Compared to other real estate markets, Bangalore residential real estate market continues to grow. Inspite of falling IT revenues, in January and February 2013 the infotech capital of India saw an absorption of Rs 2,740 crores, up 50 percent year on year, the highest in the last five years.
Residential sales growth has been driven equally by pricing as well as volumes, volumes increased by 23 percent Y-O-Y and 22 percent of increase in price was registered Y-O-Y.
If sources are to be believed then, across Bangalore there were around 7,702 new units launched in the first two months of the year, while absorption stood at 8,136 units at an average price of 4,111 per sq ft. In the last fiscal. The city witnesses 11, 217 units sold within the last fiscal indicating consumer requirement and returning investor confidence.
It is observed that last year there was a drop in number which has forced the market to align itself to buyers sentiments for which the real estate developers started launching affordable housing to gear up the sales. One striking issue seen at the beginning of this year is that in some market segments the demand has picked up while in other segment demand has continued to decrease.
In the same time frame, property sales throughout larger real estate markets have started to tumble. Absorption in Chennai dropped by 25%, while in Mumbai Metropolitan Region, the total absorption stood at 10, 593 units, a drop of 12% from last year. Developers in major markets that are seeing falling demand have curbed new launch supply to ensure an improvement in the market. New launches droped by means of more than 40% over NCR, MMR in addition to Chennai, though new launches in Bangalore enhanced by means of more than 20% in January-February across affordable to mid-end segment projects.
Bangalore has the greater percentage of end users among buyers than in any other cities. Moreover
real estate market in Bangalore is still affordable as compared to other cities. The builder has sold 3.96 million sq.ft of residential projects for the current fiscal year, up by 62 percent over FY 2012.
Around 39, 080 units had been launched through the eight major cities throughout Q1 2013. Bangalore has been sailing easily throughout this difficult time.
Developing areas in Mumbai:
|
Locality
|
Average price (Rs/sq ft)
|
Price change (Q-o-Q)
|
|
Andheri East
|
15, 500 |
3.00% |
|
Borivali West
|
12, 700 |
2.00% |
|
Breach Candy
|
63,000 |
6.00% |
|
Chembur
|
15,500 |
4.00% |
2013 OUTLOOK FOR RESIDENTIAL REAL ESTATE in MUMBAI
Mumbai is going to witness more project launches on schedule and developers will also focus on meeting the committed timelines. 2013 is not going to bring any major correction. Residential space in Mumbai will remain stong in 2013.
Developing area in Chennai:
|
Locality
|
Average price (Rs/sq ft)
|
Price change (Q-o-Q)
|
|
Adyar
|
11,200 |
7.00% |
|
Guduvancheri
|
3,400 |
6.00% |
|
Kelambakkam
|
3,500 |
9.00% |
|
Kilpauk
|
12,000 |
4.00% |
2013 OUTLOOK FOR RESIDENTIAL REAL ESTATE in CHENNAI
The real estate market iboom n Chennai is expected to continue in 2013. Chennai will continue to lure investors due to good location, beeter infrastructure and cosmopolitian outlook. The residential market in Chennai has been majorly by end -users belonging to the mid-income category. In the residential markets, Chennai is expected to witness stable prices in 2013.
Developing area in Bangalore:
|
Locality
|
Average price (Rs/sq ft)
|
Price change (Q-o-Q)
|
|
AECS Layout
|
4,500 |
18.00% |
|
Banashankari Stage 3
|
6,300 |
4.00% |
|
Begur Road
|
3,200 |
8.00% |
|
Bellandur
|
4,700 |
17.00% |
2013 OUTLOOK FOR RESIDENTIAL REAL ESTATE in BANGALORE
North Bangalore will continue to grow because of the massive potential for capital appreciation. Many projects are under construction on Outer Ring Road and the real estate market in Sarjapur Road will see an upward trend because of the close proximity to IT corridor. Whitefield will also continue to see considerable residential sales.
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Compared to other real estate markets, Bangalore residential real estate market continues to grow. Inspite of falling IT revenues, in January and February 2013 the infotech capital of India saw an absorption of Rs 2,740 crores, up 50 percent year on year, the highest in the last five years.
Nice Blog!!
Buying a house is the immense expenditure in your life. So, you must be consider a things like location, Home survey, Neighbourhood, cleanliness, security, water and light and Environment.