The city of Bangalore is
emerging as a global hub of technology in India. The transition had its impact
on many fields and one such being the real estate, which is witnessing radical
changes. With these current developments, there has been steep increase in the
prices, resulting in huge fluctuation in the rates. Nevertheless, the advent of
major industries in Bangalore has brought about consistency and stability over
the fluctuating prices real estate scenario.
There has been exceptional growth in the population due to increasing numbers of
migrants from different states to Bangalore city. As a result, there is a huge
demand for housing solutions. In order to cope up with the increasing demand
for housing, new layouts, both private and BDA are coming up, which, in turn,
has brought about the balance between the increasing demand for houses on one
hand and stability in house prices.
Factors
for demand
The rapid
increase in the demand for the quality residential space is due to the
following reasons:
Ø Rise in the income of the middle class, thereby improving
their expectations levels, and the main reason behind this is the growing IT
Boom.
Ø Need of accommodation facilities for employees of
multinational companies such as IT, BPO at Bangalore.
Ø Invasion of large Corporate sectors houses and expansion of
the existing MNC’S.
Ø Investment by NRI’s in the quality developmental/ residential
projects to own a house or an apartment in Bangalore.
Preferred city:
As we know, the city of Bangalore attracts one and all due to
various reasons, such as:
Ø Easy availability of potential manpower
Ø Pleasant weather
Ø Descent standard of living
Ø Good social life, recreation and entertainment facilities
Nevertheless,
above factors overshadow the unpleasant side of the Bangalore City such as poor
infrastructure, development, inefficient administration of the public and
statutory bodies, etc.
The
government, after realizing the pathetic condition of those who are in
desperate search of a ideal property, yet hesitate to proceed due to
unaffordable prices.The neighboring suburbs such as Banashankari, Hosur road,
Mysore road, Whitefield, Bellary, Yelahanka, Devanahalli Road, and other
places, where land rates are comparatively more affordable and reasonable
compared with Central Business District.
The
residential market in the city is witnessing increasing demand especially in
the south-eastern and eastern parts of the city resulting in over 50% increase
in value of the property, whether flat or vacant land, within last one year.
Foreign
Direct Investment
The
Government in Feb 2005, relaxed the ban on Foreign Direct Investment. As a result of the said relaxation, investment over the real estate in Bangalore has
increased incredibly, not only by Indian investors, but also many enthusiastic
foreign investors and the investment is estimated around 2 billion US$
B.D.A.
ROLE
In order
to cater to the fast growing demand for owning a house at Bangalore, initiative
was taken by BDA, which formed three new layouts at Banashankari 6th
Stage, Visveswaraya Layout, and Anjanapura Layout. Though the BSK 6th
stage, Anjanapura and Visveswarya layouts were formed a long time back, nothing
much have been done for its development. All the said layouts are not habitable
at present. It may take another 5 to 10 years to live comfortably in these
layouts.
The said layouts
have been formed by BDA but have miserably failed in providing civic amenities
such as sanitation facilities, electricity, water supply and various other
facilities such as Road, Shopping, Parks. Etc.As
regards the more expected layout at Arkavathy is concerned, the same was delayed for quite some time due to unnecessary legal battles initiated
pertaining to the commencement of the said project.However, the developmental
activities was permitted to commence by the Hon’ble High Court,but any such
commencement is still expected from BDA. It may take some more time for
everything to get into order.
The same
holds good with respect to the BMIC project and the Hi-tech City on Sarjapur
road. Nothing is in order right now and a fast and sincere initiative should be
taken by the Government to set right all the above.
Government
duty
Government
is not encouraging the private builders to form layouts approved by BDA.
Though, the private builders have sophisticated building excellence and
potential man power, they are hesitant to proceed with the venture due to
constant variation of government policies on guidelines and restrictions
imposed on the developmental activities undertaken by such private builders.Thus,owning aproperty in Bangalore with good civic amenities and at affordable would
virtually become a dream, especially for people who aspire an apartment or a
vacant land for affordable prices. Now burden lies on BDA, BMRDA and KHB to expedite quality developmental activities for the reasonable rate
with all the basic civic amenities.
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