JOIN US‘The best time to buy a house was twenty years ago, the remaining good ones are with us,’ reads an advertising billboard by a builder.
This is Bangalore’s real estate story in a nutshell. It’s saturated and overpriced, and many middle class people cannot afford a home in the bustling metropolis that the City has become.
But shrinking space and soaring land price have not depleted the demand from property buyers, according to builders. Builders are trying to keep pace with the high aspirations of their customers. The real estate industry has evolved into an organised, branded sector, from its previously amorphous nature.
This evolution has put pressure on those buying the property as well, because of the abundance in the choice of homes, and amenities that come with them. Swimming pools, amphitheatres, skating rinks, proximity to a park or a shopping area, etc are some factors that buyers consider. Deccan Herald spoke to property buyers across the spectrum to get a sense of what’s going on in the realty market:
Karthik Venkat, an associate creative director at Mudra, said he focusses on
basics and didn’t want to spend money on amenities he wouldn’t use. He would rather make a weekend getaway for recreation.
“For me, a good house would constitute basic facilities located in a decent area. I do not want to pay for something I would never use such as an amphitheatre or a swimming pool,” said Venkat, who recently bought a property.
For Prabhu R, an engineer, whether the builder has complied with all the rules while constructing is an area of concern. He also believes customers have trouble finding clarity in all the offers being made by big builder brands. Three years ago he bought a house in a prime location in the City to be close to his workplace.
Prabhu believes buyers should proceed further only after knowing that all the documents are in order. The other factors on his list are security and open space around the house. For many others, having like-minded people living next door also becomes a criterion, he said.
Pradyumna Prasad, who works with Nokia Siemens expressed a similar opinion. People considering financial assistance to make a purchase have to also consider whether the builder has complied with rules, before they can get approval from the bank, he said.
Small time builders often compromise on the structural integrity and the materials used for construction, he said. He said it is better to look for apartments under construction so that buyers can keep a watch on the construction. He didn’t make much of other attractions packaged with homes.
“One can always invest elsewhere for the luxuries and usually it turns out cheaper than what’s promised in gated communities and other such projects,” he said.
In keeping with changing trends, builders in Bangalore are having to cater to smarter buyers, who are more discerning than ever before. Most buyers don’t seem to be falling for all the frills that builders are throw into property deals.