Buying house? Check data bank

Buying house? Check data bank
Anil Kumar M | TNN

Bangalore: Want to know the exact price of a property you wish to buy? Want to know if the selected property is free from all litigations? Want to know if the developer is credible enough to invest huge amount of money?
The stamps and registration department has an answer for all these queries. The department has asked the government to establish — “Bangalore developers, builders and house owners repository’’ — on a public-private-partnership model.
This repository (data bank) will collate all declared information by a particular developer, builder or a house owner. And the same will be passed on to the prospective buyer. The move is to bring transparency in the booming real estate.
“The repository will contain the location and cost of the project; promoter and the credibility of the project. Normally, the price of a flat, an individual house or the apartment is quoted more than the market value. To bring in some kind of transparency and to facilitate smooth transaction between buyer and a developer an effort to establish a repository is undertaken,’’ sources explained.
Upon clicking the mouse, the web base of the developer and builder, project title, locality of the project among other things can be accessed. Thereupon details like the cost, project’s distance from the heart of the city and benefits extended by the promoters can also be accessed by the prospective buyer.
For this, builders’ association would be asked to register details in government-hosted website or in a book format. “In addition, you can post property for sale and requirement rent in the repository. We are planning to add latest property news, rates and trends, legal advice in the information data base,’’ sources maintained. INFO ON DEMAND
l The data bank will collate declared information by a builder or house owner. l Prospective property buyer will get access to this information l Aim of such a bank is bring in transparency in land dealings Property data bank move welcomed
Bangalore: One of the reasons for the government to go in for the property data bank is the changes in the FDI policy on housing and construction developments. “Foreign majors have already committed huge investments through public-private partnerships with Indian developers through joint ventures,’’ sources added.
With a view to catalysing investment in townships, housing, built-up infrastructure and construction development projects as an instrument to generate economic activity, the Centre has allowed FDI up to 100% under the automatic route in townships, housing, built-up infrastructure and construction development projects.
Welcoming the proposal, Farook Mahmood, MD of Silverline Reality, said: “It is an excellent move by the government. A step in the right direction. However, the move should be free from all bureaucratic hurdles and aim at keeping prospective buyers in mind.’’
To avoid complications in chalking out detailed programme and implementing the scheme, the department has suggested to the government to constitute a committee comprising revenue secretary, finance secretary, urban development secretary, BBMP commissioner, BDA commissioner, apartment developers association, land developers association, inspector general of stamps and registration and bank representatives.