Ongoing rates & reviews in Narayana Nagar 2nd Stage

[ramprasad.ms]

Hi,

I'm in the process of finalizing a property in Narayana Nagar 2nd phase(Off Kanakapura Road). Agents are quoting around Rs-2800/- per sft. Is this the right price?. Also is there any land issues/disputes in this area?

Thanks,
Ram

[rkrishna]

Is this Narayana nagar 3rd block a.k.a II nd stage 2nd block or Narayana nagar 2nd block a.k.a II nd stage 1st block ?

The first one had a few disputes still pending. If you search for narayana nagar in this forum, you will get a lot of details

[ramprasad.ms]

Thanks Krishna. I'm not very much sure about the 2nd stage 2nd block or 2nd block. will verify from brokers.

However here is the direction - On the K'pura road take a left on the 100ft road(where you will have sand lorries) and at the dead end, take a right turn(it goes in V shape) and the property comes in the 9 & 10th cross. do you know which block it is?

Thanks,
Ram

[rkrishna]

That is Narayana nagar 2nd block (2nd phase 1st block). I almost finalized a site and did verify that the papers are clear there.

However, do check on the status of the dump ground next to that area. I decided against the purchase because of this as I have posted earlier in this forum.

The price quoted to me by a direct owner for a 80 X 50 east facing was 2300 Rs/sq feet. I would expect 60 X 40 to be selling at 2500 if it is east facing.

As with any other layout on kanakapura road, this layout also has water problems

[ramprasad.ms]

Thanks Krishna. Can you pl send me your mobile# @ ramprasad.ms@gmail.com? - I had few questions.

Thanks,
Ram

[hsgautam]

Friends,
I'm looking for a 4000sft : 50x80 or bigger site in and around Narayana Nagar or Anjanapura Layouts.

Can anyone share details like what is the going rate now and availability.

Kindly reply to hsgautam@gmail.com

Thanks,
Gautam

[kiranml]

Hello All,
i am also looking plot in these areas and quite verified BCC, BCMC, Narayana Nagar (all stages). What i personally felt is,
* Its unrealistic huge prices in BCMC and Narayana nagar(Ist block) quoting 4500 sqft. Where not event 10% of houses are built
* Agent are great great mess here, they are not benefiting owners/buyers, they are just aiming to fill pocket overnight.
* There are not even a single shops/markets/hotels available. You need to drive in far to get in hospital/shops/markets
* Slightly Water scarsity has already started
* I see it might take 5-10 years to build a well formed layout to live in there, but rates are rooftop, which are made only for blackmoney holders.
* I also think what educated mindset the plot sellers are, who are simply getting in contract with re-sellers to sell for future prices and spoil the market rates in unhealthy way, where in they get same money for that period sold.
* Where in a good formed layouts well ahead of these can be afforded with 100/200 more sqft, why to go 7 kms ahead for area which needs still 5 years to get built and paying 5 years money.

Finally, i say, if you have easy money where there is no place holder, its ok to put feed agents and owners. If you really sweat in to get money for plot, in my humble opinion try other areas in this money for worth.

[rkrishna]

My feeling is that; there is real demand next to Kanakapura road due to Metro and educational institutions in that belt. If every buyer felt that 4.5 K is a high price, the seller will have to wait for a long time to sell. Agents will not enter into agreements with sellers if their money is held up for long. There can not be a long term uptrend if it was a bubble. BCMC/Narayana Nagar prices have become 2-2.5 times in 3-4 years which can not happen just through agents/investors IMO.

I spent about a year looking for sites in this area and found prices appreciating almost 20-30% during that time. Areas like Narayana nagar 2nd block and 3rd block did not have any agent involvement during the early stages of my search as demand was less at that time in those areas (2nd block is next to a dump ground and 3rd had some legal issues). Towards the end of my search, I started noticing agent involvement in 2nd block indicating that demand was real. Agents do play a part as you mentioned. The moment someone buys a site in that region for 5 K, that becomes the benchmark for future transactions. Sellers will wait out until they get that price creating artificial supply issues. This is a general trend in real estate I guess.

As a reference; paramount garden (it is a gated community near thalagattapura and is 2 kms down from Narayana nagar. it did not even have BBMP A Khata last I checked), is quoting 4.5 K up from 3.5 K about 6 months back. The prices seem to be moving up in tandem along the belt. Similar sites along Bannerghatta road are quoting at no less than 6- 7 K. Granted there is more development in that road -justifying the premium. You will always find buyers willing to buy at a premium in anticipation of future development. I guess that is what is happening here.

[yashmys]

1 year back, these areas were quoting less than JP NAGAR 8 PHASE... now it appears like these have exceeded them

[kiranml]

I agree most with rkrishna, its simple theory on demand, availability and money access. Whatever it may be, but comparatively for living facilities its fairly high price.
But most trouble i have faced is access to plot owners directly, what benefit they are getting by making agreement with agents for 3 months? A genuine buyer will also give same money and register faster and smooth. This reseller agreements are increasing market prices sharply.

I was also wondering if any rate impact on these layouts from Akrama-Sakrama bill? Anyone has any thoughts?