A GUIDE TO PAYING PROPERTY TAX IN BANGALORE

The initial three months of a date-book year are constantly essential for organizations, property proprietors and salaried people. Come March and terms like Form 16, Income Tax, Section 80C, 80D, speculations, assess finding, property impose and so forth are ordinarily heard.

Toward the finish of a financial year and the beginning of the following – before the finish of March and start of April-everybody is either making a minute ago speculations to spare Income Tax or contemplating how to pay property impose.

On the off chance that you are a property proprietor in Bangalore, prepare for some new principles and systems to be taken after to pay your charges. Additionally there is one more upcoming project is coming in Whitefield Bangalore called Sumadhura Eden Garden, if interested then can invest or buy. Begin with these bits of data while paying property charge in Bangalore.

Sumadhura Eden Garden

      TYPES OF FORMS

There are two distinct structures for property tax now. Form IV in white paper is for documenting tax for properties that have enlisted no adjustment in status in the course of the most recent one year. The progressions could be status of inhabitance from private to rental and the other way around, or the degree of developed territory and so forth. For private units with any such changes, Form V in blue paper will be relevant.

MODE OF PAYMENT

You can pay property tax on the web through online portal, by providing records of the most recent eight years' of assessment documenting are accessible on the web. In the event that you are paying through the online process, there are no additional transaction charges for utilizing a Visa or Credit card. The legislature suggests the portal of Corporation Bank. The state government will not acknowledge cheque payments for property tax payment. You should pay either by demand draft or cash money. In the event that you need to pay your tax at the counter of a bank, you can pay at these banks listed here - Canara Bank, Corporation Bank, HDFC Bank, IDBI Bank, Induslnd Bank, Indian Overseas Bank, Kotak Mahindra Bank, ING Vysya Bank or Yes Bank.

TAX RETURNS

Tax payers, who have submitted declarations for the financial year 2010-11, can pay property tax for the year 2017-18 on the web. The individuals who have not yet paid assessment can likewise pay charge at the workplace of the Assistant Revenue Officer or at BBMP Help Center in the wake of recording returns. Those property proprietors, who don't have any Khata, can likewise pay at the assistance focus. You can likewise pay impose at the middle, if the expense is underneath Rs 1,000. The timings are between 9 am and 12.30 pm and between 3 pm and 7 pm.

UNAUTHORIZED REVENUE LAYOUTS

The individuals who fall in this classification can pay property charge under the self-evaluation plot. These properties can likewise be enrolled at the Office of the Assistant Revenue Officer until the point when they are regularized.

OTHERS

Solid Waste Management cess ought to likewise be paid alongside property charge. These application frames are accessible at the BBMP Help Center.

While filling the tax document on the web, be set up to give meter number of your power association.

FINALLY, BENGALURU BUILDERS ANNOUNCE NEW LAUNCHES

As the year crawls towards conclusion, property developers & realtors in Bengaluru have gradually begun publicizing new dispatches in the wake of lying lethargic all through as demonetization, execution of RERA and ensuing vulnerabilities turned their pipeline very dry. Realtors like Shriram, Sobha and Puravankara among others have made huge declarations over the most recent two months subsequent to having gotten their RERA enrollment numbers for their ventures. While this does not flag an up and coming recuperation, it shows indications of come back to commonality to some degree.

                           

Rampant dispatches had everything except became scarce as developers set aside opportunity to comprehend the ramifications of RERA which was acquainted to bring some level of straightforwardness and responsibility in the realty segment. This likewise influenced real estate agents to backpedal to the planning phase and re-adjust their yet to be propelled activities to conform to the guidelines or risk getting rejected by the specialist. Anuj Puri, Chairman of Anarock Property Consultants said - In 2017, engineers confined new dispatches and concentrated on finishing ventures. This pattern will proceed in 2018 too, as the administrative weight will additionally increment. Likewise, the supply of prepared to-move-in properties may increment in 2018 as a result of designers' managed center around finishing their current ventures.

Initiatives are taken by realtors such as Sumadhura in Whitefield presents Sumadhura Eden Garden.  Extravagance condos in an entrancing condition of workmanship structures having every single possible luxury and accommodations.

