Residential Plots in Bangalore
Huge demand for residential plots in Bangalore along with flats and availability of the same improving a lot. The demand and supply tending towards equilibrium. Time since Government of Karnataka tried to make Urban development structured one, the demand for residential plots in Bangalore also increased . I would like to list how residential plots in Bangalore opportunity is being created and complications involved in the same. Which plot is right one to buy?
Following factors contribute for formation of new residential plots in Bangalore.
1 Increasing population.
The city’s population stands at 95,88,910 as of now, according to Census 2011 data released here . One of the most attractive employment destinations in the country over the last decade or so, Bangalore’s population has grown by 46.68 per cent, between 2001 and 2011, up by nearly 12 percentage points over the growth rate of 35 per cent in the previous decade.
2 Bangalore is Information and Technology Hub of the country.
Bangalore including Mysore, Mangalore and Hubli contributes 40% of Total IT Exports. Around 3.5 lakhs IT professional are working in Bangalore. Average salary drawn by IT professional(4-8 years experience) is between 8 – 16 lakhs depending upon organization. Average productivity in Company like TCS is 47000US$/person. This is much higher in companies like IBM and Accenture due to their services in cutting edge technologies. Around 55-60% is spent on salary component. This gives clear picture of property buying index for IT professional is much higher compared to others.
3 BDA unable to form time bound new Residential plots in Bangalore quantitatively.
4 Extension of BMRDA jurisdiction paved way for private developers to form new residential lay outs which are BMRDA approved.
5 Completion of Outer ring Road, Nice Road corridor, Metro and Completion of Kempegowda International Airport Road, Emerging Neo Bangalore near Hoskote, Fresh Tender Call for Bangalore-Bidadi Infrastructure corridor.
6 Formation of Andhra and Telangana would create huge investment opportunity towards north Bangalore and demand for residential plots which are DTCP approved.
7 Financial Institutional provide loan for buying these sites with certain terms and conditions.
Misguiding Factors for common buyer in purchasing residential plots in Bangalore
1 Common buyer can not do much on the following .
a) Karnataka Town and Country Planning Act 1961
b) Karnataka Land Reforms Act 1961
c) Karnataka Revenue Land Act 1964
Loop holes of these laws give opportunity for private developers to use intelligently in formation of residential layouts which are illegal by process and act. Such layouts carry only endorsements by concerned authorities.
Right Plot to buy
1 BDA approved
2 BMRDA/BIAAPA/BMICPA approved ( Only Released sites)
3 DTCP approved(Only Released sites)
4 NOC issued by local planning authority for formation of residential plots in Bangalore and also mentioning that there will not be any future acquisition of land by authorities.
5 If you are buying plots within BBMP jurisdiction I suggest to hire services of professional Lawyer who has expertise in property domain. BBMP limit sites include many revenue and Grama thana sites. Akrama and Sakrama applicable sites with buildings on it.
6 Karnataka housing Board developed sites/flats.
By Vidyadhar Naik-Property Consultant