City's flood-hit areas see 30 percent dip in property prices

Areas that saw largescale demolitions of encroachments on SWD are looking at a dip in land and apartment prices.

Published: 18th August 2016 03:36 AM  |   Last Updated: 18th August 2016 04:58 AM   |  A+A-

Citys flood

BENGALURU: Kodichikkanahalli, which bore the brunt of Bengaluru’s rain fury a few weeks ago, is now staring at another worry — a sharp slide in property prices. This area off Bannerghatta Road is not the only one in trouble. Areas that saw largescale demolitions of buildings encroaching on storm water drains (SWD) are looking at a dip in land and apartment prices. The drives had been conducted by Bruhat Bengaluru Mahanagara Palike (BBMP) to clear encroachments on the SWD network in the city. 

Residents and real estate agents of Kodichikkanahalli, which suffered from artificial flooding owing to the blocking of SWDs, said that prices have dipped by up to 30 per cent and might decline further.

Rajashekar K, a resident of Kodichikkanahalli, is a worried man. He is looking to sell his 2BHK apartment for `20 lakh and is willing to settle an even lower price. But he has been issued a demolition notice by BBMP even though he insists his papers are in order. 

A resident of Janapriya Lake View apartments, on condition of anonymity, said most flat owners don’t reside here. “Most of them live abroad and are not aware that their apartments are under threat,” he said. Owners who reside in the complex though are in a hurry to sell their properties, he added.

Kumar, a real-estate agent, said 2BHK flats, which were earlier in the range of `28 lakh-`30 lakh, are now on the block for around `20 lakh in Gottigere near Bannerghatta Road. But there are not many takers. “After the demolition drive, credibility of developers and builders has plunged. People are afraid to buy apartments here,” he said.

Goutham Chakraborty, a property consultant, believes the ongoing demolition will make people cautious. Demolition drives in the past weren’t consistent, and developers and buyers were emboldened to continue with encroachments, he said. Sarfaraz Khan, joint commissioner (north), BBMP, said, they have uploaded maps with SWD network on the website. “If assets have depreciated, people can cross-check in respective zonal offices or BBMP headquarters before investing money,” he added.

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