                                    

Every one of the occupants of Sumadhura Eden Garden while having proprietorship to perfect extravagance homes additionally have the extraordinary uprightness of absorbing an excellent atmosphere. Sumadhura Eden Garden is a 14 section of land venture with tremendous open spaces and complete luxuries to run with the fine living here. There are 1080 units of 1 BHK, 2 BHK and 3 BHK extravagance lofts in this up and coming task in Bangalore with measurements going from 680 sq.ft to 1379 sq.ft.

There are various well being and wellness pleasantries to help make the inhabitants' lifestyle more peaceful and brisk. A ultra present day swimming pool, offices for horde sports like Cricket, Basketball, Tennis, Skating and such. Children can have a carefree time here as there is a selective play territory for kids with current play offices to run with a sand pit.

SOME OF THE KEY HIGHLIGHTS

•  The standard going into the new year along these lines will be less dispatches yet not as infertile as 2017 had ended up being.
• In the post-RERA period, developers are concentrating on executing under-development extends inside the stipulated courses of events.
• New dispatches or project launches are probably going to be limited, and unsold units will decay encourage in 2018.

At present market scenario the residential market segment is seeing soundness & stability. While it is still too soon to determine whether these new dispatches are characteristic of a restoration in the market, there has been some change in energy and this is relied upon to proceed in the months ahead. Whatever we may state, the general supply won't be of the size and scale that this industry had been utilized to. On the off chance that at all new supply comes, it will come more in the moderate fragment since showcase is as yet having a sensible measure of unsold stock at different stages in every one of the urban areas. So it will require its own particular investment

UNIQUE DIGITAL IDS FOR RESIDENTIAL HOMES IN BANGALORE. WHO WILL BE BENEFITED WITH THIS INITIATIVE?

Innovation is a boon and this holds true when we talk about the Real Estate business in Bangalore. BBMP or the Bruhat Bengaluru Mahanagara Palike, in 2013, had launched GIS or Geographic Information System based PID or Property Identification number project that will store information regarding ward numbers, street numbers and property numbers as well.

Towards this initiative, almost every street in Bangalore has now been given a unique identification number. It is estimated that around 93000 roads has been allotted the unique identification number. 

Another big step towards this is the allocation of Digital Identification Number to all the houses and apartments as well as properties existing in Bangalore. If interested to invest or buy a world class residential property Sumadhura Eden Garden in Whitefield Bangalore is waiting for you. It is estimated that almost 20 Lac properties have been allotted this number, irrespective of the fact, whether it is occupied or vacant. In this regard, BBMP has divided the city into three zones – Micro grids, Sub grids and Main grids. A micro grid ranges square metres of 10x10, a sub grid ranges square metres of 200x200 and the main grid ranges to around 1 square kilometre.

                       

   

Of course, these unique digital ids for residential homes in Bangalore come with certain benefits for the residents as mentioned below:

•  Locating a house will now become far easier with this method in the Google maps.
•  A mobile application has also been developed by BBMP that can help navigate to any house using the Unique Identification Number allotted to that particular house. This number is a combination of alphabets and numbers with a total of nine digits.
• As per the reports, the seven digit Identification number will eventually replace the age-old conventional address format.
• Even if the ownership of the house changes, this identification number will remain the same.
• This will also make app-based services such as online food delivery, courier service, app-based cab services more convenient and faster. Just by inputting the number, one will get latitudinal and longitudinal co-ordinate points.
•  Residents can acquire this identification number also known as DiGi-7 number by calling BBMP’s call centre or by sending an SMS to BBMP.
• Residents can share their property numbers through SMS, WhatsApp or other similar applications.
•  This system will also help in incorporating services required for basic day to day living such as electricity supply, water supply, etc.
• A cloud based system will be set up to store these information's and ensuring a stress free access for collection of information during the survey.

This system will definitely ease out things for the residents of Bangalore in lot many ways. The government also plans to bring tier-2 cities under this project later in the project stage. While this sounds to be a smart move to make Bangalore a smart city in all its essence, a proper planning and monitoring is also what is required the most. The sudden uncontrolled growth of the city makes it difficult to navigate across the streets and locate the exact address. In such a circumstance, if this project is implemented well, it can make wonders.

Why is it so important that you consult a real estate professional before buying a home?

Since buying a home comprises of a single great investment, and often pushes people to debt, it is better that these matters be handled extremely carefully. The home buying experiences are usually very exciting, thrilling, tiring, and nerve wrecking to say in the least. A lot of research work has to be done on everything, and then decisions need to be taken accordingly. And this is not only for the first home that one buys brings him such anxiety, every time the person makes a lump sum transaction; there is enough reason to be worried because of the profit and loss calculations.

