Bangalore Residents, Brace Yourselves: BDA to Increase Flat Prices

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.

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.

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.

Quality Service Guarantee Or Painting Free

Unbeatable Price 5-Star Rated Partner! 2200+ Shades! Top Quality Paint Free Cancellation!

Get a rental agreement with doorstep delivery

Rental Agreement NOW

Find the BEST deals and get unbelievable DISCOUNTS directly from builders!

Find the BEST deals

5-Star rated painters, premium paints and services at the BEST PRICES!

FREE Estimate

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

Most Viewed Articles

Building Setback: Meaning, Significance and Rules

August 17, 2023

30410+ views

House Price Graph Last 20 Years India: Trends, Factors, and Future Predictions

February 1, 2023

4522+ views

ERP Solutions for Society: A Game-changer For Society Living

August 25, 2023

2321+ views

Builders must use technology to make new age apartments sell-able post coronavirus

August 13, 2020

1985+ views

Investors Looking to Have a Slice of Indian Commercial Real Estate

March 23, 2020

1920+ views