Accommodation Times » Bangalore

Bangalore shifts into 1BHK homes

admin — Thu, 07 Jan 2010 08:42:19 +0000

A city that rarely saw a 1-bedroom hall kitchen (BHK) apartment or a studio apartment could soon have a plethora of them. Many developers in the city are looking at building such units — 1-BHK ranging between 500 sqft and 800 sqft with a price tag of around Rs 10 lakh to Rs 15 lakh. This could particularly benefit young professionals, newly wed couples, and senior citizens. Most of the handful of 1-BHK apartments around are actually 2-BHK apartments converted into 1-BHK ones, sporting a large drawing room.

Price wise, these units command the same rates as a 2-BHK. Electronic City, Whitefield, Marathahalli and Bannerghatta Road are the current hotspots for 1-BHK and studio apartments. Brigade Group, which just announced the launch of its value homes, says that 30 percent to 40 percent of the 10,000 units it‘s expected to build would comprise 1-BHK units.

Bengaluru: Low Demand, Over Supply spells doom for realty

admin — Thu, 07 Jan 2010 08:32:05 +0000

The real estate sector may be limping back to normalcy, but the poor offtake has resulted in an inventory glut, which has piled on to the market’s woes. The study —’Bengaluru Real Estate Report 2009′— conducted by IndiaReit Fund Advisors, the India-focused real estate venture capital fund, and global real estate advisor DTZ, said the vacancy levels in the city have increased due to slower sales.

The negative streak continued with 21 percent of the under construction projects remaining unabsorbed. The vacancy levels point to a stark contrast in the demand and supply ratio. Vacancy rates currently stand at 56 percent for all the projects expected to be ready for possession in 2011, said the report. A total of 20,395 new units would be added in the second half of 2009, which includes under construction properties and new project rollouts. The total supply pipeline for 2009-11 stands at 51,470 units with 193 projects at various stages of development with most of the projects concentrated in the eastern and southern Bangalore. In central Bangalore alone, 24 percent of the units under development are currently lying vacant. The trend is no different in the south with average vacancy levels hovering at 26 percent with 12,000 out of the total 26,000 units currently remaining unoccupied. While in the east, the vacancy gap has widened to 27 percent, but north Bangalore has remained unscathed reporting a mere 5 percent vacancy.

The depression in the realty market can also be attributed to the property prices in the city falling by 10-30 percent over the last one year. The slump in the residential segment is showing no signs of abating putting project deadlines under pressure. In South Bangalore, 26,000 residential units are expected to be completed over the next two years out of which 8,506 units are expected to be completed in the next six months. The eastern part of the city, which accounts for more than 34 percent of grade A residential space, is expected to see an addition of 7,212 units during the second half of the year. Most of the projects are in the mid-income category and around 45 percent of the expected supply will hit the market only by 2010, the report stated.

