Bengaluru beats NCR in new launches and growth of apartment sales
Bangalore: Global property consultants like knight frank, Cushman and Wakefield and others often conduct surveys about the realty markets and share new insights. In one of the surveys conducted by Knight Frank India they came out with interesting revelations. In that survey, Bengaluru has been cited as the biggest realty market which even overtook the biggest markets as NCR in the first half of 2015.
As per the survey conducted by Knight Frank, Bengaluru sold 22, 234 apartments as compared to 14, 250 flats sold in the NCR, 15525 in Pune and 9, 091 dwelling units were sold in Chennai. In this the market leader is of course Mumbai with 28, 446 housing units sold in the first half of 2015.
The officials of the property consultant remarked that Bengaluru is a very favourable market with the demand primarily created by the end users. The market is termed as resilient with nice range of realty products and fair demand in the market with no huge fluctuations in the price levels. The infrastructure and the job generation go on in tandem which helps the realty sector perennially. The firm said that the IT Capital of India witnessed a launch of 21, 400 units which is highest in the country in the first half of the year 2015 itself. In this context Mumbai recorded a new launch of 18, 887 units, with NCR witnessing a launch of 12, 726 units and Pune recorded a new launch of 11, 360 new units.
The survey firm has noted that the increased office space absorption by the IT/ITeS industry along with the spurt in the E-Commerce industry will surely result in a boom and increase in the consumption of apartments and flats in the next half of 2015. The experts and other research has come up with the findings that Indian real estate on the whole has witnessed a drop of new residential units by 40 percent along with a 20 percent dip in the home sales too in the preceding year.
Among the worst hit places in the last year is the real estate market of NCR and Delhi where the launch rate of new apartments dropped by 68 percent in the first half of 2015. The unsold inventory at the national level is at 7, 06, 900 housing units which the experts and the researchers note would take three years to sell.
In this backdrop Bengaluru is doing much better although there are a notable number of unsold inventories in the city too. Apart from that the commercial and the office space real estate also looks pretty prospective in Bengaluru with the new IT and ITeS segment increasing at leaps and bounds along with IT and tech start-up companies.
Among the worst hit places in the last year is the real estate market of NCR and Delhi where the launch rate of new apartments dropped by 68 percent in the first half of 2015. The unsold inventory at the national level is at 7, 06, 900 housing units which the experts and the researchers note would take three years to sell.
In this backdrop Bengaluru is doing much better although there are a notable number of unsold inventories in the city too. Apart from that the commercial and the office space real estate also looks pretty prospective in Bengaluru with the new IT and ITeS segment increasing at leaps and bounds along with IT and tech start-up companies.
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