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Pricey B’luru pushes home buyers to affordable outskirts

Real estate rates in these taluks are steadily increasing, sources said. For instance, in Devanahalli, Property rates have nearly doubled over the last tow to three years.

According to data accessed by DH, revenue collected through property registration in Bengaluru Rural district has increased by nearly 128% from 2019-23 to 2022-23, an indication that sales are booming.

Skyrocketing real estate prices in Bengaluru are pushing aspiring buyers towards rural parts on the outskirts, where property development is gathering pace without the necessary civic infrastructure.

Devanahalli and Hoskote – both under Bangalore Rural – are among the areas attracting a lot of interest as rates here are more affordable and with firms offering flexible work options, a pandemic side-effect, distance is no longer a deterrent.

According to data accessed by DH, revenue collected through property registration in Bengaluru Rural district has increased by nearly 128 per cent from 2019-20 to 2022-23, an indication that sales are booming.

While Rs 439.15 crore was collected in the form of stamp duty and registration fees in 2019-20, in 2022-23, the collection went up to 1003.29 crore and this year, in just six months, close to Rs 385.13 crore was collected in charges.

“There is a significant inclination towards investing in Bengaluru Rural. While in Devanahlli, development is driven by the proximity to Kempegowda International Airport, Hoskote is preferred owing to the Chennai Expressway,” said a senior official from the Department of Stamps and Registrations.

Interest in Doddaballapur and Nelamangala is also growing, said developers and sources in the department.

The demand has prompted many well-known developers to announce big projects, including huge apartment complexes, gated communities and townships.

Some property buyers told DH that affordability coupled with flexible work options were driving the trend.

“Buying a decent property anywhere within the city limits is expensive,”  said Sumnath M, who purchased a flat in Devanhalli.”Also, with the same amount we pay there, we can buy a better property in these areas. Given these areas are also developing, and that both me and my wife work from home on most days. we decided this was the best buy.”

Real estate rates in these taluks are steadily increasing, sources said. For instance, in Devenahalli, property reates seem to have nearly doubled over the last two to three years.

“There has been real estate boom since four years. However, the enquiries and purchases increased drastically during Covid. Property rates have increased drastically since then. In prime areas, properties that once used to cost Rs 4,000 Sq ft now cost close to Rs 7,500 “, said Mohammed Shaffath. owner of Newfort real-estate in Hoskote.

The challenges

However, gram panchayats and rural administrations are struggling to keep up with the influx of new residents, as they lack the infrastructure such as waste management.

“In urbanised panchayats like Hoskote and Devanahalli, there is huge pressure on the rural administration. Heaps of grabage pile up on the roadsides since many of them do not dispose of waste correctly.” said Dr Anuradha K N, Chief Executive Officer, Zilla Panchayath, Bangalore Rural.

Many GPs are now taking help from support groups and NGOs to help manage the waste collection and segregation.

Source : Deccan Herald



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