After RERA, 1,000 Under-Construction Projects In Bengaluru May Find Takers
The Real Estate (Regulatin & Development) Act, 2016, has come as a good news for both home buyers and developers. While on one hand, home buyers are infused with faith, developers, on the other hand, are happy about them returning to the market. Over past two years, the price points have only seen an upward movement much to the disappointment of home buyers bringing both under-construction and ready-for-possession homes in a competitive price range. Therefore, for a potential buyer willing to save money even on a purchase, properties in various stages of construction looked less alluring than those ready for occupancy because the risk of project delivery was minimal. With RERA around, developers are already working towards a systematic completion of projects. So, the latter half of 2017 may be a good time to shop around for under-construction projects available at a cost advantage.
Your options in Bengaluru
Data by PropTiger.com show that over 1,000 under-construction projects are up for sale in Bengaluru. Areas like Bagepalli, Gauribidanur, Hesaraghatta, Doddaballapur, Kurubarahalli, Nelamanagala Town, Bidadi, Bagalur and Malur have opened up as potential destinations and the price band is anywhere between Rs 3 lakh to Rs 70 lakh.
Apartments in multi-storey housing societies in Kannur on Thanisandra Main Road, Bellandur, KR Puram, Whitefield Hope Farm Junction, Electronic City 1 and Begur score high on buyer's preference meter.
As for appreciation, the city has fared well and despite subdued sales, it has clocked in a price growth of 17.5 per cent over past two and a half years. Capital values stood at Rs 4,000 per sq ft on an average in April 2013 which climbed up to Rs 4,800 per sq ft by February 2017- slow in terms of performance but promising in terms of investment.
Under-construction luxury projects
In times of slow sales and demonetisation, resale and luxury segments usually remained the worst hit. In Bengaluru, the price of under-construction luxury apartments went upto Rs 30 crore. Ashok Nagar, Vasanth Nagar, Sadashiva Nagar, Hebbal, Kodihalli, Richmond Town are some localities that boast such branded residences. Many 3BHK, 4BHK and 5BHK homes in these areas are in the price band of Rs 5 crore and above.
If villas are your pick, you could consider Yelahanka, Whitefield Hope Farm, Bagaluru, Sai Baba Ashram, Sarjapur etc. These areas cater to the young, especially the upper rung of corporate and IT/ITes offices set up in the city. You get to choose from a range of such lifestyle housing options. To boost sales, some developers are open to attractive payment plans too.
New launches
Another 400 projects are soon to be launched or have already been launched in the city. Reputed companies are coming up with multistorey apartments. These include smaller configurations such as 1BHK and 2BHK units as well.
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