Mid end homes push residential property sale in Bangalore
Residential real estate market in Bangalore is witnessing growing demand for mid-end homes. Though the nation’s real estate market is seeing slowdown in economy, Bangalore possesses the potential to withstand it.
Last year, the city has seen around 35,500 residential units launches and approximately 8000 units in first quarter of 2013.
According to Knight Frank’s report, in the past two years the quantum of new launches witnessed by the city will restrict substantial upward movement. 2012 has seen absorption of approximately 36,000 residential units.
The report said that in 2012, North Bangalore witnessed 33 percent of new launches followed by South Bangalore which has witnessed 48 percent, the highest number of new launches. Most of the project is expected to get completed in 2015.
As per the report, during 2012, the residential prices in Bangalore moved in narrow ranges apart from localities like Magadi Road, Tumkur road, Hebbal and Whitefield which has witnessed price appreciation between 10-15 percent in first quarter of this year over the prices Q1 2012.
North Bangalore will continue to be one of the preferred residential markets owing to the various infrastructure initiatives underway. Southern Bangalore will also witness completion of residential projects in areas like Bannerghatta, Hosur, Rajarajeshwari Nagar, OuterRing Road, Kanakapura etc
However, Whitefield, in the east, will continue to attract buyers, owing to its proximity to workplace centres and the presence of retail and social infrastructure.
Mana Uber, Shriram Summitt, Concorde Tech Turf, NBR Royal, GR Heights, Dream Suvarna are some of the mid- end home located on the Norther part of Bangalore. The price of apartments ranges from Rs 25 to Rs 45 lakhs.
Vaastu Dew Flower and Tanishq Arena are located in the eastern side of Bangalore and the price ranges from Rs 30 lakhs to Rs 58 lakhs.
Samruddhi Rhythm, DS-MAX Sanskruthi, Ramky 1 North and Radiant Jasmine Terrace are located on the Northern Bangalore. The price of properties in this area ranges from Rs 27 lakhs to Rs 53 lakhs.
Projects completing in the year 2014 mostly falls in Northern Bangalore in areas like Hennur, Thanisandra, Yelahanka, Devanahalli, followed by Southern Bangalore in areas like Electronic City, Phase 2 Electronic City, J.P.Nagar, Kanakapura to name a few. By 2016, Electronic City, Sarjapur and major areas of Northern Bangalore will be the preferred locations for residential property
To conclude, Bangalore will certainly see host of development in terms of residential properties. Right now it seems that Eastern Bangalore will remain a hot spot considering the availability of resources, followed by Southern Bangalore;
However, long term development will be seen in Northern part of Bangalore considering the pace of transport developments and greater means of connectivity. Moreover, it is evident that Western area of Bangalore is still very passive in terms of Real Estate development.
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Apartments in Bangalore, Bangalore Real Estate, Projects in bangalore, properties in Bangalore, Residential projects in Bangalore, Residential real estate
