Bengaluru development body's flats face potential cost increase
Real Estate

Bengaluru development body's flats face potential cost increase

Despite the fact that more than 1,700 flats across 10 distinct projects remain unsold, officials at the Bangalore Development Authority (BDA) have suggested that there may be an increase in their prices. The officials within the agency expressed concerns that such a move could significantly complicate the process of selling these flats.

As per BDA officials, the proposal has been prompted by the state government's upward revision of property guidance values in October of this year. They mentioned that the upcoming BDA meeting, scheduled for the first or second week of December, will deliberate on the proposal to raise flat prices by approximately 10%. However, BDA commissioner N Jayaram asserted that there is no existing proposal within the agency to increase the prices.

According to BDA data, flats have been constructed in various locations, including Kommaghatta, Kaniminike, Doddabanahalli, Valagerahalli, Nagarabhavi, and Konadasapura. While more than 50% of the flats in Nagarabhavi have been sold, there has been a lackluster response from the public in Kaniminike, Kommaghatta, and Konadasapura, where over 50% of the units have found no takers.

A BDA official disclosed that they built 120 3-BHK flats in Nagarabhavi, with 77 of them being successfully sold. Furthermore, the BDA has constructed a total of 2,276 flats across its projects in Kaniminike, Kommaghatta, and Konadasapura, but only 853 of these have been sold. Additionally, more than 200 flats from three other projects remain unsold.

Another official emphasised that individuals interested in purchasing BDA flats should consider booking within the next 10-15 days to avoid the impending price hike.

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Despite the fact that more than 1,700 flats across 10 distinct projects remain unsold, officials at the Bangalore Development Authority (BDA) have suggested that there may be an increase in their prices. The officials within the agency expressed concerns that such a move could significantly complicate the process of selling these flats. As per BDA officials, the proposal has been prompted by the state government's upward revision of property guidance values in October of this year. They mentioned that the upcoming BDA meeting, scheduled for the first or second week of December, will deliberate on the proposal to raise flat prices by approximately 10%. However, BDA commissioner N Jayaram asserted that there is no existing proposal within the agency to increase the prices. According to BDA data, flats have been constructed in various locations, including Kommaghatta, Kaniminike, Doddabanahalli, Valagerahalli, Nagarabhavi, and Konadasapura. While more than 50% of the flats in Nagarabhavi have been sold, there has been a lackluster response from the public in Kaniminike, Kommaghatta, and Konadasapura, where over 50% of the units have found no takers. A BDA official disclosed that they built 120 3-BHK flats in Nagarabhavi, with 77 of them being successfully sold. Furthermore, the BDA has constructed a total of 2,276 flats across its projects in Kaniminike, Kommaghatta, and Konadasapura, but only 853 of these have been sold. Additionally, more than 200 flats from three other projects remain unsold. Another official emphasised that individuals interested in purchasing BDA flats should consider booking within the next 10-15 days to avoid the impending price hike.

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