subject: Bangalore Property Bazaar Update for Early 2011 [print this page] Bangalore Property Bazaar Update for Early 2011
This month brings both good and negative news for the Bangalore Real Estate Market. In January, foreclosure sales represented 42% of all properties sold, compared to 30% during the 4th quarter of 2010. The main question is whether this is a temporary response to the bank moratoriums or a continuation of a market dominated by people being foreclosed on. The end of 2010 ended in an unusual set of circumstances including foreclosure moratoriums, litigation challenging the foreclosure process, and stricter underwriting guidelines.
Foreclosure activity, as percentage of the total resale market in January 2011, varied throughout the Byappanahalli metro area such as 52% in White-field, 42% in Hosur Road, 46% in Bannerghatta, 38% in Electronic city and 29% in BTM Layout. Another aspect of the market was the sale of prior foreclosed homes, which accounted for approximately 40% of the traditional transactions in January. Due to worries about the foreclosure process, foreclosure-related activity represented 66% of the recorded activity for the month, but 63% in 2010. Median prices from January 2010 to January 2011 declined 8% year over year. Now for some more positive news-Sales are up this year from last in Bangalore property by 7%, 12%, 16% and further more % in the in the best growing regions as a whole.
As reported in the Bangalore state, properties acknowledged challenges remain for both Bangalore and the nation. Bangalore's state budget is in some pretty bad shape, including unfunded pension liabilities, remarked by some one. But he also mentioned relatively strong manufacturing gains and exports, especially in software and the local technology sector. Other good news includes an increase in hours worked for Bangalore real estate with jobs and moderating price declines for home values here.
Some more positive news for the Silicon valley's economy, Intel, Infosys, Wipro, iGate, Tata Consultancy Services, Accenture and other UK based company has intended its abode with many facility in Bangalore Real Estate. The project will bring several thousand construction and warehouse jobs when they break dirt this summer, officials announced.
Thus Bangalore property market is running towards steady growth. After the momentous recession of 2006, 2007 and 2008, properties in Bangalore is now running boundlessly because who knows this charming and climax time for properties will come back again
