Top 4 Areas In Bangalore For Residential Property

Closeness to work place, better connectivity owing to broader roads, flyovers and the ORR or Outer Ring Road have ensured that Bannergatta Road, Whitefield and Sarjapur are among the top preferred localities of Bangalore for residential purposes. The preference ranking is according to a recent publication of statistics on residential accommodation. These localities have been the most preferred localities for both the last quarter of 2013 and first quarter of 2014. Banergatta road, in fact, holds the top spot among all these localities for being the most preferred area among people living in Bangalore.

A major part of Bangalore’s residential market consists of 2BHK units in the mid-segment and 3BHK units which cost less than a crore. These apartments are mainly targeted at IT professionals who work in Electronic City, Manyata Tech Park and several other similar software technology parks. The demand and supply of apartments has been quite steady for the past few months which have kept the price in these areas much moderated.

Eastern part of Bangalore also has a fairly stable market in the mid-level segment while some other areas have a significant gap between demand and supply. In eastern Bangalore, the demand for apartments was mostly for those which were priced between Rs 40 and 60 lakhs and Rs 60 and Rs 100 lakhs. The supply for such apartments was much maintained. However, the demand for apartments priced between Rs 20 lakhs and Rs 40 lakhs was much more than what was in supply.

In South Bangalore, the supply and demand of apartments belonging to all categories was more or less constant for the first quarter of 2014. The demand for apartments in the price categories of Rs 20 lakhs to Rs 40 lakhs, Rs 40 lakhs to Rs 60 lakhs and Rs 60 lakhs to Rs 100 lakhs was consolidated at roughly 80 percent while the supply stood at a robust 74 percent across all categories of apartments.

Bangalore is a growing city which sees influx of thousands of youngsters every year who joining the flourishing IT sector of the city. The demand for rental housing accommodations and paying guest accommodations is quite high, especially around areas which have IT companies. Families mostly prefer 2BHK and 3BHK apartments which bachelors prefer staying in 1BHK and PG accommodations. Officials who are paid very handsomely every month prefer to stay in 3BHK apartments which are luxuriously done up.

Builders usually develop apartments in the residential community style which have landscaped gardens, playgrounds for children, departmental stores, gymnasiums and swimming pools. The luxury apartments are done up in tasteful décor and state of the art technology.

For apartments in the Rs 1 crore and more category, the supply of apartments was at 18 percent while the demand was at 15 percent. The market is quite balanced when compared to other areas. The demand for the Rs 20 lakhs apartments was at 7 percent while the supply was at 11 percent.

All the popular localities have their own advantages. For example, Whitefield has a number of properties available, such as 2BHK apartments which cost between Rs 45 and Rs 60 lakhs and even 2BHK and 3BHK units which cost lower than Rs 1 crore and luxurious villas and independent houses which run into some crores.

On the other hand, Sarjapur is mostly focused on the mid level category with some alternatives. Banergatta Road, on the other hand has wide cross section of budgets which are popular because of good connectivity to other parts of the city via broad roads and flyovers.

Another locality which is become a preferred choice of most individuals is the HSR Layout located in the south east part of Bangalore. In terms of real estate, it is one of the fastest growing. All kinds of infrastructure and amenities that are needed to make an area worth living in are present here. Properties of various budgets that offer good returns are present here. For renting and buying, HSR Layout is one of the most preferred locations.

HSR Layout has been consistently making the list of the top 5 properties in Bangalore for renting and buying. The capital value per square feet ranged from Rs 4000 to Rs 5,300 in the locality and the rental value is Rs 17 to Rs 27 per square feet. Affordability, strategic location and upcoming projects which offer viable prospects for return is what has made this area popular for people looking for residences.

Connectivity

HSR Layout is closely connected with adjacent areas such as BTM layout and Kormangala. It is also very close to Electronic City. It also falls along the way to Marathahalli and the Wipro Corporate Office. The Bangalore Airport can be reached within 22 minutes from here. Moreover, the railway station in Bangalore is located at a distance of half an hour from here.

IT Connection

HSR Layout enjoys proximity to Marathahalli, Electronic City, Kormangala and Sarjapur Road and it has a host of mid-range IT professionals living here. Most of the above mentioned areas are located at a distance of 6 to 7 kms only and hence attract a large number of IT professionals. Affordable housing and proximity to the IT companies is what attracts many IT employees.

Infrastructure

The area offers a peaceful living and sufficient social infrastructure. There are many banks, malls, schools, hospitals and other facilities within a 5km radius. Moreover, jogging parks and numerous eateries also make the area worth living in.

