by Mr. Suresh Hari,
CREDAI-Bengaluru
There has been a good
pick-up in demand from the mid-year onwards in 2014.
A major contributor
towards this spurt in demand was the change of government at the Centre, with
favourable legislation for industry and economy and the formulation of REIT (
Real Estate Investment Trust) policy.
As far as Bengaluru
is concerned, even during the sluggish first half of 2014, we have seen a
steady growth. By easing rules for FDI (foreign direct investment) in projects
spread over a smaller area, the Government has opened up avenues for
development opportunities within city limits.
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| Mr. Suresh Hari, CREDAI-Bengaluru |
Realty Outlook for
2015:
With major policy
changes on the anvil, a lot of growth in FDI and other investments are expected
to flow into the sector. Going forward, we also expect interest rates to firm
up, or even decrease on home loans by the early second quarter of 2015. Buyers
can look forward to many residential project launches across Bangalore in 2015
across price and size ranges.
The IT & ITES sectors continue to drive demand in this
city, and hence buyers also go for locations where there is a possibility of
commercial and retail developments. Additional links of Metro connectivity being
completed during 2015 will add impetus to growth.
About the author
Mr. Suresh Hari is Secretary at CREDAI-Bengaluru and Partner at Vishal Promoters & Builders.
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