Monday, 23 July 2012
The Road To Fortune : IVC Road Devanahalli
The Properties on IVC Road at Devanahalli were high in demand between year 2002 to 2006. Lot of residential plots in the gated communities mushroomed on both sides of the IVC road and off the road. The two main factors that drove the developers and the investors for the real estate gold rush were the upcoming Bangalore International Airport and the proposed plan of expanding IVC road to 300 ft wide. By 2009 there was no change in the condition of the IVC road and more over economy in general and real estate in particular was badly hit by recession thus sending the prices drastically southwards . Even the fully operational Bangalore International Airport could not stop the prices sliding downwards. Between 2009 and 2011 quite a few owners liquidated their assets or tried to do so, even taking a hit in their profit margin. But very few took a note of the silent development taking place on IVC road during the recession, like coming up of Sobha lifestyle villas, Confident group's Gold Coast, Hoysala Broxia and CAE Flight Training Centre. Today with face lift of IVC road which is neatly tarred and the road expansion is clearly marked on both sides of the road and on top of that the fully operational CAE Flight Training Centre, Inhabited Sobha lifestyle villas and Ready to Move Broxia Apartments has again ignited the demand for real estate in this area. With the development of Aerospace SEZ and several companies like WIPRO, BEML in development phase and many more developments coming up in surrounding areas, it is now clear that in next few years the real estate market over here might make a fortune for the investors. For those who are keen to invest in this area at this point, it will be a challenge to find a seller who wants to dispose his/her holdings here. Recently Sobha Canvas a plotted gated community, completely sold out for Rs. 2750-3250 per SFT. Anything, if you get in the range of Rs 1200-1500 per SFT in other nearby gated communities is worth investing. Again as it seems, it is Challenge to find a Seller. Even if you get one, make sure that you take a legal opinion from a good lawyer as even in BIAPPA approved layouts few survey numbers are in litigation. Example let's say a developer has developed a community on 100 acres of land and has got BIAPPA approval, chances could be 10 to 20 acres might still be having a title litigation or any other. So be cautious with your investments.