City realtors play the waiting game

City realtors play the waiting game
Deccan Herald

With the Bangalore International Airport at Devanahalli getting set for a 2008 opening, the coming months could see the realty market in the region running a virtual gold rush. And the potential starts right from the RT Nagar neighbourhood.

For a realty belt that is redefining boom, it’s ironical that the stretch from Hebbal to Devanahalli is dotted by signboards saying, “This property is not for sale.” On one level, they are a pointer to the still largely untapped real estate potential of the belt. On another, they tell you that it’s the waiting game that fetches the best price.

With the Bangalore International Airport at Devanahalli getting set for a 2008 opening, the coming months could see the realty market in the region running a virtual gold rush. And the potential starts right from the RT Nagar neighbourhood.

“This has always been a preferred residential area of the City. And ever since the airport project kicked off, the prices have seen a substantial rise,” says property dealer Manoj Reddy. According to him, the last couple of years have seen land prices rise over 150-200 per cent, especially in areas closer to Hebbal. Closer to Bangalore, and yet within the airport belt. This seems to be the priority for individual investors in the Hebbal–Devanahalli stretch. Big-time developers are lying low — waiting for the run-up to the airport to gather steam — before announcing their big projects in the belt.

The smaller players, meanwhile, are trying to cash in on proposed government projects in the area, including an electronics hardware park and a couple of apparel parks. “Yelahanka, which was considered outskirts a couple of years ago, is seeing a lot of real estate development after the airport project started,” says property dealer Lokesh.

He says middle-income couples form a major chunk of his clientele. “They don’t want to move farther from the City and want to make the purchase before it becomes unaffordable,” he says. In Devanahalli, the boom is reflected in the seemingly never-ending queues for registration at the sub-registrar office. Sources in the sub-registrar office say around 300-350 registrations happen everyday.

However, many of the purchasers are giving themselves more time to assess the development of the region in the coming months before they decide on what to do with the land.

The apparent indecisiveness — in the wake of a sudden surge of opportunities — is evident on a signboard in Chikkajala. Beneath the “not for sale” is written the owner’s mobile number, in bold. Evidently, he’s waiting for the big deal.

FACTFILE

Realty Boom (approx in Rs per sq ft)

2004 2005 2006

RT Nagar 700-1100 1000-1700 1400-2200

Hebbal 800-1200 900-1600 1100-2000

Yelahanka 700-1000 800-1400 900-1800

Devanahalli 200-300 250-450 400-900