Now, people wary about buying flats near lakes in city

Some are planning to cancel bookings

To attract more buyers for their flats in Bengaluru, builders promoted their projects by branding them as ‘lake view’ or ‘lake side’ apartments. With the National Green Tribunal (NGT) on Thursday imposing restrictions on constructions around buffer zones of water bodies in the city, builders are flooded with queries from buyers about the  projects.

Some are even planning to cancel their bookings. Irshad Ahmed, President, Bangalore Realtors’ Association of India (BRA-I) told Deccan Herald that there are around 40- 50 projects coming up around water bodies across the city, mostly in Bellandur, Agrahara, Hebbal, along Outer Ring Road and Bannerghatta.

“The decision of NGT is correct and most welcome. But this has raised doubts among buyers.”

 Proprietor of a prominent real estate company, who didn’t wish to be named, asserted that the government should be lenient on the NGT orders as huge investments have been made on these projects. “This will have an impact on upcoming constructions,” he said.

Some builders were also busy convincing prospective buyers that the NGT orders were applicable only to the projects of the big builders and not for all.

However, buyers do not seem convinced.  “I booked a flat near Gottigere. After I learnt about the NGT orders, I do not want to buy the flat,” said Hemanth, a Bengaluru resident.
Rajanna, a real estate agent is also flooded with enquiries.

“People who booked flats through me are now demanding details of flats around Bellandur and seeking  refund of their money and also the commission they paid me. People have become cautious. But this is the fault of builders and government which gave them permission. Why should buyers and I suffer,” he said.