Whenever RBI tries to control inflation, both
builders and buyers have their spine-chilling moments. Buyers because
they become apprehensive of paying more for a house, and developers
because they frighten from fall in demand. But the recent measures taken
by RBI did not shocked Bangalore's developers much; they are quite sure
that the demand for properties in the city shall continue steadily. One
of the reasons could be this: the real estate prices in the city are
still lower than that of other tier-1 cities like Delhi and Mumbai.
The prices of residential properties in Bangalore
increased manifold in the southern region. The reasons are all clear.
The demand for real estate in southern and eastern localities like
Koramangala, Hosur, Bannerghatta, Hebbal, Sarjapur, and Electronic city
are witness to price accretion. The high demand in these localities can
be the reason for the same. In most of the South Bangalore, the focus of
the developers is on premium projects, as buyers, here, are more
inclined to make luxury purchases. So, the construction of villas, row
houses, and condos is going on in full swing there. As the demand never
ceases to go down in these particular areas, the developers always have
the reason to escalate the rates. In past 2 years, the average capital
rate has increased by about 10%.
Contrarily, Bangalore real estate,
as a whole, has witnessed a slowdown this year. The demand for houses
has seen a decline in rest of the city. The situation of oversupply,
akin to other metros, has bogging down the developers. As of now, our of
about 1 lac residential houses, as large as 60,000, are still unsold.
This has, in turn, led to price correction in many colonies. So, a buyer
interested in making a purchase can reap benefits from the current
scenario.
Makaan.com, a leading name in real estate websites, allows buyers to locate 1, 2, 3 BHK property in Bangalore and other cities. Serach for apartments for sale in Bangalore and locate that suits within your price-bracket.
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