Welfare associations are also quite active in the HSR Layout area. This also helps to maintain the area on the top of the preferred residential localities chart. The monthly rent does not come out to be much and there are several paying guest accommodations available in the area that helps out people on a shoestring budget to stay. Moreover, landlords and building supers are very helpful and there are hardly any restrictions imposed on residents unlike cities like Ahmedabad and Chennai, which are quite particular about certain parameters such as non-vegetarian food and alcohol.

Tips While Buying A Property Of Your Choice

Buying a property is the most profitable investment in recent times. Properties of land and houses are the most valuable assets of man. With passing time the value of these properties tend to increase more and more. In the present times the rate of increase is extremely high for such properties. A property can be purchased either for present use or to sell it or keep it stagnant for the time being and sell it off later at a profitable price. Now while buying a property one must keep in mind certain things about it and go through them thoroughly before finally signing the agreement to avoid deception or some mistakes at a personal level. Whether for use or as an investment, property is a lifetime investment and even a trivial mistake could ruin the entire investment. First time buyers can get lost or face more dilemmas while buying property. Here are some tips that would help any person with regard to buying property safely:

• Choosing the type of property and price: First it is to be decided as to what type of property a person wishes to buy. It can be commercial, residential or industrial property. After this there are some other features to be given a thought like area of the plot, accommodation, preferred floor, the location, parking space, sizes of rooms, servants’ quarters, etc. Distances from markets, railway stations or bus stop, airports, etc must be included in the list beforehand so that after buying it is not a wrong choice made. Then the matter of budget should not be forgotten. However desirable a property may be, if your pocket is burdened, everything goes down the drain. Therefore the price range is to be determined beforehand and you should then proceed to make a choice and purchase. However slight compromises in price and location may be required during the transaction.
• Time of purchase: Now it is time to decide upon how much time the buyer has at hand. If there is a hurry to shift into the new property at the earliest possible time then there will be less time to go through every aspect of property buying with careful observations. On the other hand if there is no hurry to shift to the new property very soon or if the person is buying the property as an investment and would sell it off later at a good price, then there is no hindrance to a minute property check. In that case, the person should get hold of several proposals and collect information on them before choosing a final one. Also it would be better to reserve a property during construction itself. To know about various proposals the buyer can communicate with a real estate agent.
• Thorough check of the place: It is necessary to come out with a manual checklist of requirements and undergo a thorough physical check of the place while deciding upon the same. While making an appointment with the real estate agent or the owner of the property assign some time to go for a good inspection of the property. Check according to the checklist made as per requisition. Also check for the condition of the place, actual size of the house, floor area, tendency for dampness, air space, enclosed area, etc. Whatever is promised in the advertisement might not be found exactly matching with personal observations. Thus knowing what is going to be your own is not asking for too much. It would be wise to consult people in the vicinity to know more about the property on sale. Again there may be some aspects to compromise upon on your part.
• Developer and legal checks: After a checklist is made, a physical inspection undertaken and the price fixed, it is time for some legal checks. After buying a beautiful property with lots of money and love no one would like to fall under any legal constraints. Therefore along with the property make a note of the developer. Try to find out the credentials of the developer. Try to find out if correct information and every detail regarding the property have been delivered to you or not. Take some time and ensure that the property title is clear of any complications that may arise in future. Know the details of the status of ownership of the property and whether it is acquired from some authentic and competent authority. Also if possible, talk to previous holders of the property and learn about any potential problems they faced.
• Completion certificate: If the property is finally chosen, agreed upon and wishes to buy it, let a draft of agreement be drawn. This should be done only after all checking has been done and all settlements met out. The agreement should have every details of the transaction and the price paid. Check carefully that there are no hidden terms and clause regarding price or extension or reduction of property, etc. Have everything clearly on paper in writing. Check carefully for all charges applicable. It would be proper to have the agreement checked by a lawyer or legal person for any anomalies and have everything sorted out if any anomalies are found. Also have the deed checked by an architect. Putting aside a little sum of money for registration of property would be a worthy expenditure indeed.

These above mentioned tips could be helpful while making a final decision on a property to purchase, if seriously followed. No one would like to be deceived or make a wrong choice in such an investment as property. Thus it would be advisable to have some prior knowledge on property investment before embarking on the property hunting process. You should first decide on a particular property and once it is chosen, conduct thorough and extensive checks on the place. Thereafter, invoke legal help to make sure that everything is clear and concise. These tips will help you buy property in a safe and hassle free manner.