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.

Stay up to date on all the latest Bengaluru news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp