Bengaluru's real estate segment is getting its mojo back. The city has a huge stock of homes ready for possession and it could be the season's best buy ever, say property pundits.

The city's dynamic property market is trudging back to its former vibrancy, going by the recent data shared by property consultants especially w.r.t ready-to-move-in homes in Bengaluru. The stock of ready-to-occupy residential units across different pockets of the city is up for grabs for home-seekers who desire to own one instantaneously. Not to forget, the end-of-the-year festive fervour has added to the optimism among developers of these ready homes as well. As Shabeer Sait, Executive Head of Operations, Irshads Property Matters, shares, "It's a buyer's market today and the developers are offering great deals on all their projects across different locations. The offers include subsidised EMIs, foreign vacations, assured rental on homes, free kitchenette, free car parking slot, no floor rise charges, among others."

Financial Consultant Nagesh Sharma, Founder, Mera Loan Doctor is of the opinion that if given the choice, a home-buyer must opt for ready-to-movein property. "It not only secures your money and peace, but also helps you financially. You can also get rid of your rental outflow immediately and claim income tax exemption for the same financial year," he adds.

Numbers speak:

According to the Q3 2019 data on unsold units shared by ANAROCK Property Consultants, of the 6.56 lakh units across the top seven cities of Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru, Chennai, Kolkata, Hyderabad and Pune, nearly 12 percent are ready-tomove-in homes. Of a total 81,300 ready homes, 35 percent are in the affordable segment while 13 percent (approx. 10,000 units) are in the premium segment priced above Rs 1.5 crore. "Bengaluru has a stock of nearly 10,640 units ready for possession out of a total 63,540 units available in the city," shares Anuj Puri, Chairman, ANAROCK Property Consultants.

Micro markets, macro gains:

Not surprisingly, Silicon Valley's micro-markets in the spotlight are the prominent IT hubs of Electronics City, Sarjapur Road, and Whitefield, the fountainhead of the IT revolution in the country.

Winning asset class:

Real estate as an asset has never let its owners or investors down. This is because property appreciates over the years and the Return On Investment (ROI) are assured despite market volatility. "For buyers who have sold an asset and are looking at reinvestment for capital gains, there are good options across residential projects that offer ROI as high as six to seven percent (Note: the average ROI on residential investments don’t cross 2.5-three percent)," points out Sait.

Should you buy a ready home or an under-construction apartment? Sharma sorts out your dilemma. "These days, a ready property no longer costs more than the under-construction one. In fact, one can save on GST payment since ready property does not come within the GST ambit. The funding norms by the lenders are the same as for under-construction property; hence, the loan amount will not differ for home loan borrowers."

Price points

Whitefield:

* Luxury apartment: Rs 8,000 per sqft, Villas: Rs 10,000 per sqft, Mid-segment apartment: Rs 5,000 per sqft

Sarjapur road:

* Luxury apartment: Rs 7,500 per sqft, Villas: Rs 9,000 per sqft, Mid-segment apartment: Rs 6,000 per sqft

Electronics city:

* Luxury apartment: Rs 6,000 per sqft, Villas: Rs 7,000 per sqft, Mid-segment apartment: Rs 5,500 per sqft

Source: Irshads Property Matters

Ready reckoner for home-buyers:

Nagesh Sharma, Founder, Mera Loan Doctor

Check whether the said project is approved by leading lenders. If so, check with the lender for the Project Approved Code;

Ask the developer for the Occupation Certificate (OC) issued by the governing body;

Verify the project's legal status on the RERA website;

Personally inspect the house you intend to buy w.r.t the completion status and overall fittings.

Leena Mudbidri, Times Property, The Times of India, Bengaluru

Source: Times of India