The Bangalore Development Authority (BDA) contemplates raising prices of 1,700 unsold flats by 10% due to the state government's upward revision of property guidance values. With poor sales in projects in Kaniminike and Konadasapura, officials are considering the move to pose a challenge to their marketing strategy. The potential hike may also affect the Puneeth Rajkumar Housing Complex's villa project, complicating the sale of the 322 villas there. Officials indicate a possible 10-20% increase in villa prices from the base cost, impacting BDA's ambitious development plans.
The Bangalore Development Authority (BDA) is contemplating a potential price increase of around 10% for over 1,700 unsold flats across ten different projects. This consideration is prompted by the state government's recent upward revision of property guidance values in October. Despite more than 50% of flats in Nagarbhavi being sold, poor responses have been observed in Kaniminike, Kommaghatta, and Konadasapura, where over 50% of units remain unclaimed.
BDA data reveals that out of the 120 3-BHK flats constructed in Nagarabhavi, 77 have been sold. However, across its projects in Kaniminike, Kommaghatta, and Konadasapura, only 853 out of 2,276 flats have found buyers, leaving over 200 units unsold in three other projects.
An official acknowledges the challenge of 1,700 unsold flats, recognizing that a potential price hike poses a threat to their existing marketing strategy. Prospective buyers are advised to book within the next 10-15 days to avoid potential price increases.
The impact extends to BDA's ambitious villa project, the Puneeth Rajkumar Housing Complex, situated in Hunnigere village near Dasanapura, north Bengaluru. The project, conceived in 2018 on 31 acres of land at a cost of Rs 271 crore, comprises 322 swanky villas set to be ready for sale by January. Each villa, equipped with a water sump, overhead tank, lawn, and parking facility, offers a luxurious lifestyle. The complex boasts a 44,000 sq ft clubhouse with modern amenities, a 5 lakh sqft park, a basketball court, cricket ground, and a children’s playground. BDA has also constructed 170 4-BHK and 152 3-BHK villas, with a fixed base price of Rs 75 lakh for a 3-BHK and Rs 1.1 crore for a 4-BHK.
However, a small pending electrification task and discussions regarding the price hike may delay the start of villa sales. Officials hint that the final villa prices may see a 10-20% increase from the base cost by the time they are ready for sale, introducing an additional layer of complexity to BDA's strategic planning and development initiatives.
Advertisement
Facebook
Whatsapp
