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Wednesday, 27 May 2015

Affordable homes in Bengaluru and where can you find them?


Bengaluru is the IT capital of India. People here are well paid. There is enough job generation in the city which makes the real estate properties move faster. People from all parts of India and abroad as well migrate here for jobs, education and settlement. This in turn is translated to the demand for housing in the city. But again the picture is not that bright as has been projected or thought of. There are various income categories in Bengaluru’s workforce. Some may be earning a six figure salary while most of the people earn a meagre salary which is spent in making two ends meet.

Let’s sneak into the real picture. Statistics says that there are about 55, 000 jobs which are currently available in Bengaluru. But if one looks at the salary ranges of these jobs then one will find out that a maximum number of these jobs are offered in the range of Rs. 4 lakhs and within. This indicates that the monthly income of the job holder is within Rs. 33, 000 which means they can afford houses and flats within Rs. 35 lakhs.

With this picture of affordability of the city we can understand the purchasing power of the most of the population of the city. But where can we find homes for them is a pertinent question. The market watchers opine that real estate properties in places like Kanakapura Road, Mysore Road, Bannerghatta Road and few areas near NICE Road corridor offer prices within the income range of low and middle income group.


Various indexes indicate that affordable ranges mean the properties within the price range of Rs. 40 lakhs. The supply exceeds the demand of the properties and the indexes point out that the availability or supply of such properties is at 35 percent whereas the demand staggers at 22 percent. The market conditions denote that one can get a 2 or 3 BHK in that budget.

The trend watchers however remark that the North and South of Bengaluru is where the land bank lies. Thus the most of the real estate development and apartment complexes are built here.

There are areas where homes can be bought at even cheaper prices too. Those areas are Devanahalli, Mysore Road, Bagaluru, ITPL and Hoskote where maximum houses are priced in the price range of within Rs. 20 lakhs. On a contrast note, in the areas like Kanakapura Road, K R Puram, Hongasandra and Hosa Road one can find properties in the range of Rs. 20 lakhs to Rs. 40 lakhs. The realtors feel that the infrastructure of these areas has not yet been developed to the full due to which they are priced in the lower ranges.

In areas like Kanakapura Road, Mysore Road, ITPL and KR Puram there has been considerable amount of sprawling commercial activities with large absorption of IT and office spaces nearby which has accentuated the demand of residential spaces. There has been simultaneous development of social infrastructure like schools, colleges, malls, supermarkets and hospitals too.

Devanahalli is a place which is earmarked by the location of the International Airport and the recent launch of the Information Technology Investment Region (ITIR) has made the place a sought after one by the developers. The market watchers opine that although the developers are flocking to the area anticipating the prospects of the place the area is yet to develop in terms of the social infrastructure. That is one of the drawbacks of the place compared to the other high priced areas. But this is to note that with the offices and IT companies starting to operate the place will have a new look altogether which will gradually surge the prices up. So the shrewd speculator forecasts that this is probably the best time to invest in such places.

Dreamz Infra is one of the builders who can provide affordable flats in Bengaluru. They have apartments in JP Nagar, Silk Board, Electronic City, Sarjapura Road, HSR Layout, Marathahalli, Whitefield, Hosa Road, Hebbal, Horamavu, Kanakapura Road, Vidyaranyapura etc.

Share your views. Post your comments below about this article.

25 on: "Affordable homes in Bengaluru and where can you find them?"
  1. Banglore has high salaried people compare to other cities. Even though the people getting high salary also they are not able to get affordable homes in their range due to lack of knowledge in choosing areas. Now in this article described and explained about the areas which is affordable. And it helps the people those who are looking for home to own within their price range

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  2. To be very honest, I find your arguments are true and I can also afford a flat if it is in a range of 35 Lacks for 2BHK. Since because of our life style and the some status I have to maintain in my society so we are looking for luxurious apartment with all facilities. The top builder of Bangalore has priced their flats such high that those are untouchable for common salaried employed.

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    1. Hi Pritish, If you are looking for 2BHK flat in luxury apartment your above mentioned budget then you better go for a prelaunch offer, some builders are providing flats at affordable price for common people in prelauch offer. So In this offer you will get a 2 BHK flat in your price range.

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    2. Hi Pritish, I would recomend you to go for Dreamz Saswat project it is a fresh Pre-Launch project from Dreamz Infra which price starting from 15 Lakh. Here you can easily get a flat as per your requirement and also you will have lot of flat to choose.

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    3. If you really want to buy a flat in under construction project than I would suggest you to go for Dreamz Sneh project it is under construction almost 3rd floor is completed. It will cost you within your range that is below 35 lakh and in a plus you will be getting all amenities including modular kitchen. This project is located in Marathahalli. Hope you find this information useful to you.

