Emerging destinations with affordable property in Bangalore

Even though the sales volume of mid and high budget housing units of Bangalore are fluctuating according to the nature of the market segment, still affordable housing sector has shown a constant demand in the outer region of the city. The availability of large unit of land at a low price in Bangalore and the stretch of the city from every corner has stimulated its demand in real estate. The key factors for the rise of demand in land plots at outskirts are Metro Rail & the peripheral ring road.

The Commercial real estate market has shown significant changes and witnessed many new commercial spaces in the city. There is a rapid demand in  the commercial space in the city brings more income opportunity for realty investors and Bangalore holds the first position among all the cities in the first half of the year 2016.

The industrial growth in the peripheral districts of Bangalore has improved its connectivity with the city and since lands in those areas are very cheap so many land developers came with their affordable projects. These projects were made to meet with the demand of residential places by the employees of the industries located in the adjacent districts of Bangalore.

Localities like Anekal, Jigani and couple of other locations closer to NICE Road are very attractive destinations for real estate investors for the increasing demand of industrial areas near Bommasandra and jigani. Mysore Road is one among those places where one can find affordable residential land plots for sale in Bangalore from any land developer. The old madras Road connecting Bangalore and Chennai is famous for Japanese multinational companies also suitable for property investors as well.

Let’s check out other areas too where one can find an affordable property with high future prospects and return surplus opportunity.

Properties near Kanakapura road

Kanakapura Road represents as south Bangalore is blessed with its superb connectivity to the center of the city. The infrastructure and transport facility of Kanakapura Road made it as the most preferred suburb area of Bengaluru. The under construction Ring Road which will connect all the major highways of the city is just an added benefit for the investors who are buying plots near Kanakapura Road. The major infrastructural developments like educational institutions, Metro lines and Roads widening projects are certainly worked as a catalyst for the rise in the price of the property here. Considering the future developments, it is a reliable locality where investor as well as user can earn a handsome return.

Properties Near Sarjapur Road

The diversified price for the properties located in different small sized micro places has attracted every real estate buyer to think for lands near Sarjapura road. This area has a stabilized demand of low, mid-sized properties and luxurious buyers looking villa properties. The easy access to all large IT hubs in the city like Electronic City, Whitefield and the Outer Ring Road are keys to influence the demand of the properties in this area. The presence of many reputed schools, hospitals and general infrastructure pointing sarjapur road is a good locality among all for a better return on investment.

Properties Near Nallurhalli

As an upcoming location of whitefield; Nallurhalli is known for its greenery and lakes. The presence of Sigma Tech Park, couple of Malls and closeness of ITPL are the reason why Sites in Whitefield near Nallurhalli is demanded. This location has seen its development through Villas and Bungalow projects, although it is near to many IT projects but still it provides apparently low price residential properties compared to other places of Whitefield. With a yearly appreciation of ~8% buyers can invest here for a marginal profit from rental income.

Properties Near Kengeri

Kengeri is well settled, as a satellite township of Bangalore where land is in demand for industrial as residential developments. The requirement of residential lands by the IT professionals working near the IT tech parks of Mysore Road are fulfilled by the residential lands in Kengeri. The excellent connectivity to Outer Ring Road, NICE Road, Mysore Road and the expansion of Namma Metro project transform it to an excellent choice to live here. Kengeri is well developed with adequate social infrastructure and commercial space. Comparing to other outskirt areas it is very affordable and has a steady growth of value appreciation.

Properties Near Budigere

Budigere once a village of Karnataka is now becoming a developing residential location with the stimulus of IT/ITes of nearby areas. The residential requirement of industrial units has been fulfilled by Budigere as it is close to Brookfield and Whitefield. This place has a surplus of demand as it offers residential units comparatively at a low price than its neighbors. Many real estate builders and developers are coming with big residential projects here and within few more years may be the price of this area will be skyrocket. It has a good infrastructure and depending on the amenities the property value appreciation of this place is in between 2 to 3 percent per year.

Properties Near Magadi Road

Magadi Road comes under the western part of Bangalore and can be reached easily from the center of the city. Since most of the developments in terms of residential as well as the commercial area are concentrated on east and south Bangalore so western part of Bangalore remains relatively greener. The connective roads like Nice Road and outer ring road give Magadi a good access from every part of the city. There are many land and layouts developers who are eyeing on these locations to target buyers who are looking to live in greenery and out of city pollution. Since these area doesn’t offer many residential or commercial properties so the micro-market offers land plots in Magadi road at a very cheap price.

Properties Near Hosur Road

Once considered as a village in Bangalore has now witnessed highest appreciation value in the last year. Hosur Road falls under south Bangalore along with the top locations of the city like Begur, Singasandra, EC and Kudlu gate together. There are many well-known builders and land developers are having their ongoing projects here and one can buy land in an affordable price at Hosur Road.

Properties Near Yelahanka & Doddaballapur Road

Yelahanka a satellite town grown in the suburban areas of Bangalore was once completely dependent on the manufacturing units till the inauguration of International Airport. The surplus of land and big government projects opened many gates of opportunity to this locality for offices and malls. With its super connectivity and easy access to railway and the airport, Yelahanka became one of the measuredly developed localities of Bangalore. Still, there are residential lands available for development and it can buy a marginal yearly profit for investors.

