BDA to sell apartments to Canara Bank staff

After much delay, for the first time, the Bangalore Development Authority (BDA) will be selling apartment blocks to Canara Bank employees.

BDA has struck a deal with Canara Bank to sell its apartment blocks in Valagerahalli Phase 6. According to BDA officials, Valagerahalli is one of the most sought-after localities among the agency’s offerings in Bengaluru. Though the average market price of a two-bedroom-hall-kitchen in Valagerahalli Phase 6 is around Rs 44 lakhs, the BDA is offering a concession to the Canara bank employees.

BDA is constructing 360 units in three blocks comprising 1, 2, and 3 BHKs in Valagerahalli Phase 6. According to the engineers, the apartments will be ready by the end of December and the occupants can move in by January 2019.

“Canara Bank has decided to purchase two blocks, of the total three. Each block has 120 apartments,” BDA engineer, Vinay G Sugur said. “Though we have quoted a concession of 6%, the final details are being worked out, after which the formalities will be concluded.”

After considering many options, the Canara bank officials chose the specific project under construction in Valagerahalli. BDA and the bank had discussions for nearly six months over the location and the costs. As far as the one remaining block at the Valagerahalli Phase 6 project is concerned, BDA will have a notification out soon.

In order to boost the sale of flats lying vacant, the BDA Board members in an meeting in October decided to offer rebates to people purchasing flats in Kanminike and Kommaghatta. The Board decided to give 5% rebate to individuals and up to 10% to bulk buyers. This decision has been taken as there are many BDA apartments lying vacant. According to a recent estimate there are over 3,000 BDA apartments lying vacant — 1, 2 and 3 BHK — across Bengaluru since 2015.

Meanwhile, BDA is holding talks with the police department as well to offer apartments in bulk. Though, even after assurances from Home Minister G Parameshwara, nothing has yet been finalised. The police department had held discussions with BDA to purchase 2,000 flats. Senior police personnel have also toured many projects until August to finalise a deal.