Bangalore Property Prices to Drop
The developers in Bangalore are facing rise in costs of the properties by 10-15% by this year-end is traced to be inevitable generally the price escalation was about 3-4% per annum. However the input costs have been rised by 7%. The average cost of construction has seen a increase by Rs 150 per sqft and this burden has been passed on to the customers, reported Sushil Mantri the president of Confederation of Real Estate Developers Association of India (CREDAI).
Property analysts’ are in a wisdom that the less demand will result in the property prices gradually facing a drop in few months. The inflation rate rising is resulting in the prices increasing. Raj Menda, MD of RMZ Corp reported saying that they have found Bangalore is comparatively 40% cheaper from an investor standpoint. However, some visitors of the expo appeared not to have come forward to make a quick purchase. Poonam Gajria, an IT professional reported saying that there are prevailing options in the property ranging between Rs 50-60 lakh however that she is looking forward for a little drop down in the property prices that ranges to be affordable.
Bangalore, Chennai, Confederation of Real Estate Developers' Association of India, Credai Realty Expo, Hyderabad, Prestige Group, Real-estate market, RMZ Corp
