Hello everyone, I am from Bangalore. Six years ago, I purchased a piece of land for 50 lakhs. Now, the land appreciation rate in Bangalore has increased enormously, and my land is now valued at 5 crores. I know how it has developed over the years, and if you are curious about how this happened, I can share with you the factors behind it.
What is the Property Appreciation Rate in Bangalore?
Land rates increase depending on the location, available facilities, nearby attractions, industries, demand for the area, and IT sectors. These factors contribute to the rise in the rate of my property.
Now I can tell you the rate at which I crossed 6 years.
Year | Rate |
2019 | Rs.50 Lakh |
2020 | Rs.70 Lakh |
2021 | Rs.1Cr |
2022 | Rs.3Cr |
2023 | Rs.4Cr |
2024 | Rs.5Cr |
My property area became more developed, and near it, they started constructing an IT park. Because of that, the value of my land skyrocketed. The rate continued to rise month by month, and by 2024, the value reached 5 crore. I hope you understand the Bangalore property appreciation rate.
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Hi, the Bangalore property appreciation rate is increasing at a rapid rate. How do I know that? Well, I am a real estate agent and have been in the Bangalore real estate market for the last two decades. Let me provide you with the details of the property appreciation rate in Bangalore for the last five years.
What is the Property Appreciation Rate in Bangalore?
The real-estate appreciation rate in Bangalore is 13.50%. You can check the table below to check the average price of 2BHKs across Bangalore.
| Year | Price (Rs.) |
2019 |
62,38,128 |
2020 |
63,10,757 |
2021 |
65,42,338 |
2022 |
68,93,459 |
2023 |
78,24,076 |
And that covers the information regarding the flat appreciation rate in Bangalore. Let's go over the average price per sqft in Bangalore. Refer to the information provided in the table below.
| Year | Price per sq ft. (Rs.) |
2019 |
5,666 |
2020 |
5,795 |
2021 |
6,008 |
2022 |
6,147 |
2023 |
7,350 |
There are three reasons because of which Bangalore is seeing a rise in the real estate prices. Here are those.
Return to Office Post-COVID
One of the biggest reasons is the recall of IT employees. This significantly increased the demand for residential spaces as people look for accommodation closer to their offices.
High Rentals
The increasing rental rates make people invest in real estate, as owning a house is a more financially viable option than renting.
Supply Constraints
There was a limit to the availability of housing units due to COVID-related uncertainties. This caused a significant supply-demand imbalance and, in the process drove up prices.
And that’s all about the Bangalore property appreciation rate. I hope this will be informative enough for you.
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What is the Bangalore Property Appreciation Rate?
Anuj
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2024-06-07T11:16:23+00:00 2024-06-07T11:16:23+00:00Comment
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