As per the latest reports, BDA’s north and east facing apartments may be priced higher than their south or west facing counterparts. Demand for the latter two types of flats is lower as per reports since many buyers have their own set of beliefs in Vaastu principles. Higher demand for east and north facing flats has spurred the BDA to consider charging more for these types of apartments in Bangalore.
BDA has been grappling with finding buyers for its west and south facing apartments located at Alur. Buyers desirous of purchasing BDA flats first look at the position of the apartment and whether it faces the east or north. Once this is ensured, only then do buyers complete the transaction. The BDA has been observing that several buyers often choose to purchase costlier apartments from real estate developers instead of similar BDA apartments since they want a direction of their liking.
The BDA is already considering several measures to fast-track sales of several apartments in and around Bangalore. It had unveiled across-the-table sales mechanisms for apartments last year although volumes have not gone up as fast as it originally thought. The directional preference has also been witnessed in case of plots which are allotted through lotteries. The BDA has discovered such preferences through the provision which enables buyers to exchange plots with other plots which have not been allotted till then.
The BDA is thus planning to have differential pricing systems for flats based on the directions. Even private real estate developers selling east and north facing apartments for higher prices and the same thing may now be implemented by the BDA. Buyers may have to fork out 5% extra of the total flat price for apartments which face the east or north in Bangalore as per reports. The BDA is also of the opinion that concessions for flats facing other directions may also help in enhancing their sales figures and lead to speedy purchases of flats which remain unsold. BDA is also unveiling differential pricing for apartments situated on varying floors based on the guidelines issued by the stamps and registration department.
