Buy property in Bangalore suffered even as numerous policy changes were announced last year. Due to a lack of civic infrastructure, traffic congestion, a National Green Tribunal Order and the political crises, which sprung from the flow of Cauvery River water, the number of property transactions in Bangalore fell significantly. These issues must be resolved if real estate in Bangalore is to flourish in 2017.
Over the past several years, real estate in Bangalore has proven itself to be an attractive destination for long-term residents of Bangalore as well as for migrants to the city. The reason that makes Bangalore such an attractive destination for investment is the growth prospects in the city and the large number of lucrative jobs in Bangalore. Unfortunately over the past few years, real estate in Bangalore has suffered due to civic issues and political issues which residents of the city have been faced with. These factors have led the cities expansion to curb while at the same time investors have shied away from investing in the city.
Two reasons for the disturbance of property in Bangalore are provided below
The National Green Tribunal Decision
The National Green Tribunal which asked developers to scale back development from Bangalore’s lakes and wetlands by seventy five meters has had an impact upon the cities property. Due to the NGT order, the Real estate builders in Bangalore have become restricted as they have a smaller area upon which to construct. Experts and real estate developers have stated that since Bangalore is inherently a city of lakes, the decision by the NGT, which forbids construction in large area’s of the city has had an impact upon hundreds of projects in Bangalore.
The Akrama Sakrama Scheme
The recent Supreme Court ruling placing a stay on the Akrama Sakrama scheme has led state authorities to be in a state of limbo until further clarity is gained. As the majority of the unregulated residential property in Bangalore has a deviation that is greater than fifty percent, they do not benefit from the state governments Akrama Sakrama Scheme. Additionally unregulated commercial buildings which would have been eligible for regularization if found to be deviant in their setup area by up to twenty five percent have also been found to be in excess of this margin. As yet there is no clarity whether such projects should be demolished and as to which part of the building would be demolished if residential and commercial properties exceed a setup area in excess of fifty and twenty five percent respectively.