New Developments That Will Change Bengaluru Realty

Besides the launch of the Karnataka Real Estate Regulatory Authority (RERA) portal, what else is happening in the property market? Here's a quick look:

Opposition against reduced FAR limits

The state government has lowered the floor area ratio (FAR) limits. So, property owners would be required to buy added FAR from the local civic body. Understandably so, the proposal did not go down well with Bangaloreans, especially those real estate developers and active citizen groups who claim this would only push prices up.

Building the China way

A China-based construction company finalised a $300-million joint venture with Golden Gate Properties to undertake residential projects in the city. The locations shortlisted are Yeshwantpur, Whitefield and Sarjapur. The venture is expected to pump more money in the market, relieving co-promoters from much of the cash crunch and insecurity in the aftermath of demonetisation and impact of the Goods and Services Tax (GST).

Lakes pass on to irrigation department

The beautiful lakes of Bengaluru may have been adding to its charms as a result of which buyers loved having a property close to lakes. This may soon be a thing of past. Polluted lakes throwing up chemicals and froth have done much damage to the lakes' attractive. Latest reports claim that the Bruhat Bengaluru Mahanagara Palike (BBMP) may need to return the budget allocated to it (Rs 79 crore) and pass it to the Minor Irrigation Department (MID). The MID has now been vested with the responsibility of the upkeep and development of 167 lakes.

Hail heritage

Local planning authorities may introduce ways to control building and developments regulations in heritage vicinities. A proposal to introduce 'Areas of Special Control' in the masterplan has been put forward. The Common Zoning Regulation (CZR) bears that prior a No-Objection Certificate should be sought before building within 300 metres radius of any heritage site demarcated by the archaeological department. Moreover, structures exceeding two floors will not be allowed.

This has been done to preserve the heritage sites and monuments. As a startling revelation, reports claim, while there were 823 identified heritage sites in 1985, it is down to 350 currently in Bengaluru.

The Metro high

The Metro's Green Line covering 42.30 km of Bengaluru's frequented areas is indeed a blessing and was launched recently. The state government and authorities are working on an FAR policy suited for commercial and residential real estate within 200 metres of the Metro route. Guidance values could also be hiked, too.

Growth and real estate pick up is expected in areas such as Jalahalli, Peenya, Yeshwantpur, Rajajinagar, Sampige Road, Krishna Rajendra Market, South End Circle, Jayanagar, Banashankari, JP Nagar and Puttenahalli, say industry insiders.

Also read: How Much Do Indian Metros Spend On Rents, Dates, Holidays And Transport?