In Bengaluru’s flood-prone areas, property owners on a selling spree – The Hindu

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As instances of inundation continue to be reported from various parts of Bengaluru, including posh localities, property owners in flood-hit areas are selling villas, flats, and houses.

The latest is at the Northwood residential enclave at Yelahanka. Around eight days after the residents were forced to shift to hotels and relatives’ and friends’ houses, one property owner decided to sell his villa worth ₹2.5 crore. According to a member of the Northwood Housing Society, he was going ahead with the decision, though he wasn’t sure of getting even the price at which he bought it.

Another resident said flooding was a possibility until BBMP completed the work, and there was no hope even after the work was completed.

Last year too

A year back, a property owner of a villa worth ₹1.8 crore at Rainbow Drive Layout rented out his the space at a low price. The owner moved to another gated community and is currently living in a rented place, paying ₹1.2 lakh per month. The sources in the layout said the owner is now planning to sell the property as it is a financial drain.

Neelufar Ahmad from Sri Sai Layout at Horamavu, which was also in the news for inundation, said in her layout more than five houses were sold at half the price. For the owners, there was no option but to sell. “Initially, I also planned to sell the property, but I dropped the plan as buyers are quoting ₹50 lakh for the property for which I paid ₹1 crore.”

Govt. intervention sought

The residents are demanding that Deputy Chief Minister and Bengaluru Development Minister D.K. Shivakumar should intervene and resolve the problem as soon as possible, as the flood threat is looming large ahead of the monsoon.

Suresh Hari, secretary of the Confederation of Real Estate Development Authority of India, Karnataka, said the problem is multidimensional.

“The developers had taken approval from many agencies before forming layouts or villas, and every developer would construct drains and culverts. As these layouts are witnessing floods, the developers, in coordination with the BBMP and other agencies, will address the problem. Property owners selling properties in flood-hit areas is true, but this is just a temporary phenomenon,” he maintained.

(With inputs from Adithi A. and Pranathi Nandula)

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