[motorworks]

Originally Posted by poloman

There are no tenants in the market for areas in the IT corridors. 30-40% of apartments and 90% of PGs in my area are empty. Landlords are attempting panic deals, still no takers. The young floating population have fully left the city.
The rampant PG' fication of properties have come to a screeching halt.

Unfortunately im caught in the wrong side of this as well! I own a 1BHK near the Sarjapur, Outer Ring Road junction and just last year I was handed over the flat from the builder. The moment I placed an advertisement in NoBroker.com, I was flooded with offers and calls. In fact I ended up renting the flat for higher that what I wanted to. Not because I increased it, but it almost became a bidding process! Now one year later, my existing tenant wants to move out, and the rentals have crashed. Not even a single enquiry after posting on the same website. Understanding the situation, I have lowered the rent from the current rate and yet im unable to find tenants. Im guessing I have to significantly reduce the rent to get someone on board quickly else the EMI burden is back on me.

[adithya.kp]

That is interesting. Any idea how is the scene in non IT or CBD areas?
I understand it may not as bad the IT areas?. The quoted rent in online portals is still very high though. Also, are the owners still doing the 5% hike for the existing tenants after 11 months?

Originally Posted by poloman

There are no tenants in the market for areas in the IT corridors. 30-40% of apartments and 90% of PGs in my area are empty. Landlords are attempting panic deals, still no takers. The young floating population have fully left the city.
The rampant PG' fication of properties have come to a screeching halt.

[poloman]

Originally Posted by adithya.kp

That is interesting. Any idea how is the scene in non IT or CBD areas?
I understand it may not as bad the IT areas?. The quoted rent in online portals is still very high though. Also, are the owners still doing the 5% hike for the existing tenants after 11 months?

Situation may be slightly better in old Bangalore areas. These areas have native population who have no place to move out.

I am part of association in my society and knows a little more about the situation. No tenants are moving in unless you offer below market rates. Landlords are willing to go to any extent to retain existing tenants. But can't do much since people find WFH to be the norm for atleast next 6 months. They are even putting pressure to reduce the maintenance rates.

Younger crowd is totally missing in these areas. Rooms on shared basis, PG all these businesses have no takers.
Until schools and offices reopen, the situation will remain the same.
My info is limited to Whitefield, Marathahalli, Bellandur areas.

[Rajeevraj]

Originally Posted by poloman

There are no tenants in the market for areas in the IT corridors. 30-40% of apartments and 90% of PGs in my area are empty. Landlords are attempting panic deals, still no takers. The young floating population have fully left the city.
The rampant PG' fication of properties have come to a screeching halt.

Very true. In my complex just off outer ring road belandur, there are atleast 6-7 flats out of 60 open for rent with no takers. Normally you place an ad in the morning, it's rented out by evening and you could even rent it to the highest bidder.

Totally expected though, the only reason to stay in these areas was the proximity to the ORR corridor and the respite from the horrendous traffic if you stay close. With majority of the companies expected to continue WFH policies probably not going to recover in the near to medium term.

Going to be a tough time for folks who purchased in these areas purely with high rentals in mind. Especially those paying EMIs

[whitewing]

Originally Posted by curiousElf

Thanks for your response. We are planning to stay in the locality as it is close to everything we need (from a 5-10 year perspective). And we will not be highly leveraged - with EMI close to our current rent and closed in 5-7 years. We are approaching it as an expense and not an investment - if we go ahead with the transaction.

Most people build/move into a place and make a home of it, including adjustments w.r.t neighbors etc. But you you are already living in a place which is already a home!

In general the locality is good, and resale/rent most likely will not be challenging (although RE have lot of factors that get weighed in)

As you age and depending on health, a lift may become important, factor this in your long term plans as well.


If you have a RWA, do consider how well it would function once it comes to reconstruction at a much later time point - again, there are no absolute measures, just a relative sense that most owners are reasonable people and would probably not cause trouble.

All the best!

[smartindboy]

Same situation in Hyderabad.
Plenty of flats vacant, and rents have crashed to about 30%.

[sagarpadaki]

Originally Posted by poloman

There are no tenants in the market for areas in the IT corridors. 30-40% of apartments and 90% of PGs in my area are empty. Landlords are attempting panic deals, still no takers. The young floating population have fully left the city.
The rampant PG' fication of properties have come to a screeching halt.

Not to sound rude or condescending , I would say serves them owners right! The prices were jacked up beyond the reasonable value and the high handedness these owners/brokers showed was bordering on rowdy behavior. My colleague's cousin who was looking for a PG in Electronic City Phase 2 around the end of 2019 was quoted ridiculous prices by the brokers and PG owners for the triple sharing room which is not fit for more than 2 persons staying. Finally, when he finalized a deal mainly because it was within walking distance to the office, the PG owners literally harassed him into paying 1 month rent token advance within 12 hours failing which he threatened to give away the shared room to someone else who is waiting in line! I know these are tactics, but this is nothing short of fleecing and harassment. I heard last week that almost all the occupants of the PG have vacated and moved to their home towns.

[Sebring]

Both projects are Rs 20 Lakhs. Carica will start in Jan 2021. No point in trusting till they're ready to register. No idea about Shriram

Originally Posted by nagr22

Dear members, what is your opinion about Mantri Carica and Shriram Earth projects near Mysore road? I got a quote for ~26L for a 1500Sqft plot from both of them (they are literally located opposite to each other), is this a good deal?

