Till now there has been more demand for apartments as it suits the kinds of users that we have in Bengaluru. There is a vast population in the IT capital of the city who are looking for own housing owing to cut down on the rental costs as owning a house is gradually becoming more feasible than renting. This has been the trend as the city grew in length and breadth and the migration of professionals from all parts of India and abroad went on increasing.
The market watchers opine that the trends have been noticed to change gradually and there is a marked population in the city which is longing for owning land either for investment or to build their own houses. The market watchers also remark that this tendency is noted because of the sluggish trends of the realty market that the investors are looking for greener pastures with lower investment tag.
This trend has increased due to the entry of listed companies in the real estate development of Bengaluru. This has been another reason opines the expert realtors which has boosted the investors’ sentiments to invest more. The leading developers also provide a wide range of amenities and facilities to give the plot layouts a new dimension. This gives a promise of a better quality life, opine many. Not only that, such gated communities of plots offer a better resale value to the investors. This gives a chance to the investors to reap more capital gains over a period of time.
Layout Plot Projects in the city
The data points out according to the real estate research of leading consultants and the survey conducted by the website companies reveal that although there is a spurt in the plot development projects across the city there are areas where the demand for plots are noted to be more. The areas which are currently witnessing a rise in the number of plotted developments are Kanakapura Road, foothills of Nandi Hills, Anekal, Hosur Road, Sarjapur- Bagalur road, Devenahalli-Kolar Highway, Yelahanka and few other places. It has been also noted that Mysuru Road is not registering the anticipated growth rate compared to other areas despite a lot of infrastructure development in the area including the Metro.
The statistics point out that there is a shortage of land supply in in Electronic City. Anekal- Bannerghatta Road is also witnessing a spurt in the demand. The investors are given multiple options by leading real estate development companies ranging from sites of sizes, 30/40, 30/50 and 40/60 feet with other odd dimensions too. The layouts are also being equipped with all the amenities that would make the quality of life better. The sites are typically priced at Rs. 2, 500 or more per square feet including the charges of the extra amenities. The experts say that as per most of the products available in the market the customers are able to get it below Rs. 40 lakhs.
Land Plots at affordable rates – The upcoming trend.
One more recent development noted in this segment is few developers started selling land plots at affordable rates who has also joined the fray of this increased demand of layout plots in the city. There are quite a few number of companies like TGS Layouts who sells the plots with same amenities at prime locations of the city at a price at least 40 percent lesser than the market price as claimed by these companies. These companies sell land plots at Rs. 600 to Rs. 700 per square feet in places like Chikballapur and at Rs. 400 to Rs. 500 per square feet in areas like Sarjapur- Bagalur Road. Even in areas like Hennur Road the prices of TGS layouts starts from a meagre Rs. 1100 per square feet. There is a huge difference in the price and the companies are able to offer such lower rates as most of the projects are in the pre-launch stage.
This is of course an opportunity for the customers as they are getting land plots for such low prices. The companies in the affordable land layout segment promises that the layouts would have all the amenities and would be completed in 8 to 10 months with facilities like roads, electricity connections, water connections, underground sewage systems, street lights, etc. The amenities provided by such companies are also at par with the leading and famous developers and they include swimming pool, temple, children’s play area and all others. Thanks to these companies who has discovered the need for the people of owning land at affordable prices and the market in this segment is expanding at a never before pace. The veteran realtors advise that people desirous of investing and reaping the surge in prices of Bengaluru should act now lest all the land plots are exhausted.
