT IS TRUE.

THEY HAVE BOMBED THE HOPES OF MANY DECENT AND HONEST BUYERS!!!!!!!!!

THEY HIDE, CONCEAL AND IN A BID TO DECEIVE, DOCUMENTS ARE NOT SUBMITTED FOR LEGAL EXAMINATION AND VERIFICATION AND THE BUYERS MUST BUY IT BY INSPECTING THE XEROX COPIES. THEY DO NOT HAVE THE ORIGINALS.

THE MARKETING `L` BOARD GUYS ARE NOT AWARE OF ANY OF THE REPORTED DISCREPANCIES AND CRIMINAL CASES ON THE PROPERTIES WHICH THEY MARKET WITH GREAT FUN AND FARE. IT IS FUN FOR THEM AND FARE FOR THE BUYERS. BUYERS ARE SCARED ABOUT THESE DEVELOPERS CONTACT WITH XXXXXXXXXXXX.

HOW DID THE BANKS APPROVE THESE PROJECTS?

DID THE BUYERS QUESTION THESE BANKS?  NO

SANCTION OR APPROVAL OF BANK LOAN DOES NOT CONFER ANY RIGHT, TITLE AND INTEREST. 

IN CASE OF LITIGATION, THE BANK WILL NOT WAIVE THE LOAN. IF THE BORROWER DISPOSSESS THE PROPERTY OR IF THERE IS A LONG DRAWN LEGAL BATTLE ON THE TITLES, THE BANK WILL STILL RECOVER THE LOAN FROM THE BORROWER WITHOUT ANY MERCY, UNLESS THE BORROWER DECLARES INSOLVENCY

 

 

WATER SCARCITY WILL BE TOO ACUTE THIS SUMMER


DUE TO A FAILED MONSOON, DEPLETION OF UNDERGROUND WATER TABLE AND POOR WATER STORAGE POSITION IN THE RESERVOIRS FEEDING BANGALORE; MARCH, APRIL AND MAY 2013 WILL BE A NIGHTMARE !!!!

TG HALLI RESERVOIR STORAGE POSITION HAS ALREADY REACHED ITS LOWEST EBB IN YEARS  !!!!

KRS WATER LEVEL MAY TOUCH THE DEAD STORAGE BY FEB, 2013, FIRST WEEK ITSELF!!!

THE RESULTS OF FASTER UNPLANNED DEVELOPMENT AND POPULATION EXPLOSION !!!!!!!!!!!!

 

REGISTRATION OF PROPERTY DOCUMENTS IN KARNATAKA IS PARALYSED


DUE TO THE STRIKE BY THE OUTSOURCED DATA ENTRY OPERATORS, THE REGISTRATION OF PROPERTIES HAVE BEEN TOTALLY PARALYZED IN THE STATE AND EXECUTION OF PROPERTY DOCUMENTS CONTINUED IN SNAIL PACE IN SOME OF THE SUB-REGISTRAR OFFICES.  SOME SUB-REGISTRAR OFFICES FUNCTIONED WITH VERY FEW STAFF AND THE DATA ENTRY OPERATORS WHO ARE THE MAIN OPERATORS WERE ON STRIKE.  THE DATA ENTRY OPERATORS DECLARED THAT THE STRIKE IS INDEFINITE.

IT IS RELIABLY LEARNT THAT THERE IS SOME POLITICAL OVERTONE RELATED WITH THIS ISSUE.IT IS SEEN THAT SOME OF THE SENIOR OFFICERS WERE UNAVAILABLE AND HAD EVEN SWITCHED OFF THEIR MOBILE IN ORDER TO AVOID THE PUBLIC IRE.