Some exciting facts on how some of the places in Silicon valley of India derived its names.
HSR- Derived its name from Hosur road and Sarjapur that connects the layout
Domlur- Said to originate from the ancient word Tombalur inscribed on the walls of Chokkanathaswamy Temple.
Nagarbhavi- Means ‘well of snakes’ in local language and this area
apparently had lot of snakes and thus deriving its name from it.
BTM- A simple abbreviation of the three words Byrasandra, Thavarekere and Madiwala that are accessible from this area.
Banashankhri- Owes its name to the stunning Banashankari Amma Temple on Kanakapura Road which also happens to be one of the oldest temples in Bangalore.
Sadashivnagar was renamed in the honour of freedom fighter and philanthropist Karnad Sadashiva Rao.
Basavanagudi is named after the bull temple located within the area. Basava in local language means Bull and Gudi means temple!
Rajajinagar is righteously named from C. Rajgopalchari who was a prominent freedom fighter He was fondly called Rajaji which gave the area its name.
Arekere has its origins in the Kannada language where Are means half and Kere means lake owing to the water reservoir located in the area.
Marathalli- Halli in local language means "village", Though many stories surround the derivation of the name.
There are some who claim the word Maratha originates from Maruti (Hanuman) temple located here in ancient era.
Other tales say that the word originated from the Maratha community.
There are also claims that the word originated from the fighter aircraft called 'Marut' that crashed here.
Exciting reform in Real estate sector- Non resident investors relieved of higher TDS
Sigh of relief for the Non-resident investors as they do not have to face higher tax deduction at source if they do not have a Permanent Account number (PAN)
The norms have been eased by the income tax department for such investors who will not be subjected to a higher rate of 20% tax deduction at source or TDS on their interest earnings, royalty or technical fee if they furnish some personal details such as e-mail and contact number, residential address and tax residency certificate from their home country.
If the country does not provide tax residency certificate
In this case, the investor can provide tax identification number or any other unique identification number issued by the country of residence/home country.
Want to get rid of higher TDS and do not have a PAN? Do not worry!
Get your documents ready.
In a previous post we had discussed the need to Regulate Real Estate in India. We are happy to see this slowly becoming a reality. There were several points of contention in the Real Estate bill, first proposed in 2013, and the Union cabinet has announced various amendments. Highlights below:
We now await for the bill to be passed in the Parliament.
There is a Draft Model Tenancy Act in the works that replaces the archaic Rent Control Act. This is called a Draft as Land is a subject of the states, and hence it is left to the states to accept this "draft".
The objective of this Act is to make tenancy laws more transparent, so owners are more comfortable with letting out their premises, without worrying about a tenant who will not vacate.
Below are the salient features of this Act:
1. Whereas the Rent Control Act was only relevant to agreements with a tenancy period of at least 12 months, this Act is applicable on tenancy agreements of shorter duration as well. Hence, there is now no longer an advantage to sign "11 month" agreements.
2. All tenancy agreements (including ones already executed and currently in effect) must be informed to the newly appointed Rent Authority in the respective area, in a specified format.
3. If the tenancy agreement is not renewed before the termination date, then it will be auto-renewed at the same terms and conditions, for a maximum of 6 months only.
4. On renewal, the rent will be revised as per the escalation mentioned in the Tenant agreement. If the landlord wishes to revise the rent at a higher rate, then the same must be informed to the tenant at least 3 months before termination.
5. If the tenant does not serve notice before termination on receipt of an intimation by the landlord or property manager about the escalated rent, then it is assumed that he has accepted the same.
6. The security deposit shall not exceed more than 3 months, unless specifically called out in the agreement. It shall be refunded to the tenant within one month of hand over of the vacant premises.
7. The roles and responsibilities of a "Property Manager" have been defined.
8. In case the tenant fails to vacate, and the landlord wishes to possess the promises for his own use, the landlord shall be entitled to obtain possession thereof within one month in case of residential premises and two months in case of non-residential premises.
These are just a few of the important highlights. You can find the complete Act here:
We will also discuss the implications of some of these clauses. Watch this space for more!
As this Economic Times article, most correctly points out, most landlords in the city of Bangalore prefer Expats and/or MNCs as tenants. Their primary motivation resting on the premise that the expats and MNCs will not overstay and will maintain their property well.
Unfortunately for the landlords, there aren't nearly enough Expats or MNCs looking for housing to fill up the absolutely oversupplied market in the city of Bangalore, and several other metros as well. Fortunately for them, however, the startup ecosystem has a solution! Many landlords these days are turning to property management companies.
