Bangalore Home Buyers Still Wait for Affordable Price After the Announcement Housing for all by 2022

Bangalore : Long days back, Arun Jaitley – Union finance minister announced about 100 smart cities of latest technology and infrastructure for better living standard will be the biggest boost for urban areas. With the aim to offer housing for all by 2022, he also offered a tax inducement for homeowners by extending the additional tax incentive on home loans. This announcement has strengthened the home buyers’ ability to buy a house at affordable price in urban areas.

“The government have a prophecy to create at least 500 habitations with provisions for safe drinking water and sewerage management, use of recycled water for growing organic fruits and vegetables, solid waste management and digital connectivity through public-private partnerships”, he avowed.

The Bangalore realty market has always been optimistic and pliable because of sophisticated social and physical infrastructure development and high absorption of apartments, villas and flats. Although Bangalore home buyers picking up wait and watch approach since from the announcement of “housing for all by 2022” on account of prices of apartments reaching saturation point, and supply and demand bottleneck. It means buyers are waiting for affordable prices.

As per the survey, during June-September quarter Bangalore witnessed a plunge in sales by 35 percent as the inventory of unsold properties has risen. In Bangalore, there are around 300 ongoing residential projects and 45,000 new housing units.

The Bangaloreans are anticipating the positive signs as they fed up with awful roads, shortage of drinking water and decrease of water table because of the arbitrary digging of bore wells, incomplete flyovers, and delay in completion of metro lines and infrastructure projects and high interest rates.

The increase of steel, wood and cement cost, shortage of labors, delay in government approvals, clearance from airport authorities and many other are resulting delay in completion of housing projects moreover, buyers are facing a problem with confusion over registration of A and B khatha. This delay will create a big problem for builders as well as buyers who have booked their homes in prelaunch projects as they have to pay both rent and equated monthly installments (EMIs) on home loans. To overcome this problem the government should come up with policy recommendations.

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