Bangalore Ranks Second for Land Price Appreciation
As per global consultancy firm Knight Frank’s Prime Asia Development Land Index, land price appreciation in Bengaluru has been the second highest among the major Asian cities considered for the study.
Land price appreciation in Mumbai turned out to be the highest, with a 35.2% increase over the last couple of years. Bangalore and the National Capital Region (NCR) registered a growth of 26.1% and 24.9% respectively in the same period.
However, as per the office development land index, Mumbai registered a 13.1% decline, largely because of the weak economic climate and large supply of office space. NCR and Bengaluru, on the other hand, registered growth of 16.3% and 12.9% respectively.
The report said that Bengaluru’s performance on both the residential and office space indices was because of the healthy leasing market, which caters to the IT/ITeS sector, steady job growth, and increase in prime property price.
Source: The Times of India
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