The huge real estate in Bangalore has made it one of the favorite hot spot residential destinations of today. Because of the growing market trends and migration of various working executives eyeing for jobs, real estate agencies in Bangalore have an important role to play. Bangalore residential property has become a hot spot for real estate investment because of the increase in the number of IT, ITES and manufacturing industries that have set up offices in Bangalore. The increase in the earning capacity of families and individuals is another reason for the rising demand for apartments in Bangalore.
There are various players in the real estate field playing their part as developers, constructors and builders in Bangalore. Top builders in India has cashed in with a new coinage called “affordable housing”. These firms are now coming up with affordable housing projects in and around different regions of Bangalore providing affordable residential services.
The ‘Affordable Homes’ project that has witnessed a spurt in Bangalore offers all the modern lifestyle amenities. It has turned out to be lucrative investment for the people.
JP Nagar, Whitefield, Sarjapur Road, Bannerghatta Road and Hosur Road in South Bangalore saw a surge in real estate development. Now it is the turn of Hebbal, Yelahanka and the areas towards the Bangalore International Airport, all in North Bangalore, that are playing host to the next phase of growth.
Farmers too reap benefits of real estate. Farmers, too, started converting their fields into 30 ft x 40 ft sites and selling them to Bangaloreans, who find the prices very attractive. Proximity to residential neighbourhoods and affordable rental properties in Bangalore are some of the factors attracting working professionals to invest in Bangalore property.
Though a revision in land guidance values is yet to take effect, Bangalore property prices have already started moving up in some areas.
As IT/ITeS firms are back on the growth track, companies are going full throttle on their hiring plans. Post-slowdown, the market witnessed a correction in residential space. Rentals have gone up by 15-20% at Marathalli, Sarjapur, Whitefield and Outer Ring Road compared to last year.The recovery was felt in luxury and mid-sized apartments, lending itself to a moderate increase in rentals.
The city’s rental graph has moved up in traditional IT hubs like South and East Bangalore too. Residential layouts in Koramangala, Hosur Road, Bannerghatta Road, Sarjapur Road, Jayanagar, J P Nagar and Banashankari have witnessed 10 to 15% jump. A similar trend is seen in pockets of East Bangalore, including parts of Indiranagar, Airport Road, Fraser Town, Cooke Town, Lingarajapuram, Marathalli, HRBR Layout, Banaswadi, Old Madras Road, K R Puram, Brookefields, Hoodi and Whitefield.
Rentals in pockets of North Bangalore have also moved up. Newer developments, especially gated communities, have witnessed an increase in capital values.Rentals in high – end apartments like Epsilon, Palm Meadows, Prestige Bougainvilla and others have seen a revision.
Bangalore also known as Bengaluru is the capital of the Indian state of Karnataka. Bangalore is one of the most rapidly growing areas of India and Real estate in Bangalore is witnessing astounding success. As a result, builders and real estate developers are continuously exploring new areas and conceiving plans to improve residential scenario for the growing population. Rent House in Bangalore is flourishing at breathtaking pace and hence buy property for renting in Bangalore is a good investment.
Many consider real estate as an investment option and also due to the demand for residential property in the city. Property owners and prospective buyers are investing in second home or new property for earning money thorough rental business. Rent House in Bangalore is one of the most successful and easiest business where property owners can make money without taking any risk. The demand for Bangalore property is rising day by day and demand is high for residential properties in some of the popular areas in Bangalore like Koramangala, Indira Nagar, Sarjapur,Whitefiled,Bannargatta and BTM Layout.
There has been a rise in the property value of apartments in the most desirable neighborhoods in south eastern, eastern and northern Bangalore by more than 25% in the recent times. The demand for rental house in Bangalore continues to rise as there is rise in the employment opportunities in the city. Today, the real estate is considered as an ideal investment option. The supply of valuable accommodation and land to develop infrastructure is diminishing. This led to drastic rise in the rental and sale value for well located properties in the city in the recent times.
Prestige group brings its new super luxury Residential Project- Prestige White Meadows in Whitefield. Prestige White Meadows is an exclusive community offering exclusive ultra luxury homes. Prestige White Meadows comprises 214 Sky Villas in four high rise towers of upto 27 floors and 66 independent Bungalows set in scenic grounds.
Prestige White Meadows in Whitefield offers exclusive ultra luxury homes for the very upper crust. The architectural design exploits the topography and scenic potential of the site locating the towers on the periphery and the independent bungalows on the inner side.
Prestige White Meadows is situated on a gentle hillock in Whitefield,Bangalore’s much sought after suburb. The Independent Bungalows are situated on stepped terraces defining the gradual activity of Prestige White Meadows with areas ranging from 5576 5ft. – 6219 5ft. The Independent Bungalows are 3 storied edifices set in scenic streetscapes.