The real estate market  that stands today can offer one a lot of exciting opportunities, whether that be for an end user buyer or someone who is investing in properties. The decisions have to be well informed; else one might incur losses as much that he could go into debt.

For buying property, one should do the following:

1.   Do your research well and understand your goals:

Having understood that buying a house is a financial goal, one must take this well-informed decision with patience. It is important that one sits to educate himself or herself about the entire scenario, and also determine the cost, expenditures, both before and after the purchase. One needs to have a clear idea as to why and what house one is purchasing, the moment the goals get cleared, the decisions will have more clarity. 

      2.  Contacting a real estate personnel:

This might sound traditional, but so many factors have gotten involved into the business, that at this point, one cannot handle the decision alone. It is always wise to get advice from someone, especially who has been in the business for quite a few years. Studying of the market alone, with its pitfalls and profits can be a very difficult affair because this needs expertise and knowledge. Advice from the experienced never hurt and would be very wise instead. Property hunting, negotiation, transaction, all will be reduced to a game of expertise if one follows advice from the personnel.

       3.   Pre-approved loans:

Once the real estate personnel is contacted,he will guide you about pricing and everything about all brand new residential property, he will naturally advise the customer to apply for a loan much ahead of time. Sometimes banks delay in payment of loans, and this will become a menace if one does not have cash ready way ahead of time. To avoid this disaster, loans need to be sanctioned from ahead of time, and then the plot must be finalized. 

       4.   Browse homes online and offline:

One should remember to browse homes both online and offline along with the real estate personnel. It is important for him to be present when you are visiting the property, this is because you might look at the aesthetic sense, while he will look at the facilities, amenities, and other technicalities involved in the project. One thus can comprehend how important it is to consult a professional to get the best results. 

Do you use a separate LLC for each property?

The commonest question that people ask is that if someone owns multiple properties, is that person supposed to enlist all this under one LLC or should all the properties be classified under different LLCs. The simplest answer to this would be that each property should have been classified under separate sets of Limited Liability Company that owns one property, and is definitely not engaged with other business. This is for increasing the protection over every property owned. A simple example would demonstrate why it is important.

                       

Consider three people, A, B and C who own properties. Each of them holds 3 rental properties. A owned the properties in his name. B held the properties in the name of a single LLC. C held the properties under different LLCs. There was sudden damage in the rental properties owned by each friend. The tenants die. What happens next?

The first friend got sued by the family of the deceased tenant, lost all his savings, and he was blown to dust. The second friend, lost all his equity in the three rental properties, but other assets were still the same. The last friend lost the equity in the single rental apartment where the accident took place; the rest was covered and protected.

 The real estate companies know that keeping a limited liability protection is to eliminate risk that the investor faces, and one still holds on to the property despite the case of a mishap, also the life savings stay intact, and there is minor damage caused to other assets. In short, the investor is secured and covered, and protected from the mishap.

Not putting all eggs in the same basket would be advisable, as if the basket falls, all eggs shatter, which is an act of foolery. Wise people put every property under a different LLC, and overall secure themselves and their family from the risk of loss. If someone clubs all his property under a single LLC, then what takes over is loss of equity from all properties.

One might lose all the properties in the future if the person who is investing is not careful with the procedure of filing the LLC. Also all the income and expenditures come under different set ups, and it is easier and much conducive to the person who is handling the rent and the expenses. The work of book keeping becomes more convenient and there is practically nothing to worry about.If anyone interested to  invest in real estate property then A new Residential property in Joka, Kolkata - Godrej 7 seven properties. 

                          

Another benefit is that in future, if one wants to sell off the property, then it would be much better to sell off the entire LLC. This will prevent the investor from losing money on tax, and It would actually be more profitable as a transaction. 

A good real estate lawyer usually has knowledge of these transactions, and he or she usually guides people well through this. This strategy holds good for 10 properties. But for properties greater than 10, the organization could be messy and uncontrollable. For that, discussions with attorneys usually gives more insight and strategies.   

Are home sales up or down? Is it a good time to buy?

Homes are the biggest investment and purchase that people do in their lifetimes, and they usually falter and make mistakes of great magnitude in this step. A lot of back research needs to be done in this sector, and only then calculated moves should be made. The help of a professional real estate agent is always recommended. For now, the home loan rates have come down, the property prices have more or less coagulated, and the Real estate regulation and development activity has promised to look after the frauds.

