More than 10,500
residential units were launched in Bangalore in the second quarter of 2013,
accounting for 31% of the total launches, says a Citi report.
East Bangalore
registered the highest number of, followed by northern submarket &
south-east Bangalore.
"Healthy demand
from IT population resulted in developers preferring these locations for new
project launches. Mid end segment accounted for the largest chunk of launches
adding up to almost 50 % of the total launches followed by the affordable
category with 34 % of the launches and remaining in the high-end segment,"
mentioned the report.
Further under
construction properties in east registered price appreciation of up to 12 %
primarily due to their proximity to areas with developed social infrastructure
and IT hubs. South-West market witnessed an appreciation of up to 11 % in the
capital values.
Residential real
estate market is anticipated to witness a stable trend for both rental &
capital values for most micro markets in the next quarter. The north-west
submarket is expected to see rentals moving northwards for both mid as well as
high-end segments due to the upcoming metro, developed social infrastructure
& good connectivity to central locations of the city. Driven by continued
investor interest north Bangalore is expected to witness an uptrend in capital
values for both mid and high-end properties.
"Following the
last quarter's trend many developers / promoters continued to offer no pre-EMI
schemes to attract buyers, wherein buyers have to pay 20 % as the booking
amount and rest 80 % need to be paid at the time of possession," says the
report.
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