The Bangalore Development Authority (BDA) is contemplating a 15-20% price increase for villas in Hunnigere, off the Nelamangala-Sondekoppe Road, due to rising construction costs. Prices for 3 BHK villas may rise from INR 75 lakh to INR 85-90 lakh, and 4 BHK villas from INR 1.10 crore to INR 1.15-1.20 crore. Additionally, prices for 320 one-bedroom flats have increased from INR 13.50 lakh to INR 15 lakh. This move, set for finalisation in an upcoming board meeting, has sparked concerns among prospective buyers about affordability amidst ongoing inflation and market conditions.
The Bangalore Development Authority (BDA) is considering raising the price of villas located in Hunnigere, situated off the Nelamangala-Sondekoppe Road. Originally, the price for these properties were set at INR 75 lakh for a three-bedroom, hall, and kitchen (3 BHK) villa and INR 1.10 crore for four-bedroom (4 BHK) villas. However, due to increasing costs of construction materials, the BDA may increase prices to between INR 85 lakh and INR 90 lakh for 3 BHK villas, and INR 1.15 crore to INR 1.20 crore for 4 BHK villas.
The decision to revise the prices comes as the BDA prepares for an upcoming board meeting that will finalise the new rates. While construction of the villas was completed in June, allotments for buyers have faced delays. The project, which spans 31 acres in Hennur, also includes a separate development of flats on Tumkur Road. Although the construction is finished, delays in electricity connections are holding up the project's launch.
In addition to the villas, BDA has constructed 320 one-bedroom hall and kitchen (1 BHK) flats aimed at economically weaker sections of society. The initial price for these flats was set at INR 13.50 lakh, but like the villas, the price has now increased to INR 15 lakh. The flats will be sold through an auction process, with prices adjusted according to construction costs.
Local residents and prospective buyers have expressed their frustration regarding the proposed price hikes. Aniketh Kashyap, a software engineer, shared his concerns about the timing of the increases. "With rising living costs and ongoing inflation, many of us are already under financial stress. This sudden increase in property prices adds to our struggles," he mentioned. Kashyap also stressed that the current property market seems sluggish, and raising prices could further reduce the already limited demand for BDA flats.
Real estate experts suggest that this move might not be wise given the overall market conditions. With many new projects entering the market and a slowdown in demand, potential buyers might hesitate to invest in properties that are now becoming even more expensive. The rental market has also shown signs of stress, forcing many to reconsider their options for housing.
The broader economic landscape adds another layer of complexity to this situation. With inflation affecting various goods and services, many residents fear that increasing property costs will push homeownership out of reach for many families. This is especially concerning in a city like Bengaluru, where many working professionals are already struggling to balance housing costs amid rising expenses for daily life.
As the BDA proceeds with its plans, the community remains watchful. The upcoming board meeting is expected to provide clarity on the new pricing structure and the next steps for the allotment process. Meanwhile, many prospective homebuyers are urged to explore other options in the market, keeping in mind both budgetary constraints and the evolving real estate landscape.
In conclusion, as Karnataka's capital continues to grow, the BDA's pricing decisions will significantly impact many families looking for affordable housing in the region. The authority must balance rising construction costs with the need to provide accessible housing options, or risk alienating potential buyers in an already competitive market.
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