Rising Guidance Value Could Impact Cost of Unsold BDA Flats in Bengaluru, ET RealEstate

December 3, 2023
1 min read
guidance value could raise cost of bengaluru development bodys flats

BENGALURU: Though more than 1,700 flats built in 10 different projects remain unsold, the Bangalore Development Authority (BDA) may increase their prices. The move might make it much more difficult to sell them, officials in the agency said.

According to BDA officials, the proposal comes in the wake of upward revision of property guidance value by the state government in October this year. The next BDA meeting in the first or second week of December will discuss the proposal to increase flat prices by about 10%, they said. However, BDA commissioner N Jayaram said there’s no proposal before the agency to increase the price.

According to BDA data, it has constructed flats at Kommaghatta, Kaniminike, Doddabanahalli, Valagerahalli, Nagarabhavi, and Konadasapura. More than 50% of the flats at Nagarabhavi were sold but there was poor response from the public at Kaniminike, Kommaghatta, and Konadasapura where over 50% of the units have had no takers.

A BDA official said they constructed 120 3-BHK flats in Nagarabhavi and 77 of them were sold. He added that BDA built 2,276 flats at its six projects at Kaniminike, Kommaghatta and Konadasapura and only 853 flats were sold. Over 200 flats from its three other projects too are unsold.

“We are aware that over 1,700 flats have been left unsold. The price hike will be another potential threat to our marketing strategy,” said the official.

Another official said those interested in purchasing BDA flats should book within the next 10-15 days to escape the price hike.

Swanky villas by Jan

The price revision will also apply to BDA’s ambitious villa project — Puneeth Rajkumar Housing Complex — at Hunnigere village near Dasanapura, north Bengaluru. Officials said 322 swanky villas will be readied for sale by January. “A small electrification work is pending and the discussion about price hike may also delay the start of selling of the villas,” said an officer.

The villa project was conceived in 2018 on 31 acres of land at a cost of Rs 271 crore. Each villa will have a water sump, overhead tank, lawn, and parking facility. There is a 44,000-sqft clubhouse with modern amenities in the complex, a park in a 5 lakh sqft area, a basketball court, cricket ground and children’s playground.

The authority has constructed 170 4-BHK and 152 3-BHK villas. The fixed base price for a 3-BHK villa is Rs 75 lakh and for a 4-BHK, Rs 1.1 crore. Officials said the villas may cost 10-20% more than the base price by the time they are ready for sale.

  • Published On Dec 3, 2023 at 03:00 PM IST

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