Will the plans on linking property sale and GIS maps bring in transparency in Mumbai Real Estate?

The property prices in Mumbai and other cities are rising rapidly these days owing to the huge demand from potential buyers. With increased potential buyers who seek out for perfect location to buy a property in Mumbai, the demand have increased. The price of a property is highly affected by its location. Even the reckoner rates fixed by the government on each property mainly depends on the location. For instance a property located on a prime location near a bust stand, a railway station or airport tend to have high prices when compared to a property in remote location. So government fixes the reckoner rates only depending the growth of the place in which the property is located.

Reckoner Rates

Reckoner rates fixed by the government decides the rates of the immovable property like commercial and residential properties in Mumbai. It is based on these rates that the stamp duty and registration fees of any particulate property is collected by the Stamps and Registration department of the government. Each state government in the country determines these rates annually based on the location of the property. The government also has full authority to rise these rates.

Recent plan of Maharashtra Government

Though these reckoner rates are analysed and changed every year by the government, it is not very transparent to the public. To make reckoner calculation precise and transparent the Maharashtra Government have recently announced a new plan. According to the new plan, the property transaction data will linked with GIS maps. Initially pilot projects will be started in three cities of the state such as Mumbai, Pune and Thane.

When property registrations are linked with GIS maps, then it would be easy for the government to get precise reckoner rates for each part of the state. Reckoner rates as of now are calculated based on the market rates, local inquiries, documents registered with the department, information from media reports, real estate exhibitions and market intelligence. But all these factors are subject to frequent changes that may affect the ready reckoner rates.

When this plan is executed, the ready reckoner rates will calculated with scientific average calculated by automatic analysis of property transactions in a particular city survey number. This will use satellite imagery to know each and every development in different areas of the state and how it bring in changes in the property prices.

Challenges in the plan

Though this plan may bring in transparency and accuracy in reckoner rates, it has certain challenges. Getting property transaction details of individual Flats in Mumbai may be difficult as most area of the state may not have been updated and digitised. Also it would be difficult to identify the transaction area with just a survey number.

The use of GIS in real estate is a good news to Indian real estate. Location is the prime factor that influences real estate. GIS helps us receive accurate data on the geographical location of any property. Hence we can use GIC not just in analysing property transaction but also in various other task in real estate such as market analysis, spatial analysis and property research.

Why a property for sale in Gachibowli is the right choice

The real estate in Hyderabad is set to go in to revival mode in the year 2015. The fortunes of the real estate market here have been in a very bad shape for the past few years. Multiple factors have led to down fall of the realty industry of Hyderabad. But there is hope that 2015 will be the year that marks a turning point for the city of Hyderabad. 

Over the last few years the political unrest that surrounded the bifurcation of the state of Andhra Pradesh did a number on the real estate of the city. Hyderabad at one point in time was the pride of Andhra Pradesh and shone brightest among the cities of the south. Hyderabad of the 1990s and early 2000s was a city which had potential to grow and challenge the supremacy held by many cities in the north of the country. The Information Technology boom that hit the country transformed the face of Hyderabad and truly made it a cosmopolitan city. Many IT giants flocked to the city to set up shop and this in turn ensured that the realty sector here boomed as well. 

Things did not go as planned with this city once the bifurcation issue became the most burning question that engulfed the state of Andhra since its creation. The issue was laid to rest in 2014, but the years preceding this decision had really gone a long way in damaging the image of the city. But all hope is not lost as 2015 looks to be the year that will belong to this city. 
Even through the rough patch that the city was experiencing some micro markets in the city managed to hold their own. These were mostly located in the north and north western part of the city. This was mostly because these markets either had a strong presence of IT and finance companies or were areas which were close to these employment generators. 

Gachibowli is one such micro market. This micro market was once a village. The IT boom reshaped the fortunes of this locality in a big way.  Now a property for sale in Gachibowli ranks high among property seekers in the city. The going rate for apartments in Gachibowli stands at INR 4600 per square feet on average. The going rate for villas here stands at INR 7300 per square feet on average. 
Hi Tech City which is one of Gachibowli’s immediate neighbours was also popular among home buyers for the exact same reasons as Gachibowli. But the real estate market in Hi Tech City has reached saturation. Hence a property for sale in hyderabad is much more in demand these days. 

