subject: Bangalore Realty Sees Record Number Of New Launches [print this page] Bangalore has been ranked as the best Indian city to live in both in terms of quality of living and the personal safety standards according to a study 'Quality of Living Survey- Worldwide Rankings 2011' by global HR consultancy major Mercer. Bangalore is a host of Indian and foreign IT companies as also many multinational companies from other sectors have set up shop in Bangalore for their outsourcing and R&D units.
Bangalore's real estate market is raining with new launches after 3 years of hiatus. The economic downturn in 2008 saw developers put the brakes on project launches, focusing on completing projects launched in 2006-2007 which realty analysts regard the peak year in Bangalore. From 2008 to mid 2010 barely a handful of projects were launched with many top guns not having a single launch.
But in the financial year 2011 12 may well go down as the year that saw the maximum residential project launches. By the end of this financial year Mantri Developers would have launched 20 million sq ft of residential property in Bangalore comprising of 12 projects together.
Beside, the residential market saw new entrants like RMZ, which has so far been in the commercial and retail space. Embassy Group also engaged in development of commercial space, retail and business park is making a comeback to residential property with the launch of two premium projects.
Bangalore's residential property market has exhibited a remarkable recovery from the downturn compared to other cities. As a result, developers have also put project launches on the fast track. The Bangalore market has done very well, much better than the past three or four years. Interestingly, the downturn seems to have had a positive impact on buyers in respect to affordability and range of products. In 2007 most developers concentrated on the Rs. 40 Lakh and upwards price bracket but now a days the projects are being launched starting from Rs. 25 Lakh to upwards of Rs. 2 Crore.
Development of commercial property of Bangalore has also grown over the last decade. The fast-paced growth is due to various factors. One major factor is the emergence of the city as the IT Hub in the region, the infrastructure and quality of life as well as the pleasant climate ensured that Bangalore was on the fast track to growth. Realty development too got off to a quick growth with residential properties peaking in demand.
With more scope for growth in the city's suburbs, commercial development is fast catching up in areas that have the potential for residential growth with plans for high-tech connectivity and good infrastructure.
