Tuesday, Jan 04, 2005
Tuesday, Jan 04, 2005 |
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Advts: Classifieds | Employment | Karnataka
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Bangalore
By K. Satyamurty
BANGALORE, JAN. 3. Homebuyers are getting younger and they are going for larger apartments, planning for future needs. According to those in the real estate business, including builders and promoters, many working couples in the 26 to 30 age group, are purchasing their first home. Housing loans at attractive terms help them. The boom is mostly in the south-eastern parts of the city, including peripheral areas close to Electronics City and going as far as Whitefield. Hosur Road and adjacent areas, Sarjapur Road and Bannerghatta Road have become choice locations, being close to the information technology belt. "The people working in the information technology firms either have larger disposable incomes or access to credit. You may think young couples may go for a two bedroom flat but many are investing in three bedroom apartments or those with two bedrooms and a study,'' those in the trade say. While many are investing in apartments worth between Rs. 20 lakhs and Rs. 25 lakhs, there are takers for the midrange of flats worth between Rs. 10 lakhs and Rs. 20 lakhs. A building boom is starting to the north of the city, with the international airport at Devanahalli becoming a reality sooner. Most buyers go in for apartments of at least 800 sq ft to 900 sqft and those who can afford it, ask for space of around 1,400 sq ft to 1,500 sq f t. "The location, space available and proximity to workplace are carefully considered before buying decisions are taken. Many shop around and make up their mind on the basis of quality of construction, common amenities and security,'' realtors say. Security does matter and most apartment complexes have 24-hour security guards, in some cases closed circuit TV, and close screening of all visitors, including servants and tradesmen. It matters because many complexes have as many as 200 flats and few get to know their neighbour soon. Common amenities such as playgrounds for children, a gym, swimming pool and perhaps, party halls for entertaining, are now offered as part of the deal. The Pollution Control Board has stipulated that every large apartment complex should have its own sewage treatment and facility and this is being followed, builders say. The treated water is used in toilets and for gardening. Common waste collection facilities are also arranged. Many buildings on the outskirts rely on groundwater till they get Bangalore Water Supply and Sewerage Board connections and most have standby generators for lifts and lighting in common areas. "At present, supply is short of demand but the situation may well change in another six months,'' realtors say. They are not sure whether that factor will impact on prices.
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