There are many big players from the IT industry who are present here. Those who are employed in the companies before to stay in apartments in Gachibowli. They have become the main consumers for the real estate sector here. Connectivity wise the area scores well. Under the Hyderabad Metro the area will also get metro connectivity. 

Kelambakkam emerges as an affordable real estate hub in Chennai

Kelambakkam is an emerging micro market located on the Old Mahabalipuram Road.  It is surrounded by areas such as Padur, Kovalam, and Pudupakkam. This micro market lies in close proximity to areas such as Siruseri, Navalur and Uthandi. The Vandalur-Kelambakkam Road also passes through this locality making it easily accessible to localities on the Grand Southern Trunk Road like Vandalur, Guduvancheri, Tambaram and Perungalathur.

The area’s main draw lies in its location and the affordability of real estate available there. It is easily accessible through the OMR, GST and the East Coast Road. Since it is located on the Information Technology belt of OMR and is especially close to Siruseri which houses the SIPCOT Industrial Park, there is a lot of demand for properties here from those who are employed in this sector. There is also great demand for rental properties here because of the same reason. The rental rates here stand at INR 13 per square feet on average.

Flats for sale in Chennai located in this micro market fall squarely in the affordable category. The property rates for apartments locates in this micro market stood at INR 3700 per square feet on average in the first quarter of 2014. The prices had appreciated by about 11% when compared to the last quarter of 2013 when the prices stood at INR 3400 per square feet on average. In the second quarter of 2013 the asking price for apartments here stood at INR 3100 per square feet on average which was a drop of about 13% when compared to the previous quarter. The prices shot up by 71% in the third quarter of 2013 and stood at INR 5300 per square feet on average.

Chennai Real estate were priced at INR 4300 per square feet on average in the first quarter of 2014. This is a drop of a mere 3% when compared to the previous quarter when the asking price stood at INR 4500 per square feet on average. In the 2nd quarter of 2013 the asking price for villas in Kelambakkam stood at INR 7700 per square feet on average which was an increase of about 68% when compared to the previous quarter. The prices only dropped by about 1% in the next quarter and stood at INR 7600 per square feet on average.

The most sought after apartment configuration here are 2 BHKs. This is followed by 3 and 1 BHK flats for sale in Chennai located in this micro market. The most desired unit size for apartments here among buyers falls in the less than 500 square feet range. This is followed by the 501 and 750 square feet range and the 751 and 1000 square feet range. Buyers are willing to spend anywhere between INR 10 and 20 lakhs on apartments here. This is followed by the INR 20 to 30 lakhs range and the INR 30 to 40 lakhs range. The most ideal budget range for flats here falls below the INR 2000 per square feet range.

Approved Policy Parameters for Plots Regularization in Municipal Areas – Chandigarh

Guest blog by Daniel

Good time for the people who are living in the municipal areas that are lack in civic amenities and better infrastructure in Chandigarh. The Government had taken a proactive initiative by approving the policy parameters for regularization of plots in the municipal areas. This order will change the lifestyle of people have been living over there, great movement by the Government.

Followed by the policy parameters approved, one of the spokesman of the Urban Local Bodies Department said that all Divisional Commissioners, Deputy Commissioners , Commissioners of Municipal Corporations, all Secretaries of Municipal Committees and Executive Officers of Municipal Councils have been asked to follow the parameters. He also added all plots or buildings are not eligible for regularization, as per the approval policy parameters the extent and boundary of the declared area under the act would be demarcated on the ground would be eligible for regularization. In this policy parts for the area declared are also situated within the restricted region along the national highways, proposed roads and state highways would not be eligible for regularization.

Worried part comes here, every residential plots owner should pay regularization fee at the rate of Rs. 250, 200 and 150 per square meter for areas falls in the limits of Municipal Corporations, Municipal Committees and Municipal Councils respectively. This has to be paid within six months of the notification. This policy is not only for the residential plots which falling within the limits, the policy should also applies for plots that were already constructed, got electricity supply, watery supply and sewerage connections. All these supplies and connections would be released only after the payment of the regularization fee is paid, in addition to this payment development charges and any other fee or tax are also applicable.

About the Author: Daniel, writes articles on online marketing, investment on real estate market, lifestyle and travelogue. If you are planning to invest in Indian real estate market invest on Apartments in Navi Mumbai and Apartments in Whitefield.

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