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14th December 2013
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According to property experts, the phase when sales is at its best during the time of project announcement, has undergone a significant makeover with time. Buyers have come of the age and no longer jump to make quick bookings, as soon a new project comes to the limelight. However, with prices remaining reasonable, expecting a slump in the sale will be a wrong toss of the dice, in a city like Bangalore.
The residential real estate market in the city was mainly driven by the growing number of nuclear families and migration of people from different cities, however, a disparity between demand and supply has called for piling up of inventory and less number of sales transactions
Towering price structure often stands out as the primary reason that discourages the buying behavior of people in key cities, however, Bangalore’s present market scenario heralds the right time for property investment. According to real estate consultants, for Bangalore, drop in prices in the near future is not in the cards and hence, it sticks out as the perfect time to purchase property in the city.
Drop in sales volume may be tagged as a good sign for the buyers to take the plunge, however, with prices remaining high investors cannot make the most of the present conditions. Market survey reports concur with the fact that prices will remain steady and are likely to witness a hike in the days to come.
The present price sq ft ranges between Rs 5000- Rs 6000 sq ft in the city. Hence, a 1200 sq ft property will somewhat cost around Rs 60 lakh. Together with registration cost and other expenses, the prices will clamber up to Rs 70 lakhs, which is a decent price in the Garden City where the inventory is quite high.