How do these companies help, you ask? Firstly, they standardize almost everything - the rental terms, the fittings and fixtures, the inventory checks and inspections, exit checks, so there is little room for negotiation. The tenants are very clear on what their responsibilities are, and in what condition the house is expected to be returned and when. Moreover, these firms do stringent background checks of every tenant placed. They normally also have a huge database of vendors and are able to get quality work done at reasonable rates.
While the property management ecosystem is very well developed in the west, it is just about mushrooming in India. While property management solutions are very sought after by the NRI community, even local busy landlords are becoming more open to such alternate solutions.
Anyone want a BMW for FREE?? Yes, you heard that right. Developers are now offering beemers for free?! What next, we wonder, staring out of our modest office window, and wondering when this backlog will ever clear. Or will it? If NaMo's 100 smart cities plan is to succeed (and gosh I hope it does - I don't want to be stuck in traffic jams in over croweded cities anymore), then perhaps these homes may lie abandoned for a long long time...
According to the article below, "analysts estimate unsold inventory held by a group of leading Mumbai developers alone now stands at some 534 billion rupees ($8.5 billion) - with an additional 368 billion rupees of project launches in the pipeline. " Wow!
Read more at:
India's Property Hangover
The more you think you know about it, the more it surprises you! Is this is the correct manner to portray Bangalore or Bengaluru? A long time ago, it was known to be the 'pensioners’ heaven; Bangalore has gradually shed the image of being merely a vacation destination and has evolved as a full-fledged silicon city of India.
Moreover, multi-national firms operating in different industries have stationed their branches and many other firms are eyeing the city for the same. This has not only given a boost to the degree of industrialization here but has also led to an expat revolution in the city.
“One of the growing and coolest Indian cities”; the tag is definitely not a hyperbole. Here are top 6 reasons:
1. A Place To Be; Cheap Living & Manageable Cost of Living
One of the most flocked metropolitan cities in India, the lifestyle in Bangalore and the infrastructural makeovers have offered the city an invincible stature. Bangalore is a city that witnesses expat activity on a huge basis and if you are one of the migrants then you can expect a warm welcome here.
If you are here for work and are planning to settle down; Bangalore is a place to be. The residential spaces here are relatively cheaper and cater to people with varied budget levels. There are apartments, serviced flats and 2-3 BHK homes in Bangalore that are luxurious yet affordable.
2. The Climate
Most of the people fall in love with the city just because of its climate. Bangalore is known to have a moderate climate owing to its nearness to plains as well as the costal parts of India, both. It is one of the main reasons behind people migrating from other states to the city. The weather of Bangalore is always been a key attraction for the people. The morning is bright and sunny and the nights are cooler offering you a pleasant stay. Another best aspect is that you will never have to experience humid days of your life here. The relative climate similarity to America’s Silicon Valley, may not just be co-incidental.
3. An Amalgamation of the New & Traditional
Bangalore blends together the element of traditional and modern lifestyle and value at the same time. There are places like MG road, Brigade road and Commercial Street, where the youth can go and enjoy shopping and socializing.
Then on the other end, there are places like Malleshwaram, which is replete with historical and ancient marvels. If you are religious then these places are the perfect option for you. If you are planning to visit the city then be assured, Bangalore is going to give you a kaleidoscopic living.
4. Powerful Economy
Bangalore is one of the top Indian cities to experience high migration rate and expats coming in not only from India but also from different cities. The economy of Bangalore is flourishing and contributes hugely to the overall Indian fiscal scenario. The best part about the economy of the city is that the central government invests heavily into the private sector that is spurring growth in the IT and manufacturing industries.
This has created a rippling employment market that attracts expats from all over the country.
Moreover, Bangalore is also known for its aviation domain and aerospace industry. The successful industries here and a lot of foreign direct investment have created a breeding ground for entrepreneurs who are looking out for opportunities here.
5. Excellent Places to Dine and Lounge
While spending a life here in Bangalore, one may feel attracted towards the flamboyant lifestyle here and why not, the city has everything to satiate your wish list.
The pubs and the cafes around regions, such as Vittal Mallya Road, Lavelle Road, Indiranagar, etc can be the best option for people seeking to spend a perfect evening. People and especially the young crowd here like to drink, eat and party and the city has lot to offer here. Moreover, the earlier prohibit on discos and their timings have been revised and the weekend deadline of 1 am has given the young people, a reason to rejoice and party hard.
