In a new rule, the upcoming residential projects will have open spaces more. Government has ordered that property developers will have to reserve 15% for civic amenities and open spaces.
Bangalore Properties prices are rising with more demand in the commercial and residential segments. Flourishing of many sectors in the city and an increased concentration of IT companies has brought people from all parts of the country. This led to the development of realty sector as demand increased for properties in Bangalore.
The real estate of Bangalore today includes high-tech offices spaces and modern residential complexes. The residential segment has a variety of housing options, from high-rise apartments to individual houses and pent houses. The South Bangalore localities have apartments for sale by well-known developers. The posh localities, having space crunch, have exclusive residential properties that command prices worth several crores.
The prices of South Bangalore properties being high, middle class buyers are unable to buy. As such, the outskirts of city is expanding and new properties near the office spaces are coming up. These properties are affordable and have high demand, as professionals prefer these. Being near the office spaces, less time in commuting makes these residential properties are hit among the office goers here. Houses for sale in Bangalore are more in this area.
Properties in North Bangalore are also witnessing the demand. The residential properties here have the attention of investors. Even NRIs are interested in investing in North Bangalore properties. Most of the residential units coming up here are large. Since the localities are developing, the prices are low as compared to South Bangalore, which has major concentration of office and commercial units.
The new residential projects that are planned in the city will now include greener spaces more. In recent news on real estate in Bangalore, the government has issued a mandate under section 13E of the Karnataka Town and Country Planning Act, 1961. According to the mandate, the new residential projects have to reserve 15% of land for civic amenities and open spaces. All the upcoming residential units will have to follow this rule.
This rule of reserving a part of land in the residential layout designs existed earlier but the norms were relaxed in March 2006. In the relaxed norms, the property developers can make use of the reserved portions for private purposes and pay fees to the respective planning authorities. The relaxation norms led to opening of business parks is residential areas. This caused problems to the planning authorities for laying drainage and parking areas. Therefore, the government has withdrawn the relaxation norms.
New projects are coming in the outskirts of Bangalore city and across the state. The new rule will be now applicable to all the upcoming residential projects. The areas, which will part of this new rule, are as follows:
Many property developers are not happy with this new rule, as there will be a decrease in profitability. A land developer commented on this new rule is tough for them but they will have to adhere to it.
This new rule, thus, will bring about changes in the planning layouts of new residential projects. It means that the apartments and houses for sale in Bangalorewill have better civic facilities. Greenery will be more with areas left for open spaces.
Zara Smith writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry whether it is House, Land, Villa, Studio Apartments tec. It is a forum where buyers, sellers and brokers can exchange info. 99 acres covers buy and rent information of properties for almost all major locations like Delhi Properties and Many more.