I stay in Bangalore and I am seeing how the real estate prices are actually going out if hand. Now people will compare it with Mumbai and say that it is still better, but there is a huge difference between Mumbai and Bangalore. Bangalore is expanding like anything and even though you are I outskirts you have to pay a huge amount for an apartment.
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The 3 BHK apartment which used to cost around 1 Cr 10 years back is costing 2.5 Cr now, that is 150%. And the new apartments are also quoting the same price and the build quality is not upto the mark too. The problem is real estate is actually pumped up with black money and thus who have black money is using the real estate to park their money.
Along with that NRIs are actually buying in Bangalore and thus the normal people who wants to stay here is facing the problem because neither they have the black money nor they have the huge money. And they are getting into the debt trap because everyone wants to have their home where they stay. I know getting a loan is bad and that too for 20 years or above but people actually do not have a choice, they have to get into the loan because they want ti build their home where they can stay peacefully without having to change house frequently. And the landlords in Bangalore and also not that great, they always wants ti extort more money from you.
And this is the reason everyone wants to buy one but the prices are inflated and there is no option left for normal people other than getting onto the debt trap. The city's infrastructure is also not that great but still the dream is sold that you should buy your house in Bangalore. The prices is not going to reduce even though there might be little ups and down because yhe builders will not sell it in less price even though there is vacant flats available.
Posted Using INLEO