6. A Cool Place for the ‘Hip Youth’
Bangalore’s young troop is the most progressive in the nation and it is visible over there. A hip and trendy young individual is recognized by the thought process, career and inclination towards leading a modern lifestyle. The young Bangaloreans are fiery, career-oriented and love life. If you are a young migrant who is planning to start a life in a new city then Bangalore can be the deal of your life.
There are other contenders in the list, but when it comes to living a good life in a metropolitan city then Bangalore can be the best option for you. Moreover, if you are a female expat here then be assured that life will be much easier compared to various other parts of the country. Owing to high migration rate, Bangalore has plenty of housing options that are affordable yet modern and trendy.
Not only this, you can expect a good job and a better salary than your last drawn as the city stands high on industrial and economic success.
Read on to learn where these famous localities derived their names from!
Halli in Kannada means village. A fighter aircraft named Marut had an accident in this area; So the area is called Marathahalli.
BTM Layout (an abbreviation of Bannerghatta, Tavarekere and Madivala Layout)
Malleswaram, located in the north-west of Bangalore, derives its name from the famous Kaadu Malleshwara temple.
Hosur Sarjapur Road Layout (popularly known as HSR Layout) is a relatively new suburb located to the south-east of Bangalore, India. The layout, which is built on land reclaimed from the Agara lake, is located between Hosur Road and Sarjapur Road.
Are in Kannada means half. Kere in Kannada means a water reservoir or pond. The origin of the name "Arekere" comes comes from a water reservoir which is in the area.
Banashankari is a neighborhood in South Bengaluru. It gets its name from the Banashankari Amma Temple on Kanakapura Road, one of Bengaluru's oldest and most famous temples, which was constructed by Subramanya Shetty in 1915.
The name "Basavanagudi" refers to the Bull Temple that is located here. It is a monolith statue of the Nandi Bull. Basava in Kannada, the local language, means Bull and Gudi means temple. Hence, the name Basavanagudi
It is named after poet-king Basaveshwara. Basaveshwaranagar is also known to have a 100 year old tree "The Big Banyan Tree - Dodda Aalada Mara" which was a home for hundreds of monkeys now a known public park in the vicinity.
Domlur is a small township located in the eastern part of Bangalore city in India. Earlier it was known as Bhagat Singh Nagar, but for some unknown reasons, it is better known as Domlur. There is a debate over the exact meaning of Domlur. From what can be deciphered from old people living in the area, Domlur is a word derived from Tombalur, a kind of flower which is used to worship Lord Shiva. This is further supported by the inscriptions found in Chokkanathaswamy temple in Domlur, which is believed to be constructed by Cholas
Electronics City is an electronics industrial park spread over 332 acres (1.3 km) in Konappana Agrahara and Doddathogur villages, just outside Bangalore, India. It houses more than a hundred industries, including IT industry leaders such as Wipro,Hewlett-Packard, Motorola, Infosys, CGI, Siemens, ITI,Satyam etc. The area is maintained by Keonics, which provides all the necessary infrastructure.
Halasuru formerly known as Ulsoor, is one of the oldest neighbourhoods in the Indian city of Bangalore. It has a predominant Tamil speaking population and is renowned for its numerous temples and rather narrow streets.
Once indicative of the North endpoint of the city. Though originally famous for Hebbal Lake, it is now better known for the serpentine maze of flyovers The flyover spanning a length of 6.25 kilometres over all the loops combined, is the longest flyover in India.The lake is well known for the park, the boating facility and for the bird watching opportunities.
Jayanagar means - literally - "Victory City". Jayanagar was traditionally regarded as the southern end of Bangalore. The "South End Circle", wherein six roads from different areas meet, and the historic Ashoka Pillar (which was to mark the southern end of the city) bear this fact. While newer extensions have taken away this distinction from Jayanagar, it still remains one of the more southern parts of the city.
J P Nagar
The Jayaprakash Narayan Nagar ( JP Nagar ) was basically a residential area. J P Nagar is home to many prominent singers, actors and artists. Famous residents of this locality include Kannada Superstar actor and politician Ambareesh, playwright and actor Girish Karnad, former Karnataka chief minister H.D. Kumaraswamy and actress Tara.
Originally, the area was reserved for employees of LIC (Jeevan Bheema)and KPWD. Therefore the area predominantly consists of LIC quarters (types L,M,N,P) and KPWD quarters (types A,D).
