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BANGALORE PROPERTY
Building Trust & Confidence
Golf Property in the city is finally getting the attention it deserves. With more and more people showing a keen interest, developers are willing to go the extra mile to provide for a golfing experience. Philip D Anthony checks out the up and coming golf villages in Bangalore & Mysore. Presenting also a ready reckoner on all the golf properties, prices and amenties - to help you make the right choices

Property & Investment Showcase Malaysia: April 21-22 See Page # 9 for more details

APRIL 2012

CHOICES GALORE FOR THE RESIDENT GOLFER

Volume 1 Issue 2 Rs.10

A MODEST BUDGET
The response to the 2012/13 Union budget for real estate sector has been rather mixed as demerits outweigh inbuilt merits, says V Nagarajan. The Union Budget for 2012-13 is mixed at best. Though a number of anticipated measures have not found a place, one significant development is the boost given to the affordable housing sector. Further there has been a perceptible shift in trend in lateral thinking on the part of the finance minister to encourage entrepreneurship development in the country. For the first time, sale of residential property will be exempt from capital gains tax if they are invested in equity or equipment of an SME. Earlier, the only option for exemption was to purchase another property or invest in tax saving bonds. Now it is available to a person who holds at least 50% of the equity in the company under section 54GB. Yet another stipulation is that it has to be utilised for purchase of new equipment. On the flip side, industry analysts feel, this move could also result in a lowering of sales volumes in the secondary market. The extension of the 1% interest (Continued on Page 2)

Clover Greens, started by a group of technocrats has already created a buzz in the IT corridor for its golf course, considering that these are not real estate professionals. The promoters too are offering property buying options in the project on the anvil is the Indus Sports City which is coming up near Mallur, beyond Whitefield adjacent to Fire Luxurs sprawling Empyrean township of 212 acres. With membership to the only golf course in Mysore now closed, the golfers here have reason to cheer because of Eagleburg and also because of Skytop Golf Village being set up by Skytop Builders. Second homes and holiday homes today are more of a necessity than a luxury. And more and more people are realising this and bookings at the just announced golf villages is mirror to the demand that exists in the city. While Eagleton has announced another phase of development at its current location with another 100 or more plots for offer, it is the new project from Prestige that is making people sit up and do the calculations. Prestiges Golfshire is unique and is set to change the golfing experience in the region with a tie-up with Troon Golf. Placed near to the International Airport and Nandi Hills, it offers immense potential to real golf enthusiasts and also as a very viable investment option. Among the many golf properties it has the highest priced properties starting at Rs 5.5 crore. In the following pages we give you a breakdown of the costing of each of (Continued on Page # 6)

ooking to buy property with a golf course around it Now you need not wait too long. There are quite a few projects that have come up or coming up in and around Bangalore as well as Mysore. Eagleton Golf Village started the trend some years back and basking in its success the group has decided to launch another golf village, this time in Mysore. The project titled Eagleburg is coming up in Bannur Road in around 480 acres of land. It is a coincidence that the feathered bird seems to have a relation with another golf course. This one comes from the Prestige Group and is called Golfshire, located at Nandi Hills Road near Devanahalli. For the avid golfers in the city, it is a matter of convenience that four courses (apart from KGA and BGC) are placed in four different locations giving each region easy access. Eagleton is located near Bidadi on Mysore Road, Golfshire is located in the north at Devanahalli and Clover Greens is located in the south, at Sarjapur-Attibele Road (though actually enclosed in the state of Tamil Nadu!). Then there is Confident Groups Champion Reef Golf Village located near Kolar which already has a 9-hole course almost ready to tee off. Another golf course

QUOTE/UNQUOTE Pranab Datta, VC & MD, Knight Frank India

Overall this budget does not have much to look forward to. With reference to the real estate sector, there is an absence of any intent to address the issues concerning the sector. High property prices and low demand coupled with tight lending scenario has further postponed the ambition of owning a house. Amongst other challenges for the sector, unprecedented rise in urbanization is a challenge as well as an opportunity; however, the lack of road map will prolong the problems of the urban centers. Having said that, the residential segment has got some attention in terms of fund allocation to rural housing and ECB window for affordable housing projects. Higher allocation for infrastructure and rural oriented scheme should have a positive cascading effect on the economy. Thankfully, residential leases have been kept out of the ambit of service tax.