Bengaluru: Highlighting the changing definition of affordable housing with rising prices, CREDAI president, Zayd Noaman, stated that the prices of houses, particularly in Bengaluru, where a house which would cost Rs 50 lakh 10 years ago, now costs Rs 2 Crore due to inflation. He said that now the home prices between Rs 1.5 crore and Rs 3 crore are considered the prime segment for high sales.
In a report by HT, Noaman stated that Bengaluru has seen significant growth in both the number and property prices over the past two years. This surge can be attributed to the city’s healthy core, including a robust ecosystem, quality education and a deep talent pool.
“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 prioritise expanding metro connectivity and improving road access,” Noaman said in the report.
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Noaman also talked about Bengaluru’s real estate potential, saying that there’s abundant space for agricultural land on the outskirts due to the radial layout of the city.
“Improving metro and road connectivity in outer zones can unlock their potential for large-scale development, as central areas are constrained by saturated and expensive land,” he said.
According to Noaman, the city has not crossed saturation when it comes to real estate demand, however, the prices of properties have skyrocketed.
“Presently, the average transaction value for properties ranges from Rs 3–4 crore, with residences in areas such as Whitefield typically priced between Rs 2.3–3 crore. Due to this, the prospective buyers are taking a longer time to purchase. It is further anticipated that the housing price surge in the city during 2025 will be commensurate with or slightly greater than the prevailing average inflation rate,” he added.
