Looking For Property In Bengaluru? Over 6,000 Ready-To-Move-In Apartments Await You
Vinay Mehra and Rohit Saraswat decided to invest in property near about the same time. While Mehra preferred to invest in a newly launched project where the entry costs were sizably lower, Saraswat decided to opt for an apartment in a project that was ready for possession. Today, project in which Mehra invested is running four years behind the schedule.
A cursory glance at PropTiger listings will show that there are over 6,000 ready-to-move-in apartments in Bengaluru (earlier Bangalore). These are either resale apartments or in projects that have been recently completed. The broad price range is anywhere between Rs 25 lakh to Rs 12.5 crore. Plots with dimensions of 600 sq ft-2,400 sq ft are usually between priced Rs 4 lakh-Rs 24 lakh. Much depends on the location and the amenities provided to the buyer. Overall, the city market has quite a balance of properties to choose from. The figure below shows this.
When it comes to investing in property, every home buyer has his/her priorities. Industry insiders tell us that of late, buyers are likely to settle for a unit which either ready for possession or scheduled to be complete in six months to a year, for which they are willing to pay a higher price, too. The decision becomes more crucial for first-time home buyers because delays cause a massive strain on finances especially when the equated monthly installments (EMI) and rents have to be taken out from the same pocket. Saraswat was lucky enough to have settled in his ready-to-move-in apartment and just pay the EMI.
More luck for the buyer
In fact, when Saraswat bought the unit, he had actually paid a 14-per cent premium because the cost difference of an under-construction (UC) and a ready-to-move-in property was that much more. Often a higher price dissuades many from going in for it. Today, buyers have the benefit of rationalised prices to an extent. In many cities, the price difference between the two has narrowed and therefore, it becomes an easier decision to make. Unsold inventory that has piled up over the last two years is one of the key reasons why the home buyers have the benefit of choice and at ‘corrected’ prices. This is the only upside of the real estate slump that it became a buyers’ market.
With ready-to-move-in properties, you are also ensuring that you aren’t risking your money with fly-by developers. Although a constructed apartments alone doesn’t give you a guarantee of security. It could be an unauthorised unit as well but that is a different question altogether.
Suhas Patel invested in Navi Mumbai three years ago when he heard about the upcoming airport and the Nhava Sheva Link. All of a sudden, infrastructure became a focused agenda and it is a given that where infrastructure makes an entry, prices and livability rise equally. However, these are far realities and spread over the a period of atleast five to eight years. This goes in to show that existing infrastructure is a surer way of weighing the location and the project than what has been promised. Resale units or completed projects are better as you get to know what is available in and around the area.
Where to park your money
After a prolonged period of stagger, the fence sitters have started actively researching and some of the most preferred destinations are Whitefield, KR Puram, Bellandur, Begur, Electronic City and Brookefield.
Overall, the city boasts a price growth of 17.5 per cent over the last 40 months, records our data which is a sign of recovery. How much would you need to pay? On an average, a 1BHK apartment is priced at Rs 28 lakh, a 2BHK at Rs 50 lakh and a 3BHK will be tagged at a price of Rs 90-95 lakh.