The Bangaluru boom

                                                                                         

The prices are scorching and many folds rise with a year is a reality here.

The pre-colonial names are back with a bang. After Kolkata, Mumbai and Chennai it’s the turn of the second Silicon Valley or the city of gardens, Bangalore now being restored to Bangaluru.

As reported as newsbuzz at site, a minimum of 30% price rise in the guidance prices of the properties is on the cards. But the market is buoyant with as much as 300% rise in real estate prices across the city. Clearly the city has gone out of reach of the middle class.

As the newsbuzz would have it, as per the property market sources, real estate prices have been increasing like never before, especially in the outskirts of the city. Investors have been grabbing agricultural land, after the high court quashed the ban on registration of properties on non-converted agricultural lands.

The report goes that with properties within the city, in Bangaluru, now beyond the reach of the middle class, the demand for farmland is on the rise. Consequently, the market value in some areas has gone way beyond the guidance value. The newsbuzz report informs that the value of a premium apartment with marble flooring in Cox Town would be Rs 2,200/sqft while it could be Rs 1,220/sqft for ordinary apartments in the same locality.

Of course the market value of the real estate is the function of development. For example, land in Anjanapura Layout, Kengeri, was priced at Rs 300 per sqft last year; it is more than Rs 1,200 per sqft now, as the report goes.

According to the report the subregistrar's value is Rs 650 per sqft. Agricultural land here is now Rs 60 lakh per acre as against Rs 10 lakh two years ago.

The Bangaluru real estate boom is proving to be a godsend both for the property or real estate agents and the owners/sellers.

About the author:
Rakesh Malhotra, an associated editor to http://www.indianrealestateforum.com. Indian Real Estate Discussion Forum help you to exchange ideas on various issues related to commercial and residential properties in India and its various cities like Delhi, Gurgaon, Noida, Mumbai, etc.

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