Bangalore witnessed highest number of residential launches
Bangalore has witnessed the highest proportion of new project launches compared to eight major cities across India in first quarter of 2013.
According to real estate consultants Cushman and Wakefield, around 40 percent of the total new unit launches in the city were in South Bangalore.
In a recent study by the firm, North Bangalore has contributed 25 percent of the total units launched in Bangalore.
In the first quarter of 2013 in major cities, an estimated 38,000 residential units were launched , a marginal decline of 2 percent over the previous quarter. Out of 38,000 residential units, 11622 units were in Bangalore alone which is more than double the number of units launched in January to March quarter. Cushman & Wakefield said Bangalore was the only metro to report a whopping 144% growth in residential unit (11,622) launches.
According to a higher officials from Cushman & Wakefield, despite of sluggish economic environment, the country’s residential market witnessed some dynamic launches during the quarter but while executing these projects funding will remain a major challenge for developers.
The real estate developers are now following different types of strategies like selling smaller configurations at lower price and 20:80 scheme to gear up the scale.
Last year due to low availability, capital values in the high-end category in Central and Off-Central locations witnessed an uptrend in the range of 17 to 30 percent. Northern and eastern locations have seen an increase in high end segment capital values of 10-14 per cent, because of the close proximity to IT hubs and upcoming infrastructure respectively.
In the mid-end segment, South-west and Off-Central locations witnessed 13%-14% increase in capital values over last year.
According to Cushman & Wakefiled report, East Bengaluru a price rise in the mid-end category due to continuous demand from the IT population. Northwest Bengaluru an uptrend in capital values for both high-end and mid-end segments because of the rise in demand due to the ongoing metro work. North Bengaluru is expected to see an uptrend in capital values for the high-end category.
Bangalore’s annual residential current market is worth Rs 25,000 crore by value, with real estate biggies Sobha Developers notching upward sales worth Rs 2000 crore, or having about 8% share. Reputed builders like Brigade and Prestige also figure in the top list in a very heavily fragmented current residential market.
Related Real Estate News:
Bangalore City Real Estate Scenario
Indian real estate in 2013: A forecast
Bangalore realty, high-end segment, mid-end segments, properties in Bangalore, Real estate in India, residential properties in Bangalore, Residential real estate