In it flows the river vrishbhavati which carries the entire sewage of bangalore in it making kengeri somewhat smelly but there is a need to manage sewage treatment properly in the Indian state of Karnataka.
Koramangala was not too long ago, a sought after residential locality with its wide boulevards and posh bungalows. The crime rate has increased considerably over the past few years. Though the civic authorities are trying hard to cope with the unprecedented stress of improvising the infrastructure, a lot needs to be done.
Rajajinagar got its name from Rajaji the great freedom fighter from Southern part of India. It has many schools and colleges that gives the best coaching. It boasts of having the highest number of bar and restaurants in Bangalore.
Rajarajeshwari Nagar received its name from the famous Rajarajeshwari Nagar temple that is located just over one kilometer from the arch.
Sadashivanagar is arguably the most elite and expensive neighborhood in Bangalore, India, and is fashionable among politicians, movie stars, and most of the city's millionaires who can afford homes there. As the "Beverly Hills of Bangalore," having an address in Sadashivanagar connotes a high level of prestige, success, and/or fame. Famous residents of this locality include Kannada Superstar-late Dr.RAJKUMAR-ANNAVARU, Former Chief Minister SM KRISHNA,
Thyagarajanagar is one of the oldest localities in Bangalore. It is part of Basavanagudi in South Bangalore. This area is home to several religious temples and is the only area where you can find religious songs hitting the charts everyday.
It derives its name from the Vijayanagara empire that flourished in south India during 15th and 16th centuries.Vijayanagar East is popularly known as RPC Layout (Railway Parallel Colony Layout), since this layout is along the railway track. It has been recently renamed as Hampi Nagar. Hampi was the capital of the Vijayanagar Empire. Vijayanagar also houses a large Public Library, which is one of the largest in Karnataka.
Nagarbhavi means literally "a well of snakes". The name is due to the high number of snakes present in the area. Also, some believe that it is called a "well" because of the surrounding hillocks that are no longer present due to urbanization. Nagarbhavi is located between Mysore road and Magadi road.
Until the late 1980s, Whitefield was a small village which was a retirement colony for Anglo-Indians. It remains a legacy of the British rule in India.
And if Paid by today, you get a 5% rebate.
Some important Dates:
The simplest method is to pay online, if you have your PID number or Application ID. The link to pay is:
If you don't have your new PID number, you can get it here:
Here is also a list of banks where you can pay your taxes over the counter:
For other important & interesting updates:
There are various types of companies and models that exist in the property management space. As the market is far older and more mature in the western countries, let's first discuss the models that exist there:
1. Multi-unit buildings - There are large property management companies that manage the rental units in large apartment buildings. They have an office in the premises, and all rentals for any apartment in that Complex are managed by them. They operate by taking a percentage of the rent (usually 10-15%), and also run the maintenance department in the building. They are responsible for rent collection from the tenant, and pay the rent to the respective owners.
2. Single Family homes - In addition to managing large buildings, property management companies also manage single unit homes. Usually some companies will specialize in this space. The business model is the same, and they operate by taking a percentage of the rent when the property is occupied. More often that not, they also charge a fee for placing a new tenant, every time there is a tenant change.
3. Vacant house & land monitoring - In this case, the mandate of the company is to monitor the house or the land, and report status back to the owner. Instead of a percentage of rent, these companies charge a fixed monthly or annual fee.
4. Serviced apartment management - several property management companies specialize in running units as service apartments. They take furnished apartments from property owners, market the properties, take care of all operations, and share the revenue with the owner, with a majority going to the property manager.
5. Guaranteed Rental - In this case, the property management company will lease out a property from the owner, and pay rent irrespective of whether the property is occupied or not. This model usually works for smaller units in a very hot location that are easy to rent.
6. Brokerage firms who manage a few homes as a side business - these are mostly mom and pop shops, who also manage a few homes for their clients. However, it's not something they specialize in or focus on, or only a small percentage of their income comes from Property Management.
7. Facility Management - This is yet another kind of model where the company manages the common facilities and amenities in a large apartment unit, such as the maintenance department, the pool, the gym, the cleaning staff, etc. They usually get a fixed monthly fee for managing the services. They do not manage the units within the apartment complex.
8. Commercial property management - This is very similar to the service apartment model, where property managers will convert the property into a retail unit or a plug and play office by furnishing it, and share revenues with the owner.
In India, Property Management is still in it's nascent stage. It's more focused on absentee owners who don't live in the same city as the property. While several of the models above do exist in India, it is still a young market and the companies in this space are innovating constantly to fill in the gaps that exist.