Has anyone bought a plot in 1st Block SMV layout recently?

[manjunathbs]

Hello Prem Shankar, they are quoting Rs 3000 for a 50 x 80. I was surprised to find that the prices have jumped from Rs 2400 to Rs 3000 upwards within just one year. I was hoping the realistic price would be around Rs 2600 or something like that

[pyaretaj]

hi guys,

This is a common practice prevailing these days with brokers all over. They have a set of gang and they can easily trap a buyer who would seriously show his buying interest and try to buy a plot in a hurry. NRI's are the most efficient targets for them. I also have faced such an ordeal by these guys and got cheated. I would advice you to hunt out for DIRECT Sellers from tabloids and daily newspapers wherein no brokers are involved. I do not know the prevailing price right now at 1st Block. But when I bought my plot in 2nd Block, I paid Rs. 1465/sqft in 2006 including Commission and other registration charges. Now I presume the price has doubled of my plot, perhaps. But I am not a seller. I am waiting for the year 2020 wherein the prices will be ranging much above 5,000 per sqft by then. After all, its a genuine BDA locality . Cheers.

[shankymysore]

For last 3 months I and my friend was looking for a BDA site 60 X40 in SMv layout..We started with SMV Block 1, After several enquiries price was quoted around 3500 to 3800Rs..it was out of budget..So, we ended up buying a site in SMV 3rd block we were able to negotiate for 3300Rs/Sqft..

[gautham1212]

I am quite surprised, i bought a property in 1st block same time last year for 2400 rs per Sqft and now the value is in the region of 3500 to 3800. during June last year a broker approached me quoting 3000 per sqft for the same site. I have another property in 5th block, i was quoted 3800 to 3900 per sqft and almost same value now too. Not much appreciation in 5th block. Any idea why there is a lot of appreciation in land value for the 1st block sites, i have also noticed that the land value is high for sites in 8th block too.

[prem_shankar]

From what i know, the high price in 1st block is because it is vast patch of land without any village pockets, near to ring road, NICE road, Mysore road, Shirke appts, Kengeri satellite town which is fully developed, upcoming metro station at Kengeri, Kengeri railway station, RV college, etc etc..
Also, i have noticed that almost all sites for sale are from resellers. The brokers buy the sites immediately (partnership deals) and lock them in the market and jack up the price. I came across some instances where the reseller has bought the site from original allotee and selling it again in just 3-5 months gap. During my entire hunt for a site, i could never meet a first allottee

One weird reason i heard from a broker is that "they are all vastu sites"

[169039]

Hi All,

I had done deal in 1st blk in Jan2011 @ RS 1900 for 30x40 and one of my friend in Jan 2010 @ RS 1500, within 3 yrs it reached double plus
Prem mentioned valid reason for more price in 1st blk, once metro completes its Nayandahalli Jn and BDA and BBMP flyover JN work than also prices shoots up for 1st blk.

[gautham1212]

Thanks for the response Prem Shankar. I feel with rates going up in 1st block at approximately 100 Rs per month the resellers buy and sell within a gap of 3 to 5 months. But anyways it seems a little strange how the brokers are able to manipulate the prices by such a big margin.

[ravi28]

The sites in the 1st block near to ring road are atleast 300 to 500rs/sqft more from last 4 or 5 year compare to other interior sites, also not all sites priced in the same range. The 1st block site adjoining to 2nd block are still might priced in range of 3000rs/sqft.

[mahendrakara]

3650 per sft recent transaction

[gautham1212]

Any idea on location of the property which was up for 3650? I am trying to buy a property in 1st block and was quoted 3600 for a site near a double road connecting kengeri and magadi (not sure), just trying to understand what the prices are for different locations. And was the purchase through broker or direct party?