Yelahanka: A Real Estate Paradise

Originally envisaged as a satellite town of Bangalore city, Yelahanka is one of the most sought after destinations in North Bangalore for real estate investors today. The suburb has gained phenomenal momentum after The Bangalore International Airport (BIAL) in Devanahalli came into existence.

A part of the Bruhat Bangalore Mahanagara Palika (BBMP), Yelahanka is just 19 kilometers from the BIAL and 14 kilometers from downtown Bangalore. The area has seen significant development in infrastructure in the past five years.

Yelahanka has been in the radar of home buyers since some time now. The area’s proximity to a number of technology parks, housing some of the biggest MNCs that operate from the city, is a major reason for professionals choosing this locality to buy their homes. Yelahanka is very near to Hebbal, which has some good educational institutions, as well as hospitals and malls. However, real estate in Hebbal is way too expensive for mid-level buyers. Hence Yelahanka is a better choice for them. The area is also very well connected to the greater city via road and rail. The planned peripheral ring road (PRR) is expected to work in favour of the residential areas in Yelahanka too.

To tap the prospect of this region, a number of real estate developers are offering residential apartments in Yelahanka, Bangalore. The average prices of flats for sale in Yelahanka ranges anywhere in between Rs. 3000 and Rs. 4500 per sq ft now. A buyer can get a residential property with all basic amenities at a very competitive rate ranging from Rs 50 – 90 lakhs. However, property prices in this area have seen a consistent appreciation of 8-10% in last two years. Hence, people are buying property in the Yelahanka-Devanahalli stretch for long-term investment purpose too, as prices are expected to appreciate even more soon.

On analyzing the current prevalent market rates to the property rates consumers are ready to pay; micro markets of Electronic City and Yelahanka are closest to buyer’s pricing expectations.

After evaluating the potential of the locality, the Karnataka government has formed a body to promote development in North Bangalore to transform it into a business hub. With multiple projects and proposals like Aerotropolis, Devanahalli Business Park and Global Finance District, 40 lakh jobs can be generated in the region over the next two decades, say experts. As per analysts, the proposed 10,000-acre Information Technology Investment Region (ITIR) north of Devanahalli, will help real estate in Yelahanka to rain returns in a few years.

Benefits of NBN for the Real Estate Industry

In the post-NBN era there would be very few, if any, parts of the Australian landmass outside the connectivity paradigm and therefore usher in complete digital transformation.

Some of the key benefits to accrue for the real estate sector, in the post-NBN era can be enumerated as given below:

Improvement in Consumer Connect: NBN will allow for consumers to remain connected with their real estate agents irrespective of where they are. Agencies can ensure that agents out in the field are still connected to the clients and vice versa. This creates a seamless consumer connect and improves consumer rapport.

Improvement in Information Dissemination: NBN will allow for high speed transmission of data (voice, audio & video) thereby allowing for better virtual tours and visual depiction of properties. Visual information has a much better impact on consumers and aids increased conversion rates.

Improvement in Transaction Closures: Real Estate transactions are now increasingly being closed online. The NBN-era will give further fuel to this trend as consumers no longer need to physically visit properties before giving their nod. As more and more transactions move online, there is an improving trend in transaction closures.

Improvement in Customer Confidence: The NBN-era will usher in a phase where all land records, property documents and ownership information is available and exchanged online. This eliminates the risk of fraudulent transactions and thereby helps improve consumer confidence.

Improvement in Industry Outlook: Overall, the NBN era will help the real estate industry as a whole by improving bottom-lines, increasing sales and decreasing the cost of sale. With digital impetus agencies can deploy online advertising that is more cost effective, achieves better returns on investments, and has a lower entry-barrier even for smaller real estate firms to enter and compete with the more established firms.

Looking much further ahead, the NBN will bring about a new phase of virtual reality and wearable technologies. While the immediate impact of these might not be huge in the real estate space, developers are already looking at some exciting possibilities in the not so distant future.

In the words of Jon Brouchoud, founder of Arch Virtual, specialists in creating 3D environments for virtual and augmented reality, “It is absolutely mind boggling to visit these spaces virtually. It gives you a sense of presence, and a deep understanding of what that space is really like in a way that photos or a website simply cannot convey. I think we’ll start to see a rapidly increasing number of agencies adopting this technology in the next 2 to 3 years, we’re already seeing a lot of early innovation today, and in 5 years, it will be commonplace.”

Bend Oregon Real Estate – Buying a New Home

Now is the time to buy a new home in Bend Oregon. The prices of homes in Central Oregon have been going up in value steadily over the past several years. The Multiple Listing Service of Central Oregon reports that home values have almost doubled in the past four years.

Land values have been going up and new construction has been booming for the last five years. Now the market is in a slow down and is being flooded with inventory. Homes are taking longer to sell and builders are being forced to lower their prices.

New home developers and builders were able to sell homes in the past few years before they broke ground. They had buyers waiting in the wings to purchase these homes as soon as the lots were developed and the builder priced the homes. The buyers chose their finish materials and waited for construction to be finished.

The winter of 2006 is going to be the best time to buy a new home in Bend Oregon. The National Association of Realtors reported “In the West, existing-home sales declined 3.1 percent to an annual pace of 1.25 million in September, and were 23.8 percent lower that a year earlier. The median price in the West was $332,000, down 5.1 percent from a year earlier.”

One developer/builder in Bend recently lowered prices $20,000 across the board on all of his homes. He now has eight homes sitting finished. He is also including central air-conditioning, upgraded tile counter tops, a refrigerator and backyard landscaping. These free upgrades and lower prices were not available last year.

As new and used home sales continue to fall and inventories continue to build Bend is starting to look like a candy store for home buyers. The new home market will show some of the best buys because builders have to sell. They cannot afford to sit on millions of dollars of inventory.

As we go into winter and the temperature starts to drop the heat bills start to go up. This increases the holding costs of a developer/builder. Builders are also starting to pay closing costs for a buyer which indirectly gives today’s buyers a better value yet.

Developers are usually large businesses that can afford to sell a few houses at a loss to get them through the winter. One builder has lowered his asking price of one particular home to almost $50,000 lower that the same floor plan sitting vacant down the street. He has several homes finished and sitting vacant and his interest payments continue and now winter heat bills will be adding to his holding costs.

This “buyer’s market” won’t last for long though. Interest rates are still around 6.25 percent and the Federal Reserve just held tight with no interest increase. So interest rates should stay low over the winter.

Gasoline prices are falling and it was just reported by the Bend Bulletin, Central Oregon’s local news paper that “Deschutes County jobless rate sinks To 3.7 percent.” Bend continues to grow. There are good jobs available and people continue to move to Bend.

Bend is also one of the most desirable places to live in the United States. If you live in Bend you can drive 30 minutes west and be in the mountains with great fishing, hunting, hiking and biking. You can drive 30 minutes east and be in the high desert with spectacular mountain views and fresh clear air.

It is said that Bend’s local ski mountain, Mount Bachelor has some of the best powder in the Northwest. Golf magazines also report that Bend is one of the best golf communities in the West. Golf is available for golfers of any budget from inexpensive public courses to luxury private courses.

The Deschutes River runs through the middle of Bend. It is a nationally famous trout stream and also has Steelhead and Salmon runs in its lower reaches. Because Bend is such a great place to live there will always be a demand for new homes.

Local Realtors look for prices to stabilize and start back up next spring. David Lereah, the chief economist for the National Association of Realtors said, “When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market, and sales will be at more normal levels in the wake of the unsustainable boom that we say last year.”

The next few months will be the best time in a long time to buy a new home in Bend Oregon.