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Value homes or mid-segment homes, seem to be the flavor for every season for property developers. With the rise in demand for budget homes in Bangalore, fuelled by increased prices, fall in affordability and limited supply level, the residential property market in city is all ready to curve a new path.
Unlike earlier, demand for budget homes(mid-segment housing), ranging between Rs 20 Lakh-Rs 60 Lakh has encountered an unparalleled growth that is making highlights everywhere.
Sudden surge in labour and input cost have provided the home buyers with the right dias to enter the market. According to market reports, prices for residential apartments in the city have been crawling up by 5-6% every quarter, across the different micro-markets.
The recent launch of mid-segment houses, covering an area of 1.6 million sq ft clearly testifies the fact that the market is becoming vibrant with the passing time. Sources confirm that properties near Bannerghatta Road, Mysore road, Kanakpura Road or areas adjacent to the NICE Road Corridor are offering residential units within Rs 20 lakh-Rs40 lakh.
In the last few years, Bangalore’s real estate market have come of age, significantly. Ranging from affordable to luxury segment, the market has developed a much broader base, fuelling a steady demand for various segments. However, experts are of the notion that the demand for mid-segment or value homes(mainly 1, 2 or 3 BHK apartments) in Bangalore is much big in comparison to its supply aspect. According to market reports, more than 250 budget homes have been sold in Bangalore in 2012-13, priced between Rs 20lakh-Rs 30 lakh.
According to Bangalore Realtors Association India, the mid-segment market in the city has a lot of potential and is laced with high absorption rate. Property consultants further confirm that the city has been experiencing a huge pent up demand for affordable and value homes. Such demand is mainly triggered by blue-collared employees in the service and manufacturing sector.
Gaining all the spotlight, Whitefield on the eastern suburbs of Bangalore, has turned out to be one of the perfect real estate hubs for commercial and residential property developments. Hosur Road, Kanakapura Road and Sarjapur Road, the neighbouring areas, are also expected to witness increased real estate activity in the days to come.
In addition to it, the areas near to Outer Ring Road have come forth as the preferred destination for commercial space because of competitive rentals and requisite real estate inventory.
Coming on to the scene as the areas offering properties within the affordable range, Bannerghatta Road, Kanakapura Road, Mysore Road and the areas adjacent to NICE road corridor worth a special mention. Properties under the price bracket Rs 20 Lakh- Rs 40 lakh that are made available on the outskirts of afore-mentioned areas, have been experiencing high demand from the second quarter of 2013. Furthermore, market data confirms that budget properties ranging between Rs 40 Lakh- Rs 60 Lakh and 1Crore have also witnessed highest supply in the 2Q2013.
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I have read North Bangalore has lot of potential to growth and real estate development in the city too showing the same.
Budget homes in Bangalore are becoming costlier for common man. I feel the city has demand from end-users and investors in 50-50 ratio. Outskirts of city is also growing at a rapid stage.