Is it Best time to buy a Property in Bangalore?
You like to buy a property in Bangalore rather anywhere in India?
Wait! Wait! Wait for a year or so. The property bubble is almost bust? You must have read it in some of the magazines. You must have read it like “its right time to invest” in Bangalore properties, these magazines say half truth, yes the “property bubble is bust” but still its not right time to buy a property in Bangalore. These kinds of “property bubble is bust, right time to invest” articles are another desperate action by the property builders/owners/infrastructure companies and brokers to step up the falling property market.
The real scenario is there is over supply of properties, especially the apartments. Yes there are thousands of apartments built and finished across Bangalore and yet attracts no buyers! Yes that’s true! The big property owners who can withstand the market fall are holding on to it yet, but not ready to sell it for the lesser price.
Some of the marketing companies are especially employed just to sell the exciting apartments. For example “Orange properties” as such they are not builders but employed only to sell of the left over apartments.
Asipac a real estate company conducted a survey and states that property prices in the city have dropped by at least 10 to 20 per cent in the past one year. The survey results say that prices have come down by 20 per cent in areas like Sarjapur.
THE BANGALORE PROPERTY FALL…
East Bangalore Drop from Rs 3,100/sq ft to Rs 2,100/sq ft
South Bangalore Drop from Rs 6,400/sq ft to Rs 4,000/sq ft
South East Bangalore Drop from Rs 5,300/sq ft to Rs 3500/sq ft
North Bangalore Prices unchanged
Still after the fall, this is unaffordable for some of the highly earning people, after the US market recession and Indian stock market’s great fall. The property market is expected to fall further. Builders in Bangalore find it difficult to selloff the apartments these days and are incurring huge losses. Therefore they are reducing the prices to draw customers and yet finding it difficult due to over supply.
These Property prices fall is not only in Bangalore, but across all over major cities in India. I saw this unconfirmed news in a website last week which says “No takers for three apartments auctioned by Mumbai Metropolitan Development Authority”
Finally,
Rate of interest at all time high…
Over supply of Apartments…
Recession in US…
Stock market great fall…
still its not right time to buy/invest in Bangalore properties at current levels, the prices is expected to fall further, hold on or think before you buy a property. Don’t fall for the word “It is the best time to buy a property in Bangalore”
Tuesday, March 25, 2008
Is it Best time to buy a Property in Bangalore?
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5 comments:
Yes, the activity seems to have slowed down considerably. Few apartments still try to hold on to the prices.
Considering the current infrastructure be it roads, water, power supply and also availability of good telephone connections, these prices seem to have a fat content of over 30%.
Yes, the activity seems to have slowed down considerably. Few apartments still try to hold on to the prices.
Considering the current infrastructure be it roads, water, power supply and also availability of good telephone connections, these prices seem to have a fat content of over 30%.
Yes, the activity seems to have slowed down considerably. Few apartments still try to hold on to the prices.
Considering the current infrastructure be it roads, water, power supply and also availability of good telephone connections, these prices seem to have a fat content of over 30%.
The capital city of Karnataka, Bangalore is located 1000m above sea level. Having major industrial and commercial centres, it is one of the fastest growing cosmopolitan cities.According to an estimate, Bangalore presently is facing an acute mismatch between demand and supply in the residential segment – something to the tune of 25%. This is primarily because of frantic escalation in demand mostly coming from the IT and ITES companies.
To bridge this gap, residential development is in top gears in Bangalore's south and eastern regions of Bannerghatta Road, Whitefield, Outer Ring Road, Hosur Road, Airport Road, JP Nagar and Bellary Road.A significant feature of real estate development in Bangalore is burgeoning of demand in luxurious apartments and villas. The demand is primarily coming from NRIs and IT professionals returning back home and searching for a dream abode. Nothing surprising, many such projects are underway and prominent developers like Chaithanya Projects, Puravankara Projects, Sobha Developers, Adarsh, Prestige, Kristal, etc. are presently engaged in it.However, a serious problem which has emerged for Bangalore in recent years is its crumbling infrastructure which if not improved on an urgent basis may become a deterrent for new companies to set their base in Bangalore. For more view- realtydigest.blogspot.com
Please check the following for some factual dirt on Orange Properties:
http://www.consumercomplaints.in/complaints/orange-properties-c52108.html#c49370
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