Bangalore real estate market shows a rise in the demand of independent houses, notwithstanding the increase of real estate prices. Data shows demand for independent houses were on the rise across all zones in the third quarter ending on September 2014. A 10 percent rise was noted in North and South Bangalore, while Central Bangalore witnessed a rise of 1 per cent, with the Western part showing a rise of 7 per cent. The highest trend of increasing demand for independent houses was noted in the Eastern part of the city which was 14 per cent.
The experts opine that the reason for this rise in demand of independent houses can be attributed to the rising cost of the apartments which are almost at par with the independent houses. Thus buyers increasingly opt for independent houses which gives them extra freedom and absolute title over the property with lesser cost of maintenance which is higher for apartments.
Apart from privacy and freedom, independent houses stand as a mark of status for an individual. The natural tendency of a buyer would be to decrease maintenance cost which is possible in case of independent houses as he can maintain it as per his own budget.
The experts opine that this trend is driven by the end users. As the majority of the buyers of property are migrants, the demand for multi-storey apartment is still higher. The buyers of independent houses are mostly locals, based in Bangalore who are smaller in number. This view of the experts holds good as the buyers are mostly from the service class working in sectors like IT, manufacturing, etc., holding senior positions.
Scope of variations in Real estate prices
Bangalore being a market driven by end users, the chances of higher fluctuations in prices are low, compared to real estate prices of Mumbai and Delhi.
PropIndex supports this view stating that the real estate market of Bangalore remained steady for the July- September, 2014 quarter. Listed Price Monitor remained the same with Bangalore City Index dropping by a mere 1 per cent during this quarter.
Experts think buyers are probably waiting for the prices to fall after the budget. But nevertheless there were increasing demand of real estate property in locations like Ulsoor, Bannerghatta Road, Sarjapur Road, Vidyaranyapura, HSR Layout, Hebbal, Electronic City, Hennur, Koramangala and Aga Abbas Ali Road among others.
As the buyers are preferring the independent houses instead of Apartments, Most of the top builders started launching new projects like villas and duplex houses. Already there are so many villa projects in the outskirts of Bangalore. Moreover the apartment prices should come down to common man budget.
ReplyDeleteSomething more should happen from the Government to reduce the apartment prices. Otherwise people will show interest on Independent Houses, which will effect Bangalore climate as the builders start cutting the trees to develop more independent villa projects. Thanks for this useful article again.
DeleteIndividual home is much better than Flat. But in current life style living in metro cities like Bangalore and planning for individual home is very expensive. But if you have money invest in city out cuts lands and after some years you can start doing construction. Individual home having many advantages like you can develop the garden, spacious parking space and also focus on interior design.
ReplyDeleteDemand for individual houses in Metro cities? This will be bit risk for environment. Because the moment when real estate people catch this point they will start converting city out cuts forests and lakes into plots. This will impact on environment. My suggestion is in metro cities people should prefer flats. With this in less space more people can live.
ReplyDeleteHidden truth behind the individual houses. All the educated people should prefer to stay in apartments instead of Independent houses. Even the security will be more in Apartments and we will get the more facilities as well.
DeleteGoing for independent house is the best choice in my thought. As there will be huge water problem will happen in the future that to in the apartments. Even if you compare the price differences also Flats are the best choices as the price will be in the budget range. This is the reason still the apartments are having the high demand in market.
ReplyDeleteVery useful and interesting topic. Every individual will be having their own idea on this. Some may show their interest on Apartments and some more are in Individual houses. Depends on their budget people will give their priority, that's it there is no thought of comparability and thinking about environment issues.Coming to personal thought i will go with Apartments where i can afford a home in my budget range.
ReplyDeleteOnce you decide to buy a home the first thing comes to your mind is, what I should buy? Either it is an independent house or a flat in an apartment. So whether you buy an independent house or a flat everything has its own advantages and disadvantages so you need to decide which suits you more. If I have to choice than I will go for an apartment because the facilities and services we normally get in an apartment that never comes in independent house. Of course no service comes for free but still it can be within your arms reach. Whereas independent houses has its own merits like you don’t have to pay monthly maintenance and you can modify your home without any permission, you can also add more floor on it as per your requirement. You got more privacy as compare to apartment but the loop fall is security of your house hold goods might be a problem.
ReplyDeleteThank you Laxminarayan Prajapati for your valuable suggestion as a comment on our blog. Please follow regularly to get more information about Indian real estate.
DeleteThese all two different parameter of living standard one is individual firm and another is flats or apartment. Which one is better??? finding this is tough kind of a task. But I want to explain in brief about this section, if we want to invest our money in individual, it commands more expensive as comparison to flats. And metro cities having no big space to grab the land opportunity easily.
ReplyDeleteIn bangalore, people hardly interested to by land property and build their house, they don't have either time or they don't want to take any hassle of building it with builders, taking approvals from BDA, finding Architects here. That is why most of the peoples first choice is apartments ready to move no need to think about constructions. And in an independent house it will be very costly to make GYM or swiming pool where as in apartments you will get that in a handy price
ReplyDeleteHi Dinesh, what I believe is everyone wanted to build a home according to their choice what is in their dreamz, in case of apartment you can do only partial modification where as independent house you can modify anything you want and if you are talking about gym and swimming pool etc than you can a have an indoor gym and swimming pool with more privacy.
DeleteIf anyone thinking to make an independent home for himself than that need a lot of attention and time for the home seeker, besides there are lots of approvals you need to built a home in Bangalore so people avoid to making independent house buy them self and if you are buying an Independent house than again it won't be in your ideal choice of location.
DeleteInformative..your blog is very much impressive its give lot of information thanks for sharing.
ReplyDeleteAlso check on..
Independent Builder Floor Apartments in Bangalore
Builder Floor Apartments at Kanakapura Road
BDA Builder Floor Apartments
Builder Floor Apartments at Banashankari
Spacious Apartments at Kanakapura Road