site rates in Rajarajeshwari nagar

[lonedesi]

I am considering to purchase a 40x60 site in Rajarajeshwari nager 7th stage (BEML Layout). What is the current market rate in this area. What are the chances the prices appreciating in the next 5-6 years. Any guidance would be much appreciated.

[rewatcher]

I am not very much sure about 7th stage - but in 3rd,4th and 5th stages where I am looking for a site, the rate varies from 2000 to 3000 per sqft. Lower prices are for those plots which are not in a very good location, not vasthu compliant etc. All these prices are quotes from the brokers and of course should be negotiable to some extent depending on the sellers urgency to sell the site. I encountered some sellers during my site search who were really not keen on selling the property but only would consider selling it if they get the peak prices of 2007. My advice is just stay away from those sellers - let them wait till they get that rate.

Regarding the potential for appreciation in the next 5-7 years, I don't think anyone knows what will be the state of local/national/global economy in 5-7 years. So your guess is just as good as anybody else's !

[duffyhair]

the modus operandi is as follows :
1.seller is ready to dispose site at 1500 or 1700 so that seller can close deal quickly.
2.approaches broker stating that he/she is quoting below market rate.. get this deal done in next 1 month..
3.broker gets his men as probable buyer n does a agreement at 1500 or even lower rate..
4.now, he locks that site for next 3 months and searches for a buyer at 2000 or 3000..
5.if the broker is not able to find a buyer, he would request more time or give another 5 or 10% cash from proxy owner stating cash flow problems n buys time..
6. seller cant sell his site or get money in full
7. genuine buyers likes us cant buy these sites at inflated rates n would shy away from market..
so, the bottomline is brokers make merry at the cost of seller n buyer..
I was always thinking why cant interested buyers form a office or society in 4 parts of Bangalore to counter these brokers .. membership costs can cover the running cost of office n sellers can approach genuine buyers if they r not having access to internet..

[lonedesi]

Thanks rewatcher & duffyhair for your inputs. Given what it is, can any of you suggest what would be a good location in & around B'lore where it would be a good investment with time horizon of 5-6 years and where the rates are more reasonable is the marked rate range.

[plotcrazy]

areas under kanakpura road near kanakpura METRO shopping mall.

[BengaluruBoy]

Plot Crazy,

Any points in considering areas under kanakpura road near kanakpura METRO shopping mall? I have seen your earlier posts asking members opinion on the development of these areas in 1-2 years horizon.

[Lokesh]

Hi

We have been looking to buy a site in RR nagar for quite some time, we have seen plenty of sites nothing worked out for us. Either the price is on the higher side or else we didnt like the facing/area/etc... Even last week i spoke to a broker, he told me that owner is quoting 3000/Sq.ft, which i feel is extremly hyped rate , if you guys know any genunie sellers in BEML Layout, please let me know, we are looking seriously to buy.

Regards
Lokesh

[sureshquiet]

Hi I am the direct owner holding a polt in RR nagar BEML 7th Stage and willing to sell off the site at decent rate. No brokers or agency encouraged and clear documentation( BBMP Khata and upto date tax paid ) east facing 30x65 area, Please provide all details and then you can add your contact info. Check the for sale guidelines post. Again if any one is agency this forum i do not encourage. direct buyers welcome.

[Gauri]

Can you help me with the running rates in BEML 3rd Stage for a corner plot? And also, whats the general rate hike for a corner site ?

TIA,
Gauri