Buy rather than rent suggests MBRI

High property prices, increasing home loan rates and innumerable project launches often put the common man in a quandary over whether to buy a house or rent one. The latest Buy vs Rent Index (MBRI) for January to March recommends Bangaloreans to explore options to buy property rather than stay on rental. Bangalore is divided into five sub-cities and MBRI is calculated for each sub-city to enable seekers to make an informed choice. The index for the City has remained stable on 19 during the last two quarters: Oct-Dec ‘11 and Jan-March ‘12, which places the overall city on buying zone. Overall a lower MBRI (less than 20) indicates a preference for buying vs renting and a higher MBRI (higher than 25) indicates a preference for renting vs buying.

The recommendations for property seekers in Bangalore are as follows:
Buying destinations in Bangalore: Though all sub-cities in Bangalore, except Bangalore Central fall in the buying zone, Bangalore East and Bangalore North are the two hot buying destinations in Bangalore with their MBRI figure at 16. Property seekers looking at investing here are recommended to buy property here rather than stay on rent. The main reason for this recommendation has been the slower pace of property prices appreciation compared to the rental appreciation in these areas. Areas like Bangalore West and South too are recommended for buying although they have a slightly higher MBRI.


Prestige’s launch in Yelahanka

The Prestige Group recently launched Prestige Garden Bay, a range of townhouses in the heart of Bangalore’s Yelahanka. Speaking on the occasion, Irfan Razack - CMD, Prestige Group said, “The City is witnessing a spike in demand for quality luxury residences that come with the freedom of space, fresh air and verdant greenery. Yelahanka is currently one of the fastest growing areas in cosmopolitan Bangalore and Prestige Garden Bay which consists of luxurious four bedroom duplexes with private gardens and spacious three-bedroom homes will address this need.”

Located in Yelahanka and spread across 6.2 acres, the project has 184 homes in eight blocks of five floors each. Garden Bay will include four bedroom duplexes with private gardens and three-bedroom homes. The homes come with amenities such as a gym, rooftop party hall, mini-theatre, a crèche, lawn tennis court, indoor squash court, indoor badminton court, basketball practice court, swimming pool/wading pool, health club, billiards and table tennis tables and children’s play area.


Aga Khan award for excellence in architecture

The Aga Khan award for architecture, considered by many professionals to be the most important award of its kind,  has announced a doubling of the prize money to US$ 1 million – to be distributed among multiple winners – from next year.

The Aga Khan Award, until now worth $500,000, is given every three years to projects that set new standards of excellence in architecture, planning practices, historic preservation and landscape architecture. The next prize, nominations for which are now being accepted, will be awarded in 2013. The nomination period runs until September 15 this year.

In recent years, the award has encouraged the submission of projects which seek to improve public spaces and tackle the issues of rural societies and communities on the peripheries of urban centres.  It has also encouraged exemplary industrial buildings that provide a quality environment for employees.

Recent recipients of the Aga Khan Award include well-known architects such as Norman Foster and Cesar Pelli, but also municipalities, master masons and clients. In 2010, the five recipients of the triennial prize were: a school integrated into a bridge in Fujian, China;  the Wadi Hanifa Wetlands in Riyadh,  Saudi Arabia; a textile factory in Edirne, Turkey; the  Madinat al-Zahra Museum in Cordoba, Spain; and the revitalisation of the Hypercentre of Tunis, Tunisia.

Other projects that have received the award since its inauguration in 1980 include a slum networking project in India at Indore, and the National Assembly building in Dhaka, Bangladesh. Selection of the award recipients is made by an independent master jury, which is reconstituted for every cycle.

The Aga Khan Award for Architecture is part of the Geneva-based Aga Khan Trust for Culture.

Achal Narayanan

DH Newsletter Privacy Policy Get top news in your inbox daily
Comments (+)