Own dream house in Belgaum: Wait & Watch

In this global recession the prices of land and flats have not gone down in Belgaum. I have been mentioning the same from a long time.

The prices of flats have come down but that’s attributed to the reduction in cost of raw materials and nothing else and the decrease is also not commendable.

All are doing a wait and watch policy here. People interested in buying are not yet making a decision yet. The buyers expect the prices to go down but the builders don’t.

One more notable factor I realized is that as other companies are reducing their costs on advertising the Real estate companies are increasing the spend at least in Belgaum. Huge hoardings of Queens court, Heda Builders are up in many places in the city. There are another few also I have seen like Nasco developers.

Here are a few prices of land taken from the Tarun Bharat.

Rates:
Bogarves area: 30 to 40 lakhs per Guntha
Khanapur Road: 30 to 40 lakhs per Guntha
Club Road, Civil Hospital road: 25 to 30 lakhs per Guntha
Maruti Galli: 35 to 40 lakhs per Guntha
Khade Bazar (Sanykuta Mahtarstra Chowk): 35 to 45 lakhs per Guntha
Gandhi Nagar: 4 to 5 lakhs per Guntha
Shau nagar: 5 to 6 lakhs per Guntha
Kapileshwar Colony: 7 to 9 lakhs per Guntha
Somwar peth to Shukurwar Peth: 22 to 25 lakhs per Guntha
Maratha Colony 15 lakhs per Guntha
1st gate to Chougule wadi: 10 to 11 lakhs per Guntha


Hanuman Nagar: 1000 per Sq/Feet
Vijay Nagar: 550 to 750 per Sq/Feet



Some websites of builders from Belgaum (this is not an exhaustive list)

· Ajit Patil Associates
· Mini township Villas
· NASCO Developers
· PANCHMUKHI constructions
· VISHAL Constructions
· Patil Builders
· Nasco Developers
· Heda Builders

Khanapur Road, Civil Hospital Road hot cakes: Belgaum real Estate update

I had mentioned this earlier on this blog also, the incoming of big real estate developers in Belgaum have sky rocketed the prices of real estate. The same trend continues in town even when the real estate market is not doing so well with the hike in interest rates by the banks.

Civil Hospital Road (Dr.Ambedkar Road) the rate has touched Rs.35 lakhs per guntha, that’s a whopping 3215 per Sq.Feet on the other hand its rival competitive Khanapur Road which boasts of Ambani, Tata, Birla & Biyani on the same road now costs Rs.30 lakhs per guntha, that is Rs.2755 per Sq.Feet.

Now to me, that is a lot of money. Lease rentals are between Rs.50-65 per Sq.Feet. Due to the price rise on Khanapur road, the prices in the internal roads have also increased to about 12 lakhs per guntha.

Heard the Nucleus mall is asking for Rs.10,000 per Sq.feet for out right purchase.
The increase in the price has been very rapid. In the past year, it has risen by 25 to 50%. Is this good or a bubble which will burst nobody knows, at least I do not know.

I request you readers to put in your views on this.

With inputs from Tarun Bharat.