The Bangalore Development Authority (BDA) is set to raise prices for flats in its upcoming allotment process. This decision comes after a revision in guidance value of land, subsidies provided to specific categories, and rising construction costs.
Things we covered for you
+
What to Expect:
- Increased Rates: The BDA anticipates price hikes ranging from 4% to 29% for various flat categories in two upcoming residential projects – Kommaghatta and Konadaspura.
- Example Hikes: A 3-bedroom flat in Phase I, previously priced at Rs. 53 lakh, might now cost Rs. 65.7 lakh. Similar increases are expected for 2-bedroom flats in Phases II and III.
Reasons for Hike:
- Land Cost Increase: The rise in land guidance value, a benchmark for property valuation, has significantly impacted overall project costs.
- Subsidy Adjustments: The BDA previously offered subsidies for economically weaker sections, Scheduled Castes & Tribes, and other groups. With rising costs, these subsidies might need adjustments, leading to higher prices for general category flats.
- Construction Cost Inflation: The construction industry has witnessed a rise in material and labour costs in recent years, further necessitating price adjustments.
Who will this Affect?
This price hike will primarily impact those applying for flats in the upcoming BDA allotment for Kommaghatta and Konadaspura projects.
Read: FM Gives Push to Affordable Rental Housing For Migrant, Urban Poor
Book Best Packers & Movers with Best Price, Free Cancellation, Dedicated Move Manager
This is third
This is third
This is fourth
This is fourth
This is fifth
This is fifth
This is six
This is six
This is seven
This is seven
This is eight
This is eight
What to Do?
If you’re interested in applying for a BDA flat, stay updated on the official notification regarding the allotment process and revised pricing details. The notification is expected after the Model Code of Conduct for the upcoming Lok Sabha elections concludes on June 4th.
Remember:
This price hike reflects the rising costs across the real estate sector. The BDA aims to maintain project viability while ensuring some level of affordability, particularly for economically weaker sections.
Related News: BDA Lists 27,000 Plots in Bangalore’s 279 Illegal Layouts Off Limits for Buyers
