BENGALURU: Bangalore Development Authority (BDA) is contemplating to increase the prices of villas in Hunnigere, off Nelamangala-Sondekoppa road. Initially, the BDA had set prices at Rs 75 lakh for 3 BHK (Bedroom, Hall, Kitchen) villas and Rs 1.10 crore for 4 BHK villas.
However, due to rising construction material costs, the BDA is planning to revise these prices. The new prices are likely to be at Rs 85-90 lakh for 3 BHK villas and Rs 1.15-1.20 crore for 4 BHK villas.
The final pricing will be confirmed in the upcoming board meeting. The construction of these villas was completed in June, but allotments have been delayed. The project, which spans 31 acres in Hennur, also includes flats on Tumkur Road. Although construction is finished, there is a delay in providing electricity connections.
In addition to the villas, the BDA has also constructed 320 1 BHK flats intended for economically disadvantaged individuals. Originally priced at Rs 13.50 lakh, the cost for these flats has now been increased to Rs 15 lakh. The sale of these properties will be conducted through auction, with prices adjusted based on construction costs.
However, consumers are not happy. Aniketh Kashyap, a techie said, “The timing of this price increase is particularly troubling. We are already grappling with rising costs of living, inflationary pressures, and economic uncertainties. The additional financial strain caused by higher property prices adds to the overall financial stress faced by consumers, impacting our ability to save, invest, and plan for the future.
Furthermore, the lackluster demand for BDA flats in recent times should be a clear indicator that price hikes are not in line with market realities. Increasing prices in a sluggish market only exacerbates the problem by further dampening demand and prolonging the time it takes for unsold inventory to be absorbed.”
