Realty bites here: Old buildings under threat

Realty bites here: Old buildings under threat
The Times of India

Bangalore: Demand for land within the city is so high that most of the pressure is being felt by old Bangaloreans, especially those who live alone in bungalows.

A real estate agent went to the home of a retired naval officer (when he was not home), not so long ago, to enquire if the 100-plus bungalow on an 80ft x 100ft plot was for sale. The persistent man was sent away. The officer in question lives in Cox Town. Real estate development is very happening right now in that area. For instance, a builder has already bought a big plot on an adjoining road to construct a massive apartment complex and there are three other projects coming up on plots that formerly housed bungalows.

The area still has a number of old buildings, a few of them visibly dilapidated. These are under threat now. “I have heard that old people are being increasingly pestered by real estate agents who want them to sell,’’ an area resident told this newspaper, on condition of anonymity. Not new: According to Ronald Johnson, who compiles data on the city’s bungalows, this is not really a new trend. He experienced similar harassment himself when two apartment projects came up on either side of his 1965-built home in Kings Street. “The developers kept harassing my family but we turned them down,’’ he said.

Johnson has 3,000 photographs of old buildings on his website. Half of these buildings no longer exist. “Developers and their agents are becoming very aggressive now,’’ Johnson added.

Co-development: Not everyone objects to this trend. Some of the original owners willingly part with their property in return for one or more flats in the new apartment complex. The concept known as ‘codevelopment,’ is not restricted to bungalows alone. More modern houses are also being demolished in this manner.

Interest rates down: Rev. P. K Samuel of St. John’s Church near Coles Park, however has another explanation. “You cannot blame only the real estate lobby. Many old people depend on the interest they get from their investments. With interest rates going down, they cannot afford to maintain their homes anymore. So, they prefer to rent part of their property or sell it,’’ he said.

A couple of the more affluent owners are now fed up though . They have put up ‘Not For Sale’ boards on their property!