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For the country's over Rs 1,00, crore real estate business-one-twelfth the size of the GDP - it has been a crash without precedent. While it remained in the princely territory of Mysore, Cantonment had a large military presence and a cosmopolitan civilian population that came from outside the princely state of Mysore, including British and Anglo-Indians army officers.
Independent bungalows in bangalore dating - Individual House for Sale in Bangalore Posted Recently
Telephone lines were laid to help co-ordinate anti-plague operations. Regulations for building new houses with proper sanitation facilities came into effect. A health officer was appointed and the city divided into four wards for better co-ordination.
Several projects such as the construction of parks, public buildings and hospitals were instituted to improve the city. Mahatma Gandhi visited the city in and and addressed public meetings here. The Government of Karnataka later constituted the Bangalore Development Authority in to co-ordinate the activities of these two bodies.
Bangalore experienced rapid growth in the decades —51 and —81, which saw the arrival of many immigrants from northern Karnataka. By , Bangalore had become the sixth largest city in India, with a population of 1,, By the s, it was clear that urbanisation had spilled over the current boundaries, and in , the Bangalore Metropolitan Region Development Authority , was established to co-ordinate the development of the entire region as a single unit.
Other information technology companies followed suit and by the end of the 20th century, Bangalore had established itself as the Silicon Valley of India. Also, there are certain restrictions on the usage of certain resources. Permission you require You will have to obtain permission from various departments of the state or city authority your plot falls under. You can build the property only when the city authority approves your building plan.
In addition, you need a clearance certificate from the development authority, apart from clearances from other state departments such as fire safety, environment and transport departments. The restrictions Most metro cities in India have a provision where the government does not allow you to use groundwater or the supply water from a nearby source for construction.
Thus, you cannot build your own bore-well for construction purposes. You cannot use the road in front of the plot for dumping construction debris.
Road or the sedate T. Each of these upmarket addresses, the most sought - after in their respective cities, are now dotted with unoccupied apartment blocks, unwanted commercial complexes and office space purchased at rates too hot to handle today. For the country's over Rs 1,00, crore real estate business-one-twelfth the size of the GDP - it has been a crash without precedent. Between mid, when the real estate boom peaked, and mid, prices have fallen a bruising 40 per cent. The biggest jolt has, in fact, come over the last year.
At Nariman Point, where prices peaked at Rs 32, a sq ft in , a fully-furnished sq ft office-half the size of a badminton court - is currently up for sale. An interested buyer, however, is not willing to pay more than Rs 1. Going by current market indications, the crash still has some way to go. With the economy remaining sluggish, the stock markets only favouring a select few and funds hard to come by despite scaled down interest rates, corporates - which powered the boom between and - have little surplus cash to pump into the real estate business and prop up the prices.
If the law of economics prevails, we have not yet seen the bottom. Khungar is equally pessimistic: We are likely to see a further fall. The poor demand is not something corporates had expected when they ploughed money raised from a buoyant primary market into the real estate business in The pickings were easy in those days: The money, meant for new plants or the modernisation or expansion of existing facilities, had to be parked somewhere till the projects took off.
The real estate business was a convenient, and apparently lucrative, short-term stop, even if it was a field most of these firms had no experience in. Raheja, chief of K. Raheja Constructions, one of the big-time builders of Mumbai: This led to an artificial boom supported not by actual users, but investors. Bahri, MD, Unitech An economy showing signs of responding to the liberalisation process kicked off in also helped the boom.
With expectations high-industrial production was picking up and eventually touched Bhansali's now-bust companies, corporates were the ones which picked up most of the land made available by the closure of mills in central Mumbai, and prime properties elsewhere in the country. But the economy let them down. Industrial production plummeted to 4.
Thanks to such a gloomy scenario, in city after city, barring some like Calcutta that have been largely untouched by the crash, the story is the same. A medium-sized corporate, which bought an office in Nariman Point's Mittal Towers at Rs 16, per sq ft in , is unable to sell the premises at cost.
Only premium addresses and properties are selling. ROAD, Bangalore Click here to Enlarge At the statesman building currently under construction on Barakhambha Road in the heart of Delhi - where the slide set in some six months after it began in Mumbai - prices rose from Rs 10, a sq ft in to a peak of Rs 21, a sq ft by end Currently, they languish at about Rs 15, a sq ft.
Four years back, M. Gangadhara and his younger brother inherited a quarter of an acre and a decrepit bungalow in Bangalore's V. Developers queued up to buy the property in , making offers "in crores". The Gangadhara brothers played hard to get, waiting for better offers. Today, the property's price is down 40 per cent. And yet there are no takers.
Independent villas in Bangalore for sale