The
Bangalore market saw absorption of 6,519 units in 2Q13 against 6,689 units in
1Q13.
Unsold
stock in 2Q13 totalled 50,184 units in 2Q13 as compared to 46,823 in 1Q13,
reflecting a vacancy rate of 53.4%, down from 54.2% in 1Q13.
Supply..
A total of 21 residential projects were
launched across Bangalore in 2Q13, offering 9,889 units against 10,009 units in
1Q13. Meanwhile, eight residential projects comprising 2,319 units in various
sub-markets were withdrawn from active stock as they were completely sold out.
The major projects launched in 2Q13 included Prestige Sunrise, Prestige Ivy Terraces,
Shriram Sameeksha, Sobha Santorini and Brigade Begonia.
 |
| Sanjay Chugh, JLL India Central (CBD) & Off Central (SBD): Low supply and high demand. Due to low availability of large land parcels and high capital values, these micro-markets have seen a limited supply of residential developments. These markets have very good social and physical infrastructure. Nitesh Park Avenue, Prestige Kingfisher Towers, Westcourt Cityview, ETA Beau Monde, 77 Degrees East, Sobha Indraprastha and Prestige Edwardian are some of the high-end projects in these micro-markets. |
North Bangalore..
The
demand for high-end residential units remains high in the North Bangalore
region. Residential real estate activity in North Bangalore has gained traction
post the commencement of the Bangalore International Airport.
The
projects located around Hebbal, Bellary Road and surrounding areas are in the
luxury segment. North Bangalore is assured to be the next economic centre of
Bangalore.
Proximity
to the International Airport and planned social & the physical
infrastructure in the North have boosted development in the area. Embassy Lake
Terraces, RMZ Latitude, Karle Zenith, Equinox, Embassy Boulevard are some of
the high-end projects in the North Bangalore.
South Bangalore..
The
demand for high-end residential developments is low in the South.
The
housing requirement in this area increased after Electronic City established
itself as an IT Hub in this micro-market.
However,
it did not attract premium residential developments due to poor urban and
social infrastructure.
East Bangalore..
Whitefield
as a micro-market has developed into a self-sustaining area. Along with being
an IT destination, this area has good social infrastructure & developing
physical infrastructure.
Hence,
the demand for luxury residential developments remains high.
Adarsh
Palm Meadows, Prestige White Meadows, Chaithanya Sharan, Windmills of Your Mind
are some of the luxury projects in this market.
West Bangalore..
This
micro-market has not been successful in attracting many real estate developers
as it fails on the count of good social infrastructure.
It
is mainly dominated by industrial developments & has seen hardly any
developments in high-end residential developments.
About
the author..
Mr.
Sanjay Chugh is Head (Residential
Services -Bangalore & Chennai) at Jones Lang LaSalle India
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