The notion goes that Bengaluru is a place with high income generation. Simultaneously the apartments and flats are priced at more than Rs. 40 to Rs. 50 lakhs. But a recent study shows that currently there are about 55, 000 jobs in Bengaluru and out of that the majority of the jobs are within Rs. 4, 00, 000 bracket. The question arises that is there a real affordability of the masses to go for the super luxury flats and apartments. This question has prompted the market to discover a new segment called affordable housing. In recent times there has been considerable number of real estate players like Dreamz Infra, Concorde and Sobha and many others who have plunged into this segment of the market. There has been
considerable response from the markets and the lower and middle income group. These companies along with others have made the apartments available at prices below Rs. 20 lakhs or may be a 3 BHK at Rs. 24 lakhs. This allured the customers in plenty and the market also heaved a sigh of relief.
Even then the most pertinent question is how affordable is the city of Bengaluru with the prices of land going sky high. If at all which are the places with low land prices or apartment prices?
The market watchers of Bengaluru opine that places like Kanakapura Road Bannerghatta Road, Mysore Road and the areas or junctions of Nice Road offer properties at or within Rs. 35 lakhs or Rs. 40 lakhs. These areas are good in connectivity, are well populated and are also pretty good in social infrastructure.
The evolution of these places happened with the influx of office spaces and commercial activities sprawling in the nearby areas. This made the residential population prefer and reside in the area which spurted the infrastructure growth for about a decade. Now these areas are quite in demand and are quite suitable for affordable homes. Developers TGS , are also developing sites and apartments according to the desired income levels resulting in an increase of resulting population.
Thus there are stages of development which actually makes the places affordable and increases the probability of constructing affordable homes. The market watchers opine that there are still few areas at lower stages of development where the prices are low due to lower scope of infrastructure. Such places are Devenahalli, Bagaluru, ITPL and Hoskote. In these areas most of the houses are priced within Rs. 20 lakhs. The realtors remark that the infrastructure of these places or micro-markets is not yet developed to the full extent due to which the prices are low.
Places like Devenahalli and Doddabellapur are having land banks at low prices with the government’s promise of building Information Technology Investment Region (ITIR) which makes these places sought after by both individuals and the developers. But to answer the question that why in Devenahalli the prices are still on the lower quadrant compared to other places of the city the market watchers point out the social infrastructure as the reason. It is true that in future there will be investment from IT companies and office absorption will also take place and the place is blessed with the presence of the International Airport but at the same time this is also true that these places have not been so developed in terms of social infrastructure. But the market watchers opine that once the place is fully or even partially operational with many offices and commercial hubs the prices will surge at a never before rate. So the wisest choice is to invest in these areas right now.