Rachith Kushalappa, an IT professional working at Bagmane Tech Park, has been intensifying his efforts to search for a house in the City the past few months.
“While the price quoted for a two BHK flat may be around 50 lakh, however, with additional charges, it may easily come to around 75 lakh. The DH Reality Expo has made these aspects much clearer for me and hopefully I will be buy a house very soon,” he said.
Hundreds of enthusiastic, potential home buyers and investors thronged the Phoenix City Mall at Whitefield for the two- day expo that began on Saturday.
Enquiring about apartments in areas such as Whitefield and Sarjapur, Rudram Bhattacharaya, another IT professional, said proximity to one’s workplace was the biggest factor in selecting a home. “Although I work in Mysore Road, there are offices in areas such as Whitefield where I can shift if I find a home of a reasonable price. There are some interesting- looking homes and apartments at the expo that fit my bill.”
It is a well known fact that the IT boom has led to an upsurge in the real estate market in the City. Among the many potential buyers at the expo, there were several who looked at purchasing flats as a form of investment.
Take Kavita Dalvi, a housewife who attended the expo. “I am looking for a flat of around two to three BHK in the range of around Rs 60 lakh. This, however, is not for occupying immediately. The purchase is basically an investment,” she said.
Kishore R, who works for HP, is also looking for a flat either in Hoskote or Whitefield as a form of investment. “I already own a house in Ramamurthynagar. However, an investment in an apartment is something I am looking forward to,” he said.
With the City limits extending every year, real estate developers are of the opinion that the majority of the demand for homes and properties is mainly in areas close to IT parks and other tech hubs.
“When the new airport came up, a number of property developers, foreseeing a boom in areas around it, purchased land and started developing properties.
However, the rate of occupancy has not been commensurate with the demand in these areas,” said a representative of a real estate firm.