[kauphylover]

I've had this dream of moving out of Bengaluru and into a hill station for a while now. Ooty specifically. Not Ooty town itself but some place within a 15-20km radius. The long term goal is to build/buy a house in a 0.5-1 acre piece of land.

Any ooty locals here? Is the purchase of land in Ooty for a non-TN native straightforward? Is there any fineprint to be aware of? Any areas to stay away from?

[ninjatalli]

I have an interesting conundrum - I took up a rental accommodation in Mumbai (central suburbs - Ghatkopar) at a slightly premium rate for a good airy apartment that was semi-furnished. The rent agreement was fixed for 2 years with a 10% increase for the 2nd year built in. The house hunting was just before the pandemic really became a problem, so the rates are typical pre-covid rates.

Now we have settled in over the 6 month period - this took some effort as the broker (and owner) could not solve all the house issues before we moved in; it took us nearly ~4 months to get everything sorted (plumbing issues, faulty wiring, broken panels, etc). Both of us not being the cribbing type; we just took it on ourselves to get it rectified rather than running after the broker/owner.

Now both of our offices are going to be WFH for atleast another 6 months; which means we don't really need to pay the premium rent that we are paying. I'm ok with the current rate, but the 10% increase for next year is something I'm wondering if I can re-negotiate (will kick-in by end of Q12021).

Any suggestions on this? Especially looking forward to feedback from Mumbai folks - do you think the rentals will be impacted next year too? Otherwise this might be a futile attempt I rather not keep my hopes on. We are very happy with the apartment - relatively new building, excellent location (next to metro, eastern highway), well-lit airy rooms and so on.

Originally Posted by poloman

There are no tenants in the market for areas in the IT corridors. 30-40% of apartments and 90% of PGs in my area are empty. Landlords are attempting panic deals, still no takers.

Originally Posted by smartindboy

Same situation in Hyderabad.
Plenty of flats vacant, and rents have crashed to about 30%.

Is this relevant to only IT corridors and areas that have seen rampant bachelor/PG rentals setups or across the entire city?

I heard a similar view for Bombay but online sites (nobrokers/99acres/etc) are all showing rental rates as pre-covid timelines.

[9tMax]

Originally Posted by motorworks

Unfortunately im caught in the wrong side of this as well! I own a 1BHK near the Sarjapur, Outer Ring Road junction and just last year I was handed over the flat from the builder. The moment I placed an advertisement in NoBroker.com, I was flooded with offers and calls. In fact I ended up renting the flat for higher that what I wanted to. Not because I increased it, but it almost became a bidding process! Now one year later, my existing tenant wants to move out, and the rentals have crashed. Not even a single enquiry after posting on the same website. Understanding the situation, I have lowered the rent from the current rate and yet im unable to find tenants. Im guessing I have to significantly reduce the rent to get someone on board quickly else the EMI burden is back on me.

I thought I would ask you for some more details about your flat, so tried PMing you, but your inbox is apparently full and messages are bouncing back.
My son is going to join his new job beginning next month and is looking for a rental accommodation in that same area. So thought it may be a more comfortable option to connect through a bhpian rather than going through the property portals.

[motorworks]

Originally Posted by 9tMax

I thought I would ask you for some more details about your flat, so tried PMing you, but your inbox is apparently full and messages are bouncing back.

My son is going to join his new job beginning next month and is looking for a rental accommodation in that same area. So thought it may be a more comfortable option to connect through a bhpian rather than going through the property portals.

Sorry about that, just realised that my inbox was full. Will share my contact details thru a PM and we can then connect.

[jkrishnakj]

Originally Posted by kauphylover

I've had this dream of moving out of Bengaluru and into a hill station for a while now. Ooty specifically. Not Ooty town itself but some place within a 15-20km radius. The long term goal is to build/buy a house in a 0.5-1 acre piece of land.

Any ooty locals here? Is the purchase of land in Ooty for a non-TN native straightforward? Is there any fineprint to be aware of? Any areas to stay away from?

Nothing special.
I live at Bangalore, and bought a small plot at a village called Kinnakorai, about 50km from Lovedale. As always , pls get a good lawyer to ensure clean documentation if you manage to find something that you like.

[smartindboy]

Originally Posted by ninjatalli

Is this relevant to only IT corridors and areas that have seen rampant bachelor/PG rentals setups or across the entire city?

I heard a similar view for Bombay but online sites (nobrokers/99acres/etc) are all showing rental rates as pre-covid timelines.

More or less, many have vacated and moved to their native places, of course temporarily.
Now that offices are opening up, situation may improve for renters.

Now is not a time to search for rentals online, visit your fav. locality and look for 'For Rent' which are almost everywhere.

[hiren.mistry]

Originally Posted by Red Liner

They might sell like hot cakes but I always wonder who buys them later on from the first owner? Another investor kinda guy?

Would rather suggest up the budget to 2br and at least you have an exit push comes to shove.

Wow, 55 lakhs for 600 sq ft. Makes my eyes water. Just super inflated prices. Am sure that is super built up area as well?

Apologies, replying to an older post. The property prices in Bangalore seem surreal. I sold my 595 sq ft 1 BHK apartment in a far off western suburb of Mumbai for 1 CR

And that too in a 23 year old building.