Bengaluru realtors taking steps for better growth
The real estate companies based around Bangalore namely Puravankara, Prestige and many other are planning to set foot in other cities such as Mumbai or Pune and rule over other southern cities as well, including Mangalore, Hyderabad or Chennai for further growth.
Prestige undertakes about 85% of the major projects of Bangalore in expecting a slip of contribution to 65% or 75 % as other cities are seen to offer more to its top, says the Managing Director of Prestige, Irfan Razack. He also says that the company is expecting to expand in new cities like Pune or Mumbai. They are very keen to keep the business intact at Bangalore. They want it to grow and spread in absolute terms but in other cities they will contribute immensely as well.
The home sales statistics are undoubtedly stable in Bangalore when compared to that of Ncr or Mumbai. The realty estate consultant firm, Cushman & Wakefield says that the latest project launches has reduced by 27% in Bengaluru from the period July to September. This is a debacle of 21% in the country level.
Talking of the Puravankara projects, out of 8.09 million sq feet of residential constructions planned, Bengaluru homes around 3.18 million sq feet which is around 40% of the total plan. The remaining 605 projects are along the suburban regions. Still according to the value housing brand provident, Bengaluru scores about 77%.
The excess demand in cities like Kochi, Chennai, Hyderabad, Pune or Mumbai curbs the growth of construction project in Bengaluru. It is due to the stable economic condition, migratory population as well as increasing demand and of course a remarkable cultural and social aspect. This is what Ashish Purvankara, the joint manager of Purvankara says. The company is planning to venture into cities like Coimbatore, Mengaluru and others where they are planning to launch its budget housing brand Provident.
Jerry Rao evaluated the Value & Budget Housing Corp (VHBC), which has recently undertaken about eight projects which are scattered in cities like Delhi, Jaipur, Mumbai and Chennai. Jaykumar, the MD of VBHC says that their projects are based on national level and is highly dependent on price, land and viability.
Source:
Business Standard
Chennai, Cushman & Wakefield, Growth in real estate sector, Hyderabad, Kochi, project in Bengaluru, Pune, Value & Budget Housing Corp
