Property buyers in the city are optimistic about a positive turn in the real estate sector; in fact, the IT city is the sole place where all buyers irrespective of if it is an apartment, villa or plot expressed optimism about fall in prices. An imperative aspect that deserves mention in this scenario is that Bangalore is the only city in the nation where the adverse effects of destructive financial environment was less significant. The survey in this regard was an online effort to assess the current trends and learn about people’s preferences. The widespread belief is that it is just a matter of six months for the prices to witness a significant fall. Therefore, many buyers are not comfortable with buying a home as of now. This trend has had an impact on the real estate market that is already struggling to deal with the accumulating inventory.
So, what do experts say? Are the customers right? Is this the right time to go for a property?
Interestingly, the positive environment in Bangalore was assessed further, and residents of North and North east of city, appeared to be confident about drop in prices than that of South.
If you look at North Bangalore, many prominent infrastructural developments are underway, including the Peripheral Ring Road and Knowledge Park that assure heavy returns on the surrounding properties in future. Right now, a 2 bhk around 1000 square feet, will come at 40 to 45 lakhs in northern areas like Hennur and Yelahanka.
However, within three to five years, the prices will escalate, indicate recent surveys. So, as a property buyer with an eye for long term benefits, one should ideally wait for at least 3 years to get the expected benefits out of the property.
Considering possible increase in construction costs, experts point out that this is the right time to buy properties as the prices are likely to go upward in the future.
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