Looking at the overall state of real estate industry in Bangalore, a drop of about 15-20 per cent in transaction volume has been witnessed in residential real estate in Bangalore, in the past quarter, say developers and property brokers. The reason for the above cited by the property dealers is that the high capital and rental values are not found as affordable by the masses.
For an average middle class, Bangalore residents employed in the government sector, or many other sectors other than IT, the dream of owning a residential property in Bangalore remains a distant dream. Real estate prices have spiraled in the past two years that owning a 2BHK apartment at reasonable price in any decent locality, even in the peripheries of the city, is not an easy task.
As per NHB Residex, Bangalore real estate has registered the maximum increase in prices from 2001 to 2005. The Residex study was done in five cities of Bangalore, Bhopal, Delhi, Kolkata and Mumbai, and the price movements were captured from year 2001 through to 2002, 2003, 2004 and 2005.
Ray of hope
Despite all the escalations in price,
Bangalore Real Estate, on the other hand, is slightly picking up in the segments of plotted development, luxury villas, apartments and penthouses and real estate developers are coming up with innovative marketing strategies and schemes to attract property buyers.
Property development on the outskirts of Bangalore is rather developing rapidly. Appreciation in price has been almost 70 per cent in residential apartments, and land values have gone up by over 100 per cent in some cases, in certain areas. βFor investment purposes, buying property in outskirts is always advisable as there exists room for price appreciation and a buyer gets the property at reasonable prices. However, in the case of properties at prime residential areas, the values are exorbitant and the return on investment might not be proportionate with the investment volume,β said Rounak Arya, a property broker.
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