Bangalore BDA Sets New Sale Record
The BDA site in bustling area set a new record by fetching a whooping price 2,13,600 per sq meter
Oct 17, 2014
Source : siliconindia.com
Bangalore Development Authority

 

Bangalore : A BDA residential site with plot number 1430 at the corner of 39th cross, 22nd main, 4 ‘T’ block, Jayanagar sets a new sale record by attaining an incredible amount when the Bangalore Development Authority (BDA) set up theJayanagar plot for sale with a base price was about  1 Lakh for every sq meter.  At best, the BDA authorities anticipated the property price about  1.3 Lakh to  1.5 Lakh for every sq meter. Stunningly, the BDA site in bustling area set a new record by fetching a whooping price  2,13,600 per sq meter. This is the most noteworthy auction that BDA ever get so far. The 176.24 sq metre that translates to 1900 sq ft lift up the utmost offer of  19,858 per sq ft and was sold at an aggregate of  3.77 crore.

With deals such as, Jaynagar 4th T Block has beaten snooty centre business district areas in Bangalore such as MG Road, Vittala mallya Road and Residency Road. The property price in Jaynagar can be put on par with Grant Road, where the price trend around Rs 18,000 to Rs 20,000 per sq ft.Jaynagar which comes under south zone of Bangalore, regarded as one of the Asia’s most beautiful neighborhood has become as one of the most preferred location in Bangalore due to its good infrastructure development, water supply, public transports, tree lined avenues, schools, colleges, entertainment hubs, shopping malls and so on. Many of its streets have turns into business hubs. The property prices in this area are around Rs 10,000 to Rs 13,000 per sq ft.

The 1430 residential site at the corner was one among the few sites without development. The plot is strategically sited very close to Bangalore Central Mall and it has easy accessibility to prime locations such as to BTM Layout ring Road and further ahead, Bannerghatta road towards MG Road via Dairy Circle, Kanakapura Road, Jayanagar 9th block market, Jayanagar 4th block shopping complex with many other eateries, Malls and educational institutions like RV College and Sudarshan Vidya Mandir.

One of the BDA officials stated that; “I have heard about two transactions in recent years. One site is in HSR layout, sector III went up for Rs 17,000 per sq ft where the property prices are high rocketed as buildings are fetching high rentals where do you get residential plot in this bustling area now? A 1,900 sq ft corner site is a steal in a place like 4 ‘T’ block. But we didn’t expect it to go for Rs 19,000 odd. This shows that the demand for BDA plots in this area is sky-scraping, considering clear titles even in the age of housing complexes and gated communities”.

Syed Beary, chairman and managing director of Beary’s Group expressed his conviction “By considering this auction, the Jayanagar is beating CBD area Vittal Mallya Road as the property price trend in prime CBD range is around Rs 12,000 to Rs 18,000 per sq ft. 10 years back the Jayanagar in south Bangalore was purely residential area, but now, it is a blend of both residential and commercial properties and the plots demand will always be there within BBMP jurisdiction.”

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