The high rise towers are located on the flatter terrain along its periphery.The Residential Towers offer a choice of Single Level Units, Duplex, Triplex and Penthouses with areas ranging between 6652 – 12066 Sft. Prestige White Meadows also pampers its residents with a fully accoutered clubhouse, which comes with every amenity that is de rigueur with a lifestyle of consummate luxury.
Altogether painting a picture of a blissfully luxurious neighborhood that reposes in unquestioned majesty. Homes are designed as ‘Villas in the Sky’, thus marrying the twin benefits of undisturbed privacy and high rise splendor. The landscape at Prestige White Meadows is dense and lush with a variety of foliage including shade trees, all serving to cool the air and keep it pristine.
The BBMP has decided to re-launch its drive against building violations and reissued a circular to the engineers concerned of its Town Planning Department to crack the whip against such violations.
The circular reiterates that the officials should take action against buildings which have been constructed in violation of the approved plan.The Mahanagara Palike has asked ward-level engineers to carry out regular inspections and those at Town Planning Division to send the approved plans to sub-divisions within seven days.
In a release, the Palike has asserted that they would continue the drive and have directed officials concerned in the Department of Town Planning and other departments to pursue the same.
Home buyers can now avail only 80 per cent of the value of a house as home loan, when they buy their dream house.This comes after the RBI introduced a ceiling on “loan to value” ratio for home loans. The RBI has also clamped down on teaser home loan rates.
The central bank has said that theloan to value ratio for home loans cannot exceed 80 per cent. The Home buyers will have to pay the 20 per cent of the value of a house as housing loan from their own pocket. The RBI has also said that teaser rate loans present higher risk to banks. The RBI has increased the standard asset provisioning on teaser loans to 2 per cent from 0.4 per cent.
The Reserve Bank of India has sounded a cautious note as far as property prices are concerned. The RBI had noted that residential property prices have been rising in most cities, especially in Delhi and Bangalore.
Now, getting a home loan becomes harder and Home buyers can now avail only 80 per cent as housing loan. They will have to pay the remaining 20 per cent from their own pocket. Till now, new borrowers could avail home loans at lower rates of 8 per cent for a fixed number of years.The RBI has also clamped down on teaser home loan rates and said that teaser rate loans raise concerns as borrowers may not have the ability to service loans.
Fund-starved Bangalore Water Supply and Sewerage (BWSSB) is now looking for means to implement projects. If the Bangalore Water Supply and Sewerage (Amendment) Bill, 2010, passed during the recent assembly session gets the governor’s assent, then the water board will have the power to collect money from people to implement projects.
Section 89A of the Bangalore Water Supply and Sewerage (Amendment) Bill, 2010, states- For implementation of water supply and sanitation projects, the state government may issue directions to the board for making funding arrangements, to collect capital contribution from beneficiaries of the project or through any local authority, or to borrow loans from funding agencies or to borrow from the market as per requirements.
A Detailed Project Report (DPR) for water supply and sewerage project in 110 villages is ready and awaiting government’s nod. “Once government approval is received, the finance department will decide on the funding. If they permit, BWSSB can collect a portion of money for the project from people, called beneficiary capital contribution (BCC),” officials said.
The recent amendment to the BWSSB Act 1964 (Karnataka Act 36 of 1964), passed in the assembly, gives legal sanction to the water board to collect some share of money from the beneficiaries. A senior BWSSB official said the rates would be similar to that of the beneficiary capital contribution framed on the lines of Greater Bangalore Water Supply and Sanitation Project (GBWASP). The amount would range between Rs 5,000 and Rs 10,000 for domestic consumers. No charges are levied for sites up to 30X40. For non-domestic consumers, the cost would increase by 10-20% as compared to domestic consumers.
“For GBWASP, we had to collect Rs 119 crore from public but we got Rs 330 crore. BWSSB repaid the mega city loan. Rs 100 crore more is expected to be collected from the public, once water is supplied to the newly-added areas,” the officials said. While implementing GBWASP in seven CMCs and one TMC, following public pressure, the BWSSB was forced to reduced the BCC amount.
“When BWSSB is not paying capital contribution to the irrigation department for drawing water from the sources, how can they levy a charge on the beneficiaries here?” questioned Capt Raja Rao, former secretary to the government of Karnataka, irrigation department. He added that the government exempts payment for drawing water for power projects. People availing of power supply only pay deposits and the water board can work in a similar manner. If the water board is charging consumers for capital contribution, they should pay their capital contribution for drawing water from sources to the irrigation department, from the date mentioned in the Bill.
