“Chartered Housing has a strong brand recall in Bangalore residential market as we have built a relationship with our customers by giving quality rather than quantity,” says Bimal Hegde, CEO, Chartered Housing
Chartered Housing is real estate company based in Bangalore with more than two decades of experience in the industry. In an exclusive interview with ACE Update, Bimal Hegde, who leads the Bangalore Chapter of CREDAI Youth Wing as well as worked with Source Architecture as Founding Partner Architect, shares how Bangalore realty market has evolved.
Since Chartered Housing has started its journey in 1989, a lot has changed in the realty market. How has the Bangalore realty market evolved since then? In the beginning when we started off, the realty market was at a very nascent stage. During that period, people were not willing to invest in property anywhere else but in the city because of proper roads, connectivity, and safety, to name a few. This limited the scope of expanding boundaries beyond. In the 90s, the IT boom completely changed the demographics of the city; migrating population was at an all time high and only increased in the coming years which resulted in expansion of city limits. IT has been the major growth driver and is responsible for aggressive real estate development in the city whether it is in the segment of apartment, villa or row houses.
What are the trends and opportunities in Bangalore realty market?The new trend is compact but efficient apartments in the range of 950 sq. ft. to 1,400 sq. ft. This caters to the budget segment giving them comfortable living space. The other trend is row housing which give clients the experience of a villa without the price tag of a villa. Typically villas cost upwards of 3 crore, but row houses will range between 2-3 crore for around 3,500-4,000 sq. ft. Given the fact that some of the areas are mostly developed and availability of land is decreasing in these parts, projects in these areas will cost a little more. Therefore, consumers should focus and buy properties in areas that are developing, which will result in getting better value for money. Except Kanakapura Road, Bangalore, what are the next big investment destinations for Bangalore home buyers?North Bangalore has the potential to become the next big investment destination after Kanakapura Road. Residential real estate activity in North Bangalore has gained traction post the commencement of the Bangalore International Airport. Proximity to the international airport and planned social and the physical infrastructure in the north have boosted development in the area.
The other hot destination is Hosur Road area, especially for a villa type investment due to its close proximity to Sarjapur and Koramangla. Budhigere cross and Kadugodi in the east are also witnessing demand due to their proximity to the IT hub of Whitefield and relatively good connectivity to the airport in the north via the ORR (Outer Ring Road).
You have been leading the Bangalore Chapter of CREDAI Youth Wing. What are the initiatives the chapter has been taking to unite second generation developers to work together to improve the industry?CREDAI youth wing have certain focus points — CSR, research and technology. Each developer has a unique project or a unique system of working. These unique features when shared and understood by more developers, the overall standard of the projects will improve and in the process the entire quality of industry will go up. In order to do this, we have been visiting projects of various developers. These interactions have benefitted in the next generation in interacting with each other and stay connected. Since change is the only constant in today’s world, exchange of thoughts, ideas and information will only improve industry standards.
Where should you position Chartered Housing in the current realty market?We are a mid-sized developer. Chartered Housing has a strong brand recall in Bangalore residential market as we have built a relationship with our customers by giving quality rather than quantity. We focused on good quality, on-time delivery and high customer service. These three are our key differentiators among Chartered Housing and other developers. Thanks to the efforts put from the start and staying true to our core values, the name Chartered Housing instantly strikes as the home for houses. Our projects are true value for money.