BDA Flats in Bangalore: Lack of facilities in flats, coupled with the challenge of thousands of unsold units, a price hike for BDA flats is inevitable. A rate hike of 5% to 15% is under consideration based on expenditure.
BENGALURU: The Bengaluru Development Authority (BDA) has decided to revise the rates by 5% to 15% considering the expenditure related to the constructed and under-construction flats in various localities. The rate revision will also affect flats that are already under construction and sold in various barangays due to price hikes. The recent government hike in the benchmark rates of real estate and the rise in the cost of construction equipment has prompted the BDA to consider rate adjustments.
In addition, the organization has recently been facing difficulties in selling flats or houses in any locality, leading to challenges in mobilizing financial resources. Consequently, an increase in flat prices is expected.
Sales of already constructed flats in Kaniminike, Kommaghatta, Konadaspur, and Nagarbavi have suffered a setback due to Covid, with minimal recovery in demand, thousands of flats remain unsold. The BDA has now demanded a hike in the rates of these properties and the price hike is likely from December or January. BDA, which has built around 12,000 houses in 28 barangays, initially got a good response from buyers, but is now reluctant to sell due to lack of facilities in the outlying constructions, even though the price has come down. The question arises as to whether the price increase will further reduce demand.
It is not possible to increase the rate without providing facilities!
The increase in price without providing facilities has led to dissatisfaction among customers who have already bought flats. Despite spending heavily on construction, BDA has discouraged customers by not providing adequate facilities, more than a thousand flats have remained unsold for the last four years and the BDA has incurred a loss of over Rs 200 crore.
Rate of Flats:
Flats, 2.5 km from Challaghatta Metro Station, Kaniminike Phase 2 to Phase 4 About 900 flats constructed in Phases 2, 3, and 4 remain about 600. Similarly in Kommaghatta Phase 1 and 2 and Konadaspur Phase 2 over a thousand 2 BHK flats have been built and more than 500 are left. More than 115 3 BHK flats have been built in Nagarbavi, some are still available. The current prices of 2 BHK flats range from Rs 25 to 48 lakhs, the rate is likely to increase by 5-15 percent after December, especially in Nagar Bavi where the rate is above one crore.
The rate of under-construction flats/villas was also revised!
Rates of under-construction flats/villas including 1, 2, 3, and 4 BHK houses in Kaniminike, Gunjur, and Hunnigere have also been revised. In some places, due to a lack of roads, electricity, and other facilities, the distribution process is getting delayed. For example, Hunnigere has 152 3 BHK houses measuring 30/40, priced at Rs 73 lakhs each, and 170 4 BHK houses measuring 35/50 at Rs 1.1 crore per villa. There are 300 1 BHK houses in the apartments built for the poor, starting at Rs 13.50 lakh. But their prices will be revised. BDA Commissioner N. Jayaram said that the rate revision is based on BDA’s building cost.
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