Apartments in 40 – 60 lakhs in demand; Cheaper options available at sought after locations

South Bangalore happens to cater homes and apartments within the budget of the customers and within Rs. 40 to Rs. 60 lakhs one is supposed to get a decent apartment of one’s choice in a preferred locality with all infrastructures around. In a recent discussion with the real estate veterans, brokers and market watchers few points and guidelines and their observations came out in which the experts replied and answered to the questions of the customers. We detail them below.

Is a decent home available in Bangalore within Rs. 60 lakhs? If so, where is it?

According to the data supplied by PropIndex dated the quarter July – Sept. 2014 the areas where at reasonable rates, the apartments are constructed and are available are Sarjapur Road, Marathahalli, Electronic City, Horamavu and Rajarajeshwari Nagar. These areas are the ones in the list of most sought after areas of Bangalore with most of the IT and ITeS population with the IT Parks nearby. Not only Rs. 60 lakhs, residential apartments even at a cheaper rate starting from Rs. 9 lakhs are also available for a 1 BHK apartment. Notwithstanding the reality covered in this article being true, our market survey team has found out there are few developers in the affordable market segment who are making apartments available even in these sought after areas also at a lower price. Dreamz Infra, Concorde and Shobha developers are few of the names constructing flats in some of these areas. Dreamz Infra is a company who has constructed apartments and complexes in all these areas at a much lower price than the prevailing market rates of these areas.

Dreamz also has two luxury projects in Marathahalli and Sarjapur Road which is priced at par with the market above Rs. 60 or Rs. 70 lakhs but with much more amenities ordinarily available in this area.

Home within your Budget
Flats Within 15 lakhs	Doddaballapur, Mysore Road, Devanahalli, Begur Road.
Rs. 20 lakhs to Rs. 40 lakhs.	Rajerajeshwari Nagar, Marathahalli, Electronic City.
Rs. 40 lakhs to Rs. 60 lakhs.	Whitefield, Hormavu, Marathahalli, Sarjapur Road.
Rs. 60 to Rs. 1 crore.	Bannerghatta Road, Hebbal, Sarjapur and Sarjapur Road.
Above Rs. 1 crore.	Sarjapur Road, Koramangala, Hebbal and Whitefield.

What are the options in and around Rs 40 lakhs to Rs. 45 lakhs?

There are options available with many developers offering flats and apartments in this range but if one wants to optimize the market conditions and make a proper purchase decision, one should look to the segment of emerging developers those are working in the affordable housing segment as named earlier. Dreamz Infra, Concorde and Shobha are established developers in this segment. To find flats at affordable rates in one’s preferred location one can log onto dreamzinfra.com and specify the area and location. Plethora of options and apartments will come up with respective prices and if one wants one can directly communicate with their customer care reps over the internet through chatting to clear one’s doubts and get more information. So can it be done for other developers too.

You may be wondering that we are a bit biased about Dreamz Infra but in reality Dreamz Infra is a company totally dedicated for affordable housing which made them construct projects in all the sought after areas of Bangalore at lower prices. So the probability of getting the desired home at the most wanted location is higher with Dreamz. One can also look at the websites of Concorde and Shobha and few others in this segment too. 

What are the options of the NRIs in the Bangalore market? With a limited budget how should an NRI go about real estate shopping? 

Bangalore has become quite popular among NRIs and it has been noticed that NRI investments are mostly in the already established posh areas of Bangalore or in the outskirts where luxurious projects are being built with the promise of the area having improved infrastructure soon enough. Such areas are many with the government planning to build huge IT parks in Devanahalli and Doddaballapur and Chikkaballapur is also an area of massive industrial and infrastructure development. 

Nevertheless online help can be certainly taken and the online search engines can be used. On a more intimate note one can also say that many developers like Dreamz Infra, Concorde and Shobha has constructed their websites like a search engine where you can avail apartments in virtually all areas of demand in Bangalore. 

But a proper and thorough research on the available options should be carried out before taking any decision. But if one wants a regular rental return one should prefer the IT corridors of Bangalore like HSR Layout, Whitefield, Marathahalli and Electronic City. There are other areas also. These areas have a perennial demand of rental accommodation guaranteeing you the rental income each month. One can try the areas like Lingarajpuram, Electronic City, Whitefield, Hennur Main road, Hebbal, Bannerghatta Road and Sarjapur Road also and match the available accommodations with one’s budget. 

What about trends in the residential markets of Hyderabad? 

Unlike Bangalore, Hyderabad population is still in a predicament as to whether to invest and if so where. The market watchers feel that in spite of the division of the state the value among the corporates have not reduced and they still have confidence in the market of Hyderabad which is good news for the real estate sector and this means more creation of jobs necessitating the demand for more housing.

Where in Hyderabad is most lucrative from investment return point of view? 

Although increase in capital value has not been noticed in the Hyderabad market for a longer time but the IT hubs and the places nearby has been noticed to be places of new investment with expectation of new jobs being created to boost the demand for housing. 

Hyderabad is a cheaper market and the market conditions not being so good in the last two years the mega players of the market are seen to shift their concentration from the high end segment to the mid and upper mid segment by tailor making the high end luxury flats at a lower price by changing the super-built areas a bit. This gives the buyers a better choice of availing high priced apartments at a lower cost.

What about the Chennai market conditions? 

Well, the Chennai market conditions had been observed to be stagnant for some time and it’s difficult to speculate whether the prices would go higher or remain stable. However the PropIndex scores are 123 of Chennai which means that the prices are expected to rise according to buyer’s sentiments as a base of 100 means the prices would remain the same. This has not been the real trend noticed in the market but the situation might soon change for the better with the political situation becoming a bit stable