Acknowledging the turbulence in the economic waters of the country, the “Bangalore Real-Estate Vessel” has decided to go-with-the-flow, steering the ship in the direction of winds favoring the preferences of the mass property buyers. The city realtors are now considering the possibilities of re-quoting the prices of their developed projects at a reduced rate, as the demands for low-cost quality residential housing flood over the extensive promotions of costly high-rises towering the city.
Till now the real estate jigsaw puzzle of Bangalore was a mix-n-match of healthy residential market accounting to 30% of the city’s business, while the rest indicated the other zonal pockets displaying a higher rate chart. Compared to properties ranged within 35 – 65 lakhs, the posh walls bearing ‘crore’ painting are being less asked for by the middle-income buyers seeking to invest. Hence, in order to join the mid-segment oriented developments’ competition, the super-luxury abodes have taken a call to climb down the price ladder by almost 35% instead of clinging on the hiked digits.
These big budgeted ventures reportedly have failed to meet half of the estimated target, even with the support of promotional offers both during the pre-launch and launch stage. However, with this publicity and reduction in the market prices, these developments have reached within the access range of the common mass, with a stretched flexibility in the pricing ends. To assist the sale ramp up, Bangalore realtors are announcing the line-ups for villas and villaments within the range of 45-55 lakhs. To add to the garnishing, they are also welcoming the bites of lower booking amounts.
Lure techniques have not limited themselves till the financial boundary… Under the present circumstances, willing investors are also enjoying promising commitments from the builders in terms of quality amenities. To name a few – vitrified tile flooring replacing Italian marbles, standardized bathroom fixtures and kitchen granite tiles are the latest touch-ups.
Reference: The Times of India, Bangalore