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    4. Hi Garima, thanks for your suggestion and is they are provide me that price now? If they can a sell the flat for 15 lakhs, then I will go today only.

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  3. Buying home for a mid income person is like a life time investment so affordability is a measure concern for us. I think every one has a dream of leaving in an area where he can be in touch with his own local people and where he can easily access his needs like office and Market places. Although the newly launched residential areas are low price and are prospected for a great demand for future but no one can predict that. Dreamz Infra has came with such price in demanded locations that equals to the price of newly declared residential areas for which I am appreciating them and I wish they will continue their services.

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  4. Hi, booking a flat in a pre-launched project will be good option but in this fraudulent market no one knows whom to believe. Delay in project completion time is just a common example for these builders. So I would love to buy a project where at least a pre-construction work has done and I can be assured myself.

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    1. your fear is right according to current market condition, but still as an investor I need to take some risk on my investments. For an instance if I will not invest in a Pre-launched project and waited for its construction work to start which could start within months will result a lose of few lakhs in my account. So I need to measure every angle of the situation.

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    2. I agree, your words Maya, but after construction also some projects are in litigation, for that what do you do. Whatever prelaunch or under construction projects you need to verify the documents and track record of the builder, then only you can assure yourself.

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    3. What if the Builder is new to market and project suits your budget and interest? The project is pre-launch project and they are only showing the sales agreement of the land property. So in this case shall I take further steps?

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    4. Investing in under construction sites is a good option for safer side. Because now the land is registered and approved for construction work also it will take less time for completion. So if you are looking a flat for residential purpose than go for a under construction project.

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    5. Well reputation matters, But even if the builder is new that doesn't mean that he will cheat and escape if so than an older company can also do the same. The only possible thing you can do is search everything related to the real estate agent, check the property details it is registered or not. If it is a pre launched property than then ask them the sales agreement between the land owner and developer.

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  5. In Bangalore we get a affordable homes are available in areas like Devanahalli, Mysore Road, Bagaluru, ITPL and Hoskote, Kanakapura Road, K R Puram, Hongasandra and Hosa Road. and these area are very reachable from their work place. people can reach there homes within a couple of minutes.

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  6. People in Bangalore are getting high salary compare to other cities. but they are still struggling to get affordable homes which are near to their office, some people are paying high rent. This article guides such these people to get affordable homes, which reachable homes.

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  7. Today most of the builders are looking for areas for their projects where their customers can easily access to their offices and most of the Bangalore population is from IT group whose offices are located in outer Bangalore. People are also looking for flats in outer Bangalore because of its affordability. Still there are builders who are making budgeted apartments in center of the city almost same as it will cost you in outskirt. Dreamz Infra has completed few of its project and most of them were under construction however still there are flats available for buyers.

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  8. With Dreamz you can find your home with much affordable price at any where in Bangalore, whether it is in Kanakpura or Hebbal. Even the under construction apartments are also priced so less than other builders pre-launched projects.

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    Replies
    1. Now lots of builders are coming with affordable and budgeted flats with different investment option in your payment. So finding a good budget flat won't be that hard for you but you need to verify the builder reputation and their relation with their existing customers. May be by finding some customer from their existing flats or asking any customer who had invested with them. Searching their online customer reviews from different neutral portal site would be a good option and will give you a rough idea about the builder. After all the inquiry visit them and book a suitable one for you.

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  9. Please suggest some good residential apartment in Hennur. I am looking for a 2 bhk flat for investment purpose, budget no bars.

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    Replies
    1. If you are looking a flat for investment propose, then the first criteria you should choose a Pre launched project and that to be with those builders who offers low budget flats so you can get a handsome return from your investments. For dreamz Infra there are few flats available near to hennur and the price is good enough comparing to its location. I think you should visit them. One thing I will suggest you here is invest some time before investing your money, visit the sites by person speak with them and then decide where should you need to invest.

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  10. If you have a mid budget and don't want to invest much on flats then Dreamz Infra is the most secure and wealthy place to invest with. I suggest everyone to invest in pre launched projects so that you don't have to invest more and the percentage of return will be more.

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  11. Well Dreamz Infra has more than 45 projects as of now and if you compare them with other builders than you will easily find the price difference. Most of the projects are 40% less than market price and available in every top most demanded residential areas of Bangalore where your investment will get you maximum returns.

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  12. Great Blog post and informative content which I am looking for residential apartments in Bangalore
    Ozone Group

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  13. I like this post, And I guess that they having fun to read this post,they shall take a good site to make a information,thanks for sharing it to me. apartments for sale in sarjapur road

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  14. Thanks for sharing a very useful information with us and really i like more to have a nice apartments In Bangalore because Bangalore is good in all if we live in Bangalore we can enjoy the maximum in all ....
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