Bengaluru's Rs. 50L Homes Now Rs. 2Cr: CREDAI Chief

Affordable housing has changed a lot, especially in Bengaluru, where a house that cost Rs. 50 lakh a decade back now goes for Rs. 2 crore because of price increases.

Noaman noted that over the past two years, Bengaluru has seen significant growth in both volume and property prices. This surge in capital values is driven by the city’s strong fundamentals, including a robust tech ecosystem, quality education, and a deep talent pool.

According to Zayd Noaman, president of CREDAI Bengaluru, houses in the range of Rs. 1.5 crore to Rs. 3 crore are the best sellers, said HT.com. "Due to inflation, a Rs. 50 lakh home a decade ago could cost Rs. 2 crore now in Bengaluru. Salaries have increased, and the Rs. 1.5–3 crore range is now the sweet spot in terms of volume and sales in cities like Bengaluru today. Improved infrastructure can pave the way for larger township developments on the outskirts of Bengaluru, but better connectivity is key to making them viable. For people to consider moving further out from the city centre, the government needs to prioritize expanding metro connectivity and improving road access," Noaman said.

He said that because land in the city centre is both in short supply and expensive, it is not easy to get for residential projects. According to Noaman, expensive prime land means that only special-grade projects can be profitable. However, Noaman feels the city doesn't have too much real estate available, but the prices have gone up a lot.