Sowmik and Sunidhi have just reached that stage in life when they are ready to buy a home of their own. A home of approximately Rs 50 lakh is what the couple is looking at. One Friday morning, soon after they made this decision, they sat down with the top newspapers of the city to look through the various advertisements for properties across the city. The idea was to narrow down on a budget home, not too far from the center of the city, but with amenities that would be ideal for them.
They spent the entire day with the newspapers, rummaging through scores of property advertisements, but things made little sense to them. There were so many properties in their price bracket to choose from that their list seemed endless. Moreover, they were now unsure of whether their dream home came under the classification of a low end home or one that was in the mid or upper range and what amenities their budget entitled them to. The proper classification after all does add to the prestige of home owner and of course the value you get for your money.
The couple approached a good friend, Sunder Dinesh, a senior analyst with LiasesForas, a non-brokerage firm that researches real estate. Among the many projects they have undertaken, the company conducts a quarterly research on flats, prices and availability at various locations. Sunder says that the segmentation is based on “Flat cost = Price * Size” and the company updates these classifications every quarter.
He went on to say that the prices are determined by the market forces. Though the government has their own guideline values for every location these are not taken into consideration during the information collection stage and interaction with builders.
If you are like Soumik and Sunidhi and are unsure of the kind of budget home you will get for your money, take a look at LiasesForas’s research for the current quarter. Bangalore currently has approximately 61,948 residential units across all categories of homes available. There are close to 3823 units across Bangalore in the Rs 25 lakh and below category. There are around 23,308 units available for the mid-range budget of Rs 25 to Rs 50 lakh.
If you are looking for a home in the Rs 25 lakh to Rs 50 lakh, this table below will help put things in perspective.
|Price range||Classification||Avg price/sqft||Avg size||Amenities|
|Rs 25 lakh and below||Low budget homes||In the range of Rs 2700 approx||975 to 1,163 sqftapprox. – (a mix of 1 and 2BHK)||Parking, Mini play areas|
|Rs 25 lakh to Rs 50 lakh||Mid-range budget homes||Rs 3700 to Rs 3800 approx.||In the range of 1,144 to 1,240 sqft approx. (2 & 3 BHK))||Enclosed perimeter, Parking, mini play areas, joggers pathway, swimming pool, garden, clubhouse|
In terms of amenities in Rs 25 lakh and below homes, there is not much you may expect from small-time independent builders who put up Ground + 3 apartments across the city. Parking space is often a given, though for how many vehicles is something you need to explore. But if you do your research well, you will find a few quality builders that provide you with all the amenities of a mid-range home in a low budget cost.
It is important that you supervise the construction of your unit at every stage and possibly work on enhancing the quality of the materials used in the building. There is always an element of risk with such properties. If the unit ready to move have it quality checked by a qualified civil engineer.
There are however, several branded properties in the low-end and mid-range available with quality facilities such as an enclosed perimeter, play area, walking and jogging pathways, lifts and good quality, if not high-end fixtures inside the home. Again, these amenities are not guaranteed, and you need to do your due diligence before you invest.
Some of the areas you may look for such homes will be suburbs such as those outlined below:
|Bangalore – North West||Jalahalli|
|Bangalore – South||Hosur Road|
|Bangalore – South East||Anekal Road|
|Bangalore – South West||Kengeri|
|Bangalore – South West||Mysore Road|
|Bangalore – South West||Rajarajeshwari Nagar|
With relevant information of this nature, Sowmik and Sunidhi will now be able to find a home that is best suited to their budget, their lifestyle and their needs. This information will help them and even you on settling on an apartment complex offered by a quality builder and with a good set of amenities. This article helps put things in perspective when you are looking for that budget home.
Ramesh Kumar has extensive experience in real estate in a career spanning over a decade. With his critical expertise in sales and marketing, he has successfully launched and closed out projects across a complete spectrum of properties like plots, budget apartments, comfort homes as well as luxury villas.
Ramesh Kumar holds a Post Graduate Diploma in Management from Bombay University and is currently serving as the Deputy General Manager – Marketing & Sales at Vakil Housing.