Property transactions in the 17 BDA layouts developed on lakes have almost come to a standstill. No buyer is coming forward to buy plots in these layouts as their legality hangs in balance.
While the Revenue Department is firm on demolition, Upa Lokayukta Subhash B Adi has deferred the drive till June 4, while the government is seized of the matter.
Satyanarayan, who owns a site in Banashankari VI stage 4H block, now said to be on Venkatarayanakere, is not finding buyers. “Two years ago, real estate brokers in the area were often contacting me on behalf of potential buyers. But now, even after I informed three brokers that I am ready to sell, there are no buyers,” he said.
A real estate consultant said that while land prices haven’t seen a decline after the layouts were found to be on lakes, many transactions have been halted midway.
“But if the conundrum continues, realtors who are ready to risk it out will emerge as buyers in these areas. It is likely to turn into a buyer’s market, instead of a seller’s market, leading to drastic fall in prices,” he said.
