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Real Estate Greater Bangalore


The municipality of Bangalore officially became Greater Bangalore or Bruhat Bangalore Mahanagar Palike (BBMP). The new municipal body has been formed with the dissolution of erstwhile BMP, City Municipal Councils and Town Municipal Councils by a final notification issued by the state government on 16 January, 2007.

The BBMP is currently headed by an administrator and a commissioner. The delimitation process is underway and once it is completed, government will notify the reservation roster prepared by the State Election Commission for holding civic elections.

Greater Bangalore is divided into 8 zones. The number of wards will increase from 100 to 150. Greater Bangalore is now a single monolith entity comprising BMP city areas, the 7 CMCs, 1 TMC along with 111 villages under various Gram Panchayats.

Among the parameters for choosing the villages were population of the area being not less than 3 lakhs. Also, the revenue generated for local administration from tax and non tax sources in the year of the last preceding census being not less than Rs. six crore per annum.

The formation of Greater Bangalore or BBMP has given a fillip to the Bangalore real estate market. The land prices have soared in the villages and the urban local bodies. There has been an increase of 20% over the last one year. The stamps and registration department are developing a guidance value which will be published shortly.

The highlights of Greater Bangalore with redrawn contours include:

  • Greater Bangalore can boast of an area of 741 sq km. This is a massive increase from the BMP area of 225 sq km.
  • 110 villages have been embraced in Bangalore urban district with more than 30% development with an area of 223.03 sq km.
  • The seven CMCs that have been merged constitute 257.97 sq km.
  • BMP limits extend up to 226 sq km.

The move behind the formation of Greater Bangalore will have a healthy effect on infrastructure and will iron out some severe development and civic issues that Bangalore is facing now. Some of the motives had their roots in the scenario in the recent past as described below:

Though soft interest rates and tax incentives on home loans and the general growth mode of the economy had been driving the real estate boom in Bangalore, there were issues that needed to be worked on. The current traffic problem inside the city was mainly attributed to the poor planning of IT corridors. All the roads that led to these areas became clogged. These corridors are being developed in remote suburban areas of the city primarily with the aim of growth. However, there is a dearth of housing development projects near these areas.

The failure to match the inflow of migrating population fuelled by the IT growth had created a huge shortage of supply of land. Due to empathy of the government and trends promoting capital appreciation, land property prices in Bangalore is skyrocketing. Some buyers have a tendency to book more number of apartments than they need as investment property. Besides, having scope of high rental income, taking advantage of the spiraling prices, they went about selling each one off subsequently and getting the last one at virtually free of cost.

Why Invest in Greater Bangalore Real Estate?

Greater Bangalore will have a seamless, effective and well-coordinated management structure with administrative structures and legal framework that have undergone scrutiny. Greater administrative capacity will make for better enforcement of rules and regulations. The congestion in Bangalore with the increase of residential and commercial spaces has encouraged new and existing MNCs and corporates in Bangalore to shift bases to Greater Bangalore.

The Ministry of Urban Development, Government of India has been working on the elements of the National Urban Renewal Mission (NURM) programme in order to formulate long-term reforms at both state and city levels and implementation programmes to support and sustain the reforms in the medium term.

The services of Urban First Systems Private Limited, a Chennai-based consultant has also been hired to prepare the City Development Strategy Plan (CDSP) document that seeks to identify the infrastructure gaps and investment plans over the next 5-7 years.

The reforms already in place in Bangalore are Repeal of Urban Land Ceiling Act, programmed reduction of stamp duty and property tax reforms. The new efforts directed towards land use and zoning in Greater Bangalore with focus on infrastructure planning, this augurs well for the Greater Bangalore real estate.

Many of the sectors in Bangalore has infrastructure gap which has been assessed in the wake of rapid economic and demographic growth include road network, urban transport, and environment management and information infrastructure. Greater Bangalore will improve and coordinate infrastructure development for growth and service delivery system. Moreover, Greater Bangalore promises to have an upgraded system of urban civic services and can therefore be favorable for real estate investments.

Real Estate Greater Bangalore - Buy, Sell, Rent Properties, Commercial, Residential Land, Plots, Apartments, Flats, Office and Retail space from reputed builders/developers by our qualified real estate agents with extensive experience in Greater Bangalore properties.




 


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