Properties Near Horamavu

Horamavu located in the eastern zone of Bangalore can be accessed by the airport or outer ring road of Bangalore. It has a good number of residential layouts developed by numerous land developers and localities like Banaswadi and KR Puram are closer to it. The measure drawback of this area is traffic near railway crossing however the government has organized an underpass railway project to overcome from this situation. Couple of lake encroachments has disturbed partial life of the locals still the focus of infrastructural development on the northern region of Bangalore will definitely going to bring residential demand in this area.

Properties Near Mysore Road

State highway 17 which connects Bangalore and Mysore, this 62 kilometers long distanced road between both the states of Karnataka is named as Mysore Road. Now the scenario has completely changed and it has developed to a 6 lane road named NH-275. With this development of connectivity, the price of the peripheral lands near Mysore Road has shown a good hike in the past year. Also, the Namma Metro project was another factor why Mysore Road is on demand for every real estate investor now. Here one can find mid-budget as well as ultra-luxurious projects developed by land developers and builders.

Bangalore grows every day by its size and populations from the mutants, the above mentioned demanded localities for its affordability today may not fall under the top 10 emerging locations of Bangalore tomorrow. Land developers of Bangalore may create more affordable corridors for the city but among all the cities Bangalore still own the title of being a leading real estate destination of affordability.

TGS Layouts is one among such residential real estate land developer who believes in making housing segment affordable for all. Check TGS Layouts Reviews to know what their customers are saying about their services and amenities in their developed layouts.

Can Gram Panchayat approve building plans or layout plans?

Karnataka Gram Panchyat Approval for Land Layouts

It was in December 2012 when Department of Rural India and Panchyati Raj issued the circular saying that no Gram Panchayat has the right to approve either the plans of buildings or layouts in the DC converted lands. This naturally implies that any denizen of Bangalore who is planning to buy land and property under the jurisdiction of BBMP and rural areas surrounding the various municipal towns like Kanakapura, Neelamangala, etc. should keep in mind that any layout plans can’t in any way be approved by any Gram Panchayats. This circular thus confirms that all the building plans can only be approved by either  BMICAPA, BDA, BIAPPA or other municipal authorities of that specific area.

This rule was there prior to the circulation of the notice that Gram panchayats could approve the plans of buildings and layouts. This was going on from 1994. Taking this as an advantage many builders especially in areas like Peenya, Jigni, Hoskote, Tumkur Road, Rammurthynagar, K R Puram and few other places have been taking approvals and started their marketing programmes. The gram Panchayats also started providing approvals to the buildings in spite of the fact that they do not have any powers after the circular of 2012.

This circular of 2012 further states that not only the Panchayats but the City Municipal Corporation and the Mandal Panchayats also do not have the rights to approve the development of any land, plots or layouts. It has been observed that banks also provided loans on such properties being approved by such agencies but even then this is considered as illegal. 

Read what are the regulatory plan for illegal approvals of land.

Karnataka government to allot land plots under special categories

BENGALURU: The allotment of land by the government under the special categories which landed the Yedurappa Government in trouble is back again. The Chief Minister Mr. Siddaramaiah initially hinted that the government would refrain from allotting the G category land and plots in Bengaluru. The allotees will be chosen according to the discretion of the Chief Minister.

The Bangalore Development Authority (Allotment of sites) Amendments Rules 2015 which was notified on the 20^th of May 2015 confers the powers to BDA to start the allocation of sites for the special category people. It is this allotment of land to the special category people that landed the Yedurappa government in trouble.

The commissioner of the Bangalore Development Authority Mr. Sham Bhatt said that a cabinet sub-committee was set up that looked in to the B Padmaraj panel report on the land that fell under the G Category sites. This committee was set up by the direction of the high court after a lawyer Mr. Vasudev Murthy filed a writ petition on the issue of the distribution of land in 2010. After that the court according to Mr. Bhatt has given directives to the government to continue with the distribution of the G category lands by asking the civic agencies along with the government to formulate rules for the allotment of land plots.

In this regard the Comptroller and the Auditor General (CAG) in its report said that the BDA needs to amend certain anomalies including the listing of the stray land plots before deciding to allot the sites. 

In this context the commissioner replied that they are on the process of rectifying their anomalies including listing that of the stray sites before the BDA starts allotting the sites. Mr. Bhatt said they are still preparing the list of stray sites and plots of land and in few days’ time they will come to know the exact extent of the stray sites available. In his statement he also reiterated that the lands that are in litigation are also or will be considered in the list of stray sites. This will eventually make more sites and land plot available for distribution under various categories.

This is also true that the BDA will have to reserve 30 percent of the stray sites under special category for the people in public life. But these will be selected under the discretion of the Chief Minister. In this regard the government has reduced the reservation of the people in sports and who are recognized in the national and international level to 10 percent from 15 percent. But at the same time the reservation for the people who got recognition in the field of art, literature, painting, sculpture, music, dance, drama and others have been increased. This category also includes people and judges occupying the higher levels of the judiciary, either sitting or the former judges.