Of all industries that sell on the principle of “you get what you pay for,” real estate is a frontrunner. It is a common line of argument in this business, which is also the point of justification of pricing. Bangalore is the most expensive city in India. In line with that, the city’s real estate is steeply priced. Anybody with means any lesser seemingly cannot afford a living space in Bangalore, unless they take the rental route.
Shocking prices of the city’s villas/villas in north bangalore, in particular, have long been questioned. While contractors justify the number by building more high-end homes, average buyers find themselves looking for convincing reasons to pitch in princely amounts on them.
Studies have revealed that the price of villas, or any property, depends on a variety of factors. So, if your realtor pitches a price that gives you a little hiccup, here are the justifications.
Location of the house is a crucial factor in pricing. The closer it is to the famous spots of the city, the pricier it gets. It’s not about the builder trying to take advantage of the convenience by pricing it too high. It’s about the cost of building a property in such a location is greater than building one in the suburbs. So, the expense gets added to the final price. The cost of land, labor, and materials is staggering in some parts of the city than the others, which makes these properties expensive overall. In the end, the strategy involves cashing in on all the aspects than making a property saleable. This is one key element that shoots the price higher.
If there is anything that draws a buyer to an individual property, it is the architecture. High-end villas come for a very high price, and yet bidders flock around them more than on averagely priced properties. Though the financial strength sets apart one class of buyers from the other, luxury buildings still get greater attention than decently priced common properties. So, if you come across an up class property advertisement, know that it is not going to be an easy buy. The builders too have to undergo substantial expenses to bring such architectures to life. They hire architects from abroad who ideate mind-blowing designs and develop them into practicable plans. These engineers charge a hefty sum for their job which is way beyond anything imaginable for those unrelated to the project.
Lastly, the contractors in Bangalore price their properties depending on the accoutrements they are outfitted with. A home with just a patch of green in its neighborhood might come for a lesser price than that with well-planned lawns, water pockets, and fountains, joggers’ trails, children’s park and such. Villas that have more open spaces like patios, terraces and yards are pricier than duplexes with only a small patch of land in the backyard that can hardly be called a garden. Fenestrations, structural quality, plumbing, designing, etc. contribute to the pricing of the villas.
It is recommended that you relax a bit in your investment decisions only when you are sure that it will fetch a good value for your money. The exterior, interior, location, neighborhood, people, amenities, everything, is a priority in property purchase. Judging from all angles, if the price looks reasonable, go for it.