Sunday, July 14, 2024

BDA Contemplates Price Hike on Unsold Flats Amidst Property Value Revision

The pricing predicament extends to BDA’s ambitious villa project, the Puneeth Rajkumar Housing Complex, located near Dasanapura in north Bengaluru. The project, conceived in 2018 on 31 acres of land at a cost of Rs 271 crore, is set to offer 322 swanky villas for sale by January.

While awaiting the completion of a small electrification task, the discussion surrounding a potential price hike adds an element of uncertainty to the villa sales launch. The villa project boasts numerous amenities, including water sumps, overhead tanks, lawns, parking facilities, a 44,000-sqft clubhouse, expansive parks, a basketball court, cricket ground, and children’s playground.

The BDA has constructed 170 4-BHK and 152 3-BHK villas, each featuring a fixed base price of Rs 75 lakh for a 3-BHK and Rs 1.1 crore for a 4-BHK. Officials caution that the final villa prices at the time of sale may exceed the base prices by 10-20%.

The potential price hike not only poses challenges to the marketing strategy of the unsold flats but also adds a layer of uncertainty to the launch and pricing of the high-profile villa project. As the BDA grapples with the task of balancing pricing dynamics amid an inventory of unsold properties, prospective buyers face a time-sensitive decision, urged to make bookings within the next 10-15 days to potentially avoid the impending price adjustment.

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