Residential Property Market In Bangalore Sees Healthy Demand

Bangalore residential market can be divided based in its geographical pattern into central

, south, north, east and west. Real Estate market is basically driven by end users with moderate price appreciation. As the demand of property in Bangalore was additional evident within the mid-end section, primarily towards the south and also the north micro-markets where a majority of the cheap housing projects are located.

Knight Frank India did the survey, Bangalore residential market saw the launch of around ninety residential property in Bangalore at the primary 3 quarters of 2011-12, translating into an incremental provide of over 30,000 units. Majority of those projects are located towards the southern a part of town, surrounded by micro-markets like Electronic City, Bannerghatta Road, Sarjapur Road and Kanakapura Road.

The northern region witnessed the second highest number of residential property launches, primarily in location like Yelahanka, Hebbal Ring Road and Jalahalli. A significant development is that the eastern region saw several new residential developments being commenced in Hoody junction and Whitefield, while the western and central parts of the city witnessed relatively lesser number of new project launches.

Next three years an aggregate of 82,000 apartments will be entering the market with the majority of it concentrated in the southern, northern and eastern region of Bangalore. The launch of a large variety of residential property in Bangalore in previous couple of quarters, southern region currently accounts for more than 50% of the whole incoming supply. The prime central location has no significant incoming supply due to dearth of land for development. The price appreciation of residential property in Bangalore in most micro-markets has been observed in the region of 5-12% during the year.

Enormously, the projects under construction have met with encouraging absorption, where all the regions witnessing more than 50% of their units having been sold. Both regions northern and eastern witnessed 57% of the total number of units as sold while 95% of the projects in the central Bangalore are sold out.

As this positive trend has made the Bangalore city occupy the top slot in the residential absorption in the country. Bangalore is already enjoying the secure position as the city with the largest volume of commercial property absorption in the country consecutively for years together now. First two months of the current year have witnessed several launches of residential property in Bangalore and the momentum is likely to be sustained in the coming months.

A majority of the supply will be concentrated in the suburban and peripheral locations with gated communities offering various sustenance. Delayed deliverables in the past have led homebuyers to explore the built units even at a higher cost. The capital value of the Bangalore Property is not expected to increase considerably due to slow down in the economy though marginal appreciation is expected in a few micro-markets like Hebbal and Sarjapur Road.

Real estate costs in Bangalore have shot sky high within the past decade or therefore, fueled primarily by the globalization of the Indian economy and NRI (Non-Resident Indian) investment. Land within the Bangalore suburbs, that used to sell as low as US $0.10/sq.ft. before 1991, is currently priced at over $200/sq.ft. insure prime areas. Though the booming real estate market is alleged to feature currently reached its saturation purpose, costs still keep robust, supported by an economy that continues to grow despite fears of a slowdown.

by: lokeshmanu24

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