The Risks and Rewards of Buying Property in Bangalore Near Lakes

11/12/2023

Bangalore, often referred to as the Silicon Valley of India, is a city known for its booming real estate market. With its pleasant climate and growing job opportunities, many tech professionals are flocking to the city in search of their dream homes. One particular attraction for homebuyers in Bangalore is the prospect of owning a property near a lake. These lakeside properties offer scenic views and a serene environment that is highly sought after. However, before making such a significant investment, it is crucial to understand the risks and rewards associated with buying property near lakes in Bangalore.

The Appeal of Lake-Facing Homes

Owning a property near a lake in Bangalore comes with several advantages that make it an attractive option for homebuyers. One of the primary reasons is the potential for price appreciation. Lakeside properties are often in high demand, and their limited availability drives up their value over time. The serene surroundings and picturesque views also contribute to the appeal of these homes. Additionally, living near a water body is believed to have a positive impact on mental and physical well-being, as water is associated with positive energy and tranquillity.

The Changing Landscape of Bangalore's Lakes

While the idea of owning a lake-facing home in Bangalore may seem idyllic, the reality is that many of the city's lakes have faced significant challenges in recent years. Pollution and encroachment have led to the degradation of several lakes, turning them into garbage dumping yards. This has raised concerns among homebuyers and made them more cautious about investing in real estate projects near lakes.

Legal Considerations for Buying Property Near Lakes

Before investing in a lake-facing property in Bangalore, it is essential to consider the legal aspects and ensure that the developer has obtained all the necessary regulatory clearances. The National Green Tribunal (NGT) has increased the buffer zone for projects around lakes from 30 meters, aiming to protect and reclaim these water bodies. Prospective buyers should also verify if the project adheres to the norms set by the NGT and has its own sewage treatment plant. It is crucial to conduct due diligence and ensure that the property is free from any legal complications.

Impact of Revised Master Plan 2031 on Redevelopment

The Revised Master Plan 2031 in Bangalore has introduced new regulations that impact the redevelopment of properties near lakes. According to the plan, properties within the 75-meter buffer zone cannot be redeveloped, as authorities will not sanction the revised development plans. This can have a negative impact on the value of these properties, as owners may find it challenging to make significant changes or improvements in the future. It is crucial to consider these restrictions and their potential implications before investing in lake-facing homes.

Encroachment and Land Related Issues

With the increasing population and demand for housing in Bangalore, some developers have resorted to encroaching upon public lands or engaging in illegal construction practices. This has resulted in land-related issues and legal complications for properties near lakes, particularly those developed by Tier B and C builders. Homebuyers should be cautious and conduct thorough research to ensure that the property they are considering is free from any encroachment or land-related disputes.

Red Flags and Buyer Beware

It is important for homebuyers to be aware of potential red flags when purchasing property near lakes in Bangalore. Delayed construction, non-compliance with safety regulations, and deviations from approved plans are some common issues that can arise. Buyers should thoroughly investigate the reputation and track record of the developer before making a decision. Reading reviews and speaking with existing owners can provide valuable insights into the credibility and reliability of the builder.

Alternative Options in Bangalore Real Estate

While buying property near lakes in Bangalore may carry certain risks, there are still excellent real estate options available in the city. Prominent developers like Prestige Group, Sobha Developersetc. have established a strong presence in the Bangalore real estate market. Their projects offer a range of residential options in different locations, ensuring that homebuyers have a variety of choices beyond lake-facing properties. These developers have a track record of delivering quality projects and adhering to legal and environmental regulations.

Future Prospects and Revival Efforts

Despite the challenges faced by Bangalore's lakes, there are ongoing efforts to revive and restore these water bodies. The state government has allocated funds for the development of lakes and proposed measures to enhance their ecological value. With stricter norms in place and increased awareness of environmental concerns, it is expected that the condition of lakes in Bangalore will improve over time. Homebuyers should stay informed about these initiatives and consider the long-term prospects for the lakes in their investment decisions.

Conclusion

Buying property near lakes in Bangalore can be both a rewarding and risky endeavour. While the scenic views and potential for price appreciation are appealing, it is crucial to navigate the legal complexities and ensure that the property is free from encroachment and other legal issues. Conducting thorough due diligence, considering alternative options, and being cautious of red flags can help mitigate the risks associated with lake-facing homes. With careful consideration and research, homebuyers can make informed decisions and find their dream homes in Bangalore's diverse real estate market.

At Propsoch, it’s easier to mitigate these issues with a panel of various market experts at your hands reach. Propsoch experts do a great job of technical due diligence for properties in Bangalore and help you from making a big mistake.