Bangalore Real Estate will continue to grow

admin — Mon, 24 Aug 2009 10:50:39 +0000

Bangalore Real Estate will continue to grow
By Keshav V. Morab

In the past few weeks, much has been said and is still being said about the proposed International Airport at Devanahalli in Bangalore. The project is pending for almost a decade and every now and then the concerned authorities have been making mere statements and promising commencement of the work. In the hope of its coming up, a number of entrepreneurs have committed long back for acquiring lands for their projects by paying advances. But in view of the delay in the Airport project all other projects are on hold. The delay in commencement of the project is likely to kick off a large number of litigations.
The boom in real estate market, which was prevailing during the years 1990-94 largely depended on the Airport Project in the Devanahalli region. However there was a sudden and total collapse of real estate market of Mumbai from 1995, which ultimately affected the real estate market of Bangalore, Non-finalization of the International Airport project further affected the market so much that all the projects in the pipeline in Devanahalli and Whitefield areas came to a stand still. The developers who took up some residential apartment projects in the hope that new industries would come up, also suffered as there were no takers for such flats. Still a number of flats are said to be lying vacant.
Though the real estate market saw or experienced the down trend from 1994-95 there came a ray of hope with the boost for new industry, viz., Information Technology industry / software industry. The industry took shape very fast and a number of industries and investors started entering Bangalore. Government als did not lose the opportunity and came out with all possible support for development of the industry. Bangalore has now become a destination for foreign investors and Multinational Companies (MNCs). Bangalore is now said to be the only city in the country to have a large number of IT industries and Multinational Companies.
With the entry of large number of IT industries and MNCs in the City there is now a considerable rise in the demand for both residential and commercial accommodation in the areas around JP Nagar, Koramangala, BTM Layout, Whitefield etc. There has also been increasing demand for lands, for both industrial adn residential, all around Bangalore.
With increase in demand for residential accommodation there is a considerable upward trend in the rentals . With the sudden growth of IT industry the real estate scene, which was so far lackluster and uneventful, has changed particularly in the areas around Devanahalli, Whitefield, Koramangala etc., and remains open for guessing as far as the real estate market is concerned. However, much depends on the commencement of work on the Airport Project. In view of the recent announcement by Government that the preliminary action, like clearance for acquisition of lands, signing of agreements have been completed in can be presumed that the project will soon take of during this year and consequently some favourable developments can be seen in the real estate market particularly in and around the site of the project.
Growth only in a few pockets of the city should not be allowed as it will adversely affect the real estate market or the property markets of the other areas, which have no scope for further developments. Government may have to evolve some methods and plan for the overall development of the infrastructure in the city, instead of concentrating on one or two areas alone. A plan for the care of the development of the entire city. This will help the real estate market to be steady and uniform in the entire Bangalore city.
In any case, with the steady progress in IT industry and entry of foreign investors and MNCs, there will be no chance for any downtrend in the real estate and property market in Bangalore. There may not be any sudden rise in the property market but a steady growth is expected. A steady market is at welcome sign in the present situation of all round recession in the country. Let us hope for a steady real estate and property market.

2000 years of Bangalore

admin — Fri, 31 Jul 2009 23:21:36 +0000

2000 years of Bangalore
Bangalore as a geographical entity has existed for 500 million years when the Deccan trap was formed. Our city is on a highland that seperate the river valleys of the Dakshina Pinakini and the Arkavati. The focus of this story is 2000 years of Bangalore.
The region in which Bangalore is now located was a part of the Stavahana empire around 2000 year ago. Roman coins excavated in the northern parts of our city attest the transoceanic contacts that our ancestors had established. The region was later ruled successively by the Gangas, the Cholas, the Hoysalas, and the Vijayanagar kings.
Historically, the name Bengalooru occurs for the first time on a 9th century stone inscription in Begur, a village in south Bangalore taluk. (So the story of the 12th century Hoysalla king Ballala II, while on a hunting expedition, being pleased with an old woman’s offering him boiled beans, and calling the place Benda Kalooru or town of boiled beans in here honour is just a legend after all.) This Bangalore hamlet was part of Gangavadi 96000, the numeral being a revenue –pin code of those days.
The city of Bangalore was founded by Kempegowda I, a Chief of the Yelahanka province in the Vijaynagar empire.
Hale (old) Bengalooru at Kodigehalli (near Hebbal) may have been the source of the new city’s name. To build the city, the Vijayanagar emperor gave grants of the revenue of twelve hoblis including Hale Bengalooru, Varthur, Begur , Ulsoor, Jigani, Banavara and Talaghattapura, Kempegowda’s daughter-in-law sacrificed here life to help build the fort. A temple in her memory was built at Koramangala.
Kempegowda I built the four watch towers and temples in Ulsoor, Basavanagudi, Gavipura and near the fort.
The borders of city were today’s K.G. Road, Cottonpet Road, City Market and Cubbon Pet. The central bus station area was Dharamambudi lake and Kantheerava stadium was sampangi lake. Different categories of traders and artisians were allocated commercial areas like Chikkapet, Balepet, Tharagupet. Today’s Avenue Road and Chikpet Main Road were the principal streets.
In the next two centuries, Bangalore was under the rule of the Bijapur Sultans, the Marathas (Chatrapati Shivaji’s marriage took place here!) and the Mughals.
In 1690, Mysore’s Chikkadevaraja Wodeyar purchased Bangalore for 3 lakh pagodas from the Mughals. In 1759, Hyder Ali fortified the town into a cantonment. A 16 acre Lal Bagh was laid by him.
After the death of Tipu Sultan in 1799, the Mysore Wodeyars ruled the region till 1947. Between 1831 and 1881, British Commissioners were the direct rulers and Bangalore was their headquarters.
After independence, Bangalore became the capital of Mysore State and of the Greater Mysore State in 1996. As we all know, Bangalore today is the science and technology capital of India, and one of the world’s major IT centres.