Rajesh, a software engineer, is looking to purchase a residential plot in Bengaluru. The prices of plots spanning 1,350 square feet in North Bengaluru are around Rs 50 lakh. He is considering investing in the plot as a retirement home after 15 years, or selling it if it provides good returns. Before making the purchase, he consulted several people to understand what factors should be considered. If you are also thinking of buying a plot in Bangalore, the following points might be useful to you.
Buyers looking to invest in plots in Bengaluru should primarily consider the location, the type of developer selling the land, and the amenities offered by the project. Over the past few years, with good real estate returns, plots have become an attractive investment option for buyers. The development of plots has significantly increased in some areas of Bangalore compared to apartments and villas. Real estate experts say that land prices near areas like Devanahalli, Koramangala, and Indiranagar have risen after the COVID-19 pandemic.
According to them, the price of plots in areas like Devanahalli, Hennur, Bagalur, and Yelahanka in North Bengaluru has increased. Prices have also gone up in the eastern IT corridor, including areas like Whitefield, Sarjapur Road, Varthur, Panathur, and surrounding areas. Upcoming infrastructure like suburban rail, peripheral ring road, and Bangalore satellite town ring road are said to be crucial in the price rise of land.
The base price of a 1,200 square feet plot in Grade A developer projects around Devanahalli in North Bengaluru starts at Rs 7,000 per square foot. In other areas like Hennur and Bagalur in the northern region, plots are available for Rs 6,000 per square foot. In smaller projects, the price per square foot starts at Rs 4,000. Real estate developers say that planned developments in Bangalore are growing at a rate of 15 to 20 percent. However, this also depends on the type of developer selling the land.
Hence, buyers are advised to look at the amenities offered by the project and focus on areas with good connectivity, as gated communities in such areas tend to have a promising future.
Currently, many development projects in Bangalore offer amenities like luxurious clubhouses, swimming pools, and green fields. Developers say these amenities increase the land price and make the investment a safer choice. Experts recommend conducting a thorough background check on any pending litigations and the builder’s capabilities before investing in a project.
