In what comes as a positive news for homebuyers and developers alike, Bangalore has emerged as the frontrunner in terms of housing demand and supply.
Bangalore witnessed an increased demand for housing properties from IT-ITeS sector and start-ups according to ANAROCK Property Consultants.
Housing sales stood at 11,500 units in Bangalore during January-March 2018 in comparison to 3,800 units in Hyderabad and 2,300 units in Chennai. In supply, Bangalore saw launches of 6,800 units as against 2,600 units in Hyderabad and 2,100 in Chennai.
Bengaluru is home to several mid-level IT professionals who have added to the demand for mid-segment (Rs 40-80 lakh) housing.
Micro markets that have multiple options in this segment include Whitefield, Outer Ring Road, Sarjapur Road, Electronic City, and also a few locations in North Bengaluru.
The city’s rapidly improving housing market has converted to affirmative results because of which home buyers who were in the “wait and watch” mode have come back to the real estate market with a bang.
Apart from positive buyer sentiments, the city has also witnessed good social and civic infrastructure upgrade, improved connectivity to suburbs, increase in commercial activity and an upsurge of the influx of people from outside the city contributing to a growth in demand for housing.
RERA has also brought in some positivity and hope in the gloomy real estate sector making developers accountable for what they advertise and sell. In addition, launch of several affordable housing projects under Pradhan Mantri Awas Yojana(PMAY) in Bangalore are bolstering the real estate market in the city. These low cost housing projects in Bangalore are seeing huge demand from EWS, LIG and MIG income groups.
Even at a pan-India level, Bengaluru’s residential market is currently only second to the Mumbai Metropolitan Region (MMR) in terms of supply and absorption for Q1 of 2018 calendar year, ANAROCK said.
In the long run, with the infrastructural landscape of the city ever changing and with many new projects in the pipeline, the real estate sector can definitely see a positive upward trend.
Article Source: The Economic Times