What are the things that a potential home buyer considers before purchasing a house? The location, the size of the property, vicinity to offices, schools, parks, restaurants, hospitals or the stereotypical white picket fence? What about the most important factor — the price?
Now with the lingering impact of demonetization, the enforcement of the Real Estate (Regulation and Development) Act (RERA), and the lack of trust in property developers in the city, housing units sold across India in 2017 dropped by 7 percent. In fact, the property prices in Bengaluru fell by almost 5 percent in the second half of 2017, said a study published by property consultancy Knight Frank. For example, for a potential homeowner, over 9,000 apartment projects and flats for sale are available in the range of ₹42-52 lakh, followed by over 7,100 apartments that are in the ₹52-62 lakh budget segment, says a report by property website Makaan. According to the study, there are over 5,000 projects in the ₹15-25 lakh budget segment followed by those in the ₹34-43 lakh budget category.
Buying a home, especially in a city like Bengaluru, is a tricky choice. While the major factors are usually the same for all metros, there are others to be considered for the Silicon Valley of India. With its help millennial crowd, vibrant culture, great climate and a slew of job opportunities, it is difficult to ascertain the price of a house in Bengaluru.
Factors to Consider When Buying a House in Bengaluru
Accessibility to Public Transport: Proximity to bus stops, metro stations, and other public transport options can significantly impact the quality of life.
The safety and security of the neighborhood can be a major concern for potential buyers.
Being close to essential services like grocery stores, hospitals, and schools can enhance the overall living experience. Property Size and Layout
The number of bedrooms, bathrooms, and living areas should be sufficient for the buyer's needs.
The floor plan and design of the property can significantly impact the functionality and aesthetic appeal.
Proximity to major IT hubs, corporate offices, and coworking spaces can be crucial for professionals.
Access to good schools, colleges, and universities can be a significant factor for families.
Green spaces and recreational areas can enhance the overall quality of life.
Proximity to quality healthcare facilities can be a major concern for families and individuals.
Access to a variety of dining and entertainment options can enhance the overall living experience.
The affordability of the property is a critical factor, especially considering the economic conditions in Bengaluru.
The reputation and trustworthiness of the property developer can significantly impact the buyer's decision.
The effects of demonetization and the enforcement of RERA can influence property prices and availability.
The availability of properties in different budget segments, such as ₹42-52 lakh, ₹52-62 lakh, and so on, can help buyers find suitable options.
These factors can help potential buyers make an informed decision when purchasing a house in Bengaluru, considering both the major and minor aspects that can impact their quality of life.
