‘Happy times are here again’ for prospective buyers in Bangalore
Many real estate developers have corrected their prices to attract buyers from this segment, instead of holding on to the property
Jun 28, 2013
Source : The Times of India


BANGALORE: Although the Bangalore residential market has been healthy and averaging around 30 per cent across the city, apparently not all segments are reporting good news. According to several real estate agents the higher end market is not shining as much as expected.

“While larger valued properties priced around Rs 2 crore have not been selling as fast as they are being promoted, the large mid-segment, comprising mostly of 2 and 3BHKs have recorded a steady growth,” states Yeshovardhanan S, a property and marketing consultant for several prominent builders.

Although most of the builders have launched primarily mid-segment oriented projects in the Rs 40–70 lakh budget, there have been several others who have also ventured into the super luxury space with big budgets.

According to insiders, sales in this segment did not meet even 50 per cent of the target despite promotions, pre-launches and launch offers which created a fast change in the set of offerings with the developer community. This has ensured access of such projects to the mid and upper-mid segment with a little stretch in their budget.

Many real estate developers have corrected their prices to attract buyers from this segment, instead of holding on to the property.

“Super luxury flats of a certain well known Bangalore focused player are reported to be about 35 per cent cheaper than the announced rate,” states Ramani Gopal, a real estate agent in North and North-East Bangalore. “In fact many high-end villa projects are now being announced with high-rise apartments to help sales. Some of the announcements in Bangalore for villas are now priced at around Rs 50 lakh and villaments around Rs 47 lakh.”

Developers are also offering lower booking amount and a perceived lower price for 3BHKs to further lure the buyers.

Alternately, several builders are also down-scaling their offerings to lure prospective buyers. Strategies adopted include using modern technology for cost-efficient and faster construction with modified amenities. These include flooring with vitrified tiles instead of Italian marble, standard bathroom fixtures instead of high-end ones and granite instead of fancy tiles in kitchen and outdoors.

Latest Realty News

Inflationary pressures hold cut in key rates by RBI
Jun 27, 2013
BANGALORE: The Reserve Bank of India (RBI) kept all the policy rates unchanged in the Credit Policy review on June 17. However, going by the current macroeconomic factors, this was quite expected. The RBI decided to hold the repo rate and cash reserve ratio (CRR) at the existing levels. It kept the CRR unchanged at four percent and the repo rate at 7.25 percent.
BBMP to accept property tax online or by DD only
Jun 27, 2013
BANGALORE: From now, pay property tax through DDs or online, and not cheques and cash. The BBMP’s decision comes following allegations that tax collectors in Herohalli, off Magadi Road, failed to deposit cheques collected from taxpayers and siphoned off the money.
BUDA to distribute 1700 sites
Jun 26, 2013
BELGAUM: If all goes according to plan, the Belgaum urban development authority (BUDA) will distribute 1700 sites at Kanbargi by June next year. Already the government has approved the project and a survey is also been conducted for the same. The 1700 plots of five various dimension will be coming in 148 acre land.
CII: Emerging investment hotspots
Jun 25, 2013
DELHI: India has its own unique and integral complexities and business is not an exception to it. Corporations strive for increased efficiency and productivity amidst these complexities. Real estate is an integral ingredient in the formation and growth of all businesses and steadily maturing into a big business itself.
Buying a property just got a bit more cumbersome
Jun 25, 2013
MUMBAI: A common saying goes, to know "stress", organize a person's marriage or endeavor to build a house. Consider the various factors which affect the decision on the purchase or building of a house, they range from vastu, legal documentation, anticipated appreciation in value and maybe even the whims and fancies of the relatives. Clearly, factors which may cost a common man, seeking to obtain a roof over his head, many a nights sleep. Well, thanks to the Finance Act, 2013, the stress has been
Growing trend for villas in Sarjapur, Bangalore
Jun 25, 2013
BANGALORE: Even though South and East Bangalore are nearing saturation, one area that is still seeing significant real estate action is Sarjapur and the adjoining Sarjapur Road. There are over two lakh IT employees residing in these areas, mostly working in multinational companies situated at the Outer Ring Road (ORR) and IT clusters around Madiwala and Whitefield. Originally a hub for affordable 2 and 3BHK units, Sarjapur is witnessing a growing trend for villas. According to MagicBricks.com
Bangkok cheapest office location in Asia; Hong Kong most expensive
Jun 25, 2013
BANGKOK:Bangkok was the cheapest city for office rents in Asia this year, while Hong Kong was the most expensive, an international property consulting company said on Monday.
CREDAI bats for realty reforms with Girija Vyas
Jun 24, 2013
DELHI: Praising the Union Government’s efforts towards real estate reforms, realtors’ apex body Chairman Lalit Jain expressed the hope that the new Housing and Urban Poverty Alleviation Minister Ms. Girija Vyas will continue with the unfinished task of her predecessor Mr Ajay Maken.
Developers shower freebies to sell luxury units
Jun 22, 2013
BANGALORE: Gold coin worth a certain amount, silver Ganapati idol of `medium size’, diamond pendant worth a certain carat and with `international cut’, these are some of the offers being made to lure prospective home buyers in Bangalore. Other noticeable free offerings include free furnishing of homes, free parking, free club membership, waiver on registration charges and stamp duty and lucky draws, as marketing strategy to attract home buyers.
Mixed land use finds more takers
Jun 21, 2013
BANGALORE: In major cities, land regulations and growth patterns have made it conducive for property owners to design their properties in such a manner so as to harness maximum returns. One such option is the mixed land use of property. This development pattern not only allows for more floor space index (FSI) it also creates a social fabric for that locality.

Latest Realty News Of State

Realty Talk's