Indians are top property buyers in Dubai; invested Rs 42,000-cr in 6 months

Agencies
October 27, 2017

New Delhi, Oct 27: Indians invested  Rs 42,000 crore between January 2016 to June 2017 to buy immovable properties in Dubai, thus becoming biggest foreign property buyers in the Emirates again..

According to the Dubai Land Department, the property purchase has seen an increase of Rs 12,000 crore from 2014.

In yet another report, the Dubai Land Department had last month said that etween December 2015 and June 2017, overseas investors put up as much as 41 billion to purchase property in the Emirates.

Indians topped the list of foreign investors with USD 5.6 billion, followed by Saudis who pumped in USD 3.4 billion.

Sales of properties in Dubai rose rapidly in the years after the market was opened to foreigners in 2002.

Prices soared as investors piled in, but when the global financial crisis hit the debt-laden emirate in 2009, it sent them into free-fall.

A recovery led by tourism, trade and transportation pushed prices up again between 2012 and 2014.

But in 2014, a glut in oil production slapped down the price of crude, hitting the Gulf economies that underpin Dubai's real estate sector.

Prices for homes in Dubai have since dropped by over 15 per cent and rents have fallen even more.

Earlier this month, a report by Knight Frank India and the International Real Estate Expo (IREX)  said that most Indians buy homes abroad for investment purposes followed by the aspiration of having a second home.

Sixty-three percent of the resident Indian buyers preferred compact apartments of less than 1,500 sq ft.

The report said that property overseas became affordable in 2016-17 due to strengthening of the rupee compared to the previous fiscal, when buyers had invested USD 88.4 million.

Approximately 77 percent of the Indian buyers prefer a property that is less than USD 1 million, the report said.

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coastaldigest.com news network
May 31,2020

Bengaluru, May 31: As many as 299 fresh covid-19 cases reported in Karnataka today. Most of them have interstate travel history.

With this total number of covid-19 cases in Karnataka rose to 3221. 

District wise cases: Raichur 83, Yadgir 44, Bidar 33, Kalaburagi 28, Vijayapura 26, Bengaluru Urban 21, Dakshina Kannada 14, Mandya 13, Belagavi 13, Udupi 10, Davangere 6, Uttara Kannada 5, Ballari, Shivamogga, Kolar 1 each.

Two more deaths reported in the state. One of the patients is a 50 year old male from Raichuru district, who returned from Maharashtra. Another is a 75 year old man, a resident of containment zone in Bidar. With this the number of COVID 19 related deaths rose to 51.

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News Network
February 7,2020

Bengaluru, Feb 7: The Bruhat Bengaluru Mahanagara Palike (BBMP) ordered the destruction of a tilted building in the city after evacuating about 150 people from 35 families in the vicinity, an official said on Thursday.

"The top portion of the building has been destroyed 70 per cent today (Thursday). Later, the destruction contractor will allow machines to be used," Bruhat Bengaluru Mahanagara Palike (BBMP) Yelahanka joint commissioner Ashok said.

Located on Vinayaknagar Street in Hebbal's Kempapura, the five-storey building being used as a hostel for boys got tilted on Wednesday morning, spreading panic in the neighbourhood.

Though the tilted building owned by one Rahul, a jeweller, was a sound structure, Ashok said a neighbour, Babu, hired a JCB excavator to dig deep beside the affected structure to build his own structure.

"Babu not only dug very deep but also damaged the foundation pillar of the tilted building, weakening the structure and leading to its slant," said Ashok.

Babu has been booked and arrested even as the police are on the look-out for the JCB owner and operator.

The titled building erected five floors unauthorisedly and falls into the B Khata category. It was constructed without the civic body's plan, said Ashok. 

A Khata and B Khata denote the two types of khatas that exist under BBMP. Khata is a document which shows a property owner having an account with the municipality to pay taxes. An A Khata denotes that the building owner has paid relevant property taxes and that the building conforms to building bylaws and government rules. A B Khata denotes that the building is in violation of government regulations regarding properties in Bengaluru, even when the civic charges for the property have been cleared by the owner.

"As per procedure, we issue notice, but such constructions are rampant in the city. Under the BBMP jurisdiction, there are 15 lakh B Khata structures," said Ashok.

For all B Khata sites, the civic body does not give any plan and there is no proper control on them, he said.

Ashok said the case to regularise the B Khata buildings to A Khata buildings is currently pending in the Supreme Court.

Luckily, no injury or loss of life has been reported from the tilted building.

The civic body arranged alternative accommodation for the affected families, but most of them chose to stay with their relatives, said Ashok.

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News Network
March 8,2020

Bengaluru, Mar 8: The Indian Council of Medical Research (ICMR) has identified three more locations to open Viral Research Diagnostic Laboratories (VRDL) including in Mysuru, Hassan, and Shivamogga in Karnataka.

According to a statement issued here on Sunday, these laboratories will start functioning shortly in Mysuru Medical College and Research Institute, Hassan Institute of Medical Sciences, and Shivamogga Institute of Medical Sciences. Besides, the ICMR has also identified sample collection centres in Vijayanagar Institute of Medical Science in Ballari and Kalaburgi Institute of Medical Sciences.

B G Prakash, State Joint Director (Communicable Diseases), said that the new Laboratories will help to ease the load on the two designated laboratories in Bengaluru. Currently, the virology laboratory in Bangalore Medical College and Research Institute and the NIV branch in Rajiv Gandhi Institute of Chest Diseases are doing COVID-19 tests in Karnataka.

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