How to Determine the Actual Price of a Property in Bangalore
The dramatic rise of Bangalore as tech giant and an IT hub of not only India, but the world, has seen the property values take a significant leap with increasing numbers of migrant workers flooding into the city to take a piece of the pie. The city has the best growth rate amongst the three major South Indian metropolises, the other two being Chennai and Hyderabad. A pleasant climate brings with it more opportunities for education, health and IT and it has one of the best land appreciation rates in the country. Working professionals and NRIs also flock to the city because of the aforementioned reasons.
As a result, both residential and commercial property is affected by the big businesses that have made Bangalore their home. When it come to selecting what property to acquire for a home or a business, much care should be given to how the same property will sell itself when the time comes. Resale prices are significantly lower and that has to have an impact on the buyer’s decision making process. Market value of a property may go down up to 50% of the original price if the resale property is more than ten years old.
Some legal concerns have to be taken care of as well, because real estate is a business filled with con artists and stories of fraud are a common occurrence. Making an advance payment without being sure of the authenticity of the documents can lead to a wrong outcome. Some documents that need to be verified and checked by an advocate are the mother deed, the tax receipts and the encumbrance certificate amongst others.
When a price is quoted, the buyer can determine the resale property value by adding up the total value of the entire land, depreciated value of the facilities and the value of promoters profit, expenses. Also, real estate portals can be of great help while choosing your property and finding out it’s actual market value. Construction costs also come into play and due to the rise in migration, they too have taken a turn to become much more expensive. Since 2001, Bangalore has seen more than 3,50,000 apartments being built and fear of over-supply in the housing sector has grown due to a negligible rise in salary increments in the IT companies that have sprung up. Hence it is wise to not put all your cards on the table when property prices are high because at any time, in this recession hit economy, values can skyrocket or take a nosedive.
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