“I was ready to sell it for a loss. I bought the house for Rs 55 lakh and was not even quoting a price higher than my cost price. When no enquiries came forth, I decided to put it on rent and by far this has been a good decision,” says Sanuj. When a seller is desperate and ready to sell the property at a lower cost then, the activity is called ‘distress sale’.
East Bengaluru has been immensely popular among to-be buyers and even tenants. Given the number of IT/ITeS, advertising, BPOs, media and even educational institutions concentrated in this region, the rental market is robust.
“Given that potential buyers are in standby mode, it looks like a wise decision to defer a purchase and opt for rent. Rents have climbed overtime and faring well. In fact, those who couldn’t sell are making good money from rents. For those looking for rental returns, this is a good time too,” says Md Azhar, broker, Cityvide Realty. However, owing to the number of people living here, some have turned their attention to other areas close to the business districts, namely, Panathur and Varthur.
Report by a reputed research firm highlights these areas as one of the top residential investment destinations within the city. The price growth anticipated stands at a whopping 61 per cent by 2020.
Gupta’s plan on a return and considering that the area has been touted promising, here is his chance of earning high rentals and a good return on investment in future if he plans it in future. “We have good tenants who look after the house well. We now have the benefit of a home, some money out of it and an asset for life,” says Sanuj.
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