The Bangalore Water Supply and Sewerage Board (BWSSB) presently supplying water to about 125 wards of the BBMP will not sanction fresh water connections to multi-storeyed residential and commercial apartments within its limits till 2011 end.The reason they have come up with is severe water scarcity. All applications seeking fresh water connections for multi-storeyed apartment complex after May 2010 will be kept pending.
In the absence of BWSSB supply, people occupying new flats and commercial complexes will have to depend on either private tanker supply or borewells or packaged water.The BWSSB has been pumping 860 million litre per day (MLD) of water every day from the river Cavery to Bangalore since 2002. Those who buy flats in the BWSSB limits will have to take care of their need for water said Minister in charge of Banaglore water supply Katta Subramanya Naidu.
Naidu said the problem will ease by the end of next year as the work on ongoing Cauvery IV stage, II phase project will be completed. By November 2011, the project will be completed, and Bangalore will get additional 500 MLD of water. From 2012, we will start sanctioning fresh connections.However, the BWSSB will continue to sanction new connections to single unit residential building in its limits.
The reason they have come up with is severe water scarcity.The total consumers of the BWSSB was 2.90 lakh in 2002. Today, it is 6.10 lakh. Hence, there is severe scarcity of water. The people occupying new flats and commercial complexes will have to depend on either private tanker supply, borewells, Rainwater Harvesting or packaged water.
According to realtors who have been exclusively marketing resale properties, the demand for resale apartments in and around city areas has been gaining momentum. Larger unit size, proximity to schools and hospitals and work areas are some of the criteria that tilt the balance in favor of resale apartments.At the same time prices for resale units in city areas have also gone up by 50 per cent in a span of two years.
The demand for resale units is high particularly in areas like Lavelle road, Richmond road and Cunningham road, says Rebekka Ninan of RNU Partnership. There are specific locations where resale market is quite active like Koramangala, Jayanagar, JP Nagar, Malleshwaram and Ulsoor, according to property consultants.
The new units cost anywhere between Rs 10,000 and Rs 15,000 per sqft in CBD areas. The prices for resale units vary from Rs 6,000 to Rs 12,000 per sqft depending on the age of the building, quality, specification and type of amenities available.
The demand is more for CBD areas as proximity to a range of facilities is what nudges them to opt for resale units. The demand for home loans for resale units has also picked up if the quantum of enquiries received by various housing finance institutions is any indication. At the same time not all companies provide home loans for resale units beyond 15 years.
The opposition sponsored bandh may have made a strong political point, but it has left businesses reeling under a loss of more than Rs. 10, 000 crore. The nationwide bandh left Bangalore city crippled, with businesses reeling under a loss of more than Rs. 10, 000 crore. Though 35 platoons of policemen were guarding the city to keep anti-social elements at bay, around 68 buses were damaged, resulting in a loss of Rs 5 lakh. Airport taxi service officials said only 20 percent of the taxis were plying from BIA to the City centre and back on Monday. Arriving passengers were seen waiting in queues that were as long as half a km at the taxi lounge.
IT companies were directly hit, as the BJP-run Karnataka government gave overt support to the bandh. The Federation of Indian Chambers of Commerce and Industry (FICCI) has pegged the loss to the corporate sector at Rs13, 000 crore, while the Confederation of Indian Industry (CII) puts it at a more conservative Rs3,000 crore.
“Around 55% of Karnataka’s gross state domestic product (GSDP) is contributed by services and manufacturing. Across the state, industries were shut. It’s difficult to quantify the loss, but it is quite significant. As we are on the road to recovery, meeting daily production targets is important. IT, ITeS and textiles were badly hit. But the silver lining it that companies have not reported any law and order problem,” said Sajan Poovayya, Chairman, Karnataka State Council of FICCI
Shreesh Babu, secretary, Bangalore Traders’ Association also reported that 40 shops on MG Road incurred loss of Rs 50 lakh. Traders in Chickpet incurred loss of Rs 40 to Rs 50 crore. And KSRTC earns revenue of Rs 5 crore every day; since most of the buses were taken off the roads early they’ve incurred huge losses. Ajay Motwani, vice-president, Commercial Street Shopkeepers’ Association said 250 shopkeepers on Commercial Street suffered Rs 10-crore losses.
However Bangaloreans seemed to have enjoyed the extended vacation, according to a poll conducted by social network SMS GupShup. The poll was conducted across all regions and nearly 60.53% agreed that bandh was a good idea.
In spite of the protests from BJP government and Opposition parties, Pranab Mukherjee told reporters that there was no question of fuel price hike rollback. The Left parties have also threatened to intensify their protests against the fuel price hike inside and outside parliament if the government did not roll back the hike in fuel prices.
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