Monday, 27 January 2014

Realty Biz Stunned By Jayanagar Deal

Recently, there has been created a stir in the real estate market with a plot in Jayanagar 4th Block being sold for `55,000 a sq. ft.This development has left the rich in the realty arena dumbstruck.

Apparently, this plot is located on 11th Main, close to the Jayanagar Swimming Pool. Herein, houses which are at least four decades old are being brought down in order to make space for swanky lifestyle shops.

In the early 1960s, the area of Jayanagar was built. This locality is considered to be one of Asia’s most beautiful neighborhoods.Moreover, it has been noticed that of late many of its lanes have turned into centers of commerce.

With this deal taking place, now Jayanagar has outsmarted superior MG Road. Thus, with this development, the area of Jayanagar has now come to be known as the costliest business area in Bangalore.

Recently, it was also noticed that a 40x60 ft. site on 11th Main was sold out for around Rs 13.2 crore.This comes up to `55,000 a sq. ft. It is also noticed that buyers are paying astonishing premiums only for rental potential and location.They are of the opinion that the old structures are only fit for demolition and are useless.

When there was an attempt made to reach out to both the seller and the realty baron who purchased the property, they resisted to come on record. However, according to some sources at the Jayanagar sub-registrar’s office hinted that the transaction was mostly registered online.

He also stated that today things have been so simplified that there is no need for the buyers and the sellers to be present at the sub-registrar offices in the city. As a matter of fact, land transactions can be now registered at any of the nine sub-registrar offices.

Moreover, the guidance value that is fixed by the government for properties on 11th Main is roughly around Rs 12,000. This is much below the prevailing rate.

According to a businessman who is the owner of the building around the plot in question, stated that he has heard about the transaction. He added that owing to the fact that buildings are attracting fantastic rents here, property prices on 11th Main have shooted up. It is also believed that some shopkeepers are currently paying Rs 300 a sq. ft. a month. Anywhere in the city, this is believed to be the highest figure for commercial properties.

For more article on real estate updates and news in Bangalore go through Sovereign Developers Reviews official blogs.

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