Bangalore is the city, where people are willing to invest that extra bit of penny, in return of a good real estate unit, be it a villa or apartment. This leaves plenty of room for innovation and expansion, in terms of new project offerings. Therefore, builders and developers in Bangalore city are trying relentlessly, to outsmart one another with better quality project at lesser price level. Developers in Bangalore are coming out with projects, which are attracting not only local customers but also foreigners, who are willing to invest in India. This is resulting into some world class project being offered, at attractive pricing. With the help of current government, policy level changes are also making it conducive for launching new projects.
The 740 sq km city is divided into five zones, each offering good connectivity and world class infrastructure. Due to its higher elevation Bangalore, enjoys a soothing climate all the year round, with minimum temperature hovering around an average of 18 degree. These geographic factors have long led to the exponential growth of real estate. The young working-class people from around the country, had thus made the city the choice of their new home. However, before choosing any project, one must carry out a profile scan of the builder, like the projects delivered on time, pending litigation if any and of course their transparent land acquisition procedures. The entire city has seen tremendous growth rates to the tune of 28% in some areas. There has been a steady rise of rental income at 5% annually.
Throughout the city property prices vary, according to infrastructure and locality. Some localities like Rajaji Nagar, is extremely upscale and clocks average square feet rate of over 11000/-. While then there are some moderately high localities like Koramangala, where the prices has touched 5800/- per sq ft. Then the ultra-rich apartments in Ashok Nagar comes with a price tag of 23000/- per sq ft. These apartments are one of a kind, and suited for business class people, who are willing to go that extra mile for supreme comfort living in a voice command controlled smart home. Independent research rightly points out the liveability quotient in these neighbourhoods, which hovers around 9.5 out of 10, which is pretty high standard.
Developers get encouraged by these positive market sentiments, and launch new projects with the best of pricing. There are developers in Bangalore who are willing to offer villas at an astonishing price of 50-60 lakhs, which includes the price of the land, and no other hidden cost. Policy level changes has pointed out that 2018 is favourable for real estate deals, with the introduction of RERA (real estate regulatory bill), which had made the so called “good weather developers”, disappear, living behind only the authentic and systematic developers. Since the introduction of RERA, developers cannot use the money for one project to some other project, which has given boost to consumer confidence.
With demand picking up once again, it is advised to invest in projects quickly, to avail early bird offers. Even the home loan interest rates are cooling off, which is a confidence booster for the home buyers. Home buyers must also, enquire to the builder about the DTCP approval, which means that Directorate of Town & Country Planning has approved the parcel of land for the purpose of residential project and no litigation is associated with the said land whatsoever. For the developers and builders, the 1st quarter of 2018 has been promising, with demand picking up in South Bangalore. There has been a shift in the focus, on completion of the project, along with new launch which is to the tune of 92% in Bangalore.