Different people have different opinions about this scenario, and the real estate developers, property agents, and the housing finance companies have to say that this is the best time to invest in a home. Although, research of market talks completely differently and has a different take on the matter.

Research and scenario: 

The research states that in about all major cities, the prices of home rose exponentially over the last few years. In Kolkata and Delhi, property prices, on the other hand, have come down after 2014. This is but of course a much-generalized statement, and there is no guarantee that the entire real estate market has seen a fall in prices. This is but of course a trend observed in the market.

While the prices have come down in certain places, a lot of places have seen a steep increase in the rates, making the scenario uncomfortable. Since the last few years, there has been a consistent change in the property trends, and GST and RERA have brought about this change. It is mandatory now for all projects to register under the RERA, and not doing so will lead to criminalization of the builder. Now, RERA will protect the consumers from the unscrupulous builders and help in the overall growth of the property. It will be impossible for the temporary builders to stay in the market because of the new policies that have been introduced: making this year a good year to start off with home investments. Peninsula Heights - A Pre - Launch Residential Project in JP Nagar, Bangalore is waiting for you. Invest now and get early bird offers.

Buyers’ market: 

There has been recently a large amount of supply in the real estate business, along with a drop in consumption, making the situation favorable for the buyers. But this state won’t remain for long if the buyers do not act soon and grab their opportunities fast. Now with the real estate authorities in the market, the builders have to make sure that their project is completed on time, and thus new launches of home have come down by at least 75% in all the major cities, making the supply low. The supply of houses will slowly come down and equate with the demand, making the situation tense and out of control for the buyers.

In the present ecosystem, buyers have a good chance of investing into the property and making the most out of it, since this low a price won’t remain in the market for long. This is when the opportunities need to be grabbed. 

Why Bangalore is famous for Real estate.

All of us get emotionally attached with the city we grow up, educate and where we have spent the most of our life. People who have migrated to Bangalore due to their jobs have slowly started feeling close to the city too. People want to invest in this city as Bangalore the capital city of Karnataka is a very good place to invest in the real estate field. Some reasons why Bangalore is a good place to invest are listed below.

1)  Startups and Entrepreneurship – India has a lot of startups and entrepreneurship. More than 50% of them are in Bangalore. 

S See what the economy of Bangalore has to say - Check this out

    2)  Climate – Bangalore climate is known to be among the best in the world. The amiable weather makes this city a great place to stay. People all over India love Bangalore climate. Anytime of the year be it monsoon, winter or summer the climate is not extreme at all in Bangalore. Everyone enjoys the climate of Bangalore as its just right for all.

    3)   Metropolitan City with Good Nightlife – For all the party freaks Bangalore the Metropolitan city has a good Nightlife and the young crowd enjoys the nightlife of the city. 

    4)  Low cost of living – You don’t have to spend a lot to stay in a city like Bangalore as it’s not a very expensive city when compared to Delhi and Mumbai. Any person doing a normal job can stay a comfortable, happy and contented life in a city like Bangalore. Buying a home in Bangalore is also not a very tough thing like in Delhi and Mumbai. If you are a person looking for a home in this city then Godrej Zest is a beautiful residential  project you might want to invest on. To know more about this project please contact us.

     5)  English – Almost every other person can speak English in this wonderful city. So for a person who has come from outside, it’s not a difficult task to communicate as almost all speak manageable English here.

     6)   Safety – Bangalore is a very safe city when compared to other cities like Mumbai and Delhi. Women also find it safe here and go to late night work as well as they trust the law and order of the city.

      7)   Connectivity – Bangalore city has got excellent connectivity. People can get reach any corner of the city with ease here.

     8) Transport – The Bangalore transport system is one of the best transport systems in India. Reaching any corner of the city is possible because of the wonderful transport system the city has.

     9)   Bangalore Aero Show - The Aero show is organized once every 2 years. People from all over the country come to watch this show. This  show is held at  Yelahanka  Air Force Base.

  10) Job opportunities – Bangalore gives each and every person an opportunity to get a job in this city. There are a lot of companies established here in Bangalore because of which every person gets an opportunity to find a job with ease.

   

   Hope all the above mentioned reasons help you in getting to know Bangalore in a better way and also motivate you to invest in a real estate project too in the city.