Lakeside Construction Resumes in Bangalore
Potential investors in Bangalore's lakeside properties can breathe a sigh of relief. A recent circular issued by the Bruhat Bengaluru Mahanagara Palike (BBMP) on March 30, 2017, has clarified the construction guidelines for projects near lakebeds. This clarification is expected to revitalize the real estate sector in these desirable locales.
Clarification on NGT Order
The National Green Tribunal (NGT), in May 2016, increased the buffer zone around lakebeds from 30 to 75 meters, effectively halting construction within this expanded zone. This caused significant concern amongst builders and investors alike. Now, the BBMP has clarified that projects that received construction approval before May 2016 can proceed with their construction. The BBMP Commissioner, N. Manjunath Prasad, confirmed that the NGT directive will not be applicable to sites and properties with plans secured prior to the new restrictions. This clarification has been communicated to all eight zonal heads.
Positive Impact on Real Estate
This decision provides much-needed relief for the real estate sector and predicts an upswing in the market. Prices in these sought-after lakeside locations are expected to rise, given the renewed interest in these properties. The circular's impact is being felt across different property segments, including residential flats and potential lake house projects.
New Developments on the Horizon
Builders are enthusiastic about the latest developments and are actively promoting new deals for flats near Bangalore's lakebeds. These tranquil locations have always been attractive to homebuyers, particularly senior citizens seeking a peaceful environment. Beyond flats, some builders are also exploring the possibility of developing lake house projects, submitting proposals to the NGT for approval and anticipating substantial revenue growth for the market. "The serenity of the lakebeds of Bangalore has always been an ideal place for all the segments of the society and is much desired specially by old people who plan on living their old age in a wonderful environment as same," said a source close to a key developer.
