Bangalore may be the most expensive as per RBIs Consumer Price Index,but its property market rules the most affordable bracket
Even as Bangalore is termed as the most expensive city,there is something to cheer about the cheapest realty market in the country with quality construction and amenities.
Even as Bangalore is termed as the most expensive city,there is something to cheer about the cheapest realty market in the country with quality construction and amenities.
A recent analysis by the National Association of Realtors India (NAR India) has put the city's mid-segment residential properties and commercial rental spaces in the most affordable bracket compared to other metros and cities.The analysis was carried out a month ago at NAR Indias conference in Mumbai,with inputs from industry representatives from all over the country.
The mid-range housing properties in Bangalore in the range of Rs 3,500-4,500 per sqft would come for nothing less than Rs 7,000 in Pune,Chennai,Hyderabad or Gurgaon. Delhi and Mumbai would offer the same spaces for Rs 9,000 per sqft.
The city has the lowest rentals for commercial /office space.In peripheral areas,the rate is around Rs 27-45 per sqft,which would be upwards of Rs 75 in other cities.The figure goes up to Rs 75-90 /sqft in the core regions.In Delhi and Mumbai,the same space is available for Rs 150-200 /sqft.
Farook Mahmood,CMD of Silverline Realty and the founder-president of NAR India told that buyers in Bangalore are also more discerning compared to customers elsewhere.They have a lot of awareness,are sure about what they want and are unwilling to compromise, he explained.
CITY HAS COSTLIEST TAG
In March this year,the Reserve Bank of Indias Consumer Price Index (CPI) termed Bangalore as the costliest Indian city.The parameter considered for the CPI was daily consumables and Bangalores scored 200 vis--vis the national average of 198.The prime reasons for the high cost of living are fuel price,abysmally high taxation structure and growth in the IT sector.
According to Bharat Petroleum's latest figures,the costofa 14.5-kg LPG refill in Bangalore is Rs 415,Kolkata Rs 405,Mumbai Rs 402,Delhi Rs 399 and Chennai Rs 393.
Rajesh S,a 31-year old automobile engineer working as the area service manager for a leading automotive company,puts the issue in perspective.He has lived in Mumbai,Pune and Bangalore.In Mumbai,Rajesh and his wife stayed in Chemburina 2BHK flat of about 800 sqft payinga rent of Rs 25,000.The same house would cost Rs 12,000-15,000 in Bangalore.
Bangalores property prices are definitely reasonable.Now I live in Viveknagar in my own house,which would cost Rs 2-3 crore in Mumbai.I cannot even dream of buying something like this in Mumbai, he says.But barring rentals,transport and food are quite reasonably priced in Mumbai.Fuel is cheaper in Mumbai.Also,taxes are not this high in Mumbai or Pune, he adds.
Despite the high cost of living,Bangalores commercial spaces are seeing great demand from companies outside the state and MNCs.This year alone,about 13 million sqft of office space has been absorbed.
Around Whitefield,you still get office spaces for Rs 27-35 /sqft, says Mahmood.
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